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 Post subject: Kelsee's Financial Goals
PostPosted: Tue Oct 01, 2013 12:15 pm 

Joined: Tue Oct 01, 2013 11:54 am
Posts: 76
Hi, I'm a new poster, but a long time lurker.

I got married and bought a house a year ago, which we have completely remodeled with cash savings. Our only debt is our mortgage. We are in our early 20's.

I am wanting to have a place to keep track of our monthly savings, and see how well we do over long term. Our real goals won't start until January. But I have some short term goals for these last couple months. We had a large savings which has been eaten by the remodel. So 2014 we plan on really building it back up, and vigorously start saving for retirement.

We make about $27,000 a year after taxes right now.

Right now we have a mortgage of around $51,000 (Can't get exact number right now because bank site is down.)

The house is worth $80,000

I have about $1,700 in cash savings right now.

Tomorrow I will be purchasing 3 new windows for about $1,100 which will be paid in 2 payments but I'll just count as one on here for simplicity.

Bring my total savings to $600. Ouch.


Last edited by klarose on Tue Oct 01, 2013 1:19 pm, edited 1 time in total.

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 Post subject: Re: Kelsee's Financial Goals
PostPosted: Tue Oct 01, 2013 12:22 pm 

Joined: Tue Oct 01, 2013 11:54 am
Posts: 76
Today's net worth is $30,700.

I forgot to say I'm in school for Web Design, and I will graduate in May. Debt free. I've paid it along the way.

I want to build my EF back up to $1,500 by the end of December. I also need to save at least $200 for Christmas presents. Husband has a large family. I also would like to give $200 to my mother, because a school bill came due unexpectedly last semester and she covered it, and I feel I should repay her.

2013 Goals
EF: $600/$1500 [40% Complete]
Christmas: $0/$200 [0% Complete]
Mom: $0/$200 [0% Complete]


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 Post subject: Re: Kelsee's Financial Goals
PostPosted: Wed Oct 02, 2013 12:31 pm 

Joined: Tue Oct 01, 2013 11:54 am
Posts: 76
So I did my first payment for the windows today. My estimate was REALLY close.

I was expecting $1,100 and my total is $1,100.92

Also I finally was able to get into my Mortgage.

Today it stands at $51,450.99

With an average of $109 going towards principle a month and an average of $252 going towards interest, and about $150 going towards escrow. :/ That's horrible.

I'd LOVE to throw extra payments at the mortgage. But at this time, I don't think it's be the wisest decision when I have so many other things to save for. But jeez it's tempting. Maybe I'll start throwing a little extra in when I have unexpected incomes.


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 Post subject: Re: Kelsee's Financial Goals
PostPosted: Thu Oct 03, 2013 1:47 pm 

Joined: Wed Sep 18, 2013 4:53 am
Posts: 13
Nice work with the estimate Kelsee! :P

Do you have any debts other than the Mortgage? Personally I would be paying back Mom and prepping for Christmas, especially being a short time away and we all know how difficult Christmas is for spending! :D

Perhaps you could look to fully fund your Christmas account asap, pay back your mom and then go for a 75/25 contribution to your EF and Mortgage? That way you can get some momentum on the mortgage while still building your EF :)

Looking forward to seeing your progress :)


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 Post subject: Re: Kelsee's Financial Goals
PostPosted: Thu Oct 03, 2013 2:10 pm 

Joined: Mon Feb 04, 2008 7:35 am
Posts: 1148
Location: Maryland
Hi Kelsee, and welcome.
I would hold off on prepaying the mortgage, and work on your rebuilding your efund and paying back your mom. You can always prepay your mortgage down the road.

Congratulations on your marriage and the house purchase. Those are two HUGE steps. Enjoy them both. :)

Is your spouse contributing to retirement? That's an additional thing that you should start doing now, if not. I know you are still in school, but maybe spouse can depending on his job.


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 Post subject: Re: Kelsee's Financial Goals
PostPosted: Fri Oct 04, 2013 7:25 am 

Joined: Tue Oct 01, 2013 11:54 am
Posts: 76
gordey0 wrote:
Nice work with the estimate Kelsee! :P

Do you have any debts other than the Mortgage? Personally I would be paying back Mom and prepping for Christmas, especially being a short time away and we all know how difficult Christmas is for spending! :D

Perhaps you could look to fully fund your Christmas account asap, pay back your mom and then go for a 75/25 contribution to your EF and Mortgage? That way you can get some momentum on the mortgage while still building your EF :)

Looking forward to seeing your progress :)


No other debts. I will be paying back mom first, after I add another $200 to the EF. I've never had it this low, and I don't like it. I should have the money for the EF by about 3 weeks.

