General Goals 1) to be debt free in 3.5 years 2) save lots of money

Wednesday, August 24, 2011

The Day Before Pay Day Sorta

Today is the day before pay day for my regular job, however today I got paid my last pay from my part time job. In total it was $235.49. I really wanted to put all of it into my LoC but that's not really responsible of me so instead I put $200.00 into my visa card and $35.49 into my LoC. Now if you are wondering why I didn't put the full amount in, it's because will the extra money I will have left over form my pay and the $200 I will clear off my visa. How?? Well you see when I got my statement for this month my balance was $299.49. In reality when I called in and asked  it was $465.81 but that extra $166.32 that makes up the difference I spent this month and will be on next month's statement. So while I want next month's statement to come in at Zero balance, I will not be charged interest on that only on the $299.49. And like I said between the $200 and the extra pay I will put into my visa tomorrow I will clear that $299.49 off. Have I lost you yet? Now what did I put the $35.49 in to the LoC, this one is easy, I pay interest in this daily!! Gross!! and every time I add a little to pay down the amount it recalculates the interest. This is why it actually makes more sense to put in many small payments than to do one large one at the end of the month.  This explanation might have been a bit more complicated then it needed to be but such is life.

As I will not be spending any money today I have snowflaked what was left in my chequing account which was a grand total of $6.98  into my LoC.

$434.69 +6.98= $441.94


  1. Now I see why you've been going at the LoC so hard. Every little bit will help decrease the amount of interest you pay so if you can put in something everyday it helps.

    You know exactly what you are doing. You always make good decisions. Keep putting every little bit that's left over there but don't forget, one goal at a time.

  2. bit by bit and you'll get that loc nailed!

  3. Yes, that makes sense with the LOC. I pay mine twice a month rather once for the same reason. Every little bit helps:)