Budget Week Ending 03.02.14 – New Month = New Car, New Payment, New Headaches

Posted: March 12, 2014 in Budgets, Car Shopping
Tags: , , , , , , , , , , , , ,

February Calendar

Well February wrapped up to be a chaotic month, what with the accident and all the subsequent headaches and stress that goes along with accidents! Oy they are but a pain the arse for sure.  I sincerely felt like the whole time it was either fate and destiny pushing us towards our new van all along, or it was just purely something to push us to our outer most limits…but I honestly feel like everything worked out the way it was supposed to…I summarized our shopping trip in another post here you can read about our adventures on Friday…I sincerely hate Car shopping (as I am sure a lot of people do…though there are some crazy’s out there who actually enjoy the process…um WHAT?!?!?)

High Interest Rate As you all probably know with any new car purchase comes the headache of a car payment  and while we were nearly done with our payments on the Focus, we’re now back-ended into  almost two more years of payments on the van…honestly we’re going to try and pay  it off  sooner rather than later, as the interest rate at the Buy-Here, Pay-Here lot was something like  29% and that just HURTS!  Seriously we’re paying $150.00/bi-weekly which works out to something like 20 months worth of payments on the van…and…the best part is that if we miss just one payment they are going to come SNATCH the van…seriously there’s a GPS Device in it that’ll disable it on the lot until the back-due payments are made…WOW! Talk about OUCH! So now we really have to stay on top of these payments….

Chapter 13

Our mortgage however, yeah, not sure what to do about that…we’re seriously struggling to figure that out  – I’ve worked it so that something is going to Citi each week so that they are getting a portion of a monthly payment – doesn’t change the fact that  out –we’re back due until the beginning of December.  I’ve re-applied for the 3rd time for a modification, highly doubt they’ll do anything about it as our interest rate is already under market value, so who knows…if this doesn’t work sadly we’re looking at Chapter 13 Bankruptcy, it’s really the only option we have at this point – we’re in way over our heads and I feel like we’re drowning…we’re totally house-poor at this point and finding a rental isn’t really an option because of our six animals (and giving up ANY of them is SERIOUSLY NOT an Option! We don’t roll like that!)

Ok so now onto why we’re here, the budget – I’ve just lumped the remainder of our tax return into the overall numbers because we had to use it to pay the down payment on the van, so please to enjoy:

 $1,142.49 Remaining from W/E 02/23/14  $436.52 Lara W/E 03/02/14 Salary, Pay Date 03/07
 $261.82 Amt. Spent  $287.53 Jimmy W/E 03/02/14 Salary
 $880.67 Avail. Starting  $724.05
 $15.00 Savings for X-Mas ’14  $880.67 Avail. Starting
 $31.00 TGIFriday’s  $724.05 Total Pay
 $6.16 Citgo  $1,604.72 Avail. For Bills
 $4.17 Starbucks  $1,279.63 Settlement for Car
 $27.41 Gas Center  $2,884.35
 $34.50 GS Troop #1327
 $4.76 KTC
 $8.75 Checkers
 $3.85 Red-Box
 $30.00 Kwik Kuts
 $7.47 Dollar Tree
 $7.33 GameStop
 $77.79 Wal-Mart
 $3.63 PetsMart
 $261.82

 

Um yeah we TOTALLY overdid it with our spending this past week…I am well aware of that fact – I did have to put Gas into the rental on Friday as you have to turn them in with a full tank or they charge you an exorbitant amount of money per gallon of gas to refill it, and then we decided to get some movies, a steering wheel cover, air fresheners for the car and some socks for  my hubby at Wal-Mart on Sunday and that turned into the $77.79 you see above…Ooops!

 $2,884.35
 $1,750.00 Down Payment on Car
 $1,134.35
 $225.00 Citi
 $909.35
 $70.00 Brigades Boys & Girls Club
 $839.35
 $200.00 Groceries
 $639.35
 $25.00 Dinner, 03/07
 $614.35
 $40.00 Cat & Dog Food
 $574.35
 $25.00 Jimmy’s Money
 $549.35
 $62.68 Gas
 $486.67
 $5.00  Tate & Kirlin, 03/10 Auto-Draft
 $481.67
 $85.00  LAS Financial
 $396.67  $396.67
8%  $31.73
 $31.73  $364.94

 

Ok I will note three things here:

1. LAS Financial, Inc. is the Buy-Here, Pay-Here on lot Finance Company – our bi-weekly payment works out to $150.00 or rather $75.00/week – I figure paying them just a little more each week puts more on the principle, thus lowering what we’re paying in interest and overall.

2.  The van has a 25-Gallon tank and is costing me more to fill-up, though it’s almost double the tank size of the Focus, so I am hoping that a fill-up will last me two weeks, we shall see.

3.  The insurance premium on the van is going up to $80.00/mos vs. the $64.44 we were paying on the Focus and this is because it’s a newer vehicle.

So there we are! Hope you have enjoyed!

Images borrowed from:
http://www.commons.wikimedia.org
http://www.debt-relief-programs.com
http://www.wjflotow.com
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Comments
  1. duaimei says:

    29%?!?!?! Maybe you should look into getting that refinanced. I thought the average car loan for those with poor credit was more like 7%? Did you mean 2.9%? That’s like the car loan going up 1/3 every year…

    Did you try to get a pre-approved car loan from your bank? Next time you might want to look into that, as well as taking advantage of their car buying service.

    • ncreadergirl says:

      We went to one other dealership prior to going to the place we went – with us being behind on our mortgage they wanted proof we were in the process of re-financing/working on a re-structure, etc. but alas we weren’t doing either prior to walking in the door of the dealership – we are now – a little too late too soon – but yes I did say 29% – the place we went didn’t even look at our credit, and they are notorious for high interest rates

  2. I wish things were easier for you. What reason were you given for being turned down for a modification before?

    • ncreadergirl says:

      Me too…I’d love nothing more than to have things a little easier for us…the last time we were turned down because our interest rate is already below the normal market values at 4.5 percent…which in my mind was a BS answer and got us no where…

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