G to the IZZLE!!!

I just had an epiphany. I had put it into the universe that I wanted to make between $65 - $70k and I didn't think I made it because I agreed to a $60k salary in my full time job. BUT. I didn't consider what I'll be making on contract for the not-for-profit! If I'm netting $2,025.34 every two weeks then that is the equivalent to $68,000!!!

Yes, I'm working 1.2 jobs instead of 1 but that's ok because I was originally planning on volunteering for the .2 part anyway!

Woot, woot! GOAL!!!!!!!!!!!!!!!!!

No Spend Days

Unfortunately I fell off the wagon with my no spend days over the past few months. I was doing so good too!

Anyway, I had to revise my 2009 goal from 80 no spend days to 50.

My plan to accomplish this is to return to my no spend Tuesdays & Thursdays for the rest of the year. There are enough of them left to achieve my goal and I'm hoping to throw in a few extra no spend days in there to surpass it.

Friday Financial Analysis

Prior to my frugal days, the weekend was the most dangerous time for my bank account because of my weekend spending binges. It was like the money was magnetically repelled away from my wallet. I'd go to Costco and drop $250 at the til without any prior consideration or head to the outlet stores and cherry pick some cute shoes or outfit(s) to add to my already too small closet. Pointless! Looking back, I'm not sure how I managed that but I only have to look at the remaining balance on my #2 Visa card to remember.

Original Balance: $6,150.56
Today's Balance: $5,500.00
Total repaid to date: $650.56

I actually had paid off more but added another $500 on it for a trip back to Vancouver for the May long weekend. Anyway, the $650 is not impressing me and if I want to achieve my goal of paying off Visa #2 by the end of September, I need a plan!

Voici - "le plan"
The payment schedule is pretty stiff but I think I can do it. I really need to be frugal and save though because admist all this debt repayment, I also have to pay for a few other big expenses like another trip back to Vancouver for on of my BFF's wedding. Which reminds me, I really need to work on my 2009 overview budget this weekend.

Should be a pretty low key weekend this weekend. I went MIA on my turn for house-cleaning last weekend so I need to do that, then yoga and sushi which is becoming my Sunday ritual.

Today's bank account balance: $631.56
Minimum balance: $578.19
Ahead of the game: $53.37

Taking Visa #2 Downtown!

Now that Visa #1 is paid and out of the way, I need to focus my attention on my next goal. No getting lazy or cocky!  Visa #2 still has a punishing amount on it - over $6,000.00 - and it needs to be paid off. I started thinking about this over the weekend... what's my plan to tackle this innocent looking-yet-interest thirsty bank account vampire?

Examining my monthly budget, it looks like I can handle putting about $800.00 directly on to the card every month. My line of credit also requires a 3% payment every month (about $210) but the majority of that goes to principal. So, since my original plan of attack included me transferring my free (lower interest) loc credit up the debt chain, once I've made that payment, I will do just that. 

Line of Credit

3% Monthly payment on $7,000  -   $210

Approx monthly interest incurred - ($50)

Left over to transfer to Visa #2  -    $160.00

So, $800.00 direct payment, plus $160.00 indirect payment = $960.00/month to Visa #2

Plus, I decided that if I don't spend any money on an "ok to spend" day (my no spend days are Tues & Thurs) then, if I want to, I can transfer the ok to spend amount for that day directly to my Visa. A typical budget allows me about $40/day so if I do this on even one day per month I should be able to put about $1,000.00 on my debt every month. My second Visa should be paid off in about 6 months.

Goal:  Pay Visa #2 in full by the end of September 2009.

Re my first Visa, I had paused on whether or not I should cancel it now that it's paid off. Apparently if you have more credit and don't use it it's better for your credit score. However, my past spending record isn't exactly stellar and obviously I only need one Visa card anyway. So, on S's smart advice, I cancelled it.