Okay, so I did my taxes last night. I e-filed it at about 11:00pm last night and the Federal government accepted it this morning! So that means that my direct deposit should pop up next Friday. I’m expecting a wee bit over $6,000 from both my Federal and state taxes. Whoo hoo! So I’m planning what do to with this money.
I think I’m going to put $3,000 to begin my emergency fund. I don’t have a penny saved for emergencies now so I think it’s important that I do that. So that will leave me with half the money. I plan on paying off the one credit card balance of $742.52. Pay down $751.80 on the personal loan. That will leave me with $1505.68. I’ll pay two months of my car note ($900) to try to get rid of that loan faster and then use the remaining $605.68 on the HELOC. That’s $3,000 down to the penny.
So let’s see where that will leave me. One credit card will have a $0 balance. My car note will have 2 months shaved off the life of the loan so that will make my payoff date move to February 25, 2010. 🙂 What else? Oh yeah pay some principal into the HELOC. That is like, the big monster in the closet. Finally, I’ll cut my personal loan in half only 4 months into the loan. It’s a 3 year loan term so that will be paid off in record time. I can just hear my FICO score going up now – not that my FICO is below 700s, but still. Go me, go me, go me. Don’t you just love refunds?
Oh, and that wee bit over $6,000? I’m giving it to my mom. I’m such a good daughter.