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$20K and Mortgage Checking Updates

August 21st, 2013 at 05:18 pm

It's getting to that time where we need to use the money in our "Sept 2013" savings account. This account is specifically to cover the time frame from DH's summer job till the school year, when he misses one paycheck, thus does not get paid for a month. After a few years of not planning for this I finally wised up a few years ago and started a seperate account so when that time comes each year we have the funds to cover the gap. This year I have $1830 in that account. I anticipate taking out the $1800 and putting it in checking (we will see how the numbers pan out, if we don't have to use all of it then we won't), but I shouldn't need the extra $30 that the account has made in interest/even out deposits. So I took $25 out of the account and put it in the Mortgage Checking to go towards Septembers Principle Payment, and left the other $5.00 as I don't want to have a $0 balance. Hoping we can have a large chunk left from the $1800 and then will decide if we want to leave it in savings for next years paycheck gap, or apply it to the mortgage.

--$20K Update --
Current Balance $28,100.00
-$25.00 ING Sept 2013 Interest Balance
New Balance $28,075.00

ING $25,020.00 ($5620.00 Bingo Money)
Home Improvements(cash)$680.00
HSBC $2375.00
Total = $28,075.00

--Mortgage Checking--
$15.00 Mortgage Checking Balance
+$25.00 Sept 2013 Savings Interest
=$40.00 New Balance

2 Responses to “$20K and Mortgage Checking Updates ”

  1. creditcardfree Says:

    It is so much easier to save up for those big bills or income gaps all year long. Good for you!!

  2. rachel021406 Says:

    That's great that you are prepared!

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