Financial Advice

Financial Friday: Acquiring More Debt

FML. That’s my thoughts early this morning. As I was reviewing my budget planner for the last six months, I was shocked st how much money I was just throwing away (I’ll post a pic of my final budget review tomorrow). I was literally floored at how much I spent on groceries, eating out and miscellaneous things, in just six months!! This scone half of the year, I have got to do better.

Due to all this frivolous spending, despite saving as much as I did, I ended up having to take out a small personal loan yesterday. Unfortunately, financially I will not make it through until school starts in August. I’ve revisited my budget again and again and unless I find a teaching position before August, I’ll literally have $0 in the bank. That means no rent money nor car payment.

I’m so pissed at myself for that too. I just paid off my last credit card and only had my student loans and car note debts left. I’m hoping that I won’t need to use the loan, but I’m thinking that may be out of the question. I really beating myself up about this but hey, things happen.

My next goal over the next six months is to save 6 months worth so that I don’t have to experience this again. Luckily, I was able to push paying my student loans until December, but depending on how things go, they may have to get pushed further.

I’m really going to buckle down this second half of the year. I’ll explain in detail in a later post.

Financial Advice

Financial Check and Update!!

If you have been following me for a while, then you know I am on a journey to financial freedom, and I have been doing a damn good job. I have paid off so much debt since 2015 and I am happy that I am now in the place that I want to be – closer to my goal of being completely debt free. On this journey I have made a few unwise decisions that ended up not being costly, but they could have, so let me get real real with y’all. 

For past financial posts, click here.

Now, I have officially paid off one credit card, Texas Teachers (my alternative teacher certification program) and I am on a payment plan with another credit card that will be paid off real soon. In the midst of having no credit cards, I unwisely decided to get an Amazon credit card and a Capital One credit card, both with extremely high interest rates, I’m talking 24.99%. Yikes!

Now in getting the Amazon credit card, I figured it was a good idea because I shop on Amazon like nobody’s business. The downside is with a credit card, you tend to shop more because it’s not your money. With that being said, I became behind on payments and they lowered my credit limit. By the grace of the universe, I finally got my first unemployment check and with that, I paid off that Amazon card. Will I close it? Maybe, maybe not, but I will by using my own money from now on. 

With the Capital One credit card, I got that because I didn’t know if I was going to have a job and I had received my last check from my last job. I got it in case of emergency. Luckily, I ended up getting the perfect job and didn’t have to use it, though I did have to to pay my health insurance, but upon receiving that unemployment check, I paid it off as soon as it hit my account. 

Now I am back at a 0 balance with both cards. I actually will be closing the Amazon one and keeping the Capital One card for emergencies only. I am happy that I have become financial smarter when making decisions. The old me would’ve taken that unemployment check and when crazy with it. I also received a check from my bank for the hurricane, which was surprising, and that is just going to sit in the bank.

This last credit card that I have to pay off will be paid off by December. I want no debt other than student loans and the note for my new car, going into the new year. I vowed to myself that those would be my only debts for 2018, and look at me now, making it happen. 

So tell me, what were your financial goals this year and have you achieved them? If so, how? If not, what is your plan moving forward?