I have given it a lot of thought, and I have decided to dedicate this year to getting rid of the Heloc. I know I will feel so much better if I can get it off my back. Plus, I have a rather good income coming in right now from my side gig, but that is not something I can count on forever, so I feel it is better to pay off the heloc while I still have that money coming in.
Here is the plan:
- $2000/month from my chequing account (some of this money would normally be going to Savings)
- $800/month from my regular side gig job
- Half of my Emergency Fund $6000
- $20,000 from the life insurance money
- $1500 from my side gig job that I just do once a year
- The rest will come from my tax refund, but I don’t know yet how much that will be
In case anyone is wondering, my side gig is bookkeeping from home. I am a bookkeeper in my daytime job also, so the last thing I want to do at night/on weekends is more books, but the few small jobs I have pay well, and I have been doing them for a long time.
So that is the plan, wish me luck.