My goal for early 2011 is to pay off my entire credit card bill.
The balance is currently about $1,000 and I have been putting at least $200 a month on it.
Lately, I've been looking at ways to help me pay off my credit card bill so I tracked my spending habits for the entire month of August.
I wrote down EVERYTHING (and I mean every purchase) and it was pretty eye-opening.
Aside from necessity bills like rent, utilities and groceries, here's a breakdown of miscellaneous things I bought in August:
-$52 on stuff from Marshall's
-$3 nail polish from Walgreens (Why doesn't this surprise me?)
-$4 on treats from the local chocolate shop
-$22 on a Red Lobster dinner
-$10 on a jacket from the local thrift store
-$8 on Dollar Tree finds
Now, all of the miscellaneous purchases that I made in August weren't included in this post, but when I calculated all of them from my journal, they came to about $315.
Yes, you read that right: $315.
That's a lot of money!!
Too much dinero to just be spending on nothing but stuff.
To solve that problem, I'm currently trying figure out how I will cut back on miscellaneous spending so I can put more money on my credit card.
I hope to put an extra $50 to $100 a month on the card so it's paid off in full by February or March.
I think I can make it happen but we'll see how it goes.