Thursday 19 January 2017

Wanda Loan Paydown Update

Okay, so today is Thursday, and not only that but it is a Regular Wanda Payment Thursday. Even more special is that this is the first Regular Wanda Payment after my first large payment on the Wanda Loan.

Okay, so as I have said, typically with each regular payment (Of $122.38) the amount that is taken off of the Principle (currently in the mid $40.00 Range) would increase by $0.10 (like clockwork).

With this payment there was a chance that nothing would change, or at least, nothing would change until the first of next month. 

I have noticed, however, that this is not the case. I noticed that this payment was indeed different and varied from the established pattern . . . to my favour.

With this regular payment, instead of what was taken off the Principle increasing by $0.10, it increased by $2.23! I expect this trend to continue and perhaps increase as I continue to make regular and large payments directly on the loan.

While this increase will not pay the loan off by June, this is a significant change. It also shows that this plan is vastly superior from just stuffing the cash in my Long-Term Savings Account and waiting until I can pay the loan off all at once. 

With the political uncertainty, particularly around trade issues in our company’s largest market and trading partner, the instinct to turtle in and bank the cash is strong.

I am reassuring myself that if for whatever reason I am suddenly unemployed (due to company shut down, etc) that I do have modest cash reserves and an ever growing pot of vacation pay that I don’t touch.

I have seriously reduced my living expenses and so, if it does come to that, I will be okay. I will continue to put large wads of cash directly on this loan as long as I can.

The cynical part of me expects a phone call from the bank telling me to stop. (Then I will revert to putting the cash in the bank until I can pay it off all at once.)

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

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