Friday, December 17, 2010

Status of Todd's Car PayOff Plan

I got paid December 15th (Wednesday) and THOUGHT I was going to put a large portion of my paycheck toward Todd’s car; however, I decided against it.  The next payment on his car is not until October of 2012, and even though I want to pay his vehicle off by the end of the month, I wanted to get some other things paid off first.

I get paid on the 15th and 30th of every month.  That said, 4 times a year, I get an extra week’s pay.  Luckily, this paycheck had an extra $475 in it to help pay some things.  What did I decide to pay from this paycheck? 

1.)    The mortgage of $418.00 (due 01/01/11)
2.)     Propane Bill (not due until January 4th, but I didn’t want to push it.  We need gas to heat our home! This last fill-up was $120 more than I expected.  It ended up being $768 instead of $650!)
3.)    Every other bill we have (satellite, DSL, cell phones, Todd’s credit card, dog tag renewal (Lana is now legal through 2011,) septic renewal ($175: we are legal through the end of next year.)
4.)    Finished purchasing Christmas gifts (I had 3 gift cards to buy : and I was able to do it with this paycheck!)

So…we are paid up on all of our bills through the end of December!  Luckily, we did NOT get the invoice for our property taxes yet, so I can wait to pay those after the New Year. 

I allocated $300 for the rest of the month for groceries/party items for the two parties we will be having at the house.  I also allocated $150 for the two of us in gas as well as $80 total for allowances for the two of us through the end of the year. 

All else said, with my last paycheck of the year and Todd’s next 3 paychecks (every Friday through the end of the year,) we SHOULD be able to pay off Todd’s vehicle (current balance: $1,235.27) and have $450 left over by the end of the year assuming we don’t have any unexpected expenses.

One less revolving payment sounds so great right about now…

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