2017 Budget- Scared but Excited

6p0z6pIt seems like every year I add paying off debt to my goals for the year. This year was the first year that I sat down and took a 10 video tutorial on building an excel budget spread sheet. First of all, I found this free series of videos on YouTube for free! Free is always good when starting a budget. I gathered all of my credit card statements and bank statements after completing the free YouTube series. It has been a long time, since I felt excited and passionate about saving and budgeting. The last time I had made a budget plan, was when I want to buy my first home in 2008-2009. I think I had lost that passion of saving and budgeting after starting to have health issues again. Now that I have found away to get my health back, I feel that hope and desire again. I linked the 1st video I watched below.

The last few months,I’ve been Hustling.

I have been working so much at my main job, any overtime offered, I would work it. I started posting items around my house that we don’t use or need any more on Facebook “For Sale” groups. I think I brought in about $250-$300, which went towards Christmas. I was very thrifty this Christmas and I watched how much I spent. Most gifts this year to my family, was from Avon. As an Avon Rep you can get 20%-50% off the sale prices in the catalog! Now that helps when you can get mascara for $2-3 from Avon as a Rep, compared to others spending $13 at the drug store.

One thing that will slow down my paying off debt plan is my kids’ tuition. Yes, I do know that most kids don’t get the opportunity to attend a Christian private school. But ever since I was teenager and the crap I had to deal with in the public schools,

I made a promise to myself that I would do everything I could to make sure my kids went to a private school

. Now that I’m an adult, I feel that it is something that the Lord wants to. I figured private school is like an investment. I’m investing this money into my kids now, hoping that one day I will see the profits of my investment. But with my Avon business, I’m hoping to be able to be successful enough to have my Avon paychecks pay all or most of the tuition. If you want to join Avon or check out my E-store, click here. Our family would appreciate your business.

You’re probably wondering what type of debt I have. It’s not from spending all weekend at the mall, that’s the last place you would find me. My Credit card debt is mostly from home repairs. Most of it is from our rental, but some is from our new home too. Most people go to the bank and get financing for their home repairs. But for me, 0% APR credit cards was the way to go. I would go online and apply for 0% APR credit cards and that’s what I used to pay for my crawl space to be refinished, which included new post, a rat slab, and a new crawl space entry. Wait I forgot to mention they dug out enough dirt to allow it to be a 2’+ crawl space. Keep in mind that this home was built in 1910 and dirt had filled in the crawl space over the century. I charged: new carpet, window repairs, new paint and more.

How much credit card debt am I looking at? Over $28,000!!!!

But that doesn’t include our mortgage on our rental and the house we are in now.

We looked at how much time would I save off of my loan by adding $50 a month to my principle, and it makes financial sense. But I have been advised by many to add that onto the rent I charge and start to charge a lot more so I can pay it off sooner. I decided not to do that, or if I do charge it would only raise $50 since I love my tenants. I don’t want to raise it to the point they decide to move out. I’m charging below average on my rental, but feel good about not screwing over someone but at the same time they pay enough to cover the mortgage.Debt-Free-Road

If I make only minimum payments it will take me about 6 years to pay off my credit card, and 12 years to pay off my rental. With $50 more going to the principle on our rental, it should shave off about 7 months!

You may be wondering if the 0% APR is forever. No, those deals do expire. But right before they do I transfer those cards to a new 0% APR cards. The blessings of have a great credit score. I worked on my credit score since I was 18 years old and pretty much manufactured it. I’ll write another blog post on how to manufacture a good credit score later.

Don’t forget to check out my YouTube channel while you’re here! Subscribe to this blog and my channel if you want to see more from me.

Melissa

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