Also - I didn't realize I had carried over some vacation time from last year, so I'm going to take this Friday has a vacation day, not use my banked overtime, so I will add another 7.5 hours today, as well as any other time I put in this week.
That means - I'm very close to my goal. Which is good, because I have already filed my way up to the letter P.
Because I'm taking three days off next week, putting in extra hours on the Thursday/Friday won't do me any good (because I lose 2.5hours/week). So, my goal will be to have 75 hours banked (worth about $1300 after taxes) by August 7, 2009.
There are the 4 pay periods between now and August 7, 2009, which means 4 payments of $250, plus any 'extra' fundsthat i've already allocated ($100 this pay and $135 next pay) to my Visa - the $1300 from the 75 hours banked OT should be enough to pay off my visa in one lump sum.
When I request the time, it can take up to 10 days to receive a payment. So I will request the payment that first week of August (unless I reach 75 hours sooner), which may wind up giving me an extra few hundred dollars because another pay period that goes by means another $250 on the credit card automatically.
I'm pretty thrilled... I just whipped out the calculator and a pencil to see if this would all work, and it TOTALLY can. As long as I can get the OT in, which i'm pretty confident I can do. I've been averaging about 10 hours/week so far.
So I could be consumer debt free in...about 6 weeks!
Cross your fingers for me.
Overtime Update
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That's awesome Jessie! I'm glad to hear your hard work will pay off so quickly! :D
ReplyDeleteThanks Jamie! By the end of today I have banked 30.25 hours!
ReplyDeleteNext week I won't able to bank much of anything as I will be on vacation until Thursday, but the following week I hope to put in another 10 hours.