Christmas I'm hoping to just be able to save on the side in addition to my current monthly savings, but at any rate I can always take it out of the EF if I need too. And actually I only need to come up with $150 because $50 is actually for presents for me from husband. So he will get that on his own.

I won't be prepaying my mortgage any more than the little I do now (I just round to the nearest $10) at least for the time being. We have too much other stuff going on to do that.


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 Post subject: Re: Kelsee's Financial Goals
PostPosted: Fri Oct 04, 2013 7:27 am 

Joined: Tue Oct 01, 2013 11:54 am
Posts: 76
peachy wrote:
Hi Kelsee, and welcome.
I would hold off on prepaying the mortgage, and work on your rebuilding your efund and paying back your mom. You can always prepay your mortgage down the road.

Congratulations on your marriage and the house purchase. Those are two HUGE steps. Enjoy them both. :)

Is your spouse contributing to retirement? That's an additional thing that you should start doing now, if not. I know you are still in school, but maybe spouse can depending on his job.


Thanks!

We will start contributing to retirement in Jan. That is one of our big 2014 goals. I am still working while I am in school. But neither of us have any retirement benefits offered through our jobs, so we will just fund a Roth IRA starting next year.


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 Post subject: Re: Kelsee's Financial Goals
PostPosted: Fri Oct 04, 2013 7:34 am 

Joined: Tue Oct 01, 2013 11:54 am
Posts: 76
I am suppose to be getting a raise this month. I'm assuming they are going to offer $.25 but I'm going to ask for $.50. I work really hard, and I'm not making even close to what the person who had the job before me made. Sadly they are going through some financial hardship right now, so I hate asking, and I'm not sure if they will give it to me. But it doesn't hurt to try, and I've feel like I've earned it. I've been here over 2 years now.

Husband will be getting a $.23 raise in March. So while the raises are small hopefully they will give us a little extra cash to work with, even if it's just $55 - $80 a month after taxes. We could use the money.


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 Post subject: Re: Kelsee's Financial Goals
PostPosted: Mon Oct 07, 2013 7:50 am 

Joined: Tue Oct 01, 2013 11:54 am
Posts: 76
Checkbook has really taken a beating the last week.

We had some expected... unexpected costs come up.

All the sudden we really kicked it into gear with out home remodel. We got a second wind, and have been really pushing this week, getting more done than we have in the last 6 months.

So in the last week I've bought 3 gallons of ceiling paint, 5 gallons of mud, 3 gallons of drywall primer, and 3 gallons of colored paint. At a cost of about $25 a gallon.... :o

Today I am going to buy about $75 worth floor cleaner and restorer. We were going to refinish our old hardwood floors, but husband now wants to try just restoring them with this special stuff you mop on. So if it works it will save us a lot of money.

I also have to pick up the rest of the electrical outlets so we can finish putting them on.

And this weekend we have to buy a chandelier for our foyer.

This is on top of the nails, and other little random things like paint rollers and brushes that you need for all these projects. Which add up quickly.

I'm happy our house has made a huge transformation this week, but whew.

We are hoping to finish the floors and put on the trim within a week. Then our house will be "DONE!" I'm so excited, after 1.5 years of remodeling.

We had some money set back (which is didn't count in my previous posts) for these projects. But we didn't think we'd be doing them all this soon. So we didn't have enough set back quite yet. Luckily I've been able to stay ahead of it with my regular pay checks. But after today I think I'll be borrowing about $25 - $50 out of the EF.

I still managed to save my normal $25 this week to the EF, and i made a mortgage payment today, but they haven't updated my new total yet. So I'll edit this post when I have a real number to report.

PS. My work planned the personnel meeting when I can't come, so I won't be able to plead my case for a raise. I told one of the board members about wanting a $.50 raise, and hopefully he will do what he can. I believe they decide tomorrow. So prayers would be great.


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 Post subject: Re: Kelsee's Financial Goals
PostPosted: Wed Oct 09, 2013 8:00 am 

Joined: Tue Oct 01, 2013 11:54 am
Posts: 76
Mortgage is $51,372.13

Sadly I just realized that all of the principal that has been paid down so far just barely covers the original fees and closing costs for the loan. So actually I haven't even started on the actual loan yet. Gah!

