Friday, 28 October 2016

My Own Pilot Project

So, in my own style, I made a spreadsheet yesterday to try to figure out just how that new system would work in paying down the Wanda Loan.

It was quite a spreadsheet, it was complex, intricate and in a word: impressive. The results, however, were mixed and unclear. 

In the end, I wasn’t sure just how effective either the new system or the spreadsheet actually was.

I have decided, however, to just go ahead and see how things go.

For the month of December, I will charge on ahead and:

1. Pay my regular Wanda Payments.
2. Pay an extra $100.00 (on the loan) on the odd (or non-Wanda payment Thursday).
3. Pay $1300.00 each payday (on the loan). 

The revised spreadsheet will simply measure the results of what happened. I can already figure out how much of the payment went to the Principle and how much went to Interest. 

I can do this by simple math and by recording the outstanding balance on a regular basis. I do this just after each payment has gone through. 

Since this does not change until another payment goes through, I can then know what affect each of these payments had on outstanding balance. 

I wanted to get started earlier, even with the small Off-Thursday payments, but I simply can’t, my budget is just too tight until the first December Paycheque.

I will try to scrimp out a bit of cash so as to do the extra payment on the 1st of December, but we will see if this is possible. After all, I have other goals I must achieve before starting this.

As always: Keep your head up, your attitude positive and keep moving forward!

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