Finally got a full pay! So all of the bills that we didn't pay in full last month (hydro, TV, Cell) are paid in full! We have a bit left over and I would like to put it towards the credit card, because we put a few hundred on it last month for necessities. However, I will keep it in the account for now because its two more weeks till next pay day, and we may need some of it. I'd rather keep it into the account and use it when we need it, rather than putting it on the credit card and then having to charge more on to the card if we need something. I was able to put a small amount into savings. The plan is that whatever is left in the account come pay day will get switched into savings, because we obviously didn't need it. Then when savings gets big enough, we will dump it on the credit card, or whatever else needs to be paid. It's usually not much, but it will add up.
I've never been so excited about paying bills LOL I hate being late and this is the furthest behind I've ever been on regular bills! But I can breath a little easier, as they are now taken care of. That means that I am one step closer to putting a plan into action that will help pay down some debts ASAP. YAY!
Saturday, February 12, 2011
Monday, February 7, 2011
New Plan: Rollover method
I decided to search for debt calculators, and came up with this site:
This is so cool. You put in your debts, min payments, interest rates, and any extra income you have left over at the end of the month, and click submit. It then tells you how much you will pay in interest (SICKNING!) and how many payments you have left to make. Then it shows you how much you will save in interest (SHOCKING), and how many payments you will cut down if you use that extra income and the roll-over method. This was a real eye-opener for me. Its so simple, and yet I didn't think of it. In my case, I would take any extra income I have and put it towards my credit card. I could get it cleared in a few months. Then I take the extra income, plus what I would have paid as a min payment on the credit card, and put it on top of the min payment for, say, my student loan. In doing this, I would save over $30,000 in interest, and pay it off almost 5 years FASTER. Unbelievable. I am a visual person, so seeing the numbers month after month (you can see the monthly or yearly payment schedules) really helped me. I feel kinda stupid that I didn't see this before.... I will be using it as soon as we get back on our feet, which should be later on this week, maybe the end of the month. We'll see.
This is so cool. You put in your debts, min payments, interest rates, and any extra income you have left over at the end of the month, and click submit. It then tells you how much you will pay in interest (SICKNING!) and how many payments you have left to make. Then it shows you how much you will save in interest (SHOCKING), and how many payments you will cut down if you use that extra income and the roll-over method. This was a real eye-opener for me. Its so simple, and yet I didn't think of it. In my case, I would take any extra income I have and put it towards my credit card. I could get it cleared in a few months. Then I take the extra income, plus what I would have paid as a min payment on the credit card, and put it on top of the min payment for, say, my student loan. In doing this, I would save over $30,000 in interest, and pay it off almost 5 years FASTER. Unbelievable. I am a visual person, so seeing the numbers month after month (you can see the monthly or yearly payment schedules) really helped me. I feel kinda stupid that I didn't see this before.... I will be using it as soon as we get back on our feet, which should be later on this week, maybe the end of the month. We'll see.
Friday, February 4, 2011
Well.....
It turns out that this little project of mine has triggered mountains of bad financial luck! That's alright. Once we get into next month and full pays, I'll be able to see a little clearer. As for this week: LO was very sick again, and I missed most of the week of work, but I get sick pay, thank god. I do have to say that I am glad I live in Canada, or the past month and a bit would have been financially devastating to us.
Hubby's car needs big time work to pass inspection, and the muffler fell off of it the other day. So we have to buy the muffler and get it put on tomorrow. Another expense we were not expecting.... BUT: When hubby went to pay the daycare today (we have to pay $160 a week for 1 baby, whether she is there or not) They decided to take pity on us and only charge us a holding fee of $80 for the week because LO was so sick and could only attend monday!!! This is seriously the first bit of good luck (financial or otherwise) that 2011 has shown us. Maybe things are starting to turn around!!! :) :) I just feel like I am drowning, and I pop my head up above the water to catch a breath, only to fall back down again. But hey, at least I can take that breath and envision the shoreline! It's there, but I have a long way to swim yet....
Hubby's car needs big time work to pass inspection, and the muffler fell off of it the other day. So we have to buy the muffler and get it put on tomorrow. Another expense we were not expecting.... BUT: When hubby went to pay the daycare today (we have to pay $160 a week for 1 baby, whether she is there or not) They decided to take pity on us and only charge us a holding fee of $80 for the week because LO was so sick and could only attend monday!!! This is seriously the first bit of good luck (financial or otherwise) that 2011 has shown us. Maybe things are starting to turn around!!! :) :) I just feel like I am drowning, and I pop my head up above the water to catch a breath, only to fall back down again. But hey, at least I can take that breath and envision the shoreline! It's there, but I have a long way to swim yet....
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