February Update

Goals Update

• Review
• Financial
• Credit card debt totaling $1,308.83 (up $229.64) (goal $0)
• Loan debt totaling $2,020.00 (down 122.78) (goal $0)
• Loan debt totaling $3,029.58 (new loan)
  
• Car loan totaling $7,897.14 (down 2380.78) (goal $5,485.41)
• Emergency fund totaling $3,260.40 (up $1628.52) (goal $7,500)
• Roth IRA contributions to date: In savings, $1155.63 (up $528.63), invested in DCA plans, $100 (goal $5000)
• Charitable
• Total hours volunteered: 0
• Financial review
  
• Pay off credit card with wife's bonus
• Now there are two bonuses: Mine for reenlisting, and my wife's for affiliating. $15,000 for me lump sum, $20,000 for my wife, paid in installments ($10,000 now, then two more payments of $5,000 over the next 3 years). My wife's bonus will still pay the credit card, plus doing some saving, and I'll pay off the two personal loans, plus saving. As soon as those bonuses post, we'll take care of it.
  
• Deposit at least $250 into my emergency fund from my paycheck
• Done. I've also set up direct deposit at work. Now, $125 a paycheck goes into the emergency fund account.
  
• Deposit at least $418 into our IRAs
• Done. Also set up direct deposit for that savings account too. $209 a pay period.
• I also set up a dollar cost averaging plan for my wife and I. We now pay $50 a month into a mutual fund of our choice. They're not doing fantastic right now, but I'm much more interested in buying right now than selling, so the current value doesn't matter much to me.
  
• Save at least half of our tax return
• Done. It went into our savings account, and it was as if the money never existed.
  
• Increase my payments on the signature loan to $150/month instead of the $122/month
• Done. My payment for February was $150
  
• Educational/Professional
• Follow up on board of registry application with the other person.
• Done. Finally got the information. I'll be sending the packet with transcripts soon.
  
• Follow up on the life experience credit forms
• Unfortunately, not possible anymore. All the life experience forms were put aside by the people in charge of them, and the expiration date passed. That sucked.
  
• Follow up on the alternate clinical site
• Done. The other site is happy to have me. They may even coordinate to pay me to go there. That would be nice.
  
• Assemble and submit E-6 packet
• Not done. Not a priority right now.
  
• Physical
• Continue training for the half marathon
• Not done as much as I would like. I admit, I hate exercise. I need to do it.
  
• Charitable
• Begin working volunteer position if accepted, apply elsewhere if not.
• Had the position offered, filled out the appropriate paperwork, waiting to hear about the next step.
  

March goals

• Financial
• Pay off credit card with wife's bonus
• Pay off personal loans with my bonus
  
• Deposit at least $250 into my emergency fund from my paycheck (recurring goal)
  
• +$2000 from my wife's bonus
• +$2000 from my bonus
  
• Deposit at least $418 into our IRAs (recurring goal)
  
• +$1000 for my wife's IRA from her bonus
• +$1000 for my IRA from my bonus
• Educational/Professional
• Follow up on board of registry application
  
• Continue to follow up on the alternate clinical site
• Assemble and submit E-6 packet
• Physical
• Continue training for the half marathon
• Charitable
• Begin working volunteer position.
  

Much better

I checked off one of my goals. I've refinanced my auto loan.

My previous auto loan had an interest rate of 14%, which was killing me. My monthly payments were $308 (for a 5 year loan), and too much of that was just interest.

Here's what I did. USAA would give me a loan for 6.434%, A huge improvement. But, they wouldn't cover the whole amount, since I owe more than the car is worth. But, they were willing to extend a personal loan for the remainder (at 12% interest).

I know what you're thinking. "Aren't you just getting further into debt?". Here's how bad my rate was. The monthly payment for the personal loan AND the new auto loan are still less than my current auto loan, and the total interest paid is much lower.

Not only that, but I'm reenlisting very soon, and I plan to use that money to pay off the two personal loans. That means that I won't be paying most of the larger interest bearing loan, and my auto loan payments go to about $190 for a 4 year plan. That's one year less at minimum payments, and I'm still saving a huge amount of money.

So, this adjusts my amounts owed. This will be reflected at the beginning of next month.

Also, this highlights the importance of READING WHAT YOU SIGN! When I received the documents to sign, I noticed that the interest rate was 7.434%. They had failed to include the 1% discount for applying online. I called them, and requested they change it. That extra 5 minutes to call and check saved me a good amount of money.

January Update

Goals Update

First, an update, then some quick new items.

• Review
• Financial
• Credit card debt totaling $1,079.19 (down $335.41) (goal $0)
• Loan debt totaling $2,142.78 (no change) (goal $250)
• Car loan totaling $10,277.92 (no change) (goal $5,485.41)
• Emergency fund totaling $1,631.88(up about $377.81) (goal $7,500)
• Roth IRA contributions to date: In savings, $627 (up $209) (goal $5000)
• Charitable
• Total hours volunteered: 0
• Financial review
  
• Use some of my wife's bonus to pay off credit card
• I've been directing extra cash to the credit card, trying to bring down the balance so my debt/credit ratio improves. But, once my wife passes her APFT, as I'm sure she will, she has agreed to use some of her bonus to pay off the card. From that point on, the credit cards will be used only on a "deadbeat" basis (I will pay off the card before interest charges are assessed)
• Deposit $2000 of My wife's bonus to savings account
• My wife has agreed that $2000 will go into the emergency fund, and $1000 into her IRA. The entire remainder, after the card and the savings, will be $3500. It's hers to do with whatever she wants. She's been talking about a Wii and a new tattoo. She's definitely earned the money.
• Deposit at least $250 to savings account from pay
• This was done
  
• Deposit at least $418 to Roth IRA
• This was done
  
• Educational/Professional review
  
• Submit AMT BOR packet
• No change so far
• Assemble and submit E-6 packet
• No change so far
• Send off and follow up on life credit packet for BS
• I've sent off the forms to former employers. I hope they'll respond in time.
• I have also found an alternate location for my clinicals. If everything gets into place, I should be able to do those things I couldn't do at my employers at another facility.
• Physical review
  
• Start training for marathon on January 15th
• Started, and I've been doing some of the planned running, but not all of it. My wife has decided that it's not the right time for her to do a full marathon in May, due to her school workload, so we've keyed it down to a half, and we'll plan on doing the Seattle full marathon in November. Plus, it's way too cold to be running 10+ miles a day this time of year.
• Charitable review
  
• Volunteer at least one day to a charitable cause.
• I've turned in the paperwork, and interviewed for a volunteer position at planned parenthood. It will be 3 hours a week, as a clinic assistant. Nothing glamorous, but I feel it will be fulfilling. I expect to hear back soon.

February goals

• Financial
• Pay off credit card with wife's bonus
• Deposit at least $250 into my emergency fund from my paycheck
• +$2000 from my wife's bonus
  
• Deposit at least $418 into our IRAs
• +$1000 for my wife's IRA from her bonus
• Save at least half of our tax return
• Increase my payments on the signature loan to $150/month instead of the $122/month
• Educational/Professional
• Follow up on board of registry application with the other person.
• Follow up on the life experience credit forms
• Follow up on the alternate clinical site
• Assemble and submit E-6 packet
• Physical
• Continue training for the half marathon
• Charitable
• Begin working volunteer position if accepted, apply elsewhere if not.