Financial Tracking for the Week of January 12, 2020 + Life Update

Oh my gerrddd!!
First of all, sorry I didn’t post last week!
It was one heck of a week!

The day after my car accident, my bathroom ceiling started to leak… HEAVILY.
Between making phone calls with the office to get it fixed and making phone calls with the insurance company.. it was just too crazy!

It was also the week I started my classes and resumed work from winter break so it was just overall overwhelming for me.

First of all though.. some PRAISES are due!

My school refund money came through and I received more than I anticipated! I’m not sure how I did my math wrong but when I double checked, everything was accounted for so it was not a mistake!

Second, I received $500 from my friends and family from my GoFundMe campaign and I couldn’t be more grateful for such supportive people in my life!

Third, about a month ago (I had forgotten that I did this), I applied for a COF waiver. It’s essentially a fund for college when you are a resident in Colorado. I had already used mine up for awhile. But recently, I got an email stating that my financial aid is running low. After my Fall 2020 semester, I won’t have any Pell Grants to use. So I panicked and applied for the waiver.

On Thursday, I was notified that my waiver was approved! It will be applied for this Spring semester as well my Fall semester.
So financial aid for Spring 2021, my final semester, is a little iffy – not sure how I will be able to afford it since it is the semester where I will be doing student teaching and we don’t get paid for that but I’m placing that in God’s hands.

For now, I just want to celebrate the fact that I got an additional $1,700 from my COF!

RIGHT in the nick of time as I haven’t been able to drive for Lyft while my car was in the shop getting fixed, that I also did not have to spend a dime on.

GOD IS GOOD!

All that being said, lesson I learned is that I need to CHILL.

God has never steered me wrong so far.

I’ll be put in tough situations but He has always come through for me.
A book I recently read stated that hope means hoping when everything seems hopeless.

I need to keep my hope alive in HIM and worry a lot less.

Anywho, let’s get into the nitty gritty.

Weekly Budget

Monday 13th:

xcel: $205

Capital One CC: $25

Wednesday 15th:

Total Visa CC: $40

student loans: $100

Thursday 16th:

Disney+: $13

Friday 17th:

VS: $45

Car payment: $361

Saturday 18th:

BB: $17

Total due: $716

Major payments coming up the following week:

Lendgreen loan payment: $208

Car insurance: $200

Golden Valley Loan payment: $400

Needed: $808

How much I need this week:

What I have in my account: $452

Cash: $1,200

What I need to pay my bills this week: $264

How much I need for next week (including other bills): $867

So I know some of you guys think I’m crazy but I’m going to try REALLY hard not spend any of my cash.

Reserving it for NEXT MONTH’S rent so that I won’t be behind again.
So driving for Lyft is still very crucial to me.

I also got a SUPER part-time flexible job (like 6 hours a week). It’s a little strenuous putting in the time between school, being a mom, and my day job, but I’m looking forward to it nonetheless.

I’m trying to decide whether or not I should make that income as “unusable” and just cash it in and putting into my envelopes… (or put it towards my bills..to finish my thought because I’m about to go on a tangent).

Which reminds me.
I decided to use the envelope system!

I am using my envelopes as a form to pay my rent on time and save up for different things (my kids’ college tuition, fun, house, emergency, etc.)

Whatever is in my bank account is for paying bills.

Anyway, back to my budgeting. It is a hefty amount that I owe next week but it is also the week that I get my first paycheck from my new job and child support comes in.

I don’t think I necessarily need to drive for Lyft either but I will be.
Goal is to earn $250 next weekend (or more depending on the following week’s bills).

Since I am sort of getting “ahead,” with my bills, I want to start saving an additional $100-$200 from my main income depending on how much I make (I get paid hourly and since I work at elementary school, there are extended weekends to be accounted for).

I also started a home business working with a network marketing company called Color Street and I absolutely LOVE it.

I’m going to make a separate earning page for it soon.

I think I will also start sharing the books I read (52 books in 52 weeks) and use Amazon’s affiliate program to earn an extra income that way as well.

Another WIN for me is that I paid off TWO of my installment loans so far!

So goodbye MoneyTree and Speedy Cash!

I need to update that on “My Debt” page!

I am SO excited that they have been paid off and even though a part of me SOMETIMES gets the itch to borrow again, I refuse to. I just cannot keep living in this vicious cycle of debt and I don’t want to.

It is hard enough as it is without the extra payments.

Right now, I feel like I am still staying “afloat” financially.
But eventually, I would like to get to a place where my extra job, home business, and driving for Lyft not only covers my bills but I will be able to pay off my loan debts.

