Sunday, September 7, 2008

Goal 1: Get Out of Debt

I make approximately 33k per year at a job I don't really care for. But I am trying to finish grad school, and they work with my schedule, and there is a lot of time off. Even though I know I can find a better paying job that I'm not completely bored at, I haven't made the time to look for other opportunities. I am very lucky, because my parents are paying for grad school. Thanks to them I have a car that's paid for, as well as car insurance (though that may be changing soon). Also, I recently moved in with my boyfriend, and no longer have a large rent expense. With my parents and boyfriend helping me out in the major areas, there really is no reason for me to be broke, but somehow I can't seem to get out of the red and into the black. Here is a breakdown of my financial state:

I make : ~$930/paycheck every two weeks= $1860 a month after taxes

My regular expenses:
Rent: $200 - paid to my boyfriend
Cell phone: $100/month for my bf and myself (I will be changing the plan in Sept. and Dec. to lower costs).
Netflix: ~$10/month

I owe:
My Mom: $1900 @ 0% interest. She lent me $2,600, but I still owe this much. She is going on vacation at the end of November, so I'd like to have at least half of this paid to her by then.
My Credit Card: ~$3000 @ 19% interest. I can't even remember what I bought! Alot of it is from expenses I had when I moved here two years ago!

Upcoming Expenses:
Dad's Birthday Gift
Dental Work
Christmas Presents
Car Maintenance

I realize with such a high interest rate, it would be wise to pay off the credit card first. But since my mom did lend me the money more than a year ago, I think it is important to get at least $900 of that paid before she goes on vacation in November, and have the balance paid off by the end of January. I need to automatically set aside $300 a paycheck to send to her. I also need to look into additional sources of income or into getting a better paying job.

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