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 Post subject: Re: emoore's 2011 journal
PostPosted: Sun Apr 17, 2011 8:34 am 

Joined: Fri Jul 11, 2008 3:29 pm
Posts: 167
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?


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 Post subject: Re: emoore's 2011 journal
PostPosted: Sun Apr 17, 2011 7:39 pm 

Joined: Mon Feb 07, 2011 6:33 pm
Posts: 1148
Location: Illinois
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.


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 Post subject: Re: emoore's 2011 journal
PostPosted: Mon May 02, 2011 1:54 pm 

Joined: Fri Jul 11, 2008 3:29 pm
Posts: 167
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.


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 Post subject: Re: emoore's 2011 journal
PostPosted: Mon May 02, 2011 2:39 pm 

Joined: Wed Oct 07, 2009 4:16 pm
Posts: 961
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?

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 Post subject: Re: emoore's 2011 journal
PostPosted: Mon May 02, 2011 7:34 pm 

Joined: Fri Jul 11, 2008 3:29 pm
Posts: 167
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.


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 Post subject: Re: emoore's 2011 journal
PostPosted: Tue May 03, 2011 3:22 pm 

Joined: Mon Feb 04, 2008 7:35 am
Posts: 1148
Location: Maryland
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!


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 Post subject: Re: emoore's 2011 journal
PostPosted: Sat Jun 04, 2011 6:33 pm 

Joined: Fri Jul 11, 2008 3:29 pm
Posts: 167
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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