His Hers Money

Well, the remaining balance was only $311 but it felt so good when I made the last payment online today it felt so good. I had the payments set up to debit out of my checking account automatically each month which made it really easy to avoid any late payments or missed payments. Unfortunately having the payment taken out each month automatically also makes it hard to make extra payments since you aren’t making a manual payment each month.

The key for me was having online access to my account where I could make extra payments online easily and quickly. Every once in awhile I would go online to check my balance and would be compelled to make some sort of extra payment while I was one there.

So, in the last few months I have been making payments in excess of $300 and now it’s GONE!!!! One down and three to go! So the most important things to do:

1. Set up your payments automatically, even one late or missed payment can negate a entire month’s payment.

2. Set up online access to your account to view it at all times.

3. Log on online and view it often, while you’re there make an extra payment!

Like so many other people now I have received my stimulus check. Unlike Hers, I apparently don’t make too much money in the eyes of the government and got the full $600. Also unlike Hers, I plan on actually going out and using that money to have some fun!

You see, I have another large financial windfall that just finally came in as well. Ninety percent or so of that is going straight towards my credit card debt and will pay off between 65-70% of it. With some other additional income that I’ll be receiving from now through July, I will pay off my credit cards completely! That will leave me less than $8,000 in debt with just under $5,000 on my car loan, which we are seriously considering selling and living with one car.

This is also the first year that I’m planning on fully funding a Roth IRA or doing any real retirement investing. So Hers has obviously gotten me on the straight and narrow path towards financial independence. It’s great that we’re going on this journey together and I can’t wait to see where it ends up. I’m sure we’ll have a big post up soon as we’re about to go ahead and combine the checking accounts and bills, which obviously is a big step and also a pain in the rear.

So back to this extra check from the government. What am I doing with it? I’m going to Atlantic City and playing poker, blackjack, and any other game that I feel like at the time with a buddy who’s moving away very shortly! If I come back with money still in my pocket, then it will go straight into the emergency fund. I’m guessing that there are many PF bloggers out there who shudder at the thought of just ‘throwing’ that money away. I consider it entertainment with a great friend.

I’m actually a pretty decent poker player. Hers doesn’t like me playing that often and I respect her wishes, realizing I was risking too much when I had as much debt as I did. I just want to point out that poker is a game of skill and I actually made an extra $12,000 (yes I claimed it on my taxes) in 2006 from playing online. In the future I will discuss how people that like to play poker can do so without risking debt and going broke through what is called bankroll management. It’s sound money advice that I think most of you will get the idea behind right away.