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Jun 7, 2010    |       6 comments

One Step Forward… and Two Steps Back

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We received some interesting news about my husband’s new job placement. I was on an excited countdown toward a large pay increase but things have changed.

He is not being transferred.

He was called in for a meeting with his boss and was asked to stay in his current position. If he chooses to stay, he will receive a permanent pay increase – a much smaller increase than the transfer position – and possibly a promotion.

He will not be paid prevailing wage but the increase is permanent rather than temporary and the promotion is a big one.

For our future, staying put in his current position is a better choice, but for now, I’m a bit bummed at not hitting the jackpot of debt reduction.

We’ll find out the specifics of his pay increase this week. Fingers crossed!

Jun 7, 2010    |       9 comments

How to avoid paying too much in interest…

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Oops! Thanks to a heads up from readers, I realized I was paying my bills incorrectly!

I know, I know, leave it to me to figure out how to pay my bills wrong.

I haven’t been requesting my lender for Auto Loan 2 to place all payments toward principle and not advance the payment! I’m left paying a little more interest than I should be paying.

Even in my non-debt reduction days, I always paid a little more on my car payments. I’d let it get a month or two ahead and consider it my rainy day fund. If I couldn’t afford my car payment one month, who cared? I wouldn’t get penalized for not paying. But now that I’m a YEAR ahead in payments, perhaps it’s time to request all payments from here on out go toward the principle.

If you are pushing forward on those car payments (or mortgage payments, student loan payments, or other secured loans), remember to request a principle reduction.

And thanks to my readers for making the catch!!

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