Last week among financial things I made my final balance transfer payment of $303 per month for 2015. The balance transfer card should be at $2734 owed after the payment hits. It's good knowing that I will close the year out at under $3k credit card debt compared to $5400 at the start of the year.
I was thinking about adjusting the totals down to reflect what the balances actually are but have decided against it. The reason being we did actually save that money at some point during the year. It was simply used for certain purposes. Some of it was used on holiday purposes. Some of it was used to cover B not being paid in the first week of December. Unfortunately what was used on B's card I cannot exactly say what it was for; a lot of it would have been work stuff, fast food, motorbike stuff.
Eventually we will need to look at that card and work out some sort of solution. He doesn't need a card with $3700 credit because his spending habits are to spend whatever is available. Probably a card with $1000-$1500 credit is better for him. Big enough to make decent sized purchases (eg car stuff) but not big enough to cause too much drama. So eventually, probably after my balance transfer has been done, we will organise a balance transfer for him and a new card with a much lower balance.
Anyway back to end of year stuff. I am doing end of year totals now before christmas and new years in the event that we are a bit too busy for me to sit down and work this out, and I know that no more savings will be made for the year. My end of year total will be as follows:
50 Week Challenge $5300 + Banking the Difference $4379.54 + $90 Caravan Park accommodation spent + $210.00 Phuket Holiday Deposit spent + $35.00 Cash Savings =
$10,014.54!!!
Thank you all for sharing my first year of savings challenges, your advice and your journeys with me. You have all helped me to become a bit more financially responsible and you have all inspired me in your own different ways!
(Most likely by the time you read this I will have updated the Banking the Difference category to read $4679.54, with $818.00 holiday fund)
What does next year hold??? I'm not sure yet. I don't feel I need to do two separate challenges anymore. I think I will work out a couple of goals and plans, maybe possibly do one challenge like Imasaver but with a different name to $20 challenge. I have roughly 11 days to decide, so the thinking cap is on!
Final Balance Transfer; Final EOY Results!
December 19th, 2015 at 07:16 pm
December 20th, 2015 at 02:09 am 1450577360
December 20th, 2015 at 03:23 am 1450581795
December 20th, 2015 at 10:08 am 1450606098
December 21st, 2015 at 06:40 am 1450680015
December 21st, 2015 at 11:03 am 1450695801
December 22nd, 2015 at 06:49 am 1450766979