The Marketing Rule of 7 says that a message needs to be heard at least 7 times before a consumer will buy a particular product or service.
It takes on average, 66 days to form a habit.
In a completely non-scientific mashup of these two thoughts, don’t beat yourself up if your New Years Resolution is once again to budget and/or stick to your budget.
Hello, it’s me. I’m here again. Right here with you. Life has been rough for most of these last couple of years. So if you’ve fallen by the wayside, backed off on your budgeting, or are just hanging on as best you can, it’s okay. We are all here together. The important thing is to keep trying.
My budget has gotten very loose. My expense tracking is hanging on by a thread. How have I been doing? My only current metric is all the bills are paid and I haven’t overdrafted any accounts. Beyond that, eh…it’s approximately the same as before. At the beginning of December I had the beginnings of a plan in my head, not just for the holidays, but getting back on track in general. Then one morning my car wouldn’t start and even those plans went out the window.
Life is expensive these days. Everyday life. Inflation, extended supply chain shortages, climate change causing greater issues with our food supply – the bingo card is getting full and there are no winners.
As the feds keep raising interest rates trying to curb inflation, this 5-figure debt (excluding student loans) of mine has got to come down, one way or the other.
So dear reader, here is where I am as of December 2022:
- Student Loans: $146,345.59 (all federal, interest currently paused, no minimum payment)
- 5 Personal Loans: $15,847.29 (interest rates 12.53% – 16.99%, $804.19 minimum payment)
- Installment Loan: $1,725 (8.5%, $453 due annually)
- 2 Family Loans: $13,169.17 (no interest, no minimum)
- Car Loan: $2,848.02 (10.45%, $365.31)
- 13 Credit Cards: $20, 487.12 (0% – 29.99%, $477.16)
A grand total of $200,422.19. $1,646.66 in monthly minimum payments.
Let’s get it.