Woohoo!!! Making progress!

iVillage Member
Registered: 04-10-2003
Woohoo!!! Making progress!
5
Fri, 11-23-2012 - 1:14pm

Hopefully I can post this! I've been locked out for ages!

Well ladies, I am very happy to announce that after a few weeks of spending like a drunken sailor, progress has been made! I finally got my bonus and this year, instead of throwing it all on debt and then running the CC's up when I needed something and then focusing on paying those off, I have done the following:

1) Paid off all CC's (it wasn't really much .  . . just monthly stuff but they are at $0)

2) Got efund up to $1K and am adding $50 bi weekly

3) Fully funded sinking funds, including Christmas ($800) House/Car ($1K) and vacation (2K)

4) Paid off $2K from line of credit.

I was planning on redoing my bathtub with the bonus (~ $2K) but I think I'll see if I can hang off a little longer and try and save up the cash in my home/car sinking fund (the $1K in it now is earmarked for car maintenace and a snowblower). I should have money left in the vacation fund after we go (our target is to spend between $1500 and $1800 but I'm aiming for below $1500) and whatever is left over can go into the home fund as well.

Also, BF had a successful hunting season so I have 50lbs of deer off cuts in my freezer that will feed the dogs for a month so savings there.

I still owe  $12k on HELOC, $19,500 on Student loan and $7500 on car loan but my highest interest rate is 6.5% and its tax deductible so that makes me happy!

New plan going forward is all extra funds to be divided as follows: 50% bathroom repair, 25% HELOC 25% Other (the catch all sinking fund)

How was everyone's black friday?


Bex -

iVillage Member
Registered: 07-24-2001
Mon, 11-26-2012 - 1:02pm

Wow, great bonus!  Good for you!  I also like how you decided to spend it.  I also have several home projects to do, but like you, I am determined to cash flow them as I can.  IF we get a bonus this year, I'll also be very, very careful with how we spend it.  Yay for you!!!

iVillage Member
Registered: 12-31-2010
Sat, 11-24-2012 - 9:01pm

Yahoo, Bex!!  Good job and great outlook on some savings instead of paying all and running things up.  Glad to see you are back to spending buckets, and I can understand your bathroom needs - would love mine done, but our one room this year is all I can do.

Nice bonus too, well deserved.

-Marie

#Marie
iVillage Member
Registered: 12-31-2010
Sat, 11-24-2012 - 9:01pm

Yahoo, Bex!!  Good job and great outlook on some savings instead of paying all and running things up.  Glad to see you are back to spending buckets, and I can understand your bathroom needs - would love mine done, but our one room this year is all I can do.

Nice bonus too, well deserved.

-Marie

#Marie
iVillage Member
Registered: 04-10-2003
Sat, 11-24-2012 - 2:07pm
Thanks! The bathtub really needs to be done. It was refinished three years ago but not properly. Now its peeling and there is a lot of mold :( BUT when I say redo I mean replace the tub and retile, so a relatively inexpensive project (BF and I can do it ourselves). How are you? Its been so long since I've been able to post!

Bex -

iVillage Member
Registered: 11-14-2008
Sat, 11-24-2012 - 12:36pm

I like your division of the bonus, putting aside money to do things you want to is important so you don't go backwards. Nice bonus! I like that your student loan is going down. Another project Bex.....the bathroom. I agree, see how you feel next year about it. Are you knocking out that car loan this year ? 2013? Nice to free up that money to kick your student loan in the face? or Heloc?