Understanding my vehicle loan

I am almost at the end of Year 1 of my Vehicle Loan. I bought it at the beginning of last June. There was a 0% financing being offered across the car companies then but it was with the little hidden window that the loan must be paid off in 3 years or  you would have to pay interest for the whole time.

They also offered $7500 cashback with the then current rate of 7.29%

Well I knew I couldn't guarantee I could pay it off in 3 years. I asked my saleman (whom I also know via his wife) which was the better money deal: The Original price with the pay off in 3 years 0% or the cashback and then the 7.29%. We scratched out the math and the latter was the better option.

I asked which more ppl went with. He said most went with the 0 but most of those folk couldn't pay it off in the three years and interest was added.

So I went for the cashback, knowing that within a year I would be done my consolidated loan and I could start kicking extra on to the principal. I have only put one teeny lump sum payment down thus far and it was for this month so I will find out later today if that did anything beyond taking $100 off.

Here is my question to you smart folks. Be be kind and gentle with my lack of understanding :P

I understand that the interest amount should change over the period of the loan as the principal goes smaller and smaller. My interest rate is fixed. So why, in the past 10 months, has my interest moved both up and down so strangely? Again, just the basic payment was made for these. Here are the interest amounts for those months.

Interest has varied $177, $181, $178, 170, $173, $165, $168, $165, $147, $160

There is quite a range here. In particular, the $147 seems out of whack somehow.

I am curious what it will be later today when my regular monthly loan is processed and includes the extra $100 lump sum payment. (The killing off of interest fanscinates and really motivates me)

So I leave my 'why the heck does the interest go up and down like that' question for you all and I will tune back in later today when the loan goes through and I learn more new things.

April's Top Referrers

Just wanted to give a shout out to all those who wander by the Tree and give it a read now and again. Your visits, whether you are a regular or a now and then, are much appreciated.

A big thank you to April's top 5 referrers.

1) Saving for Later

2) Jessie's Money

3) Frugal Dreamer

4) An Ostrich Named Sam

5) Always the Planner

Week 5 on the Jars

ok this past week was pretty much hell in a handbasket money wise. I dutifully entered my 'new week money' in the budget binder at the start of Week 5. I withdrew the money. and that was the end of my organizational focus. I spent on fast food like crazy. I took money out that was geared to my lump sum payment and that got dipped into. Last night there was bits of cash everywhere and I had no clue how much I spent and how much I tapped into the lump sum money.

So I pulled out the jar money left, which was all mixed up and combined it with the money I took out for the lump sum and started pulling my finances together. This was only for one week. I can't imagine how hard it would be if chaos was left unattended for months or years. *shiversssss*

After counting it all out, I removed the money that was geared for the lump sum. Happily, there was still $115 there for that. I then counted out the bits that were left and I have about 20% of Week 5 money left. which is pretty darn good considering.

I went over my math about 5 times to be sure I did not miss anything. I took the balance of my chequing account and went through each of my untouched budget lines (boys allowance, phone bill, bank fees and the rest of the three weeks' jar money for this month. I haven't found errors.

So then where to put the money that was left since I didn't really keep track?? Well I know I didn't spend my transportation money so that amount goes back in the jars and the binder. The rest.... well I would say that the eating out used up my entertainment money, my spending money and a good part of my grocery.

I did NOT like this out of control feeling this week. I felt like I was using money targetted for other things. I've been out of control before with money,diet etc and I know that once I start, it is sooo easy to just keep riding down that path. I really do not want to go down that path.

So for today I need to get organized again and make sure I WRITE things down.

UPDATE: ok I did miss something. My gym membership. just under $50. I had it marked down on my budget sheet as already paid. When I logged on to my banking this morning and the number was different, I saw that it had just come off this morning. See my gut was right!! I did miss something.  I redid my numbers and I am right where I should be. whew. Glad I found it.

MS Walk here we come!!

It's a  sunny day out there thoughn only 4 C and it's time to get up and moving for the MS Walk for the Cure. This is the first year our family is participating as it was the beginning of June, last year, when we found out that my oldest sister was diagnosed with MS.

I've participated in Relay for Life before. We had a team for a coworker who passed away from a rapid bout of Lung Cancer. It was quite the experience, emotionally and physically.

This one, while a shorter walk, will be even more personal. My sister is going to try to walk some of it with us so I will probably walk with her and send the boys off with their cousins. This will be the first time the boys have participated in an event like this.

Have a happy day everyone. Find a cause near and dear to your heart, and find a way to support it, whether it be through a walk, through volunteerism or through donations. It puts life in a whole new perspective for you!

A catch up Saturday

Well the dismal weather has continued. I think we had our summer those four days it was 25C ish. Since then we've had rain and snow. It's supposed to snow tomorrow too which might mean they will cancel the MS walk. I guess we shall have to play that by ear.

Today DS1 and his father may head into the city to look for a car for him. His dad has been scouring kajiji and other such sites looking for quite sometime now. He's looking in particular for a little sunfire. So they may go off and do a bit of car hunting. He turns 16 in November and he'll need something good on gas to get him to and from his practices, perhaps to school, etc. It's really hard to believe the boy is going to be that kind of independent soon. I am getting old. sigh

Today I am at work catching up on marking and scoring tests. It's been a busy crazy two weeks at school. Anyone who says full moon doesn't affect students is welcome to come hang out for the next one. Hopefully I can be productive today and get lots of things off my  to do list. Finding my desk from under all the papers would be great too :-) I am optimistic lol

I have been spending money horridly this week. Not on any big purchases but a lot went out for grocery or fast food and I'm bleeding myself to death moneywise. I need to get back in control of my world and things will fall into place again.

I meant to go afterwork yesterday to the bank and put down a $200 lumpsum on the loan. The girls were going for a drink though and I NEVER go, so I went. Just one. It felt really good. My life is pretty dull if you subtract work, home and kids from the equation. I need to do more 'me' things or there will soon be no 'me' left.

Happy Saturday all.