Day 104 - The Numbers

I have finally had an opportunity to establish a very detailed and aggressive budget and I also created a balance sheet. Let's say I am suprised, but not shocked at what "our numbers" really are. When I first started this blog I stated that we had about $150k in debt, well it is a little bit more than that.

Here is the breakdown as of 09/30/2009:

Assets:
Cash $1,656.14
Retirement/Investments:$5309.29
Total Assets: $6,965.43

Liabilities
Credit Cards: $20,688.13
Vehicles: $23,376.21
Student Loans: $118,511.05
Total Liabilities :$162,575.39

Net Worth ($155,609.96)

So today is day 104, 626 days left to be debt free!

Day 84

Were have we been you ask? Why is this journey so hard? We fell off the wagon in August and part of September. Good news is that we are back and at full force.

Goals for the month of October:

1. List vehicle 1 for sale (We co-signed for a vehicle about 2 years ago and our relative did not make payments on it, and now we have been stuck with a $200 payment a month for the last year. We are waiting to get the name change on the registration as soon as that comes in it is up for sale. Note to self: Never co-sign for anyone.)
2. List vehicle 2 for sale (Well it is not a vehicle, but a bike. We should not have purchased it, but both of us were employed at the time and it was purchased as an incentive. Note to self: You purchase things after you have achieved your goal, not before.)
3. Consolidate student loans: I have a Perkins loan that did not make it into the consolidation the first time around, I should be able to reduce my payment by $30-$50 by doing so.
4. Call our satellite provider: and get our monthly service down to $50 a month.
5. Cancel our cell service and sell phones: We never use our cellphones, they are never charged and half the time we do not know where they are at. I listed my phone last night, hopefully I can list the hubby's tonight.
6. De-clutter and sell: The hubby has done some major de-cluttering and we have found about $500+ worth of stuff we can sell. Hopefully, we can get is all listed and sold on EBay and Craigslist.
7. Complete our taxes: We still have not filed our taxes, I know, I know...we are owed a refund from Federal and owe the similar amount to state, so it is a wash. But we have been to lazy to get it done.
8. Complete 2 online offers: I have completed one in the past and would like to complete at least 2 and make $1000.
9. Stick to the budget: Groceries and Household: $200, Gas for vehicles: $200, Entertainment/Eating Out: $100, Blow money: $200, Halloween party: $150.
10. Post at least 3 times a week: We need to be held accountable!!!

Day 1

Who are we?

• Married couple, late 20s and eager to get out debt. Ever year we say this year we are getting out of debt. We started this blog to make us accountable. Join us as we embark on giving up as much as we can to make this year, the year we finally get out debt.

How did we get here?

• School and Excessive Spending

What does it look like?

• We are over $150k in debt

Here is the breakdown:

• Student Loans - $118,133.69
• Vehicles - $23,656.68
• Credit Cards - $16,274.47

Follow our journey as we get out of debt in 730 days.