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Archive for September, 2009

Payment Option 1 or 2

September 10th, 2009 at 03:35 pm

This month has been austracious in spending but I'm not complaining. We had birthday dinner for my wife last month. I also got a traffic ticket which i already paid. Paid off the annual payment for both the homeowner insurance & term insurance. Our 95 Altima needed a new radiator replacement include labor. Lastly, our old TV finally gives up on us. Replaced by a new plasma TV. We used our AMEX Costo card to purchase it for additional two year warranty and the rebate.

I'd pretty much paid off many items mentioned above except, the plasma TV. Sure we could have bought the lower cost model, but we really love this one.

Traffic ticket $507
include traffic school
Homeowner's Ins $406
Term Insurance $657
New Radiator included
labor $240
Plasma TV (tax incl) $2417
$4,227 Total Cost

Current balance now is $2814.00.

Option 1: Use the money in one of our account which has a balance around $1700. This balance is to pay our property tax due in December. We'll borrow from this fund to reduce the balance amount. By Oct 1st, this card is fully paid. This still gives us plenty of time to pay back before Dec.

Option 2: Make a $700 payment every two weeks until its fully paid. This will take us to mid November. The interest cost will probably around $20 to $30.

Which option you like?

We have a third option which is use our EF to pay it all off. But these aren't consider Emergency, so we shouldn't even consider it. Right?