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Update... 10 weeks after filing

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    Update... 10 weeks after filing

    OK, I figured that I would post an update...

    I have been operating my zero based budget since filing (started September 1, Filed late August), using my super duper home made Excel spreadsheet.

    My mortgage for September's payment was made Sept 11 (within grace), October's payment was made October 1, and November's payment was made on October 30. All thanks to the zero based budget allowing weekly mortgage amounts with each paycheck.

    All Utility bills are current...

    I have been setting aside monthly amounts for property taxes, homeowner's insurance, and other yearly or twice a year bills in this budget. I have close to $500.00 set aside for these already.

    I eliminated my Verizon cell phone, and replaced it with a Tracphone. I bought it online for $23.00, with double minutes. A 60(120) minute card costs $18.00, and will last me for three months.

    I have pretty much funded Christmas for my kids already. I have bought my son's and daughter's major gifts (purchased on sale, or used (I bought my 9 year old a laptop computer.) We will not be spending as much on Christmas this year by doing it smart, and the kids will be very happy still. This is going along with our new non-materialistic lifestyle.

    I have operated with a balance budget, underspending my income each month. This will allow the next goals if I can keep it up. I also have a goal to increase my income by 25% over the next year, and this is doable.

    We have set a goal of $20,000 to $25,000 in emergency fund savings by this time next year. The first part of that will come from December being a 5 week month, and income tax refunds will play a big part in the first of next year.

    We have a goal to pay off our house in five years (probably can have it done in four.)

    I am looking at expanding and diversifying income streams.

    And...

    I have NOT applied for nor received any credit cards...I really do not know what my FICO score is, and I do not care either. The way that this is looking, I should not need credit again.

    Yes, there is life after bankruptcy, if you make the changes that you need to make. It is possible! And, my life is better.

    I think Hub has it as his signature here... I've fallen, but I DID get up!
    Filed 8/08 - Discharged 11/08! Not tracking FICO.
    Pre-Bankruptcy Net Worth: -$72,000... Today's net worth: $142,000.
    If your FICO score just went higher than your net worth, and you are happy about this, you might have a financial problem!

    #2
    Originally posted by Never_Again View Post
    OK, I figured that I would post an update...

    I have been operating my zero based budget since filing (started September 1, Filed late August), using my super duper home made Excel spreadsheet.

    My mortgage for September's payment was made Sept 11 (within grace), October's payment was made October 1, and November's payment was made on October 30. All thanks to the zero based budget allowing weekly mortgage amounts with each paycheck.

    All Utility bills are current...

    I have been setting aside monthly amounts for property taxes, homeowner's insurance, and other yearly or twice a year bills in this budget. I have close to $500.00 set aside for these already.

    I eliminated my Verizon cell phone, and replaced it with a Tracphone. I bought it online for $23.00, with double minutes. A 60(120) minute card costs $18.00, and will last me for three months.

    I have pretty much funded Christmas for my kids already. I have bought my son's and daughter's major gifts (purchased on sale, or used (I bought my 9 year old a laptop computer.) We will not be spending as much on Christmas this year by doing it smart, and the kids will be very happy still. This is going along with our new non-materialistic lifestyle.

    I have operated with a balance budget, underspending my income each month. This will allow the next goals if I can keep it up. I also have a goal to increase my income by 25% over the next year, and this is doable.

    We have set a goal of $20,000 to $25,000 in emergency fund savings by this time next year. The first part of that will come from December being a 5 week month, and income tax refunds will play a big part in the first of next year.

    We have a goal to pay off our house in five years (probably can have it done in four.)

    I am looking at expanding and diversifying income streams.

    And...

    I have NOT applied for nor received any credit cards...I really do not know what my FICO score is, and I do not care either. The way that this is looking, I should not need credit again.

    Yes, there is life after bankruptcy, if you make the changes that you need to make. It is possible! And, my life is better.

    I think Hub has it as his signature here... I've fallen, but I DID get up!
    What progress you have made is such a short time!!! Congratulations. You are right about the FICO score - you are doing EXACTLY what all of us desire to do - manage your debt, not your score. You are an inspiration!!
    Filed CH 7 9/30/2008
    Discharged Jan 5, 2009! Closed Jan 18, 2009

    I am not an attorney. None of my advice is legal advice in any way..

    Comment


      #3
      Congratulations! You are doing something I usually state on here in some of my postings - you are learning or have learned to control your money and not let it control you. That is the main key to surviving after BK and should be remembered/utilized always as to your finances.
      _________________________________________
      Filed 5 Year Chapter 13: April 2002
      Early Buy-Out: April 2006
      Discharge: August 2006

      "A credit card is a snake in your pocket"

      Comment

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