Wednesday, December 12, 2012

A little late... but November Financial Update.

Why hello, hello!

I figured it was time to play a little blog catch up since we're almost to the middle of the month now.

First off, I decided to kick my budget posts to the curb for the time being, because I was just juggling too many things at once.  Over and over again I found myself trying to figure out where the money went after the fact instead of just writing down the purchases as they happened.  Now with that being said, I think my November spending proves just exactly how badly I need to get back on a budget that works for me.

This month was a doozy.  Ehhh, more like a complete and total trainwreck.  For the first time in a long time I spent significantly more money than what I earned in the month.  It was bad.  If you have a financially weak stomach look away now, because I am about to tell you is pretty ugly.

Somehow for the month of November I managed to spend $700 on food.  SEVEN.  HUNDRED. DOLLARS!  Whaaaaaaat?!  Yeah, and I am still trying to figure out how it happened.  This month was a far cry from the typical $220 I spend on groceries and restaurants for me and Sig. O.  I know some of it had to do with attending 3 Thanksgivings, and hosting company nearly every weekend, but AY! $700?  According to Mint $120 was spent on Restaurants and $580 was spent on Groceries.  Yikes, what am I feeding these people?  Caviar and Cristal?!

Anyway, moral of the story: I've got some big resolutions coming up, but I'm embarrassed to say that they're going to have to wait until the end of the company-train on January 7th. 

Other than that my only other major failure was my healthcare budget.  That ran approximately $200 over budget, but is steadily improving.

Without further ado...



For the month of November:

     $1194.12 total I paid towards my student loans.

                   $944.12 Minimum Loan Payments
                   $250.00 Snowball Payment to #3

                   $510.97 Amount to Interest (42.8%)
                   $683.15 Amount to Principal (57.2%)

                   Percentage of Principal Paid (0.58%)


I made a $250 additional snowball payment to Loan #3 just as I had last month, but I was surprised to see that October's payment decreased my loan by $280, but the same payment this month only decreased the loan balance by $217.  What gives?  I was really frustrated, because I had already ridden the merry-go-round with my student company in how they apply my payments.  Thankfully I keep them on my speed dial, so I gave them a jingle.  

I first questioned the customer service rep. about why my automatic payments are not applied as they are outlined in the payment plan they so kindly chose for me.  The rep. had no answer, but listened when I explained how shuffling my payments around benefits the loan company by making me accrue more interest.  I also explained that by making additional payments to specific loans that I had a specific loan payoff plan that makes sense for my current financial situation.  

It was so nice to hear the rep. agree with everything that I had to say.  He proceeded to make notes in my file, but suggested that I fax in a letter detailing our conversation along with my requests in having my payments applied as the lender actually states they will be applied. 

So far everything has been good.  Student loans can be a constant pain, but tracking your statements and staying on top of them can literally save you thousands of dollars in the long run.

Sorry for the long lecture, I just refuse to let you and me be in debt even a minute longer than we have to!

In Solidarity. xo,
Snowball

3 comments:

  1. I love your honesty. You admitting how much you spent on food makes me want to keep my own grocery bill in check. It's such a hard one because we think, "everyone needs to eat!" but there are definite ways to keep the cost down, too.

    Keep on those loan reps, you are right, the money you are saving is worth the pain. One day this will all be over and you will be better off because of it!

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  2. I spend so much money on food, but it's so good! I struggle with my food bill every 2-3 months so I started planning my meals each week. It is sort of working. :)

    Also, you inspired me to contact my bank to waive my first ever late fee on a credit card bill (only 3 days late! ugh!). Thanks!

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  3. Hi Andi - Hope you are well! Way to keep on tops of things here - it's really easy to get discourgaged with a mountain of debt. But sounds like you have the tools to succeed. Will keep checking in here. Nice to meet you at the meet-up.

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