Friday, January 22, 2016

January Debt Update

Credit card debt; $0
Undergrad loans: $0
Car loan: $0 (but to be fair, not by choice, see HERE.
Summer loan 1: $1000 (5.5% interest, none accruing yet)
Law School Loan 1:$10,670 (6.8%)
Law School Loan 2: $12,492.75 (6.21%)
Law School Loan 3: $13, 619.46(5.41%)
Danny's Loans: +$500,000

Its always a good feeling when you are able to pay off more of your loan than what accrued in interest, ha. We tried to keep Christmas gifts slim this year and I've been picking up a few photography jobs and mystery shopping to add a little bit of cash. It definitely helped us survive the Christmas season and the huge set back of losing our car. :) 

We have started applying for jobs for when Danny graduates and are really starting to crack down on how we want to tackle his fat stack of debt! IRB? PAYE? Standard repayment plan? TBD. I'll post our thoughts on each.

P.s. Max turned one this week. Time is such a bully! I am a wreck. 

Tuesday, January 19, 2016

Setbacks

A few days after Christmas, we were driving to meet up with some friends. The highway looked nice and dry, until we got to one section, just about to go over a bridge, and Danny said "is the ground wet?" [Kind of, it was black ice.]

Just as he set it, we started fishtailing. I couldn't get control over the car, and we started spinning. We were in the left lane, so were spinning in the left lane and shoulder. There was plenty of traffic behind us- I just remember seeing lots of bright headlights, and especially the lights of a semi-truck. I don't know how it missed us. Eventually we hit the concrete barrier in the center, in the front and then in the back, where Max was sitting. The air bags went off at some point while we were spinning, before we stopped. Danny was shouting, and the whole time I was just thinking about Max. Was he ok? Was he going to be ok? If he was ok, was he scared because we were screaming? Everything was in slow motion. I was praying for the car to stop. Eventually it did. Danny was shouting at me (it was loud, we were on the highway) to get out of the car because we were hanging into traffic. I couldn't- my door was crushed shut. Probably my biggest fear in life-- being trapped. It was even worse because all I wanted to do was check Max and hold him and let him know everything was going to be ok, but I couldn't. I was stuck. And I kept imagining the worst, because I couldn't hear him crying, I could only hear Danny shouting.

I was shouting at Danny to hurry and get Max out and get out of traffic and onto the shoulder.
A kind lady pulled over to help, she offered to let max sit in her car (it was warm). Danny put him in her car and started walking towards me. I started SCREAMING for him to not leave Max. I envisioned her driving away with my baby after he had just survived that crash and I was panicked.
While this was all going on, I was calling 9-1-1. Danny was on the phone too (he called my mom). My mom (and brother) arrived right about the same time as the cops & firemen. I've never been so happy to see them.

We unloaded everything from the car and signed some papers for the cops and firemen. They checked Max to make sure he was ok and they installed his car seat into my mom's car. We got in her car and just drove away and we just sat there, staring into space, in complete disbelief at what had just happened. I couldn't stop shaking and was really cold the rest of that night. We all had some pretty serious soreness and migraines for several days (lets just say if it was us against the airbags and or the concrete barrier we hit, the airbags and barrier won. big time). And I, being the driver, felt a lot of guilt (and still do) for nearly killing us and for killing our car. But we were ok. And so grateful for our lives. And especially grateful for Max's life and for his car seat.


pics from when we went to look at the car at the car storage place. 

I really can't even complain about the bummer this put in our finances and in our digging-out-of-debt plan, because I really am just so grateful that we are all alive. Especially my two guys, who I am pretty dang crazy about. 

But, it was certainly a setback. 

We still owed about $2800 on our car. 
We have a $1000 deductible on our insurance.

Our car was kind of a junker, so we were just crossing our fingers, hoping to break even. 
Our insurance was actually really decent to work with. There wasn't a lot of haggling and arguing over a price-- they offered about $5500 which obviously covers the balance of our loan and the deductible with a tiny bit left over.

And-- as a bonus, if you weren't aware, most insurance companies will pay for you to get a new carseat! In our case, we got about $350! 

Some take aways we learned: drive carefully out there in stupid winter, be nice to your insurance company and maybe they will be nice back (but if they aren't, haggle your way and get what your car is worth!), and don't take your days on this earth for granted. 

We haven't decided what we'll do as far as replacing the dang thing goes. $1700 doesn't exactly cover much of a new (used) car. TBD! 

Monday, December 14, 2015

5 Ways to get the Fam on Board with your Budget




1. Show them your total debt.


Depending on your debt load, this ought to illicit enough panic to convince your family to never stray from the budget again.

2. Be prepared.


For us our biggest struggle is eating out. Its just too dang convenient when we are both working and have a little guy at home to take care of. If we prep our meals (so all we have to do is heat it up when we get home) or even just write down what we are planning to eat for dinner each night, we are much more likely to stay on track. When spouse calls hangry on his/her way home from work, you can assure he/she that dinner is ready. Wallets and waist line will thank you.


3. Have a realistic budget.


It would be really nice if we could NEVER buy gas, or clothes, or eat things besides Ramen noodles, but the truth is, its just not going to happen for us. Life happens. We have to drive to work, no one will let us walk around naked, and I think we'd die of malnutrition if all we ate was Ramen.
In my experience, setting and sticking to a budget takes a bit of work and we are constantly having to re-evaluate and reassess our expenses. Some months, we need more money for household/cleaning items,etc. Some months we need more baby things. Be flexible, but try to keep your overall monthly expenses the same. Which leads me to #4...

