Thursday, January 26, 2012

Take that!

Our retirement loan is gone!!!!!!  YIPPEE!!!  We shaved one full year off of the loan and it is paid in full!!


We made a bulk payment of $345 that posted too late to change the debit amount from G-man's check.  So they took out the "full" payment of $105.  So in reality, the loan has an over payment of about $15 (it is $14.XX because of interest, so not entirely sure of the exact amount yet).  We spoke to the representative who said that the overpayment will be refunded to us by check.
 
Not a big deal.  We will get it back, and it isn't a massive overpayment that will make a difference one way or another.

We are going to feel like we are rich....since both the retirement loan and the car loan have been coming out since November, things have been tight.  Now we will have $210 more in our check (minus taxes), which was designed to cover the cost of the car.  I can already feel a small shift for the positive!!!

In late March we will take out another loan to wipe out the CC debt (at 1.5%!!!).  The new debate is if we should take out an extra $1000 to get a new mattress.  It is a difference of $10 a month.  It isn't about the money per se.  For me it is about the principle.  We have a few months to decide. 

But look at that.....a plan actually WORKED.  We put $115 per paycheck aside to accelerate the repayment of the retirement loan, and it is now gone!!  One more paycheck worth will go into our savings, and then we will resume saving for Camp.  We are totally on track!

23 comments:

  1. That's sooo awesome! What a good feeling, eh? Great work :)

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  2. Great work Mysti!!! Very happy for you. I think I'd be leaning towards getting the mattress. Keeping the man happy and sleeping well might be worth it.

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  3. YAY! Congratulations. I know your doing the happy dance. We did get a new mattress two years ago and it was the best investment we made.

    I am so happy for you!

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  4. It is so great when you finally can see progress. Great stat to a new year!

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  5. Awesome news! Congratulations!!

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  6. Don't you love that feeling?? congrats on this milestone!

    HS

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  7. Oh girl... you know what is coming your way...

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  8. Awesome, great job on paying that debt off!!

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  9. glad this year is going better for you : )

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  10. That is very cool. Congrats. Gotta love when plans pay off like that! I am sure you all are excited. A small step, but definitely a step in the right direction.

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  11. Thanks everyone!!!! This loan started at $10,000 so it is nice to have it gone, and a year early at that!

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  12. Woohoo! Great work! I'm sending you good vibes for the rest of 2012.

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  13. If it were me, I would have changed the status of the retirement loan to "RETIRED"!

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  14. Awesome! I am so excited for you!!!!!

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  15. Hard to say which is more exciting - paying off a debt or using that newfound money to attack another one :-)

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  16. WOOHOO MYSTI!!!!! keep it up chica, you are well on your way now!!!

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  17. CONGRATS!!! As far as the mattress....just do it. Principle is not even worth it right now...pick your battles...how will it impact the big picture?

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