Monday, April 2, 2012

In Which We Go Over the Budget

In the grand tradition of budget-sharing, I present to you a more detailed view of my budget from now and into the future. I've spent many a happy hour going over my budget in attempts to not go over budget.

At this time last month that beast of a National Student loan was in the lead at $24,603.85.
Second place (then untouched and still untouched...though that changes next month) was my BC Student Loan at $5975.66.
Finally, last and least, was my credit line at $5057.

The update this month looks like this:
National Student Loan at $24,393.75
BC Student Loan (unchanged, but about to change) at $5975.66
Credit Line at $4400.

My new debt total is now $34,769.41

Slowly, slowly, slowly. This month the progress seems anything but...

Once I'm settled down here the job search will kick into high gear, and I'm hoping unemployment and I are not long term friends. Not only will I go insane, but I will not be smacking debt down as quickly as I want.

Which brings me to the future of unemployed debt repayment. Obviously without an income I won't be able to kill the Debt Beast with broad strokes of repayment. I must revert to the minimums, which is $325/ per month on my National Student Loan, $75/ per month on my BC Student Loans, an $155/ per month or so on the credit line...a total of $555/ per month.

Your plan summary
• If you pay $555.00 a month, it will take you 6 years and 2 months to pay off your credit cards.
• Based on your current combined balance of $34,769.41, you will pay a total of $6,243.47 in interest.

The difference between current months payments and future unemployed payments is YEARS. Three years to be exact and over $3000 in interest.

Gross. Just in case not having a job wasn't stressful enough, let's toss prolonged debt into the mix. I swear if I wasn't so damn driven to repay all this debt, I'd be a mess of upset tears just now--but I've got too much fight in me for that.


  1. Isn't the compounding affect of interest crazy? Makes a good argument for saving early, too.

    Do you use to figure that out or a different debt tracker?

    1. Savings...I dream of that day! Well, of the day when I'm saving for fun things and not just paying off debt things. ;)

      I used a CGI Debt Calculator this time:

      Gabe swears by the DinkyTown Calculators, which I also use on occasion:

      I haven't used, but my sister swears by it! I have all these Excel spreadsheets I've customized and uploaded to Google Docs (so Gabe and I can update when required) that I use for the most part. Do you use What do you think of it?