4. Have a budget that works for you.


What has worked best for us is to have a total monthly budget to stay within, instead of allocating specific amounts to specific areas ($200 for gas, $300 for food, or whatever) Instead we just say we have $2500 a month to spend on everything- rent, gas. food etc etc. Some people might do better with a more strict budget that allocates money to distinct areas. Do what works!

5. If all else fails, have them go to a collections agency hearing at your local courthouse.


Easy for me to say since I see them on the regular. But it's truly horrifying every time. :)

Happy budgeting!




Thursday, December 10, 2015

December Debt Update

Undergrad loans:$0
Summer Loan 1: $2411 (5.5% interest, none accruing until March)
Law School Loan 1:$10,670 (6.8%)
Law School Loan 2: $12,661.72 (6.21%)
Law School Loan 3: $13, 808.26 (5.41%)
Car loan: $2800 (I know all of you Dave Ramsey people may be bugged by this under his "debt snowball theory" but I CANNOT bring myself to pay off a loan that only has a 3.9% interest rate before my loans that are double that. Please don't stone me.


It definitely feels good to see these numbers going down. For my summer loan 1 listed above, I had to call/email a million people to track down the entity who my loan has been passed onto. I think the way student loans are handled is SO messed up. I should, at the very least, get notice of who I am responsible to for payments. I really felt like they didn't want to be found. Interest on that loan doesn't start accruing until March, so I want to pay it off before then. Luckily I found it! Shouldn't have been that hard. Just saying.

Happy Holidays! I hope you have less debt than us! :) :) :)


Tuesday, December 8, 2015

Mystery Shopping



One thing I've been doing a bit on the side is mystery shopping. AKA getting paid to shop. Ba da da da da I'm lovin it!

Literally, there are businesses that will pay you (and pay for the cost of your purchase) to do things like get your oil changed, try out a restaurant, etc.

It typically requires you to fill out some kind of survey sometimes before and always after your experience. Also requires you to keep receipts, among other things which are detailed out for you when you choose the shopping experience that you desire. <3

I've only used Best Mark (www.bestmark.com - do me a solid when you sign up and tell them I referred you! pleease) I've always been paid really quick (within a few days) and it has required me to exert almost no extra effort into my daily life. I only take "shops" that I would already need/want. For example, when I need an oil change or a tire rotation, I log in and look for those shops in my area, go get them, and get paid for it. Best. thing. ever.

Three cheers for mystery shopping! Have you tried it? What companies have you liked working for??

Monday, December 7, 2015

How to $ave this Christmas

We've come up with a few ideas of Christmas-tivities that are on the cheap or free to save us some $$ this season. Our student loans are thanking us :)

1. Snow shoeing or hiking
     Cost: Free (or cheap if renting snow shoes, ~$7 where we live)


2. Swimming/playing at our local recreation center.
     Cost: at our local center, $5 entry/day or $15 a month
We tossed out our big gym passes and swapped for passes at our local recreation cente (about $15 a month for our family with my work discount). This has been a game changer for us! Not only can we workout, but also have access to fun indoor water slides, playground, rock climbing, raquetball, ping pong, pool tables, etc etc. This has been the biggest winter win of the season!



3. Making a ginger bread house:
     Cost: >$10. Buy graham crackers ($3), buy candy, make frosting, and slap yourself together a little ginger bread home :)


4. Christmas caroling
    The best way to spread Christmas cheer is singing loud for all to hear! And its FREE!

5. Checking out local Christmas lights.
     Cost: Free


6. Ugly Christmas light hunt
     Cost: Free. We drive around neighborhoods in search of the gaudiest lights we can find. Turn up the Christmas music on the radio and giggle. I'd post pics of our favorite ugliest ones but it just felt too mean to not have their consent.

7. Watch Christmas movies.

8. Bake Christmas cookies. Combine with #7 for a Christmas-y good time!
9. Ice skating
     Cost: $8 to skate and rent skis at our local place. A bit of a splurge, but a good time. http://www.thegallivancenter.com/icerink.html

10. Ice running. Not for the faint of heart. We go on a run across a lake near our house when the temperatures haven't risen above freezing for several days. Scary, free, and thrilling. Baby stays home on this one.


What inexpensive winter activities have you discovered?? I'd love some new ideas!

Friday, October 30, 2015

October Debt Update

Made a $1900 payment today on one of my law school loans. My total debt looks like this now:

1. Law school mini loan: $3500 (interest 5.5%, none accruing until March)
2. Car Loan: $5500 (interest 3.3%)
2. Law school loan 1: $12,500 (interest 6.7%)
3. Law school loan 2:$12,500 (interest 6.1%)
4. Law school loan 3: $13,000  (interest 5%)
5. Undergraduate student loan: $0

Amber's total debt = $45,000

Slowly but surely we are digging our way out of this mess.

Still haven't decided how we will attack Danny's debt when he graduates but will cross that bridge when we get there. The debate always goes back between taking advantage of IRB/PAYE versus just knocking the dang thing out. What are your thoughts? IRB or no?