In my previous post I mentioned that we were now $109K in debt because we bought a house.
What I forgot to mention is that if we pay this off in 30 years at the fixed 4.5% interest rate, we will actually be paying $230K ! ! ! ! ! ! ! !
AAAAAAAGGGGHHHHHH ! ! ! !
difference between rent and mortgage: $230
between the old water bill and new water bill: $20
old electric bill and new electric bill: $100
That adds up to an additional $450 in expenses, all with a ZERO increase in income.
I'm using my $200 per month from babysitting for groceries.
SOMEHOW we have accumulated $440.45 on our credit cards.
The interest on one card added up to $1.32 on one and $5.63 on the other.
AND I'M MAD ! ! !
I have NEVER paid interest on a credit card before, and this $6.95 is haunting me.
I'm reading up on strategies to get out of debt, success stories, frugal families and their frugal habits, gardening, homemade shampoo, and extreme couponing.
I know, I know.
Even Dave Ramsey says that a home mortgage is the only "good" debt to have. But I still can't help but roll around in bed trying to decide if I should sell my plasma to help whittle away at that $440.45 ON TOP OF the $109K.
BUT... God is getting us through this! We just received a check for $60 from our former apartment complex when they originally wanted $1400 for replacing the carpet (long story). And we've also received another check for $55 from the balance of our cable account when we cancelled it. We also received another check for something that I cannot remember right off hand. James will be getting a 3.5% raise in October and I will receive the balance of my financial aid then as well. Our electric bill is $30 lower than last month and I switched our home and auto insurance so our mortgage payments will go down.
By the way, our mortgage will hereby be referred to as "Mort."
More later. Got homework.