But it's for the best...I will be reducing my monthly debt repayments to the minimum + 10% until I've graduated teacher's college. I'm also reducing my retirement savings to $0. It hurts to say this but its necessary. Otherwise, I won't be able to continue to pay my daily living expenses next year without spiraling down into the debt dungeon. I will continue to make $25 contributions to a non-retirement savings fund (currently my MacBook fund). And I will be cutting other costs.. which brings me to this week's challenge.
I haven't tried to lower my expenses in a while... actually I never have intentionally, except once I got my interest rate lowered to 14.9% and then again to 11.9% So, this week I will be attempting to lower my expenses:
1. internet bill (currently $60 because my promotion that I didn't know was a promotion ended)
2. credit interest rates (I carry a 6K balance @ 11.9%. I doubt I'll be able to lower my student debt as it's already prime+1% but I could try..)
3. rent for next year (currently I have a decent sized 1bdrm for $745 plus utilities.)
4. cell phone ($75/mth, I'm only 2 months into the contract so this may be difficult)
5.car and renter's insurance (combined $250/mth)
Wish me luck,
Note: I didn't really explain myself well. I, most likely, will NOT be able to work next year. Teacher's college is a very demanding program and my practicum is 3 hours away from the university so for 1/3 of the year I'll be gone. I will definitely be looking into part time employment for the 2/3 of the year I'm not at my practicum but I'll be taking quite a large income hit (which is really bad when I don't break 20K as it is). So for now, this is the best decision I can make to avoid maxing my credit cards out again!