03 August 2008

A little (okay, big) mistake and fickle finance plans

I screwed up. I forgot to budget for oil! This is the first house I've ever had to pay for heat in, and well, I forgot. So.. that will obviously impact my debt plan, but at least I know I'll be able to afford it. My plan is to budget a set amount for now through next winter, divide it by the number of paydays between now and then, and put that much away each payday. Fortunately, by using a program like Microsoft Money, I know how much I spent last year (I just run a report, it's so fancy and great), so I should be okay. A do-able plan, thank goodness.

As for my debt payment plan, after taking a long, hard look at my balances and interest rates last night, I decided not to stick to the Dave Ramsey plan. I'm still paying off the lowest balance next month, but after that I'm paying off a higher balance with the highest interest rate, mainly because the next lowest balance has a really low interest rate. I just can't justify it, especially since it's not like I don't have the motivation to stick to it. I have readers now- I can't slack off! I really think I'll be fine. But, I'm calling that card tomorrow to beg for a lower rate. I'll just start telling them I write about them on the netz and scare them into it.

Minor crisis averted.

3 comments:

jennymsw said...

I have a high credit card bill and transfered my debt to a zero percent interest card. While it is only for one year, when the year is almost up, I will transfer it to another zero percent.

Here is where I found it:
http://www.cardoffers.com/

Good luck, Jaim! Keep up the good work.

PS
I just opened an ING account too and am having a certain amount transfered from my checking every paycheck. Aren't you proud of me??

Amy said...

At least you discovered the budget flaw now and not just as it is getting cold. Also, I believe that the DR plan be adjusted to fit your needs. The plan is not a numbers correct plan, it is a motivational plan. If it is in your best interest to go with a larger debt, then go for it... BUT DON'T lose sight of the end of the tunnel and stop completely.

Dawn {devoe*creative} said...

My oil company offers a budget plan where you can pay monthly to reduce the hefty bills usually accrued with oil. They also reduce the rate if you get put on auto delivery. GL!