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Finally some progress

October 13th, 2009 at 03:20 pm

Received the first settlement offer which was twice what I was thinking it would be (my insurance had been kind on the depreciation). As a result, I do have a base number for the month of October now. It will probably be a couple of months before the final tally is in but I am okay with base numbers and guesstimating the rest.

Since I have been bargain shopping for the replacements, I am going to have some money left over (couldn't replace everything even if I wanted to so no, I am not really coming out ahead but I am trying to look on the bright side). As a result I will be able to speed up my debt repayment and keep a higher than expected cushion. June will definitely be the last month for debt (assuming continual employment of course).

I was tempted to put some of the money into an IRA for hubby but we are just so ready for the credit card to be gone that I think we need to just put it on the debt and accept that I won't be maxing his out until next year. I am just so looking forward to that money going into short term and long term savings instead of into credit card payments.

4 Responses to “Finally some progress”

  1. creditcardfree Says:
    1255443881

    Better than expected is always nice!

  2. Ryan Says:
    1255478797

    While putting that extra money into an IRA would have been great, I have to agree with your paying down towards that high interest credit card debt. The faster you pay off that debt the faster you can get to maxing out that IRA and earning more.

  3. Caoineag Says:
    1255526812

    High interest? Its at an average of 1%. I have never paid higher than 7% interest in my entire life. Which explains why I have always been willing to run the credit cards up, it was cheap. But I agree that paying it off is the better choice. Once its gone, my cashflow for short and long term savings goes up tremendously.

  4. LuxLiving Says:
    1256090241

    Good thinking.

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