Monday, March 29, 2010

$5000 off my consolidation loan?

Next month, since it is a 3 paycheque month, I have scheduled myself to pay $1300 off my consolidation loan.

1st paycheque $300 regular payment + $200 (what normally would go to Mastercard) = $500
2nd paycheque $300 regular payment
3rd paycheque $200 snowball + bonus (this month is will be high, around $3-400!!!) = $500
=$1300 (maybe more depending on bonus)

From May on, the "regular payment" will be around $600 - may fluctuate slightly because of my bonus, but hopefully not much.

April $1300
May $600
June $600
July $600
Aug $600
Sept $1300 - another 3 paycheque month. Even if my bonus isn't as high that month, I will add from the planned spending acct.

Total $5000!!!

Of course, that's not coming completly off the top, there's interest on the loan that I didn't calculate for - too complicated for my blood! But that should be a huge help in becoming debt free!

If my next job doesn't include a bonus, it has to bring me at least $200 more net a month in order to maintain my current payments - hopefully more! :)

TTFN, Morgaine.


  1. That is a fantastic amount of money to look forward to. As a monthly salary girl, I don't get to experience the joy of an extra paycheck month so I shall have to live it vicariously through you.

  2. I'm actually pretty excited since this will be my first 3 paycheque month in 3 years! (last job was bi-monthly). I'm glad that I'm being responsible with my money for a change.

    Thanks for dropping by!