Friday, 10 March 2017

Steady As She Goes

This morning I logged in to my banking app to see that my large Wanda Extra Payment went through. 

It is nice to see that large chunk taken out of the Wanda loan and know that all of it goes to the principle. *giddy, evil cackle*

I also updated my two spreadsheets: Wanda Payment Record (which records what actually happens) and the Wanda Payment Guestimator (which estimates what effect future payments will have on the loan).

I am still going back and forth on which payday to pay out the loan, the earlier payday earlier or the target payday.

There are two conflicting theories here, one is to pay the loan off as soon as possible, using up all of my liquid assets to do so (not credit of course). As in using up every last dime (and I’m not kidding).

The other is to wait until I can pay things off yet not touch either the Long-Term Savings or my Personal Overdraft. This will leave me with some cash on hand.

If I do go ahead and pay the loan off as soon as I can, I will need a payday or two to recover and rebuild my cash-on-hand reserves before I can do anything else.

If I wait until I can do it prudently, I won’t have to do this and perhaps even take a vacation just afterwards (to celebrate). 

Since we are talking about an extra payday or two, when compared to the 3 ¾ years of this journey to Total Debt Freedom, it is nothing to wait an extra payday for success.

We shall see what actually happens and how things play out. For now, though, I just rest assured that things are going according to plan and that the plan is working.

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

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