Overtime check - goes so fast.

iVillage Member
Registered: 07-02-2008
Overtime check - goes so fast.
5
Fri, 01-23-2009 - 12:28pm

My DH ROCKED last month with the overtime. He expected to get about $1900 but after taxes he cleared about $1550. Sounds like a ton of money right? Welp, I thought so too.


Breaks down to not paying the $1,000 on the c/c I had planned. Since this check is our mortgage check and that always puts us tight and I have extra bills to pay (car, phone, cable, water...) I need about $500 of that OT for bills. I want to use $600 of it to pay our car insurance for 6 months. I CAN pay this monthly but if I pay it outright that leaves us with less monthly billing. Plus, if we pay it monthly they tack on a service fee of $3 per month. If I pay it outright that means the bill is paid in full and I can pay it outright.


Ok, so that leaves $450 left. I will put that towards the c/c. I am just so frustrated. Before the check came I had all these grand plans to put $1,000 on the c/c and that's just not gonna happen now. Paying $450 will put the balance down to under $7K so I guess that is good.


iVillage Member
Registered: 04-10-2003
Fri, 01-23-2009 - 12:40pm
I hear ya sister, lol. I always thought that three paycheck months were the greatest thing ever . . . until I started paying my mortgage biweekly. Now it seems like there is never anything extra in those months and I don't understand how it happens. I think $450 on the CC is great and you should be proud of yourself for it!

Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."


Bex -

iVillage Member
Registered: 03-15-2005
Fri, 01-23-2009 - 3:57pm
Just make sure that you are "Paying" (yourself) the money for you insurance payment each month for the next 6 months so that when it comes due next time you have the money to pay 6 months in full again.

Jennifer


Jennifer


 


iVillage Member
Registered: 01-25-2006
Fri, 01-23-2009 - 4:02pm

Have you crunched the numbers to see how much interest you'll pay on the $600 on the credit card vs. the $18 you'd pay in service charges for paying the insurance month to month? I would do whichever saves you the most money. It's probably negligible difference so if you really would be more motivated by hitting the cc with the payment, I might be inclined to do that instead.

Peg

iVillage Member
Registered: 04-28-2007
Fri, 01-23-2009 - 10:01pm
if its too personal you dont have to answer me but i was just wondering what your dh does?

 


laurenaugust.gif picture by wowen<

iVillage Member
Registered: 07-02-2008
Mon, 01-26-2009 - 10:06am
He is a police officer. :) Thanks for asking. He works hard and is a great cop and I am proud of him.