Electric outlets and switches ended up costing me $80!!!

Right now I had to take about $15 out of EF. I'm sure that number will go up this weekend because there is about $70 worth of expenses that need covered, and we have to buy the ceiling light and only have $70 left saved for that, and i doubt we can get one that cheap.

This month is also our anniversary and we are planning on going camping to have a get away as cheap as possible. But it sure got cold fast, so those plans might have to be cancelled. :(

October is kicking our butt. But hopefully I'll be able to catch up by the years end.

I haven't heard anything yet on the raise. *crosses fingers*


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 Post subject: Re: Kelsee's Financial Goals
PostPosted: Wed Oct 09, 2013 9:32 am 

Joined: Tue Oct 01, 2013 11:54 am
Posts: 76
Here is my monthly budget breakdown. I have forgotten to post it until now. As you can see there isn't much wiggle room. Essentially we are left with $115 every month after our bills, and that is only if we don't run over with groceries, or we don't need car maintenance, or we don't need clothes or something.... As you can tell that $115 is always eaten up with something. We have to have some spending money.

Image


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 Post subject: Re: Kelsee's Financial Goals
PostPosted: Fri Oct 11, 2013 12:34 pm 

Joined: Tue Oct 01, 2013 11:54 am
Posts: 76
Yesterday my mother, husband, and I installed our living room ceiling fan. That saved us money on an electrician. We still have the dining room light to install after we buy it, and some other switches and outlets in the dining room which are a little more complicated. So we still might have to call an electrician to finish up the little bit of work left.

We also applied the flooring restorer I bought. IT WORKED MIRACLES! I can't believe how much better our 100 year old, scratched up floors look. They still have the biggest marks, but they are so shiny, and flat, and so much prettier now. In the future we will still want to completely sand and refinished them, but this $60 fix saved us a TON of money right now.

Here is a crappy cell phone picture I took. You can still see the amazing difference. The floor on the right is the part we haven't done, the floor on the left has the floor restorer on. Coolest thing I've ever seen! You can see how bad of shape the floor was in.

Image

Still worried about our spending this weekend. :sweat: I was finally starting to get ahead, and I don't want to go backwards again.


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 Post subject: Re: Kelsee's Financial Goals
PostPosted: Tue Oct 15, 2013 8:02 am 

Joined: Tue Oct 01, 2013 11:54 am
Posts: 76
2013 Goals
EF: $775/$1500 [52% Complete]
Christmas: $0/$200 [0% Complete]
Mom: $0/$200 [0% Complete]


Slowly going up.

We ended up spending about $100 over the weekend, which husband had enough cash in his check to cover. :)

Car has a pretty major gas leak. Found out the fuel pump has a recall on it, so it's in the shop today getting a new fuel pump for free. I'm praying this fixes the gas leak, and the slow start it's been having. If not, I'm going to have to put it back in the shop and pay who knows how much.

I've managed to not dip into any savings so far. Our anniversary is in 2 weeks and I have to get husband a present. So I'll be putting that on my credit card, and should have to money for it before payment is due no problem.

Haven't heard anything on raise yet.

Only $25 more to go, and then I will start paying off mom.


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 Post subject: Re: Kelsee's Financial Goals
PostPosted: Tue Oct 15, 2013 9:50 am 

Joined: Thu Oct 03, 2013 9:19 am
Posts: 43
Great job! Sounds like you are making a lot of great progress! :rock:


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 Post subject: Re: Kelsee's Financial Goals
PostPosted: Tue Oct 15, 2013 11:42 am 

Joined: Tue Oct 01, 2013 11:54 am
Posts: 76
Got a call from auto dealer that my car is done. They said replacing the fuel pump fixed the leak, and should fix my starting problems. :D :D

I also got an A on a midterm I've been worrying over. :D Today is a good day! God is good!

Thanks Mrs.Mob! Sometimes I get discouraged because I make SO MUCH less than a lot of the posters on here. I feel out of my league. Frankly I can't even imagine making more than $4,000 a month. You could live like a king in my area.

The measly $300 a month I can save seems so worthless compared to the thousands people can put back monthly. *sigh* Oh well. My debts and costs of living are also smaller. So I'll just keep plugging away slowly.


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