A while ago I asked what I should do with the additional money I’ll be receiving with my new raise at the end of September. Sadly, no one chose Option F! (Refresher: that option was “Put it all in my Clothing Fund and spend it frivolously.” Rats!). A lot of you had fantastic suggestions, and of course I wanted to use all of them. Finally, after doing a little basic math, I have come to a decision.
My decisions is to ….
Increase 401(k) & Debt Payment!
Those who suggested the closest were: Carrie, Stacking Pennies, Erin A, Julie K, and Serendipity. Thanks to all though!
I decided to put 3% of my salary into my 401(k) each month, which is about $100 of pre-taxed dollars. (My employer already contributes 3% regardless of what I do, so 6% will be added monthly.)
About $100 of the raise will be added to my take home pay and back into my monthly budget (we’ll see for sure; could be more or less depending on taxes). This $100 will then beef up my debt payment to around $600. I decided to split it this way because I feel my savings is sufficient to hold me over during this time. I cannot wait to start SAVING that $600 instead!
Here’s my excel chart of all of my payments. May 2010 has become my new favorite future month. ;)
Eight payments left until I am debt-free!
I almost chose F but then I thought the better of it, being a PF blogger
Wow only 8 more payments!! That’s awesome, I’m so excited for you. :)
Nice MPP! I think I need to figure out how many payments I have left. It seems like there have been so many pf ladies who have paid off their cc debt in the past couple weeks…it definitely motivates me!!
Grats! It must be nice to see the light at the end of the tunnel like that!
Congrats on the raise! Good luck paying down your debt.
Man, 8 seems so small. Great choice MPP! =)
Good for you!! You should totally have a countdown to May 2010 and have a “Finally Debt Free Bash.”
Hooray!!!!!!!!!! You go! You need to throw youself a party when that debt is paid off! :) :) What an awesome accomplishment that will be!!!
That’s great, you’ll have it paid off in no time!
p.s.I love the spreadsheet :)
That is so exciting!!! Congratulations on being so close to debt free!
Great decision! Keep up the good work! You are so close!
Thanks for the little shoutout. I am so glad you can almost taste the debt freedom. It will be here before you know it. :)