I'm looking at the possibility of my student loan being paid off - this month! It's currently sitting at $546.44 then I paid $150 from my first paycheque. I will put the full amount of my bonus cheque plus approx another $150 and it will be gone!!!
Now, I know all about paying off your higher interest debts first, BUT with this loan so close to the finish line, how can I not just reach out and pay it off? It will also free up the $100 I was paying to it every month. Which I'm thinking to add to my Visa payment once the student loan is gone.
This is how I see it:
March $943.29 - 100 - 250 - 100 = 493.29
April $493.29 - 100 -250 - 100 = 43.29 *I'd probably just pay it off here
So starting in May I can add the $100 Visa payment + $100 student loan payment + $250 bonus + $250 regular payment = $700 a month to the consolidation loan! That should help get it gone a lot faster!!!
I think this is my best plan of action for this year. I also have to make sure I'm not adding to my credit cards - I HAVE to leave them alone!!!
Let's see how I do! TTFN, Morgaine.