Wednesday, May 14, 2008

How to Spend $1220 in Two Days (My Budget)

Ok here goes, my first payday since starting the blog. I am always so happy on Payday (for about a minute until I realize all my money will soon be gone). Here's where it's going today:

Starting Balance - 1169 (+38 I will get back from my bank as a Courtesy Waiver) = 1207

(Remember that I was 13 dollars overdrafted)

- 90 Sprint Bill (need to keep my service going in case a JOB calls)
- 100 Repaid Loan to Friend A
- 300 Settled with Nice Collection Agency - one time 10% payment
- 315 Owed to Landlord (but I'm getting this money back in July - long story)
- 205 Payday Loan (Finance fee + 100 of the balance - still have 250 to pay off on this)

Which leaves us about $197.

Still have to pay:

Aunt Sallie - $400 is due on the 17th!! Which is a Saturday, so that's weird. I'm not too sure what to do about this one. Since I added my late payment to the principal of my loan last week I'm fairly sure the late payment clock won't start ticking again but I don't really want to risk it.

I also don't want to take out another Payday loan to cover the difference. I worked the numbers and it will just screw things up for me down the line.

I think I'm going to just send as much money as I can to Aunt Sallie and deal with the rest when I can.

It feels good to be back in the black though!


Jim ~ said...

I guess I don't understand how you prioritize what you're paying. The cell phone got listed first and the payday loan was last. If your Aunt wants to get paid on the 17th why was she left out? Just curious if you consider food, lights, and gas before you start throwing your money at people you owe. I'm assuming you just put this stuff on the bottom and hope you can make it to the end of the month? Please don't go take out a payday loan to get yourself through this situation, you will never break the cycle. Those people are sharks and you finally found a life raft.

Sallie's Niece said...

Thanks, I had to schedule the payments this way for this pay period anyway.

I made a settlement with a collection agency and set up a payment to post tomorrow.

I repaid a friend with a check dated today.

I paid my landlord today because the money was overdue.

I paid my cell phone because they threatened to shut me off.

The payday loan gets automatically deducted from my bank account the day after each pay period. You're right, it's terrible. As soon as I pay this one off - never again!

No gas expenses (no car!) and food is taken care of thanks to my boyfriend's well stocked fridge for the time being.

It sucks living paycheck to paycheck but my projections for next month are much beter if I continue to control my spending and not get overdrafted again.

Sallie's Niece said...

Oh and also my aunt = my student loan agency in case that isn't clear.

Bouncing Back said...

I have to agree with about your payment plan. You seem to make a good salary $43,000, I don't see any credit card debt, you have other debts (collection, phone,payday, rent).

I'm wondering what your budget is for food, utilities, etc. You seem to hit the vending machine at work ($1.25 a pop for a soda), can you switch to water? or better yet, buy a 12 pack of coke for $3.79 (current cost at my local expensive grocery store) and brown bag it?

If you really want to make a dent in your loans, you have to do things like drop the vending machine habit, the cigarett habit, and if you have to, buy a six pack of beer and invite a friend over for a b(*&ch session instead of hanging out in a bar.

I bought lunch yesterday at work for the first time in almost 6 weeks.

Have you thought about a part time job on weekends to pay off the payday loans and to repay friends?

Good start to your new plan to pay off your debts.

Sallie's Niece said...

I don't have a real food budget right now - I tend to just eat whatever is in the fridge at my boyfriend's house, which is lately more than enough as he stocks up.

Cutting back on eating lunch while at work is one of my goals. As is quitting cigarettes but that's harder to do.

Utilities I just paid during the last pay cycle so I'm scheduled to pay them again in two weeks. The bill has gotten pretty high as I didn't pay it for a while but it's usually about $75 a month.

I actually did think about getting a part time job but lately my boyfriend has been traveling out of town four days a week and the only time we get to see each other is on the weekend. I'm also limited to jobs I can take the bus to. I'm still looking for something a little more flexible (such as babysitting, housecleaning, etc.) but nothing has come up yet.

No one thinks I have a plan, but I do, I swear. Perhaps I better explain in another post.