Little Update

So I splurged a little bit and bought my FICO score, sad but true  you have to pay to find out your credit score, and I'm much better off than I thought.  With Transunion my FICO is 757 and with Equifax my score is 747, well within the "Excellent Credit" range. Yes my score could be higher, the highest possible is 850, however I have what is known as a "short file" meaning simply I haven't had credit very long but that makes since as I am only 22 years old. I am definitely genuinely excited by this.

I am more commited to building up my savings than ever, I am determined to be a homeowner by the time I am 30 years old. Ideally I'd like to have my own place by the time Luke is in Kindergarten but I will give myself a bigger window so that I don't feel to let down if it doesn't happen by then. 

According to my calculations I can have a 20% down payment (roughly $40,000) saved within 6 years if I just stick to my guns.

More.

I am determined to get myself out of this financial rut I have been in for the past month or so. I have set up a "high yield" savings account so that I can have my savings out of sight and out of mind because I always end up using what ever small amount I put into my CU savings account. 

My hope is that by depositing just $25 per paycheck and having my future tax refunds deposited there that I can save a sizeable down payment for a house by the time Luke is 5 years old (6 at the latest). I really have to learn to put my ultimate long term goals ahead of what I want here  and now. I realized yesterday that I will never reach that goal if I don't work toward it now.  

I am also working toward paying down my debt including my car loan, I only have one credit card of about $2500 and the car which is about $8400 so I should have them both paid in full in no more than 24 months. I really want a new car but I know that taking on more debt is just stupid and will only prevent me from reaching my ultimate goal of being a homeowner.

In my own childhood I watched my mother struggle with debt, she makes a lot of money but spends much more. I saw how harmful debt can be,yet I find my self making the same awful mistakes... justifying buying something when even in my heart I know that I shouldn't, that I cannot afford it. It stops now.

Getting on Track,

So I don't know where my money went, seriously. I paid off all of my CC's then decided to buy a laptop on my Discover card so I know why I'm in debt to them but I cannot account for why my checking account has been so low the last few pay periods..I haven't over drafted but I have gotten down to having only $6.00 in the week leading up to payday. Not fun. I have resolved to end this cycle here and now though. I am setting up a Balance Transfer from my MACU credit card to Discover so I can have just one bill instead of 2, easier for me to wrap my head around, and will be closing that account (MACU credit card) ASAP! Then I am going to be paying all of my bills bi-weekly (half each pay-period) so the payments are more manageable.  I have also heard that you pay less in Finance charges that  way, but even if I don't it will be nice just having a more manageable payment schedule.

Also, I opened a ING Direct High Yield Savings account, where I will have my direct deposit set up to  deposit $25 per payperiod. This is going to be my Emergency fund.. for times like now when things I should have anticipated sneak up on me at my most cash strapped moments. I figure I can have $425 saved up by the end of the year if I just keep it on auto-pilot with my direct deposit. Hopefully I can steadily increase the amount I contribute over time.

I don't like being broke, thankfully I can pay all of my bills but I just have very little to spare... enough to get gas to get to work and back.  That is going to change.

On another note, The recession is starting to hit home. My employer is now laying off employees and reducing hours for everyone else. It sucks but at least I have a job.