Happy November! This is my favorite month of the year and not just because I was born in November. It is the only month I get 3 days of paid vacation. I love how Thanksgiving brings a time to reflect and be thankful for the many blessings we enjoy. In celebration of this great time, I decided to hone in on some of my financial goals and end the year right. Since we acquired a new debt to fix our air conditioning unit, I really want to pay that debt off by the end of the year. Hopefully next year I can set focus on some new financial goals and I hate to have this one lingering on.
What that said, I have set a goal to pay off our A/C repair loan by December 31st, 2014. Quick facts about this loan:
- The loan is through a home improvement credit company and account information part of their website sucks.
- As result of their horrible web presence, my current balance is either $5,798.82 or $5,592.78.
- I was told by customer service that there is a 17.99% interest on the loan which started accruing as soon as I got the loan. However if I pay off the balance before September 2015, the interest will be waived. Thus, I am going to go with the $5,592.78 amount as how much I owe because I think the other number includes interest which I wont have to pay if I pay off of the loan by December. Confusing, huh?
My extremely lofty goals to do this will be to pay off about $3,000 in November and the balance in December. Pretty crazy, huh? While I don’t have the husband on board with this, I still can make this happen. I’ve crunched the numbers and I really think its marginally possible utilizing the following methods:
- Increase my hours from around 20 to 25 a week.
- Create a really tight budget and stick with it!
- Spend as little money as possible by meal planning, finding free activities and staying in!
- Keeping track of my spending and saving daily so I know where I am at.
Here’s the update for the 2 days so far:
November 1st – My first no spend day of the month.
November 2nd (all budgeted items)
- $46.33 on gas (budget of $100 for the week; my husband has to fill up his car as well)
- $63.04 on groceries (budget is $100 a week)
- $120.00 on my kids piano lessons (for the month)
I think I’m off to a good start! Wish me luck!!