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I have been hesitant about making any strong financial moves without knowing whether I will be switching jobs in the near future. For the most part, all I have done is plan when I should take some action. On Friday, I put $7,000 of my $9,000 in savings towards my credit card bill, retaining $1,000 for irregular expenses and $1,000 for my own sanity. I have a $2,000 emergency fund thanks to my parent’s graduation gift.
Today I have to pay $200 for a new tire, wheel balance, etc. and also pay my last $240 medical bill. I didn’t have any money in my checking account so I put the $1,000 there to pay for the irregular expenses. The other $1,000 is still in my WaMu savings account. I also have a big load of cleaning that I need to pay for which includes alterations. Last year, I purchased a few suits and I just got them altered for interviews I hope to be going on in the next few months.
Here are my balances:
Credit card: $15,800 - $7,000 = $8,800
Emergency Fund: $2,000
Savings $1,000
Checking: $1,000 - $240 (medical bill) - $200 (new tire) - $100 (cleaning) = $460
Disclosure: I feel a little guilty about using my parent’s gift as my emergency fund. I know they wanted me to do something special or get something special for myself with the money so I am hoping that I will not have to use it for any type of an emergency. However, the something special right now is some security knowing that I am not flat broke.
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5 comments:
Don't feel guilty. You are doing something with the gift. I bet they will be so happy to know that the their gift will be used in your time of need. Your doing a good job of using this wisely.
I agree that you're already doing something special with the gift! It's giving your peace of mind while you make your career transition. After that's settled and you feel good about your debt repayment, then you can re-evaluate whether to use the money for something else.
Congrats on getting your credit card debt below $10k! That's HUGE!
Thanks SavingDiva!
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