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It starts today.

December 29th, 2006 at 01:30 pm

I deposited the balance transfer check on Tuesday because I knew K'd need the money by Friday and I wanted to give it plenty of time to clear, yet at the same time I didn't want to deposit it too early because that would mean more interest.

His monthly expenses are $689.
$275 rent
$100 phone
$40 electric
$74 bus pass
$200 food

Now his food budget he claims is more than he needs. I think that's because he's doing the bachelor thing of just eating a couple conveinence store hot dogs a day and counting that as good. But I want to make sure he has enough just in case.

He had about $142 left over from his last full paycheck and today his final paycheck for about a week was deposited which added another $232. All told he was going to be starting out January at $373, only $320 short of his monthly expenses.

I created a sub ING account for him and had deposited $1320 into it (holding out the $680 for January in case he really needed it all) earlier in the week. This morning I transferred $360 bringing that account total to $1680 plus I withdrew the $320 and deposited it into his bank account.

He hasn't received the paperwork yet for his GI Bill. Once he gets it, fills it out, and sends it back it'll be 3 months before it kicks in. So right now it looks like I'll need to be supporting him til April.

School costs are $880 for the semester plus books. Someone he works at at the bar might have the exact books he needs so books might not be an issue this time around. Only half of the money is due Jan 22nd (two weeks after classes start). The rest is due in February sometime.

If there isn't any more influx of cash then I have enough to cover him until the end of February, then I'll have to start dipping into my reserves. There is hope though. He works at a bar sometimes on the weekends and he can use that money instead of what's in the bank to pay for food. And he had an interview last week someplace that is pretty low key and he'd have plenty of time to study while at work. So there is the possibility of him not having to completely rely on what I've got. He hasn't heard back from the interview though so we're not really counting on it yet.

He also was palmed money from our aunt when we were there on Wednesday so he won't be dipping into his account quite yet. The plan right now is to spend cash first, and that as little as possible. When the first half of school is due I'll look at his bank account, calculate how much he needs for food til the next deposit by me at the beginning of February (using a rate of $7/day), and hope that there's something left over to put towards school so I don't have to pull the full amount out. It's entirely possible if the bar is busy on the weekends and he gets to be a server.

I'm really excited about him starting school. I think it'll be a lesson for him in more ways than one.

The payment will be going up on my CC that I did the balance transfer on, but right now I'm already paying about $160 more than the required minimum I should be able to absorb any extra that the minimum increases. Plus once he starts getting his GI bill he can start paying me back which will just go straight to the CC.

I am charging him interest and the fee that was incurred to do the balance transfer. Of course the downside to all of this is it'll increase my debt by $2k. *sigh* That's more than I've paid off since I started really concentrating on it in September. But it's ok. It will be taken care of in short order, at least as far as the actual debt going down on the CC. I have every confidence in that.

5 Responses to “It starts today.”

  1. samerwriter Says:

    I'm assuming you know his budget because you're helping him look at how to keep his expenses low.

    If so, do you know why he has $100 budgeted for his phone bill? I'd think $40 would be more reasonable.

  2. LdyFaile Says:

    Unfortunately...$100 is his cell phone bill. He actually uses all of his minutes but I might talk to him about scaling it back. The problem with dropping the minutes is it could potentially be more if he goes over.

    My cell is $63 every month and I have half the plan he does minutes wise.

  3. Amber Says:

    I have a problem with the c-phone, mine was about $100 this month...crazy.

  4. PRICEPLUS Says:

    I have thre people on my cell plan and I pay 95 dollars a month. 700 minutes with free nights and weekends. We also get to call each other unlimited for free! 100 dollars sounds pretty pricey!Smile

  5. ldyfaile Says:

    I talked with him about this and found out that $100 is not actually what it costs every month. It's more like $80 but once in a while he goes over so he pays $100/mo as a just in case. For example, he went over text msgs by 500 last month so that cost him an extra $50. Ugh. We're looking into either a family share plan or something like Cricket or Helio as possibilities to lower that cost.

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