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Author: FlippoHip Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 310479  
Subject: Plan Update (Feb 2014) Date: 2/16/2014 8:51 PM
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AJ485, I took your advice to heart and I decided to knock down a chunk of the principle of the signature loan right up front, which will make the interest lower in the long run.

I spent the last month shopping the grocery sales, packed breakfast and lunch, cooked nightly (or whenever leftovers ran out), quit smoking, took a little out of my already pitiful savings, and used my tax refund to get to the following numbers.

January numbers

Signature Loan 12.5%: $10,000
Master card 7.9%: $11,588 (I think said $10k, but it was more.)
Bank Visa 9.9$: $0
Chase Visa 10.9%: $0

February numbers

Signature Loan: $7210
Master card: $8848
Bank Visa: $0
Chase Visa: $0

I'll now split my GI Bill between the loan and the Master card (on top of what I would usually pay of course.)

I am using the Chase Visa instead of my debit card, because I am racking up points for the family reunion. It won't be a lot, but it will be something. I pay it off the same day I make the charges. There should be no interest.

Also, by quitting smoking and putting the $42 a week I would have bought cigarettes with into a savings account, I should have a bit over $1200 for the family reunion in September. After the reunion, I will just put that $42 a week toward debt.

I'm planning a yard sale eventually. Any profit from that will also go to the debt.

By EOY 2014, if everything goes as planned, I should owe roughly $2411 on the credit card and $2160 on the loan.
Depending on my mood and the job and the economy and such, I think I will use some savings to just pay off the loan and restart saving again. All very "what if" at this point though. (I will leave myself a small efund for emergencies)

As for the reunion, it was planned back when my dad was still alive and the trip will include a memorial service at Cocoa Beach, where my parents met. We will put his ashes in the ocean at the place where he and mom had their first kiss. Very sweet.

I already paid for the room last year (I managed to get $79 a night on Disney if I booked a year out). I have a $200 Disney gift card from Chase, so between all of that and the $1200ish from not smoking, I won't have to rearrange my savings and or debt paying schedule at all.

Missing the reunion isn't an option that I am willing to consider.

*WHEW* That was a lot of typing.
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