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!

Financial Tracking for the week of November 24, 2019

I find it sad (on my part) that my debt has become so severe that I have to look at what payments whether it’s for loans, credit cards, or bills, are coming up each week and having to plan for it to ensure that I’ll have the funds for it…. otherwise I wont.

This upcoming last week of November is kind of a breath of relief because it doesn’t tail off into December, which means I don’t have to factor in rent and other “beginning of the month” payments..at least not yet.

This is how my week is going to look financially:

Sunday 24th:

  • Speedy Cash: $86
  • AmerAssist: $150

Monday 25th:

  • Golden Valley Lending: $699
  • Blue Trust Loans: $525
  • Advance America: $300
  • Plasma donation: $32

Thursday 28th:

  • xcel bill: $114
  • car payment: $361 (x) – will not be paid on time
  • Plasma donation: $45

Friday 29th:

  • Lyft goal: $200

Total needed for this weekend:
$1,410

Total coming in:
$902 (does not include Lyft amount because it’s variable)
What I have in my account:
$597
How much I need for the week:
$0
What I will have left over:
$125

So here’s the sad deal.
I already applied for a new loan yesterday and qualified for $525 to help cover Monday’s payments.
I also plan on refinancing an already existing loan on Monday and they said that I’ll be able to receive $300. I plan on using that to pay off another loan in full because the interest rate is higher.
But if I’m going to do that, I’m going to have to pay my car payment late.

The reason why I am choosing to go this route is because I had asked to defer the payment for this particular loan. Different loan companies have different rules. Some will add a month to the end so everything is just pushed a month back, some don’t. This particular loan company adds your payment to the next which would come out to $350 on my end with two more payments to go. The current payoff amount for this loan is $295.

When I weight it out..$350 payment + 2 more payments (and pay my car payment) of $116 OR pay it off in the amount of $295 and use the otherwise $350 payment towards my car payment…?
I choose the latter.

I am also going to call someone that I had connected with on Saturday to consolidate some of the personal loan debt that I have.

I don’t know too much about consolidating debt and wondering if it’s a good idea or not.
The plan that he gave me is definitely a lot more doable than the payments that I would make individually so I’m leaning towards the side of signing up for the service.

But we’ll see.

Oh, and because I’m aiming to buy a house in 3-6 months, I am also working on building my credit (minimum 620, ideally 725).

Currently, it is 614 (when I first started, it was 512).
For the month of December, I want to bring it up to 635 by paying $230 on one credit card and $45 on another (recommended plan by a service I had signed up for).
That is an additional $275 that I need to factor in.

Anywyho, that is all for now.
Have you guys tried consolidating your debt? Did it help you? What was your experience like?

Peace and Love, Fam! ❤