Second Quarter Financial Playbook

Telephone2With the second quarter starting it is time to dust off the old play book and make some revisions.  Too late to get the Leafs in the play offs but not too late for me to score some big points against my HELOC.

Sometimes I think of the HELOC (currently owing $7,529) as a competitor  that I have to beat.  The rest of the time I think of the HELOC as a heavy weight that pulls around my chest that  I must   drag everywhere I go.

Most of the time I think that the competition is against myself and that when I revise the financial play book for the second quarter of 2014 it is to keep me in the game, to keep me focused and to keep me moving forward.    Keeping your head in the game is what it is all about.  Money is all about emotions and sometimes I need one of those sport’s psychologists to keep my head in the game.


There will be no savings this quarter because I need to continue to hack at the HELOC.   I am contributing up to the match for my work pension.   I will never let free money go even though I could use the 4% of each cheque that I contribute to get the maximum employer match of 2%.

Minimal Spending Needs To Continue 

I tried a no spending challenge during the first quarter but my love of salty fried stuff and ice cream took me off track.  Some days my cravings are stronger than my resolve to save.  Haagen dazs now makes a salted caramel gelato.  Many days my cravings are much stronger than my resolve to save.

The Yard Sale Pile Is Growing

In conjunction with spring cleaning I am gathering items for a yard sale.   I am planning on keeping any money from the sale to treat myself to something (not ice cream) because I need a few treats.  This goes against my attempts at extreme frugality but I am trying to raise the money for treats separate from my 40 hour per week.   Life without treats and fun can be pretty dull and knock you off the savings path pretty quickly.

Spring Expenses

I had hoped to replace 2 basement windows in 2014 but I will have to bump that to 2015.

I have a foundation repair that I can delay until 2015 too.  All the money is going to the HELOC so everything will have to wait until 2015.  I will be buying 2 cans of stain when it is goes on sale.  I can pick up 2 cans for about $60.

HELOC Repayment Schedule

Repaying the HELOC by July 4, 2014 is my big goal.   ( )  With only 8 pay cheques remaining until that day and with only $500 to $600 from each pay cheque available to throw at the HELOC the most I can hope to get from that is $4,800.   I am facing the very real possibility that I may miss my goal.

I am relying heavily on my tax return and my son’s tax return (he owes me $1,900) to get me closer to the goal.

I have another secret weapon that I can pull out if I need to.  I receive 3 pay cheques in May and I can put the entire $1,350 third pay cheque on to the HELOC  if things are moving too slowly (the tax returns turn out to be small).  I would have to skip paying bills that week and I wouldn’t have any cash for anything including gas for my car but at this point I am getting pretty desperate and I am willing to try anything.

There is a problem with putting an entire pay on to the HELOC.  All my bills are broken up in to 26 payments to match my 26 yearly pay cheques.  That would mean that I would be have to make up those payments in July.  I would not be so far behind that I  would suffer penalties from the utilities.   That would mess up my plan for the second half of the year when I have planned to save $10,000.


The accountant has had the tax information for a full week now and the suspense of knowing how much the refund will be is torturous.  The amount of my return will make or break my plan for Q2.

I am waiting for the accountant to call but not exactly prepared with how to deal with the news of a very small refund messing up my debt repayment plans.   If the accountant’s call is not good news I will have to deal with the fact that I will miss my goal and I will have to come up with a new plan that drags the debt out for a longer time and sinks my savings plan for the second half of 2014.

Staring at the phone is not making it ring faster.



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22 Responses to Second Quarter Financial Playbook

  1. I know the feeling. When I was clearing my debt, I couldn’t wait for it to be gone. The days couldn’t go by fast enough and near the end .. by the time I had about $20,000 left to go, I was in super, uber frugal mode. I refused to buy anything, and lived on as little as possible, selling everything I could get my hands on..

    Now I’m back in that mode again, facing a critical time of fearing I don’t have enough to last for another year of maternity leave in my emergency fund (about $13K left), because I refuse to withdraw any investments… My goal is to spend around $500 a month, total.


    • janesavers says:

      I am pleased you are not drawing on your investments because keeping the nut in tact will help you sleep at night except when the baby is keeping you up. I bet you will be able to generate more income than the $500 per month you are planning on spending. The baby will sleep eventually and you will be ale to sell a few freelance articles.

  2. debT debS says:

    Too early to say yet, but don’t sacrifice your other plans just to get your HELOC paid by your goal date. You will get there, so what if it’s a month or two later? At least this is my opinion, but you can do whatever-the-hell-you-want-of-course.

    • janesavers says:

      I always do what ever the hell I want and I am so fed up with the stupid HELOC that I am want it out of my life. It will also be easier to be frugal to save for my future rather than being frugal to pay off old debt.

  3. “Some days my cravings are stronger than my resolve to save. ”

    Jane, I can totally relate! Happens to me all the time!

    I hope you make a bunch of money with your yard sale!

    • janesavers says:

      Whatever doesn’t sell is NOT coming back in my house. Less stuff means less stuff to clean and I hate cleaning.

  4. Paying off the HELOC will be a great event. I use my HELOC to buy properties, in cash, when the deal is too good to pass up.

    And then, I pay it off like a mad man.

  5. Alicia says:

    Sometimes we make these goal schedules, but the implementation becomes difficult because of life. Even if you miss July 4th, you’re still gunning hard for it. So what if it turns into the beginning of August? It takes a lot of dedication and resolve to continue putting so many large chunks on your debt. You will get there :) And hopefully your son pays you back shortly to drop that on your debt as well.

    • janesavers says:

      I am hoping that my son’s tax return is big enough to get me back on track. He will be done school very soon then he will start to receive larger pay cheques. He has to move and he has no money at all so payments will be very small for a while.

  6. Just stay focused Jane and you will achieve your big goal. Yesterday I made a pretty purchased, I’m starting to do a little business, it’s really a break even and I hope it has a good outcome.

  7. Riky N says:

    I too find that I spend the most money on groceries and restaurants. If it’s the fried foods and desserts that affect your accounts in an emotional method, you could always tally up those savings for a weekly mental reminder. I do this when I’m on a diet to try and rationalize that I’m doing two things at once (saving money and losing weight). Whenever you consider getting something like gelato or fried snacks, figure out the price of them and put them in a note taking app on your phone. Check it at the end of the week and put that money from your checking/savings into your HELOC.

    • janesavers says:

      I can stay on the clean eating wagon for about a week then I give in and go crazy. Maybe I will try you idea of tracking the money I am saving when I miss a treat but instead of putting the money toward my HELOC maybe I could save up for a trip to Italy because I hear they have the best gelato there.

  8. I definitely know what you’re talking about here. Best of luck with the yard sales, and those second quarter goals!

    • janesavers says:

      I would like to get a part time job and that would solve a lot of my financial problems but I can’t seem to get regularly scheduled shifts. Other than that I just have to stay the course.

  9. David says:

    Nice goal! By investing a lot in trust-able funds and spending as little as possible with the hope of doing better, you will succeed. Try making a small business or something that can rake in more CASH!

    • janesavers says:

      Extra income is the best solution to a lot of different financial problems. I just can’t seem to figure out how to make it happen.

  10. Pingback: Mortgage Holiday, An Important Phone Call And Money Quickies For April 4,2014 | Solving The Money Puzzle

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