In the last month, I have refactored my credit card debt in such a way that I am making some changes to my 2008 goals.  I have successfully opened another card and transferred $7,250 to it at a fixed 2.99%.  This past weekend, I got my lower rate (now 16.76%), previously existing card’s limit raised $700 and a 6 month low balance transfer rate on the same card, which I used to finish off my highest card (where the $7,250 came from) and put a dent in my overdraft protection
(17.9%), which I have been counting as credit card.

This refactoring means that my balances are (no particular order):

• Other debt (0%): $523.03
• Card 1 (24.24%): $0.00
• Card 2 (16.76%): $1,605.20
• Card 3 (2.99%): $7088.00 (newest card, transfer posted on statement closing date, so first payment made)
• Overdraft (17.9%): $124.82
• Auto Loan (8.59%): $8,299.01
• Student Loan (7.22%): $16.832.35

Before the current situation, I was planning my snowball to go through my Other Debt, Card 2, Card 1 and finishing with my overdraft this year. My Auto Loan and Student Loan would then have been worked on next year.  As a result of these changes, I have decided to reorder my attack to be, in order: Other Debt; Overdraft; Card 2 and Auto Loan this year, followed by Card 3 and Student Loan beginning next year.  To accomodate this, I am restating my goals effective immediately.

2008 Goals (in order for debts):

1. GET A NEW JOB!!!!
2. Eliminate Other Debt (0%): $523.03
3. Eliminate Overdraft (17.9%): $124.82
4. Eliminate Card 2 (16.76%): $1,605.20
5. Eliminate Auto Loan (8.59%): $8,299.01
6. Eliminate $10,552.06 in debt (sum of above).
7. Increase Cash and Cash Equivalents to $1,000.
8. Increase Retirement to $3,768 (by $1,650.98 over the next 9 months, including this month).
9. Increase Stock Portfolio to $500 (by $110, over the next 9 months, originally $400 but did a $100 contribution to get in on Visa).
10. Increase US Savings Bonds to $225 ($175 over the next 9 months, originally $200, but $25 bond found and not to be included in goal achievement).
11. Increase net worth to $9,783.98 ($13,209.28 over the next 9 months, represents the sum of above applied to current worth).

This restatement of goals represents an even more agressive plan, but will be easily attained once the first is achieved.  I expect to be earning the equivalent of $40-50 thousand per year, based on my current residence (which is a relatively cheap place to live).  This means if I move somewhere that costs 50% more to live, which I suspect, I will expect $60-75 thousand per year.  With any luck, I will not move somewhere cheaper, since 50% lower cost of living puts my expected income back where it started, at about $20-25 thousand per year, though I could live off about $10,000 in said cheaper area.

Thanks to these changes, I have new baselines, so I will not be stating progress for the month.