Ok so when I signed up for automatic payments for my newly consolidated student loan it said that the next payment to be taken out automatically would be August 5th. In my mind that meant I would manually make the payment transfer via my online banking (since my loan and checking accounts are linked online). However, when I called today to verify that I would be ok making the payment online, I found out that because of when I put through the automatic withdrawl request, my next payment isn't due until August 5th. Which means...I have $259 that I wasn't planning on having available.
I keep thinking of all the ways I should utilize it. Any suggestions?
a] Make the payment on the student loan anyway. Interest will be added back to the loan because I'm essentially skipping a payment. Total owed $34,448. Interest 6.625%
b] Toss an extra payment towards CC1. Total owed $15,349. Interest 18.99%
c] Pay off CC2 since I wasn't supposed to charge anything to it anyway. Total owed $141. Interst 16.99% Put the remainder on something else.
d] Pay off clinic bill. Total owed $271 and I already have $100 budgeted to pay on it. Currently 0% interest but would free up $100/mo in the budget. Put the remainder on something else.
e] Any combination of the above.
Someone asked about the clinic bill and whether or not I can lower the payment and extend it out since there isn't any interest. There isn't any interest now, but when I called to originally arrange payments they indicated that there could be. So far there hasn't been. The reason I accepted their original payment arrangements of $100/mo was because I was going in at least once a month, and adding to my bill by $20 for every visit. Plus I was concerned about the potential interest. When I went in in May they said I could skip the appointment in June and make one for July instead. But in July I'm having another test run, which will translate into another larger bill once insurance processes it.
I was actually thinking about mentioning to the gal at Curves this morning that this was my last month. My only hesitation was I wanted to wait until after my dr's apt to see if it has helped my heart any. But I do have other aerobic things I can do at home so I will call them later when I have a chance.
So glad I called! But now what?
July 5th, 2006 at 04:02 pm
July 5th, 2006 at 05:57 pm 1152122275
Do you have an emergency fund set up? If not, I'd put the rest into an emergency fund, like in an ING account - somewhere where it's not readily at your fingertips.
I wouldn't worry too much about the student loan at this point, especially because your balance is so high and the interest rate is so low (compared to your highest CC bill, especially!). Is there any way you can get that CC1 rate lowered? Ouch.
It's so nice to find extra money in the budget! Keep plugging along!
July 5th, 2006 at 06:01 pm 1152122510
July 5th, 2006 at 09:05 pm 1152133515