emoore's 2011 journal

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emoore
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Re: emoore's 2011 journal

Postby emoore » Sun Apr 17, 2011 8:34 am

Overdue for an update. Almost done refinancing my house. Got all the paperwork needed last Friday and now waiting for the underwriter to look it over. Then we can setup a closing date, probably sometime late next week. I will be so glad when this is over. As far as my other financial goals I was thinking of tweaking them a little. I am really getting the itch to pay off my car ASAP so that will move to goal number one and I will still try to funnel some money into my EF as I can. As of today.

Car Loan = $7139.54
EF = $5297.71 Some of this is going to be eaten up by the refinancing costs.

I also have about 5200 in a mutual fund I was thinking about selling. I would then use that to payoff the car. Not sure if that is a good idea but I don't see the fund increasing in value a ton this year. Plus it is a actively managed fund. I bought the shares before I knew the benefit of index funds. Any suggestions?

bpgui
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Re: emoore's 2011 journal

Postby bpgui » Sun Apr 17, 2011 7:39 pm

emoore wrote:I also have about 5200 in a mutual fund I was thinking about selling. I would then use that to payoff the car. Not sure if that is a good idea but I don't see the fund increasing in value a ton this year. Plus it is a actively managed fund. I bought the shares before I knew the benefit of index funds. Any suggestions?

I'd definitely get out of that fund, being actively managed I assume it has much higher fees than most good index funds.

Paying off the car with it isn't a bad idea. Just remember to estimate your tax liability on the sale and put that much behind, so you don't get a surprise tax bill you weren't prepared for.

emoore
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Re: emoore's 2011 journal

Postby emoore » Mon May 02, 2011 1:54 pm

Time for an update. It's been a busy month. I closed on my refinance and I feel so much less stressed now. My monthly payment didn't change that much so my budget should still be good. Also I sold off my mutual fund and just payed off the car today! Now I only have a mortgage and student loan. It's so nice to not have a car payment. In the course of refinancing and paying off the car my EF took a big hit. So here are the numbers.

1) Refinance: Complete!
2) Payoff Car: Complele!
3) Emergency Fund: $1000/7000 (14%)

I originally wanted my EF to be at $10k by the end of the year but I think I am going to scale that back to $7K. That should be a reachable goal.

fantasma
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Re: emoore's 2011 journal

Postby fantasma » Mon May 02, 2011 2:39 pm

Way to go on the refi and car loan payment! You are doing really well after going through a divorce. Looks like your recovering really well. Are you going to take a break before you start saving for the efund?
Be what you want to attract.

emoore
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Re: emoore's 2011 journal

Postby emoore » Mon May 02, 2011 7:34 pm

Thanks for the congrats fantasma. I am just going to start funneling the car payment money into my EF so no break. I should not even miss it. I plan on putting most of my extra money into the EF until its at about $15k sometime next year. Then I will start saving for other goals.

peachy
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Re: emoore's 2011 journal

Postby peachy » Tue May 03, 2011 3:22 pm

It was worth it to get the car payment completed, and nice work with the refi. Your efund will be back up in no time!

emoore
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Re: emoore's 2011 journal

Postby emoore » Sat Jun 04, 2011 6:33 pm

May update. Steadily building up my emergency fund again. That is really the only financial goal I am focusing on this year. I do contribute 10% of my salary (with 4% from my employer) to my 401k. I have opened up sub savings accounts for vacation and car fund that will cover car maintenance and eventually a new car. I also have a fun money account that I put $25 per week in. Had $300 dollars and just spent $200 on a new set of pots and pans.

Review of my goals:

1) Refinance House - Complete
2) Pay off Car - Complete
3) EF - 2200/7000 - 31%


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