So here are the details that some of you love to read. This basically chronicles what has happened to date. Since we are trying the experiment of increasing my hours, and saving part of G-man's 2nd job money....I am not sure what everything will look like in the future. In theory, we will be able to put another $5k toward debt this year if it works out as it does on paper. But as Kim said yesterday: Mysti Plans, God Laughs.
I will probably do a post about our overall budget at some point....but here is an outline of all the major debts:
The nitty gritty:
Originated April 2012, for $38,000 at 1.875% interest, for 4 years.
Payments are auto-deducted from G-man's paycheck (bi-weekly) in the
amount of $380.15.
Current estimated pay off date: April/May 2016
Update: This loan just does its thing. We are heading towards the 50% mark!! In 2 years when this is gone, it will change our cash flow considerably! Since the last update, we have paid about $2600 to this!
The nitty gritty:
Originated in 2003 as a consolidation of my graduate school loans, at
fixed 3.375%. We paid on it for a few years, and then it was in an
"interest only" status for about 2 years. Went into full repayment
status in Fall 2011. Current payments are $229/month.
Current estimated pay off date: September 2017
Update: Until other debt is paid off, we just pay the $229. This one will be the last debt to be repaid. By doing NOTHING but the minimum...this would drag out until 2024....NO WAY.
The nitty gritty:
Standard issue card, no annual fee. We do earn "cash back" with this
card, which we keep as a "super rainy day" amount (we can take it in cash, get gift cards, put it as a credit on the account). But for whatever reason, it sits there, JUST IN CASE. We don't count this money as anything. And yes, it could go to debt....but we just want it to sit there for now. Interest rate is
9.24%. We currently pay $100 bi-weekly to this card.
Current estimated pay off date: September 2016
Yes, we ran this card up after we did the retirement loan 2 years ago.
Some of it was nickel and dime....some of it was larger chunks (such as
the plane tickets to my parents house.....such a mistake going
there..... or things that we didn't save properly for (back to school!). During the holidays, we used this card for "cash back" and then paid the monthly amount in full from our Christmas Account.
Some assute readers will notice
that the amount is a little higher than it was. At the end of
October, the same week we had to buy the car, Gray Kitty got sick again.
This time it was a UTI/Bladder infection. Per the vet, we didn't do
anything that caused it, it just is one of those things that can happen
with older cats. They wanted to rule out other issues, and did an ultrasound. Additionally, the other 2 cats were due for their
annual check-up, and because they are getting older as well (my three
cats this year are 15, 15, and 12), they wanted to do blood work. All
in total....the vet bill for the week was $1000. And since Gray Kitty
sucked up the kitty fund when he was sick in May....you know what
happened. Roughly half of it has been paid off at this point.
a side note on kitties...we put $30 per paycheck aside toward the vet
care. Last year we also used this money for their food and litter.
Because they are getting older and may require more vet care, their food
and litter now come from our grocery/personal care budget, and this
money is solely for vet care).
The nitty gritty: Originated at the credit union in Nov 2011, for $12,000 at 2.49%. Payments are $230.66 per month, for 5 years.
Estimated pay off date: Nov 2016
Update: Chugga chugga. In May/June we will hit the 50% mark. What's the Cost doesn't currently show us making extra payments here (of course, if other debt gets moved up, this will also move up).
The nitty gritty: Originated in October 2013 at the credit union for $6,000 at 9.99% for 5 years. Payments are $127 per month.
Estimated pay off date: April 2016 by snowball, October/November 2018 if we do nothing
There are several parts to this. 1) The loan amount was about $350
more than the "out the door" amount we paid for the car. We had to pick
a loan amount before we were totally done negotiating on the car
because it was Friday at 5pm and we needed the loan to fund. More on
that $350 in a minute. 2) The loan was done as a personal loan because
the car was too old to qualify for a car loan (it is a 2001), but we had no problem securing the loan either away. This
made the interest rate considerably higher. 3) We did qualify for a
car loan through the dealership, but it was cobbled together because of
the age of the car, and we wanted to make this simple. The monthly payment would have been $5 cheaper, but we would have had to make a larger downpayment.
is no way this loan will be around until 2018. Per What's the Cost, we should put anything extra we have towards this loan. In February, we will be adjusting this accordingly.
On the side bar, I have combined medical and dental....you will see why in a minute.
The nitty gritty:
Our insurance generally covers 90% of the cost of the items (pump,
bags, accessories, and prescription enteral food). We have had a 60% waiver that has been
increased to a 100% waiver as of Feb 2 for one year). We have been
paying $50/mon on this.
Estimated pay off date: Excellent question
The company who administers this cannot get their act together. We
have NEVER gotten a bill that is correct. I have to call them every
month and have them fix what is wrong, and then I ask for a revised bill
that never comes. Then the next month I get a bill and the stuff I
called about previously is fixed, but the new stuff is wrong.
Just as a quick history, we had a 100% waiver; then the company was taken over by another company who didn't honor the waiver. We paid $50 a month, but the balance continued to grow (partly due to items that the company sent us that we didn't order, but they wouldn't take back because the law doesn't allow it....but they still charged us for). Eventually a new account manager contacted us about the waiver (January 2013), and we were able to get 60% of the balance removed, and a discount of 60% moving forward.
As of our January payment, we have a credit of $30. BUT, they haven't billed us for November, December, or January yet. Those will remain at the 60% waiver, so we are estimating that we will owe about another $200 to them. We have accounted for this on the chart under Geekery. Once the bill is actually zero, the payment we have been making to them will roll to the dentist.
As long as Bossy has a feeding tube, this line item will never
truly be gone. We will have to watch the bill to make sure they aren't billing us for anything except the aforementioned stuff. The financial waiver is up for renewal in January, but we have no idea if next year they will renew it. We may end up back where we were, paying the full amount.
The nitty gritty:
Because of our poor dental insurance, we pay almost all of our dental
care out of pocket. No interest. We pay a minimum of $50 a month,
Estimated pay off date: July 2014
We have toyed with taking some money we have in holding and just paying
this off. But since it doesn't have any interest, we haven't decided
yet. The number just goes up and down depending on the amount
of dental care we have used and if we have any FSA money left to cover it. I had a $2,000 root canal and crown in
2012, so it has taken some time to pay that off.
The balance on this bill is about $322. At $50/month, this will be gone in July. If Bossy's supplies get billed in a timely manner, then in April (?) we will be able to apply that money here. Then this bill should be gone in May instead.
So I mentioned some money we
have in holding. We have roughly $650 (excess from car overage, and
G-man's mom gave us $300 when we were going through the car stuff, which
also was around G-man's birthday). Because we were also dealing with
the government shutdown at that same time (October was NOT good), we
held on to all of it. Now that the government will not shut down again
until at least Oct 1 (and let's hope not at all), we feel that we can
actually allocate it somewhere.
Because we will be also
doing our taxes shortly, we have decided to wait until after taxes to
make the final decision. If we still get some sort of a refund (which I
am starting to doubt), then the $650 plus the majority of refund money
will go towards debt. Yes, I said majority. Our bathroom floor in the
powder room needs to be replaced (peel and stick tile that have warped
due to plumbing issues, and there is no heat in that room....the
cold has cracked all the vinyl. So the tiles are just coming apart).
If we end up owing taxes, then the money will go toward that. And if there is anything left....that will go toward the bathroom.
So there it is. Since October, we have paid about $4,500 toward the debt. Because we also increased our debt by $7,000...we are up $2,500. I believe it will be April when we are back where we were. Year end should be in low 50's for a total.