Saturday, February 28, 2009

La la la line of credit

The $125 registration fee for the meditation workshop I mentioned previously is still resting in my slush savings account. Each comment that came in suggesting I save my money further convinced me to hold on and wait for something better. Thanks to all who helped me make my decision.

As it turns out, I am home with the nasty cold/cough that is whipping its way around these parts so I would have had to cancel anyways.

My monthly paycheque was deposited into my chequing account on Friday, and since I am home ill (Bean is at his dad's till tomorrow) I have been working away at my spreadsheets so that I can report my spending and saving for the month of February. This month will look similar to January's report, which is good news.

Each month I try something different to excelerate my debt reduction, and with this cheque I decided to keep only the most basic of expenses handy and plug the rest into my line of credit. Last month I pulled expense money out and put it in my slush account, but this month I put it all in the line of credit, with the intention of living as cheaply as possible for the next couple of weeks. If it gets too difficult I can pull a little bit back out to get me through the month. The benefit of this is that it will marginally reduce the daily interest rate in my line of credit, which is about 4% higher than the interest rate of my slush account, and worth tackling ASAP.

So instead of making the minimum payment of $250 on the line of credit (with the intention of topping up later on in the month), I dumped $700 into it. When I updated my sidebar I was pleased to see that I have paid 20% of that debt already this year. Go me! Now, if I have to pull $100 back out later on I will without shame, but I'm looking forward to seeing how far I can go on the little bit I left out of the line of credit.

I may also go back to cash only for the month of March, but I'm still undecided on that. Getting to the bank machine to withdraw is such a pain, what with meter parking and all. This town needs more drive-through bank machines - NOT! (Actually I think there are only two, but not my banks).


Seriously,
Karissa


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