I live, write, and garden in the PNW with my husband of 28 years, disabled daughter, adult son, and my 84-year-old mother. We have paid off $250,000.00 worth of debt (if you include the interest) in the last fifteen years and as of 6/12/2020 are 100% DEBT FREE!!!!DH's bonus came in the mail today and it was definitely not 10% of income like the rumor going around said it would be. It wasn't even as much as last year's 5% of income, which was what I was really expecting. Apparently a lot of people didn't even get them at all. Still DH got a decent bonus of $3603.95. So now I have to decide what to do with it.
Originally I was figuring it would be enough to wipe out the BoA card. It's not. It is enough to wipe out the AMEX, though, which has $3615.14. I can easily cover that $12 bucks over.
My other option is to just put it on the BoA anyway, which will cut it down a fair bit. I was looking at all of my funds and if I emptied the freezer fund ($1000), the propane fund ($240.35), the vacation fund ($400), the property tax fund ($200), and the Mac Book fund ($400), took $523.80 from the EF (and dropped it back down to $1000), took $1000 from this coming Friday's payday and took $176.77 from what I still have in checking, I could wipe out the BoA. I'd be able to refund my funds by April.
Then I could pay off the AMEX next month with the extra paycheck from the extra week DH is working in January. Paying off the BoA VISA first would be a psychological victory, because I hate having debt with the evil empire, although I suppose all credit companies fall under the evil empire moniker, but I am wary of draining my different funds. Paying off the AMEX first without draining my funds seems like a better option. Both cards have the same interest rate. If I don't drain my funds, I should still have both cards paid off by the end of February regardless, or March at the latest.
My head is saying just pay off the AMEX then slam everything else to the BoA Visa for the next two months without draining the funds. My heart is saying it wants that BoA Visa to be gone. Gah. What a first world country problem to have.
Oh, screw it. I'm paying off the AMEX. Then it is done and can go back to being a gas card only.
Christmas Bonus Came
December 18th, 2012 at 03:07 am
December 18th, 2012 at 03:12 am 1355800355
December 18th, 2012 at 03:18 am 1355800698
December 18th, 2012 at 03:27 am 1355801237
I have to laugh when I hear people boo-hooing about a bonus in the thousands of dollars range. I have been at my job for 25 years and my bonuses for all that time probably equal that amount. @@ And I don't have a minimum wage job. I am well paid. The pitfalls of working for a VERY small company I guess. At least I am not my sister or my mom (before she retired) who get nothing.
December 18th, 2012 at 03:37 am 1355801863
December 18th, 2012 at 04:03 am 1355803428
December 18th, 2012 at 04:49 am 1355806176
December 18th, 2012 at 04:56 am 1355806564
December 18th, 2012 at 05:47 am 1355809678
It's never prudent to 'rob Peter to pay Paul' and no book on economics would approve of such RISK. As CEO with a high credit score, you could try less risky operations like call and request a reduction in interest rate. If you dislike that option, you could transfer sums owed to a new 0% card negotiating a waiver of transfer fee. Of course you wouldn't mention your plan to pay out in the prescribed time or call the Evil or such derogatory name no matter how well deserved.
I think having the government in debt and talk about jumping over the cliff is enough risk. You don't want cliff jumping in The Robin Household, PNW business.
BTW, I wish we got a Christmas bonus. Educators are not valued by society; the higher the credential the more dismal the pay. A $3,600 bonus sounds incredible to my ears.
December 18th, 2012 at 06:14 am 1355811260
December 18th, 2012 at 09:59 am 1355824796
December 18th, 2012 at 01:45 pm 1355838326
December 18th, 2012 at 02:12 pm 1355839943
December 18th, 2012 at 02:57 pm 1355842653
*I* am bummed that it wasn't 10% and I don't work in a bonus type industry. It's just different when you do. I can assure you everyone here would be whining if their employer paid health insurance was yanked out from under them, but is something I have never had either. You get used to what you are used to and compensation is just structured differently among different fields and employers. We are all free to go work in Alaska for weeks at a time and earn the same bonus, if we are *that* jealous.
Honestly, I'd pay off the BofA. We are only talking a few months to replenish your funds. I would have paid the BofA - just saying!! But, whatever you do, it is all good and you got to pay of a chunk of debt - woohoo!!
December 18th, 2012 at 08:47 pm 1355863661
December 18th, 2012 at 09:52 pm 1355867546
December 18th, 2012 at 11:12 pm 1355872369
December 18th, 2012 at 11:14 pm 1355872469
Thanks everyone else for the congratulations.
December 18th, 2012 at 11:58 pm 1355875133
December 30th, 2012 at 02:45 pm 1356878721