According to my notes, if I am following the snowball method, Bright Lending would be the first one I’d like to pay off. I called for this month and they deferred the payment of $236.54

I owe a total of 8 payments with that payment but the payoff amount is $483.77
Crazy right?

Those interest rates are RIDICULOUS.

I have a couple other loans that will be paid be off  next month and March per payment schedule so I’m excited for the extra breathing room!

Once those are paid off, Advance America is the next to go using solely my “own money” (income, Color Street, Lyft – whatever it takes).

What I mean by that is at some point, I’ll be getting my tax refund. The only debt I plan on paying off using that money is Golden Valley (large principal + high interest).

After that, I only have my AmerAssist collections payment to worry about but the amount is too large. Even if I could cover it with my tax refund, I’d rather keep my money because (to my knowledge.. I should call and check) it is not accruing interest.

I’d rather keep my money for the summer months that I do not get paid, a required class that I need to take over summer, 2020-2021 winter break, and finally, my 2021 student teaching months and then the next two summers (though I’ll get a tax refund for next year too.. but I’m just planning ahead).

Not to mention whatever is left over after rent and bills to cover with my refund, I’d like to put the rest into my cash envelopes – mostly my house one.

There has been some definite victories over this past week and many more to come.

I just gotta keep my head down and keep grinding.
I think the first six months of this year is going to be HARD.

19 credits, a side job, a home business, this blog, Lyfting, reading 52 books a week, working on my fitness…I’m a little all over the place but they all have rhyme and reason.. a purpose.

I’m excited to work hard and embrace the year of sowing.

Happy New Year to you guys!! ❤

 

Financial Tracking for the Week of December 22, 2019

Oii.
What a week.

I’m tired. I’m exhausted. I want to rest.

Another week of bills that I can’t afford to pay.
Not to mention not having enough for groceries and food for my dog.

The Gist

Despite the downward spiral of things, a friend of mine gave me a $100. Another friend gave me a gift card for $25.

I think I’m going to use the $25 for gas and use some of that $100 for groceries and other things I need.

The rest will be deposited into my bank for bills.

Another thing I am relieved about is my Golden Valley Lending payment has been pushed back to the 10th of January. And I am SO glad. It was a $400 payment.

Let’s roll up sleeves and get into it.

Weekly Budget:

Sunday 22nd:

Movie Club: $10

Monday 23rd:

Lendgreen: $208

Amazon Prime: $7

Best Buy: $28

Tuesday 24th:

Geico: $200

Friday 27th:

Xcel: $154

Saturday 28th:

AmerAssist: $150

Money I should save up for the following week:

SmartCredit: $100
Rent: Have around $300-400 in account

Total outgoing (not including the following week):

$757

What I have in my account:

$40

Incoming:

+$667

How much I need:

$90

Summary

In retrospect, this isn’t as bad as things appear to be.

But when you are worn out and fighting depression, it just feels like a mountain to climb.

I am hoping child support will come in on Tuesday. That should cover the bigger bills (Lendgreen and car insurance) and give me around $200 until Friday rolls around.

As I am typing this, it is nearly 7:00 P.M.

After a quick dinner (cereal) and a little down time and filling in my to-do list and calendar, I will be driving for Lyft to get going on that $90 (plus more in preparation for the following week).

I am looking forward to my financial aid reimbursement in January to help with the living expenses.. even more so with the tax refund.

Credit Score

So I’ve hit a snag with my credit score. It SHOULD HAVE been 630 by now.
But I did open a new credit card and spent more than I intended (still under balance though). But I think it messed with my debt ratio.

I also tried to refinance my Golden Valley Lending payments and I think they check your credit score for it so that’s another hit.

I’m brought down to 595.

So what I’ve learned from this mistake is…put all my payments towards my loan payments first and worry about raising my credit score second.

The money I put towards my credit cards could have gone towards my personal loans which means lowering my payments or at least keeping up with it.

My credit score would have been left alone at 612. Lesson learned.

House Update

Because my income is so low as well as having so much debt that I’m hauling around, my mortgage lender gave me two choices:

1. Co-sign with my mom and see what I have to work with

2. Wait until I finish school in 2021 and get a loan for potentially 250k.

I decided to wait. I’m already cracking under the pressures of my debt.
And waiting until 2021 gives me a little bit more stretch of a time to get my debt under control and raise my credit score.

I don’t know what it is about blogging my financial journey but it somehow brings me peace.

I think just seeing it all broken down and sharing my plan of action calms my anxiety and motivates me to keep going.

Welp, I will see you guys next week!