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Arrears Audit

January 1st, 2015 at 07:21 am

While it was my December goal to have the title loan paid off I do not think I made it and not because I lacked the funds. I am actually still waiting for an updated statement from them and they were closed a day or two for the holidays and may just be behind. Even though I may have to make a payment or two in January this is already feeling like a huge burden lifted and seems like a positive way to start the New Year. Thanks to the avalanche method I am also seeing the light at the end of the tunnel and am happy to be on track with my other debts.

In reviewing December’s expense tracking spreadsheet I could not help but notice that I spent a third of my net income on debt repayment and past due bills. Yes you read that right.... a third! I can hardly believe that myself and I definitely want that to change in 2015.

3 Responses to “Arrears Audit”

  1. snafu Says:

    Happy New Year, delighted to congratulate you on getting up-to-date nearly instantly and anticipating paying off your Title Loan this 1st week of January. Knowing where every dollar goes aka giving every dollar a job will make 2015 income work so much harder to meet your goals and reduce financial stressors. Hoping these successes will encourage you to review and clear up discrepancies/errors with the 4 agencies issuing credit reports.

    As we set goals for 2015, many of us try to balance figures with the 50/30/20 ratios in mind. It translates to spending 50% income for Needs like rent/mortgage, utilities, food, transportation, creditors; 30% for Wants stuff that makes life enjoyable, and 20% Savings which includes deductions for retirement & EF. You might jump to the Forum section and look at a few pages under the Frugal Q&A header.

  2. FrugalTexan75 Says:

    1/3 of your income on debt repayment is a lot, however, if you keep at it and make sure to not add to it, the percentage will steadily drop. Smile You can do it!

  3. LittleMissSplendid Says:

    I have noticed the chatter on the forums regarding devoting a percentage of income to certain expense categories. What an intriguing concept that I may incorporate at a later time. Funny how without tracking my spending if someone had asked how much of my income went on debt I'd say... oh not that much. That's because it wouldn't seem like much in my head, but on paper good grief!

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