Early Pay Day and the $12,000 milestone!

early pay day

Pay Day came early this week in the Unchained household – thanks to Good Friday, Mr. Unchained’s Pay Day got pulled up from Friday to today! And as the incredibly juicy cherry on top, his paycheck was $600 higher than I had originally budgeted for! 😀 The extra cash was attributed to him working a stat holiday, working 18 hours of overtime plus a $230 incentive. (And if you’re new here, just to recap, no, you don’t pay more in taxes if you work overtime!)

After setting aside the remainder I needed to save for our upcoming mortgage payment ($454.02), the final payment for our Dyson stick vac ($73.69) and the cash we’ll be withdrawing for our Crash Cash Diet ($140), we managed to pay off $873.29 of our debt! This is significantly more than both the amount required to have it paid off by December 31 ($316.59) and the $400 I had estimated when I first introduced our Loan Repayment Schedule earlier this week.

This $873.29 payment brings our debt down to $11,790.48, breaking the $12,000 milestone! We’re at 101.9% of the balance we started 2015 off at ($11,576.25) – we’re only $214.23 away from last year’s starting balance. It’s kind of sad that all this work has only brought us to the point at which we started our debt repayment last year, but by next week, at least we’ll finally be beyond that point! We’ve currently paid off $2,986.56 of principal thus far.

HELOC - March 24

More significantly, this also pulls up our Debt Free Date by a week, from October 28 to October 21! It also drops the minimum amount we must pay off per week to meet our goal of having it paid off by December 31 from $316.59 per week down to $302.32. 😀

Date Transaction Amount Balance
March 21, 2016 Balance $12,663.77 $12,663.77
March 25, 2016 Payment -$873.29 $11,790.48
April 1, 2016 Interest $31.44 $11,821.92
Payment -$400.00 $11,421.92
April 8, 2016 Payment -$400.00 $11,021.92
April 15, 2016 Payment -$400.00 $10,621.92
April 22, 2016 Payment -$400.00 $10,221.92
April 29, 2016 Payment -$400.00 $9,821.92
May 6, 2016 Interest $26.19 $9,848.11
Payment -$400.00 $9,448.11
May 13, 2016 Payment -$400.00 $9,048.11
May 20, 2016 Payment -$400.00 $8,648.11
May 27, 2016 Payment -$400.00 $8,248.11
June 3, 2016 Interest $21.99 $8,270.11
Payment -$400.00 $7,870.11
June 10, 2016 Payment -$400.00 $7,470.11
June 17, 2016 Payment -$400.00 $7,070.11
June 24, 2016 Payment -$400.00 $6,670.11
July 1, 2016 Interest $17.79 $6,687.89
Payment -$400.00 $6,287.89
July 8, 2016 Payment -$400.00 $5,887.89
July 15, 2016 Payment -$400.00 $5,487.89
July 22, 2016 Payment -$400.00 $5,087.89
July 29, 2016 Payment -$400.00 $4,687.89
August 5, 2016 Interest $12.50 $4,700.40
Payment -$400.00 $4,300.40
August 12, 2016 Payment -$400.00 $3,900.40
August 19, 2016 Payment -$400.00 $3,500.40
August 26, 2016 Payment -$400.00 $3,100.40
September 2, 2016 Interest $8.27 $3,108.66
Payment -$400.00 $2,708.66
September 9, 2016 Payment -$400.00 $2,308.66
September 16, 2016 Payment -$400.00 $1,908.66
September 23, 2016 Payment -$400.00 $1,508.66
September 30, 2016 Payment -$400.00 $1,108.66
October 7, 2016 Interest $2.96 $1,111.62
Payment -$400.00 $711.62
October 14, 2016 Payment -$400.00 $311.62
October 21, 2016 Payment -$400.00 -$88.38

Happy Thursday, everyone!

Mrs. Unchained 55

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