DEBT CONFESSION Part 2 | My Plan to Pay off Credit Cards | Over 150k in Debt

In which a cat visits and I feel it appropriate to drop the L in “Fluctuates” 🤦🏾‍♀️

Hey guys welcome back to my channel budgeted for later as promised i am bringing you my updated deck confession i had a lot of people comment and mention that hey can you get closer to the sheet i can’t see it and then i watch it on my phone i’m like yeah you guys really can’t see it i’m so used to editing on my computer and being able to see the full image there’s

Something to say about editing on your phone even though like i could never do it but you’re kind of getting the gist of exactly what people are going to see on their phones because most of us are on youtube on our phones nobody’s like picking up their computer and being like let me spread out and watch youtube videos all day on my computer sometimes i do it but

Rarely so and then my best friend watches her sims youtube stuff on the tv as she’s playing sims that girl is living the life um but anyway let’s get straight into it so i’m going to do the little zoom thingy i think it’ll be over here is it here is it here you know you know where it is because you’re seeing it right now i’m gonna get my desk closer or like my

Little lap table closer so i can look over this while you guys are seeing it um i am not screen recording right now but i will try to like indicate what i’m talking about with an arrow popping up on the screen we’ll see how it goes so i haven’t updated my sheet since i did this in january and i’m not going to we’re going to work off of the same sheet because not

Much has changed i’ll go over what briefly would have changed but not much has changed so take a look at the sheet and here’s what we’re working with i have over forty eight thousand dollars in credit card um not debt thankfully and um credit card what’s the word i’m looking for total worth of credit card stuff i listen english is my second language technically

I speak jamaican paja as my original language and you know american english escapes me most of the time so you know what i’m talking about and then um a little less than 19 000 in debt in terms of credit cards my minimum payment which is really what i’m trying to build bring down i’m trying to really buy next year get to a point where i’m not paying this 556 dollars

Man i’m tired of it like my my rent already is so high for no reason none and i cannot like we had to sign this 18 month lease i can’t wait until this 18 months is up and we can move now that i have a job that people recognize as being like financially secure whatever that means uh i ran into a lot of issues with like when i was looking for apartments with showing

My income from babysitting and nannying and all the other stuff and so my last two apartments we kind of had to the first one which was on my own i had to jump at an opportunity given because i didn’t i didn’t have a place the day before i had to move out so that night the night before i had to move out is when i signed a lease and it was more than i wanted to

Pay but i had to jump on it this time around uh we found two places that we loved one of them was significantly cheaper and it was a space that would work for us with no issues and they kept like pulling us up on my income and so we kind of like they never gave us a no but we didn’t want to miss out on this place which was more expensive we didn’t want to miss

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Out on this place so we just kind of had to jump at it so now that i have like something that is traditionally acceptable in in terms of income i’m hoping that in what are we on now month two of our 18 month lease i’m hoping that in 16 months one will have good savings in order to like be secure and moving and also will have no issues so new york has us 40 times

Your income rule so it’s like for the year you have to make 40 times um the amount of your rent so it’s a 40 times your rent rule so your income has to be equal to 40 multiplied by your monthly rent for the year and for what we’re looking for we fart out past that so it’s a great place to be in but being on the other side of things in the past and just like it’s

Absolutely ridiculous it’s crazy broker sweet anyway i could go all into that i probably will cut this out if not here we are let’s get into the rest of the conversation in terms of this so how did we get here we got here because i was saying i was trying to get rid of this almost 560 a month for credit card payments because also my rent is super high and so my

Bills in total are really high so i’m doing this update because i now know what i’m getting paid i’m not going to go too much over my loans because that is not my focus right now i am still going to be saving towards my loans but nothing significant let’s focus on the eighteen thousand seven hundred and sixty nine dollars which is a bit lower so my goal was to pay

Off my chase account this month but based on how i got paid and what my priority and what my priorities are i had to kind of cut that idea short for this month because i couldn’t stuff be like my paycheck and my side income had to go directly into next month’s bills because i really want to stay one month ahead of my bill so i had to cut off any like extra stuffing

As you know but i’m happy to say that come next week friday on the fourth the first thing that’s going to happen when i wake up is that i am going to be putting 217 dollars on my json card which is how much i will owe and so it will be zero balance okay and then oh i do have to screen record i hate screen recording it should be fine because i’m not imovie is

Not open okay so you’re in my excel sheet that i’ve created for my account that i’m still playing around with the color theme this color theme is a little too bright and happy for a dead payoff so i’m still working on it i change it up a little bit today maybe something a little bit muted i search pastel colors but maybe muted colors would be better something

A little bit more dry but pretty at the same time you know what i’m going for so here’s my plan so first let me go over this i set this up and i’ve showed you this before it might have been a different color but i set this up where everything let’s show let’s view i’ll show you the formula bar okay so there’s a formula bar i’ll show you over here everything

Here is calculated based on like grabbing the start amount based on your previous month’s end amount and then um my my minimum payment and then i update it as i make payments in the month so if you notice right here my minimum payment is 40 for chase but if you notice these are different so as i make a extra payment i’ll update it and so my prediction for next

