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!

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