Tell All Tuesday - Everything’s The Same And Everything Changes
Since we paid off my spouse’s student loan this month, everything else just got the minimum treatment last week. This week, we haven’t done anything towards paying off debt as far as paying money out directly, but I’ve been working on collecting snowflakes to be able to pay off the car loan in full next month.
I figured out last week that I’d need about $490 above and beyond the snowballed debt payments to be able to pay off that car debt completely in November. My spouse’s first paycheck in November is on the 14th, and that is where the snowballed debt payment part comes from. My plan is to be able to pay off the car loan that following Monday, the 17th. If nothing happens between then and now, at least.
Paying off the student loan last month took everything we had saved as far as debt payments, and a little more besides. It was a stretch but I really wanted to get it done as fast as possible. The income from the blog and taekwondo that have come in since then this month have gone towards replenishing the money saved towards paying estimated taxes. I am about $45 away from bringing that back up to what it was before we did the loan payoff, and then all future non-spouse income this month (minus taxes) will go towards the car loan payoff snowflake fund. Since it is the end of the month, I anticipate getting about $350 in blog-related income in the next two weeks, and then I should get paid about $350 from tutoring in October. After subtracting 30% for taxes (we are not in the 30% tax bracket - but self-employment income is subject to 15% self employment/social security taxes) that should leave almost enough to pay off the rest of the car loan. The about $45 we’d need will hopefully come from a few survey payments I have pending. If all goes well and nothing unexpected occurs.
Hopefully unexpected can wait until after November 17th. :) With any luck, only one more month of paying the minimum towards my own student loan!
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October 28th, 2008 at 3:49 pm
Congrats! Making the final payment to a debt is exhilarating. I intend to finally pay off my car next month with an extra $500 - similar to yours. Then I can finally start implementing a snowball of my own to knock out my higher-interest debts.
October 28th, 2008 at 8:42 pm
Wow. That must feel great to get one paid off. I am paying off our last credit card this month. Then we get started on our car payoff. I love the post about snowflakes.
October 29th, 2008 at 9:14 am
I am so inspired. I so want our car payment to be paid off. I’m sure you’ll get those snowflakes falling right into place.
October 29th, 2008 at 10:21 pm
Hope it all goes as planned and you are done with that particular debt forever
October 31st, 2008 at 6:56 pm
It is inspiring to read about people reaching their goals and all of us know what a struggle it can be to squeeze those extra pennies out of our budget.
So what did you do to celebrate?