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July Wrap-up & Balance Transfer Repayment Plan

July 31st, 2015 at 12:52 am

I don't talk about money mindfulness really but I do track pretty much every cent I spend each month, and work out how much time it takes me to earn each thing to put it into perspective.

Well for the month of July in between throwing all our money towards B's party and his irregular payments, I managed to live off 70% of my pay! (I only track my side of things for this exercise it would be too hard to work out exactly what he earns and how much time it took him to earn each thing). The remaining 30% was firstly 10% saved/repaid, so I allocated the final 20% to party savings. Was very happy with this result. Did I feel like I went without? Not majorly. I would have liked to have had a proper cocktail night with my friends though instead of being the driver.

Food was the lowest since April, alcohol was the lowest since May, petrol was same as usual. Clothes were $111 and all three items bought were sale/eBay items of good quality, so happy with that.

The new credit card arrived last night so I have activated it. I'm not sure if using it with a balance transfer means that I don't get an interest free period, the wording is unclear. When it comes down to it I don't care about using it anyway. Points would be nice but the main aim is no interest payable so for the moment I'm not going to use it.

I've decided to treat the balance transfer like a loan (because that's what it actually is) and do 14 equal monthly payments from a direct debit from our savings account. So $4250 / 14 = $303 per month. I cancelled the 52 week challenge debit to the other card to let it build up in the savings account instead. Will pay the remaining $147 to the other card at $10 per week.

Waiting to see when the first payment to the balance transfer card is due so I can organise the $303 to be debited from the account before then. I want this to be not long after payday (15th), hoping for the 20-25th. The $303 will be made up of $84 52 weeks challenge savings, $60 that would normally be paid on credit card interest, $40 raise money so it will just mean around $120 will need to be saved from somewhere, probably from bill savings or something.

Really wanting to simplify this as much as possible so it is foolproof, set in stone pretty much and I can move on to concentrating on other things. (Plenty to choose from! Building up the EF? Reducing mortgage balance? Etc etc. Many things to choose from).

Speaking of moving on from things, I've also gotten bored with counting the weeks of the 52 week challenge. It finishes on New Years Eve. No need to count the weeks. I will continue to update the sidebar weekly though. Oh, and because of the balance transfer repayment plan the card will be at $3038 owing!!! Did not ever anticipate it getting that low!!! The ducks are getting in a row & I am doing a happy dance Smile

6 Responses to “July Wrap-up & Balance Transfer Repayment Plan ”

  1. scottish girl Says:

    Brilliant!!

  2. VS_ozgirl Says:

    Thank you Smile

  3. rob62521 Says:

    Well done!

  4. FrugalTexan75 Says:

    Great job! It does seem like the safest route with the CC is to not actually use it for anything other than the balance transfer .. at least until it is paid off! Smile

  5. VS_ozgirl Says:

    Yeah I'm just happy to have the option of no interest for 14 months Smile

  6. bluesfemme Says:

    Definitely good stuff vs - and a little sacrifice short-term is worth it!

    I think most of our cards are interest free as long as you don't make purchases - so I think your plan to just treat the card as a loan is smart. On my citi card some people do a BT to themselves and put in offset and don't otherwise use the card, but I can't as I use the card for purchases to get flight rewards (to clarify - I pay in full each month, but am not used to going through the velocity store first Smile ). Best of luck!

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