UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Prev | Next | Next Thread
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 308782  
Subject: Plan Update (Feb 2014) Date: 2/16/2014 8:51 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 26
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.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Berkshire Hathaway

IBM: Is Buffett Wrong, or Brilliant?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement