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Debt Payoffs! [Update]

February 18th, 2013 at 01:03 pm

We ended up with $674 after all was said and done (original estimation was $405, if you take a look at my last blog entry). The crib mattress ended up being $50 cheaper, and we had more in Checking than planned.

That went straight to Savings. And we can start contributing more-than-before to Savings starting next paycheck! Smile

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Questions.

Some of you use the method of having one-month's worth of expenses in your Checking account at all times. I am starting this, and have already made one-half of the month's expense payments.

When do you refill your Checking to the original balance?

Here is what I plan on doing: Once I am paid, transfer it to Savings, less what I need to keep my running balance (not bank's balance shown) at the appropriate level ($1,761). Is this what everyone does? Every paycheck? Or just once per month?

2 Responses to “Debt Payoffs! [Update]”

  1. snafu Says:

    Atta boy, give yourself a big pat on the back for making a plan and sticking to it! We're so delighted with your progress. Robin said it so well a few weeks ago.
    I don't know details about your particular bank and caution because banks are now charging for every little thing. I'm hoping you prefer using a Credit Union for your personal banking. If you have a Savings account that is linked to your checking account, does your bank charge for transfers? Do they charge a fee for paying bills on-line? How many free transactions do they allow? How much do they charge for ATM withdraws are questions whose answers you can likely find on-line at your bank's site. While I'm fussing about a few dollars each month, those small amounts add up and banks are getting greedy.

    Hope you'll continue to post so we can all cheer for you!

  2. Frgal Says:

    No charges for anything other than if I go over the allotted six transactions per month for my savings.

    My CU is BECU. Smile

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