Cowgar Family Adventures

Friday, February 25, 2011

Financial Update

So, as far as finances are concerned, we have had a lot of change recently. I started a part-time job back in October, to help bring in a little extra and snowball our credit card debt. I started a spreadsheet in May of 2010 to help track our debt progress (complete debt, as well as broken down into credit card, mortgages, etc...)

Here were the numbers in May of 2010.

Credit Card Debt: $22,489.99
Mortgage Debt (House and Land): $96,204.06
Misc. Debt (Car, Medical, In-laws, etc..): $14,117.30

Total Debt Accumulation: $132,901.35

And now, 9 months later...

Credit Card Debt: $16,064.73
Mortgage Debt (House and Land): $94,190.88 (sad, isn't it?)
Misc. Debt (Car, Medical, In-laws, etc..): $9,873.94

Total Debt Accumulation: $120,149.35

We've paid off almost $13K in 9 months!! WOOHOO!!! Now, we have about $2K in debt for the business that I have not included, but hopefully the photography business will take care of most of it. On top of that, we started sinking funds in January for saving money for different things.
Our Sinking Fund categories are: Car Repair, Medical Expenses, Home Improvement, Luke's Blow Money, Clothing, Holidays/Gifts, and our $1K Emergency Fund.

We have contributed to them as planned so far this year, and we even bought new to us tires for the car in cash. Right now, we are planning a vacation to Florida because Luke's cousin is getting married, and he will be doing the photography. So for now, my paychecks are going straight into a vacation savings so we can pay for the vacation in cash.

We are planning on doing yardsales again this year, and selling some bigger items on craigslist or ebay to hopefully bring in some extra cash for our debt snowball (Dave Ramsey style). I am putting any babysitting money into our Emergency Fund to get it to $1K as quickly as possible as well. (For Dave Ramsey people, we are doing baby step 1 and 2 at the same time). I am also saving up cash to get a few trees cut down this spring, and we are contemplating on how to go about putting up a fence and what the costs would be. We now realize that realistically we will be stuck in this house for a few years yet, and a fence is a must have with the "kind of neighbourhood" that we have :(

We just got our tax refund today, and I paid off a credit card, leaving only 2 left (3 if you count the business expense), so we celebrated by getting chinese food at Asian Wok for lunch. Hopefully, we can continue to be a bit frugal (we've cut cable tv quite awhile ago), and I need to get better at meal planning.

Oh, and a bonus to me working part-time, although I hate to leave the kids. It is close enough to walk to, and since Avery stopped nursing in December, I've lost between 10-15 pounds :) (For everyone that says breastfeeding makes you drop weight, you are all liars to me!!)

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