I’ve been doing exactly what the title says – gathering up my pennies. To pay as much as possible up front for our car repair (which will be done anytime from tomorrow to Friday) I have been emptying reserve accounts, transferring money, and finding as much money as possible at home I can contribute. I even made a craigslist sale after a long drought and I’ve collected change from my couch cushions (literally) and around the house.
The flip side to this is I have not paid anything further to our current debts this week. The minimum payments for all of them are not due until next week or later so they will not be paid until then. My spouse gets paid on Friday so we can use his pay to pay all of our bills then and concentrate our current money towards not creating new debt.
The transfers from my ING subaccounts went through this morning, so I have a preliminary total in my checking account of $2805.12. I was worried that they wouldn’t go through in time when I found out that the car might be ready as early as tomorrow, but they did, so I am happy about that. My spouse needs to buy gas this week before Friday and he is picking up milk for my son tonight that I forgot to get grocery shopping, so the actual available total is a little lower. My current plan is to pay $2700 towards the car repair, and finance whatever remains which will probably be around $900. When my spouse gets paid Friday, we will return a small cushion to our emergency savings account ($300) and then start saving whatever we can to pay down the car repair debt as soon as we get our first statement from the 90 days same as cash financing.
I hate the 90 days same as cash financing. If you pay online you have to pay a $10 convenience fee. That is the stupidest thing I have ever heard of. So we will save up the money in our emergency fund and then pay them with a check each time we get a statement of as much as we can. There is no prepayment penalty or anything like that, or I would have called the whole thing off and looked at other options. It still really annoys me though.
At this point, I think I have exhausted our options that we are willing to consider to pay off as much of the car repair up front as possible. I have been trying to sell a few more things but I don’t think anything is likely to go through before the car bill comes due. So depending what the exact final bill is, we will most likely be adding between $800 and $900 to our debt total in the next few days. That should make the total paid off on our NCN Network chart slide back down to about 23%. Not as bad as I’d feared, but not as good as I keep hoping for.
Speaking of hope, hopefully the repairs are the last significant repairs we do on this car for a long time.