The Benefits of Marriage

A couple of updates first:

  • I have not gotten my deposit back yet. I’m going to wait until next week and if I don’t receive a check by then or learn when I’m getting my check, I’m going to contact the coordinator to find out what is going on. She had originally told me it goes out within two weeks.
  • Spoke with my ace in the hole. I have just a few more months to deal with it, so I need to get a move on.

And, on with the show.

While it takes some work, there are definite financial benefits to marriage. Primarily, insurance. Like I discussed previously, I’m going to take his health insurance and drop mine, saving around $200 a month. I’ll reinvest some of it into my 401(k), but mainly it’ll be in my paychecks.

The other insurance, car insurance, was a little more labor intensive. We had to call our insurance companies, give them our new spouse’s driver and car information to get the quote then make sure we were doing even comparisons between our policies. When all was said and done, yet again if I’m added to my husband’s car insurance, I’ll be saving around $40 a month ($480 per year). That’s more money I can put into my debt! Is it a lot? No. But as I seem to be saying a lot lately “something is better than nothing…”

The next round of possible benefits has yet to be seen- taxes. BUT, because I’m on ICR with my student loan, it may not be a benefit but rather a drawback [if we file jointly]. We’ll see what happens next year with that.

Other updates:

Still haven’t gotten around to putting stuff up for sale (really shouldn’t be much of a shock, I’m so lazy when it comes to that stuff). No summer job. I have done some research on a possible new career path- I would have to invest around $500 to take courses to get certified to go into this career, but that’s small change compared to the return I’ll probably see, around a $10-$20K increase in income and if I so choose, I could do it part-time. I may get more hours in the fall with dance, but it all depends on my new boss there.

With the possibility of selling the house in the next few months, I don’t want to get too crazy with planning beyond what is immediately doable as I don’t know where we will be come fall. I still like the idea of the Etsy shop, but I don’t want to get something going only to put it on hold since it involves the storage of supplies and I need to reduce clutter in this house before we sell. I have enough ideas to pursue at this time, especially selling the crap I already have, before pursuing that hobby as a possible means of income.

I’ll get back to doing monthly updates next week, time to return to accountability!

I’m Ba-ack!

It’s all over! (minus receiving the photos and getting my name changed)

The flowers, the dresses, shoes, food, cake, all done! And we are back from our honeymoon as well. Life is bliss! Of course, the financial aftermath of all of that is not.

Currently, the credit cards are down to $1500 (CC1) and $4700 (CC2) respectively, and that is before interest is added for the month. Also haven’t received that security deposit back yet, but I’m hoping that I receive it before the end of the month so that I can pay more of the $4700 balance off before interest is added. I’ll only save a few cents off the interest, but you know the saying “a penny saved is a penny earned!”

The next couple of weeks will be tight financially though- we were on our honeymoon a little longer than expected (canceled flight) and I lost about 2 days of paid work since I didn’t have enough PTO to cover all the days I was out. I also barely taught dance this month since it was the end of the year, so I definitely did not and will not make my normal second paycheck amount. Also didn’t get a summer job…

BUT, because of tying the knot, once I get my certified marriage license, I can be added to my husband’s health insurance and ditch mine, saving over $200 a month. I’m going to defer some of that over, though, to my 401(k). The rest will be used for that debt since it will, for now, replace some of the dance income I will not be making this summer.

The general breakdown will run like this:

  • After tax income: approx. $1800
  • Amount to cover general expenses: $500
  • Amount paid to student loan: $525
  • That leaves for the credit cards: $775

If I get that deposit back, I’m going to use $700 to pay down CC2. That’ll leave around $5500 to pay off. According to my calculations, it will take 7-8 months to pay off my credit card debt at that rate. Clearly, that just won’t work, that’s WAY too long to be paying off the credit cards. My ideal payoff time would be in three to four months, but how to earn extra income?

  1. Try to find other benefits of being married (i.e. car insurance reduction)
  2. Finding a better paying part-time job
  3. Selling stuff from the wedding (I wouldn’t make too much off of this, but something is better than nothing)
  4. Selling stuff from around the house that I haven’t had a chance to post yet
  5. Opening an etsy shop and sell bridal veils (I made my own, it’s an easy project, I can do it at competitive rates and still make a decent profit)

I don’t know how much extra income these would all generate, but I need around $3200 in additional income between now and the next three to four months. I’ll continue to brainstorm and number crunch over the next couple of weeks, and I hope to have a solidified plan to share with you all by July.

 

Off we go!

Radio Silence

As I approached my wedding day (I’m no longer a Miss, I’m now a Mrs.!), doing anything extracurricular, like this blog, fell to the wayside. So, I apologize for my radio silence, I hope you all have been having a good month too!

In general, obviously the month has been great personally and spiritually, however, financially, not so much. All those little things that come up before a wedding truly can bite you in the ass, to the tune of over a thousand dollars. And while I tried my best to make cash payments when I could, it wasn’t frequent that I had that ability, so my credit card debt is back up by a lot to the point where I should tell you all how much so that you can do some shaming on me (but I’m chicken and I’m not going to tell)…

I’m not done yet, I still have a honeymoon to go on. I hope to keep costs down, though my husband is allowing a couple of extravagant purchases (maybe/probably on his dime??). When I get back though, it’s off to the races and get this ish back in line. I should be able to kill a solid 1K when I get back because of security deposits (please let me receive my security deposits back!) and some more expected cash gifts. Once I do an immediate debt-kill, it’s time to re-assess the good ol’ increasing revenue portion of things. We’re talking job hunting, selling things, etc. I just found a calculator on my credit card website that will help me figure out how much I would need to pay to kill the debt in a certain number of months (I’m aiming for three, but it will probably be twice that length of time if we’re being realistic). I also still have that ace-in-the-hole, once I get back and settled, maybe, just maybe I will FINALLY deal with it and get something out of it.

That’s a lot of stuff. As Dori would say, just keep swimming!