I live, write, and garden in the PNW with my husband of 27 years, disabled daughter, college-aged son, and my 84-year-old mother. We have paid off $250,000.00 worth of debt (if you include the interest) in the last fifteen years and as of 6/12/2020 are 100% DEBT FREE!!!!$1400.00 Citi Card
__82.13 Amex
_125.17
-----------
$1607.30
The paycheck plus what was left of the $1000 went towards finishing off the credit cards. AMEX is done and all auto pays have been transferred off it, so as soon as it clears I will be cutting up that card.
I will finish off the Citi card on next Friday and then it will only be used for the auto pays. We will take the credit cards out of our wallets. They can't be an option. Also next Friday I have car tabs due and a medical bill. There won't be a lot left over, enough to fund the grocery envelope and the household envelope. But then starting on the June 1st payday and continuing forward, we should be able to fund everything else with cash throughout the month.
Yesterday we opened a checking account for my son and then he set up his paypal account to hook into it, so he can now make online purchases directly out of his bank account and no one has to use a credit card. He needed a checking account anyway as he is going to get a job this summer and will need it for direct deposit. He's had a savings account since the year he was born.
He wants to read The Total Money Makeover after my husband is finished with it. He is very determined not to carry debt in his life except for possibly a mortgage. We've already talked about 10% of his income going into retirement from the start. He may not qualify for a 401K immediately, but he can do a Roth IRA until he does. He will also be saving 40% for college and 10% will go to tithing. Then he will need to put 20% into savings for a car and insurance and the remaining 20% will be what he can spend.
He wants to make a budget as soon as he gets his first paycheck, but before anything else he is going to save up $1000 for an emergency fund so he has it in place when he is able to afford a car. I guess we are rubbing off on him. Not so sure about our daughter. With her medical issues I despair of her ever being able to hold down a job.
Payday Report and DS's Plan for his Future Job
May 18th, 2018 at 07:52 pm
May 19th, 2018 at 12:08 am 1526688489
May 19th, 2018 at 01:35 am 1526693709
I have the same worries about my dd - she suffers from anxiety & depression issues and when she was working started having terrible panic attacks. Just because they get older doesn't mean we worry any less!!!
May 19th, 2018 at 02:48 am 1526698137