(no subject)
Just thought I'd keep you updated with my debt payments as I go along... mostly, because I'm far too excited about it to keep to myself... and SOMEbody has to listen to me. So, I just made my final payment for July, of $238. This is a pretty big deal, as this now means that...both MASTERCARD AND VISA ARE AT ZERO DOLLARS! (in fact, Visa owes ME $2.81! What a twist.)
Now, for the final stretch! I've already put $500 down on the Student Line of Credit which brings that down to $7497. Which, minus a very much appreciated contribution of the $2500 for my car, brings me down to a lovely $4997!
I've got 5 months left until my goal is scheduled to end... which means about $1000 a month. But, in July alone, not including the $1800 tax return, I put $1270 of my own cash into debt. (bringing that to $3070 in July alone). So, this shouldn't be any problem. Not to mention, October is a three-pay month, so that should mean well over $1500 dollars right there. If all goes as planned, we're looking at between October and November to be debt free!
On that note, I've been looking into ING Direct for my savings account. They offer a 3% interest rate on your savings account. It has a little calculator on their website that you can use. Apparently, at that rate, if I put down $1000 into a savings account with them up front, then put down $900 a month (less or equal to what I've been doing the past 5 months), in three years I will have saved $34000! Or, to give myself a break, I can put $800 down a month and get exactly the $25000 I'm looking for at that time... but now that I see what difference an extra $100 a month can do... I'd be crazy not to. But then that means I'll be living like I am for the next three years... decisions, decisions! But again, its a savings account... so I'm not required to make that big of a savings every month. Its "hypothetically speaking".
Anyway... theres your update/my thinking out loud!
Now, for the final stretch! I've already put $500 down on the Student Line of Credit which brings that down to $7497. Which, minus a very much appreciated contribution of the $2500 for my car, brings me down to a lovely $4997!
I've got 5 months left until my goal is scheduled to end... which means about $1000 a month. But, in July alone, not including the $1800 tax return, I put $1270 of my own cash into debt. (bringing that to $3070 in July alone). So, this shouldn't be any problem. Not to mention, October is a three-pay month, so that should mean well over $1500 dollars right there. If all goes as planned, we're looking at between October and November to be debt free!
On that note, I've been looking into ING Direct for my savings account. They offer a 3% interest rate on your savings account. It has a little calculator on their website that you can use. Apparently, at that rate, if I put down $1000 into a savings account with them up front, then put down $900 a month (less or equal to what I've been doing the past 5 months), in three years I will have saved $34000! Or, to give myself a break, I can put $800 down a month and get exactly the $25000 I'm looking for at that time... but now that I see what difference an extra $100 a month can do... I'd be crazy not to. But then that means I'll be living like I am for the next three years... decisions, decisions! But again, its a savings account... so I'm not required to make that big of a savings every month. Its "hypothetically speaking".
Anyway... theres your update/my thinking out loud!