June 1 Check In

It’s June. Time to check in on how I’m doing with my debt. Sorry for the late post. I had the most horrible migraine and work is incredibly busy again.

May 1, 2010
Student Loan #1 $1,436.27 @2.48%
Credit Card #1 $662.93 @13.99%
Credit Card #2 $3,384.04 @14.25%
HELOC $43,560.28 @3.125%
Student Loan #2 $37,985.67 @3.3%-7.5%
THE BED $1,446.50 at 0%
Personal Loan $0
Car Note $0
Total: $88,475.69

June 1, 2010
Student Loan #1 $1,239.61 @4.5%
Credit Card #1 $1,102.07 @13.99%
Credit Card #2 $2,920.57 @13.99%
HELOC $43,057.68 @3.125%
Student Loan #2 $37,905.02 @3.3-7.5%
The bed $1,321.50 at 0%
Personal Loan $0
Car Note $0
Total: $87,546.45 $

Savings: $549.24
Savings Goal: $3,000

I’m surprised that my debt total went down last month. Emptying out my saving to pay off my mom 5 months early was definitely an unforeseen bump in the road but that okay, I’ll overcome it.

You’ll notice that one credit card balance went up. I paid the total for one year’s home insurance with the credit card. I’ll put some of June’s rent towards the credit card to pay off the amount that the insurance cost. I do have to pay for a certificate of occupancy ($100) which might end right back up on the credit card, and pay for some minor repairs in the house which I project will cost another $200. I’m tracking all the expenses that I pay for the home so that I can claim the rental income and offset the costs of the home on my taxes. This girl is planning ahead.

I checked my credit score and an happy to say that it’s at 797! I want to get over the 800 hump to qualify for a loan to take care of some tax liabilities that I have outstanding from when I closed my business. I won’t do that until I pay off credit card #1, which I project I will do at the end of July.

With my new credit score in hand I called GEICO to reassess the cost of my insurance and sure enough, my monthly insurance cost went down by about $17. It’s not much, but it adds up to over $200 in one year. All it took was a phone call. Next up I want to call one of my credit cards to see if they can offer me a promotional rate on a balance transfer. If I do all of the math and it’s cheap to do a balance transfer I might transfer all of my credit card balances onto one card.

How did you do this month?

Image courtesy of Foodaholics

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