December Damage…

I am almost done assessing the credit card damage done in December. I am waiting for a few price adjustments to return to my credit card but it looks like the total damage for December will be ~ $2k including personal/emotional spending (~$500), monthly utilities (~ $300), Christmas gifts (~ $700) and some needed items for interviewing ($500). I currently have $1500 in my E-fund so I am a little short. I just got paid so the large sums I’ve been paying on my HELOC/credit card will be reduced to $200 in January while I add $500 to my E-fund to pay off my credit card balance. I’ve already moved back to my all cash/debit system that I was on before and I plan on keeping to that system for 2008.

The balance on my HELOC/credit card is $7,700 and will need to be reduced to $0 by April when my private student loan payments kick in. The plan is to reduce the balance to $7,500 at the beginning of January and then pay off another $4,000 at the beginning of February once I receive my paycheck and bonus at the end of January. That should reduce the balance to $3,500. My hope is that the balance will be paid off with my tax return and one more paycheck. Progress may seem slow but as most of you know, I only get paid once a month at the very end of the month.

I will need to replenish my E-Fund as soon as possible and I don’t have a good plan for how I am going to do it. I will come up with one soon.