Tuesday, 23 December 2014

Periodically Evaluate and Revise Your Plan

So, I was able to make that large payment on that second card and almost climb myself out of the overdraft, due to a nice, unexpected holiday bonus. I will be technically be going into the new year in the red but just slightly. 

The larger problem occurred when I cast my eye to that third card and checked my schedule to pay it off by July 22nd. For the second card, now that it is down to even thousands (or just a smidge under) as long as I pay $1000.00 plus minimum payment each month it will be done by March 2nd. 

So I then looked at my third card and did a bit of math. It is now at about $6,700.00 with four months to pay it down (April, May, June and July). If I pay my expected maximum of $1500.00 per month (plus minimum payment), I will be $700.00 short to pay it off by July.

Sure I could just push it till August and pay things off one month later, but what is the fun in that. I then realized that if I pay just $1000.00 plus minimum payment on the second card I can put the mid $500.00 for the next few months towards that third card. That would thereby start to knock it down and still pay that second card off. 

I can’t just ignore that third card and pay the second card off early, as I still have those damned minimum payments on both. This way I can keep my schedule going and keep my paydown on track. 

What this means is that if you are on a schedule to focus on one card after the other you need to keep checking and revaluating your schedule. Ask yourself now and again “if things keep going like this, will I pay things down as I planned?” 

Cards tend to grow a bit over time, with this charge or that charge. Then there is the fact that we assume this will happen or that won’t happen. Now and again it is important to evaluate your plan and make adjustments accordingly.  
My driving very little has helped as even with filling up Jenny’s gas can (20 Litres) I was at $58.00 for the last two weeks). This along with using my existing budgets and not topping them up will help me spend little while in Banff. I do plan in taking in the sights while in the mountain town over the holidays but just keep my cards locked up. 

I did my grocery shopping yesterday so I am stocked with food, I have some water stored but I expect to have access to water somewhere on the campsite. If not, I am resourceful. 

So the only thing I have to do tonight is to fill both propane tanks. I decided to wait till today so I could have both filled up just before I head off into the mountains tomorrow morning. 

I could go tonight but I don’t see the sense of spending an extra night to setup in the cold and do so late. I will make sure to post pictures of a winter, mountaintop BBQ. 

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