It’s now October and it’s time for an update. I’ve actually been hesitant to get this started/put this together because honestly it kind of puts me in a rut.
I silently struggled through September and experienced several nights of tossing and turning due to financial stress. Having financial problems causes stress in every other part of my life, even if I try not letting it. I really hate this feeling, and I hope to never feel this low again in my life. If you read my August debt analysis, you saw I got a new job. Unfortunately, we only get paid every other week, which is a difficult thing to handle when you’re living paycheck to paycheck PLUS your savings was on it’s last threads.
My sister had to lend me over $400 until I got paid because I wouldn’t have made it to payday otherwise. I paid it back right away, but was literally down to almost nothing by my second payday.
I’m not sure how I’m supposed to get caught up when I’m living paycheck to paycheck. I’ve also been having to charge my groceries and gas on credit cards, piling on even more debt.
Ideally, I would like to make at least an extra $300/month. I’ve posted things for sale, started applying to freelance writing jobs, and even considered applying to a part-time job. Not much luck in extra income for September.
DEBT PAYMENT/INCOME SPREADSHEET
*This spreadsheet does not include payments for my car (a lease) or my insurance (life, health, vision, dental)*
CURRENT FICO SCORE: 623
THE GOOD NEWS
I lowered the interest rate on 2 of my credit cards
I called my credit card companies asking if I could possibly lower my interest rate. CareCredit was the main one I wanted lowered, but they said they couldn’t. However, my UPromise and Barclay Apple card did have an offer! UPromise lowered my interest from 21.99% to 17.99% while Barclay Apple lowered it from 14.99% to 10.99%. I’m not sure how much this will end up saving me, but every little bit counts!
Remember that a credit card company isn’t going to call you and offer these things because they want to make as much money as they can! You have to call and find out for yourself.
I picked up extra shifts for October
So far, I’ll be going into overtime 2 weeks this month. This means I’ll get paid time and a half for over 16 hours which of course means more money!! It’s not fun to have to work more but it’s necessary right now.
My monthly “rent” to my sister is decreasing as of now
My sister’s boyfriend will now be contributing $400/month because he is basically living at our house. I’m supposed to pay $750/month, but now I’ll give $550. A number that I can stay on top of from October and on! That should leave me with a few hundred left over each month for groceries and other necessities. Meaning I won’t have to charge to my credit cards anymore!!!
THE BAD NEWS
You guessed it…my credit score took a hit
Like I said last month, my credit score is being ruined by someone else’s actions. I don’t have control in this situation and it is what it is. I’m doing the things I need to to put a stop to this, it takes time though. Another payment went over the 30 day mark, so my score will take another large hit. This is one of the main things that keeps me up at night. I think about it daily.
My debt is still increasing
My debt has been increasing by almost $1000 every month. Mostly because I haven’t been able to pay my sister rent and I’ve still been having to charge purchases on my credit cards. I strongly believe I won’t have to charge anything on my credit cards during October. It will be nice to see number decreasing finally.
As much as this sucks to write, it’s also awesome to keep everything organized. I hope to one day look back at this and see how much I have overcome financially. I would like to save up $1000 until I start putting extra money toward my debts. This is going to be a long journey.