Confessions of a Laid-off Lawyer

Just Your Average Joe Blogging Away His Debt—In One Year or Less

Fifth Day of Accounting

with one comment

December 10th and my fifth day of accounting.

Total Black: $65.10

Here’s the Breakdown:

Primary Checking: $0.00
Secondary Checking: $0.00
Savings: $0.00
PayPal Account (Personal): $0.71
PayPal Account (Blog): $0.00
Amazon Payments Account: $0.00
Mutual Funds Account: $64.30

FICO Score 497 [to be updated]

Total Red: $230,322.41

Here’s the breakdown:

Credit Card Debt

MasterCard: $5,637.00
Visa: $8,133.82
Visa: $5,605.17
American Express: $2,402.17
Raymour & Flanagan Credit Line: $6,010.35

Student Loan Debt

Federal Stafford Loans: $96,810.17
Private Student Loans: $33,518.49

Back Taxes

IRS (2007): $1,280.08
IRS (2008): $27,952.00
NY State (2008): $0.00

Other Loans

My mother: $42,973.16

Total black is nil, but that’s mostly because I sent nearly everything to credit cards as well as a payment to the IRS.  I realized this morning that I haven’t been counting cash on hand in my numbers.  So, I suppose total black would be up by about forty dollars to account for the cash in my wallet.  I withdrew the remaining amount yesterday evening so that I’d use cash for the next few days.  I saw a bit of the Suze Orman Show the other day.  She’s pushing a Back to Cash movement.  I’ve been dancing around that issue for some time if only to avoid debit card insufficient fund fees.  So, I decided to commit myself to using cash for six months—the longest amount of time her site allows.  Here’s hoping I can keep my promise.

Total red is down by a few hundred.  Compared to last month it doesn’t look like much, but there were days when total red topped $231,000, so I’m making progress.  Slowly.  But it’s starting.  Until I receive an updated statement, I don’t make adjustments to the data in the software program I use.  Most of the accounts update in real time, so credit card balances and student loans are current.  The amount I owe my mother, for example, or my balance at Raymour & Flanagan.  Those number must wait for updated statements and they usually don’t arrive by the 10th of the month.

I’m working two jobs now and actively seeking additional sources of income.  None yet have panned out but I’ll certainly blog about them if they do.

One Response

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  1. Hi–just found your site.

    I live in PA and thought maybe I could save you $10 per month… can you get an account with PSECU? Check out their site and see if you qualify. They give you a free, updated credit score each month + offer a lot of other nice things. It’s been my only “bank” for the past 16 years.

    Also, I will probably be starting law school next fall, so I’ve been trying to find some “positive” law blogs out there (haven’t found one yet, but that’s how I came across yours).

    Good Luck…doesn’t seem like your RED had decreased very much over the past few months 😦

    Doug

    December 11, 2009 at 16:51


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