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Tuesday Deposit and 'oh yeah!' moment

November 28th, 2006 at 10:03 am

Tuesday deposit has been made and applied. $33 this week. As I was driving home from babysitting last night I debated whether or not to make the Tuesday Deposit this week since I was paid in cash. I thought perhaps I'd just hang onto the cash for this weekend and if I didn't need it then just include it in next week's deposit. It was quite the debate in my head but I resolved it by saying that if my check from Certified had come then I would deposit it all. If it hadn't I would keep the cash. The check from Certified was not only there but was for $5 more than I was planning on, I'd forgotten it was a last minute blind check so they pay a little extra. So off to the bank I went this morning after going to CC2's website and scheduling the payment. Once it applies, the balance will be under $100 which means it will definately be paid off next week!

I realized something in the shower today. My roomate gives me a check on the 1st for rent and her part of utilities. I pay rent on the 1st but the utilities don't get paid until the 20th. I generally have enough money to cover paying all of them on the 20th so whatever she gives me is considered 'extra'. Well with the whole 'don't know what my paycheck will look like in the new year when I change my withholdings back to 1' thing I realized that I should just hang onto the extra $60 from her check and have that as a buffer for my first real check without any extra money on Jan 20. If I don't need it, bonus it'll go to savings or wherever. But if I do need it then I can rework my budget accordingly. That makes me feel a lot better knowing that.

And on to not so smart decisions. My youngest brother, the one who still owes me like $500 from picking up his rent a few months, is trying really really hard to go to school in January. He's starting out at the Community College so one semester's tuition is only going to be like $800ish plus books. He has a GI bill but that won't kick in for about 3 months. His job ends at the end of December which really is perfect timing for school but means he'll need money in the interim. Because he's applying so late, student loans will take even longer to process. So he's going to apply for a personal loan at a local credit union. Only because his job is ending in December, he needs a co-signer. And I offered to be that.

The payments are low enough that should it be necessary, I can cover it. We worked out exactly how much he'd need to fully pay for school and cover his expenses for three months (rent, electric, phone, bus pass, food) and came up with $3k. Plus he does have a part time job working at a bar but it's totally on an as needed basis on weekends and sometimes he only works two weekends in a month and if they're slow then he might not even make $50 over the course of the weekend. But it means that he'll have other potential money coming in too. He's going to call today and see what all I need to do to be a co-signer. If he goes through with this I think I'm going to have a long hard talk with him about the money and how to budget it. Since it's my neck on the line too that'll be a condition of my help. He's planning on paying on it for at least six months since he has no credit record to speak of and then he'll get it paid off as soon as possible. Once his GI bill kicks in it definately shouldn't be a problem since it'll be over $1k/mo and he'll only really need about $700 to cover all his monthly expenses.

2 Responses to “Tuesday Deposit and 'oh yeah!' moment”

  1. LuckyRobin Says:

    He should probably pre-pay the rent and the utilities so that that money doesn't disappear somewhere else. It might also be a good idea that you hold onto the rest of it and dole it out as needed. I know he may chafe at that but you've put your name and your credit record on the line with this, and that would be the only way I'd go if it were me.

  2. ldyfaile Says:

    LuckyRobin: that is actually an Excellent idea. I am on one of his accounts so I could link that to my ING account temporarily, throw the loan money that he doesn't need immediately into a seperate ING account that I create for his money that way he can get the interest that acrues, and as he needs it just transfer it straight into his account but warn him that I'll need 2 days warning. Hmmm. I'll have to think more on that, I haven't heard back from him yet so the ink isn't even on paper yet.

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