Monday, March 07, 2005

I've been wondering what this blog should be about, and decided it should be something self-exploratory. So, while I'll still comment on the stupidity I see around me, I will be focusing more on my self-improvement.

One thing I want to improve the most is my financial situation. I have never been able to be in control of my money. I have always lived from paycheck to paycheck, and I am getting a bit tired of it. For the second time in my life, I have maxed out several credit cards, and look at a steep, uphill climb to get out from under.

I have to focus! Right now, I am paying on six credit cards, and two loans from one of those loan places with extortionate interest rates. Add to mix a checking account i never balance, and have so far this year, chalked up $300 in overdraft fees.

This is a result of me being sucked into the "Buy more, live better" mentality that business has foisted upon all of us. In America, the ultimate purpose of life, it seems, is to work hard to buy stuff. And boy, have I done that!

So here's my plan:
Step One: I owe $144 bucks to Security Finance. That payment is $48 a month. On Friday, I will pay off that loan, three months early.

Step Two: I owe $325 to B&W Finance. I have to make a $73.80 payment, and then I'll owe $250. In April, I will pay that loan off.

Step Three: I owe about $1000 to Household Bank for my MasterCard. I had been paying $100 a month. in May I will begin paying $200, which means that I will be payed off in October.

Step Four: Decide which is the card with the lowest balance, and pay the regular payment, plus $200.

I'll put a table on the page to mark my progress.

So now my blog has a purpose, to make my committment to fiscal responsibility public, and hold me accountable.


Blogger The Zero Boss said...

Great idea. I'm on my own journey of financial recovery right now, having just eliminated two of our cards and my last delinquent debt. My credit rating just jumped above sub-prime; we should be able to squeeze our way into a house with a good interest rate this summer.

Keep blogging about this - and ping me if you want to compare notes.

3:52 PM  

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