Tuesday, January 5, 2010

Some spend days are good

It depends what you spend your money on! I started this year with $6605 in debt. Since Sunday, I've reduced this by $1100!!

Computer loan (as at Jan 1/10): $1325
Computer loan (as at Jan 5/10): $325
APR: 19.99%
PAID: $1000
Owe: $325 (+interest)

Visa: $932.13
APR: 14.99%
PAID: $100
Owe: $832.13

LOC: $4379.36
APR: 5.75%

I pay bi-weekly into this ($50) and the payment is flexible. Once the computer is paid off, I can concentrate on the Visa, then the LOC. So I'll be upping the monthly payments as of the end of March if things fall into place with my debt repayment schedule. I have a bonus coming near the end of February, most, if not all, of which will go into my RRSP (for tax deferral), plus I get an incremental increase in my pay (think it's 1.2% or something) around March. April is tax-time and this year I'm actually hoping for a refund. So the next few months look promising with respect to "extra" income this year.

I'm also hoping to use the next few weeks to tidy, organize and clear clutter. 15 or 20 minutes a day really does work wonders; I need to stop being such a horrid procrastinator. I did quite well over the holidays, but I swear every time I open a cupboard or a drawer there's something in there I simply don't use/want/need/wear. Our recycling depot has a 'free store,' where you can drop off/pick up items, and I've taken advantage of that before. I'll most likely take a bag of clothes to the Sally Anne, and use the free store for household items. I'm also going to see if I can get anything for some of my DVD box sets. I've got several I won't watch again, so I might as well sell them.

All those funds (whatever it amounts to) can go towards my debt goals.

3 comments:

dinah34 said...

yay for paying off debt like that!

Notes From The Frugal Trenches said...

WELL DONE YOU!!

Jerry said...

Paying it down in huge chunks is so satisfying! It can't always happen that way, of course, but even small payments lead in the right direction. Way to go! At this rate you have insurance that the computer will be paid off really soon, and the Visa shortly to follow...
Jerry
www.leads4insurance.com