Thursday, December 21, 2006

November Recap…

As promised but definitely late…Here is my November 2006 Financial Recap.

Looking back at November, I don’t feel so bad. December will be another story with Christmas. Driving the decline in my net worth for November was the depreciation of my car and the interest capitalization on my student loans. I still spent too much on discretionary purchases to the tune of $1500, which was mostly eating out again. Overall, I don’t feel too bad but I am looking forward to my net worth improving in the near future.

I expect my net worth to decline for the next three months and then hopefully improve from then on out. For December, I have Christmas purchases, my tuition bill is due in January and I have bar exam fees due in February. I finish law school in May. My federal loans go into repayment six months later in December 2007 and my private loans go into repayment nine months later in February 2008. Oh joy!!!

Still no luck finding a job for next year but I am looking all the time and trying to meet with people to network.


Anonymous said...

Wow $19k in credit cards. You probably need to go cold turkey on the purchases and buying x-mas gifts altogether until that debt is paid off. That sounds cold but Credit Card debt is really hard to pay off. My highest CC debt was around $7k and it took me years to get that paid off in my late 20s. Good luck.

Chitown said...

I probably should have explained the credit card debt.

The 19k is actually my HELOC that I refinanced to a credit card at a lower rate. My HELOC rate was like 10% and I transferred it to 1.99%. In the meantime, I actually have been able to reduce the balance instead of paying outrageous interest with no principal reduction.

The HELOC was the result of my condo purchase in 2003. I got an 80/20 mortgage. The balance of the HELOC was intially ~25k.

Anonymous said...

good work on having a plan to pay it all off! I just had to file for bankruptcy - no fun at all. Good Luck to you.