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Month is that i will be paying in march on march 4th 217 which will zero me out and instead of ending on april 1st of 2024 which is what i predicted if you were paying the minimum amount only that’s when you would pay off your card so i s like that’s just crazy this is two years total that i saved on just like paying more than what i should so once that’s paid

Off here’s the plan my minimum payment for my barclay card fluctuates between 75 and 80 so i think i have it set that i’m paying now 76 so once i pay this off in april my first my first payment for barclay card will not be 116 because it’ll be seventy six dollars plus the forty from chase and i’m no longer paying so that’s what the snowball is right so i’m

Gonna just push that one and stack it on top of what i’m paying for barclay card so i’m gonna start paying 116 but also i went and looked at my payment um calendar and i get three paychecks in april two of my paychecks more than pays my entire bill all my bills so i’m gonna take half of my paycheck and put it towards my april bill and pay 1 116 my plan for the

Rest of it is to i have a thousand dollars in my one month ahead emergency fund which is the fun that i’m holding on to to dip into if i do need a little bump in my one month ahead savings uh but my emergency fund my regular emergency fund does not have one thousand dollars and i’m kind of doing it backwards but i’m going to put enough to make it go up to 1 000 i

Think by then i will have 500 so i’ll have i’ll add 500 from the third paycheck to my emergency to make it 1 000 and then the rest that i have left over i’m going to like just cash stuff that oh i don’t know why this has 150 let’s change that so 116. i think this doesn’t really make much of a difference so before i even did all this before i even added the 40 at

76 a month at the minimum payment per month it was predicted that my final payment would be september 1st 2026. once i added the 40 to make it 116 per month it changed my final payment to august 1st 2024 so just adding an extra forty dollars a month changed it by like two years crazy so um once i added that extra thousand dollars for april it changed my end

Of like the payment my last payment to be july 1st of 2023 so from 2026 to 2024 to 2023 amazing and then i noticed that in september i also get three paychecks and so i’m going to do the same thing that i did in april i’m going to take 1 000 i’m going to add it to whatever i’m paying so once i put that extra 1 dollars on there my final payment will be october

1st 2022 so let’s see one two three so he cuts it off by three years doing that so so by october i will have paid off my chase card and my barclay card and then i haven’t done anything for citibank do not pay attention to this in fact i could update it now i didn’t want i just didn’t want to open my city thing to look at it minimum i will say 112 a month

So once i have that paid off i can now look to citibank to pay off citibank or to start being off the bank citibank is 112 a month i will add the 116 from barclaycard that i no longer need to pay so that’s the 76 dollars minimum payment the cat is outside major trying to get in and then the 40 dollar minimum payment for chase and that would be let me just do some

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Quick calculation 228. so i’ll be paying 228 a month towards that and please note that this date most likely will be way earlier than october 1st 2022 because this is only based on chase minimum chase’s minimum payment and barclay cards minimum payment and then the thousand dollars that i’m sure of but i’m still going to be making extra payments based on how

Much i’m stuffing for the week so that’s that’s what’s going to happen for the year in terms of paying it off i’m hoping to pay off at least i owe i owe city milo oh it’s not my let’s hugo hi hugo okay hi what are you looking for are you looking for ellie she was like he was looking for my dog hi hyperbole how are you okay yeah eventually he’ll jump on my bed

But um so i’ll be making extra payments as i typically do as you can see here like none of those months that i’ve been paying like doing this snowball method have i only paid 40 i’ve paid way more so that’s going to be the same so this will probably be done i don’t want to focus too much on the date but i would think that by so it might give me like a two month

Buffer where it might end in august instead of october only because that that second 1 000 is not happening until later in the year so um we will see and then we can get started on citibank so that’s what’s going to happen so now in terms of my extra stuffings my plan is this one i think i mentioned it in another video i am going to i still am doing my side job so

I still get side income from that and so my plan is on the weeks i get my from my main job i get paid every two weeks and then from my side jobs it’s obviously like a weekly thing so on the weeks that i get paid from my main job my side income i think i’ll put about 70 to 80 of my side income towards my debt so say for example i have 300 after like i put aside

Taxes or whatever from my from my side income from my main income it works out that i’ll be able to stuff about 250 a week after like putting aside money for my bills my bills are really high guys um so 250 will go towards my sinking funds and my cash envelopes and whatever and then from the 380 would be going towards so 70 80 it depends on the week right but

The majority of my side income will go towards debt on those weeks and then on the weeks where i’m not getting money from my main income and i only have my side income i’m thinking about like 40 35 of my side income will go towards debt and then the rest out stuff for singing funds and cash envelopes and all that stuff so that’s the plan for now and i hope that

With this updated video you can see what my debt is looking like um more closely because like me i know y’all are curious y’all are nosy and there’s no shade going on because man do i love to be nosy in people’s business i am not judgmental i just like a little bit of information okay um so that’s that for this video i hope this was helpful in terms of like how

I approach it and you know i will see you in another video soon i’m sure until then have a great day a great week a great month a great year and thank you for watching bye you

Transcribed from video
DEBT CONFESSION Part 2 | My Plan to Pay off Credit Cards | Over 150k in Debt By Budgeted For Later