by Claire
I’ve updated the debt and savings numbers. I am overjoyed to only owe Bank of America $7.954! I’m also excited about my extremely low signature loan rate but still somehow more thrilled about the Bank of America aspect. Whatever motivates you, right?! While the overall debt amount remains unchanged the savings in interest is no small gift! I am motivated!
And it’s a good thing I am because I owe $3,950 to the IRS by March 28, 2013. Totally stinks that adding that in takes me back up to $45K in debt but it is short term (very short term…76 days in fact) and I have at least a partial plan to attack. My goal is to “find” money to put toward that without detouring from my regular monthly debt payments.
I have moved $1,150 from my emergency fund because I had stockpiled that for taxes when I learned of the debt. Please note: I have created a separate “asset” item called the IRS savings account but for some reason it isn’t showing up on the sidebar. I’ve got an email out to Jeffrey for a solution. I received a small commission check from Pampered Chef for $100 and I sold some of the kids’ clothes at resale shops for $80. I found a lot of random things to sell and they are selling. As of now, I have $300 coming in from Ebay. There’s sterling silver jewelry, purses, kids’ items, craft items and they all have bids. I do not yet have that $300 added into my IRS savings. So I am currently at $1,330, $2,620 to go. I really pray that I will get at least that for my wedding ring. It is a 1-carat princess cut diamond, platinum setting that I have all the documentation for including the receipt showing the $7,000 paid for it and the appraisal at right around $10K. I have zero emotional attachment to this ring and will spend a little time getting as much as I can but honestly–I’ll be happy if the tax debt is paid. I do want to share for the record that I did not participate in the selection of this ring at all. Zero input. I wanted a plain band, no diamonds and was never very comfortable wearing the ring. That’s not bitterness talking…just the truth. The ring only lost more appeal when I learned of the 401K withdraw used to buy it.
Anyway, I have two real food workshops on the books for January with prospects for a few more. I’m confident I can do this….but….IF I can’t “find” the money I DO have the option of making minimum payments for just the months of February and March and using the overage to knock it out. I think I will see what comes of the wedding ring sale research and plan on revisiting my plan on Feb. 1.
Have a great weekend!
Born and raised in Texas. I’ve at least driven through every state in the US courtesy of a roadtrip loving Dad.
I’m single with two children and a good parenting relationship with their father.
I am a “life is just half full of funny” kinda gal. Humor is my saving grace and I am thankful for it every single day. I have a strong Catholic faith and am thankful for that foundation.
I read a lot for a living but still enjoy a good book. I love biographies but in recent years have found the need for fun fictional books–sadly, for a long time I just didn’t enjoy fiction!
I love live theatre of any kind–from local productions to Broadway.
I love to scrapbook and pride myself in my kids’ albums.
I love being a mom but also love my career. I’m blessed to have found a balance allowing me to be at everything my kids need and want me to be at–while also having a career.
Favorite Quotes: Well behaved women rarely make history.
Behold the turtle. He makes progress only when he sticks his neck out. -James Bryant Conant
Regarding your debt numbers on the right hand side, I’m assuming that the first number is the current amount, and the number in brackets is the original amount. So, for the consolidation loan, is that accurate that the current amount 20k is more than the original amount 11k?
Yes Anon–thanks for pointing that out. I had noticed it but I cannot change that original amount. I just edited my post to advise that I have the separate IRS savings that isn’t showing up on the side so I’ll add this “original amount” issue to my request for assistance to Jeffrey. Yes, the original amount was $11,000 when my now ex-husband and I took the loan out in April of this year. I just obtained new terms and the limit was increased to $20K @ 4% instead of the original 11%.
That is amazing! I admire you for working so hard to “find” money to put toward taxes. It can take a lot of work to sell stuff on EBay and elsewhere.
There has been such a change in the tone of your posts over the past few weeks. You seem so much more open and vibrant. I feel like we are finally seeing the real you, and that person is pretty darn cool. Keep on doing what you’re doing, because it suits you very well!
I agree with cissy, and I can sense your motivation! Keep on it and you’ll be DF in no time!
Good for you to find solutions to your problems instead of wallowing of having a pitty party.
Positive steps from a positive person. I sold my diamond because I don’t like anything with bad energy around me. I didn’t even care about the money.
Hey, anything to help you both be happier and get out of debt doesn’t need to be defended in my handbook! Fingers crossed that you get a decent chuck of change for it! Good luck!
Hey, just found the blog — good job on Bank of America!! I was wondering your opinion on something. Our house is on the market and looks like it will sell (we’re getting offers) in the next 2 weeks or so. We originally wanted a house that is now gone, so we’ve been thinking of seriously downsizing to pay off student loans. As a mother, what do you think is a better option –downsizing the home or making more income? I run a home day, so I could always take in more day care kids. Thoughts?
Lindsey,
Downsizing is my approach to everything now. While the idea of earning more income always sounds appealing, if choosing between the two–I would downsize. Since downsizing my life in general I simply have more peace. I spend time with my children in different, much better, ways. We do so in “smaller” ways finding the value in so many activities that do not cost money. If you can find a way to increase income that includes your children (as I have with Pampered Chef), then that’s ideal. The kids are very involved in the business and we have fun together. With home day care, I would think that having more children in the house would diminish the time you have with your own. In short, downsize until you think you can downsize no more (I continue to find ways)—that’s my opinion!
Yeah, eBay can be time consuming for sure… but it is pretty rewarding to have the feeling of “finding” money. Heck – most things that make you money are time consuming.
It seems like debt is the hallmark of western civilisation, Keep doing your thing and eventually you’ll be free of the burden. I have my own debt to deal with, hoping I can get it down to 0 within the next five years.