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 Post subject: Re: Sandi's Plans, 2010...
PostPosted: Thu Feb 18, 2010 10:36 am 

Joined: Tue Aug 05, 2008 3:22 pm
Posts: 548
Location: Northern CA
OK, I decided to convert most of these into numbers, to help track mathematically.

1) Max out 403(b) - $16,500

2) Re-fill the joint savings to 10 months of expenses (dipped into it for a car) and xfer the $$ to ING so it's less accessible. - $40,000

3) Slush fund for DH's 1099 business, so he has extra $ in slow months. - $5000

4) Pay $2400 extra against mortgage/ a total $12K against the house principal.

5) Prepay against the new car loan every time my personal savings exceeds $2K; try and get car paid off in 2.5 years, instead of 4. - $1250 per year

6) Get DH's term life policy extended/in place for the next 20 year term.

Progress, two months in:

1) $2750/$16500 - 16.67%
2) $17,500/$40000 - 43.75%
3) $3000/$5000 - 60%
4) $400/$2400 - 16.67% and on track to pay off $14,272 against the principal this year.
5) $0/$1250
6) Not yet, although we discussed it, and it's the list to nag about tomorrow. :)

Sandi


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 Post subject: house renovation
PostPosted: Tue Feb 23, 2010 3:07 pm 

Joined: Sun Jun 01, 2008 10:13 am
Posts: 148
I was reading your responses to partygypsy about your home renovation projects you've completed over the years. Wow. You're fearless!


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 Post subject: Re: Sandi's Plans, 2010...
PostPosted: Wed Feb 24, 2010 10:16 am 

Joined: Wed Mar 26, 2008 1:35 pm
Posts: 453
Location: USA
Ellie though there is no way to know until you sell it personally I think it is really true, if you can find a less expensive house and fix it up to the way you like yourselves and stay there, rather than moving from one house to another, it can really pay off in the long term. Doing something similar to Sandi, we've been fixing up our house as we go along. 10 years later we would have to pay twice what our mortage is (even with property, etc taxes) just to rent something similar at this time.


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 Post subject: Re: house renovation
PostPosted: Wed Feb 24, 2010 11:06 am 

Joined: Tue Aug 05, 2008 3:22 pm
Posts: 548
Location: Northern CA
ellie377 wrote:
I was reading your responses to partygypsy about your home renovation projects you've completed over the years. Wow. You're fearless!


It isn't brain surgery! It's useful to have the mindset that it's learnable, and that a little research goes a long way.

DH was raised by an engineer who is "cheap" and the consummate DIY'er. So DH grew up using tools, and already had a lot of skill with woodworking, electrical, and was willing to learn plumbing. His skill has saved us a LOT of $$ over the years. DH's also parents helped a lot early on with some of the projects.

We did hire an electrician for the house rewiring project; we hired pro roofers to do the house (we did the patio roofing); and we hired a professional painting company to do the exterior.

Almost everything else we've done ourselves.

Our house is now worth 3.5x what we paid for it. We've saved tens of thousands of dollars in hiring others, by not upgrading and re-setting our property tax, and in RE commissions by being willing to stay put and undertake some sweat equity....

Sandi


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 Post subject: Re: Sandi's Plans, 2010...
PostPosted: Tue Mar 02, 2010 10:23 am 

Joined: Tue Aug 05, 2008 3:22 pm
Posts: 548
Location: Northern CA
sandi_k wrote:

1) Max out 403(b) - $16,500

2) Re-fill the joint savings to 10 months of expenses (dipped into it for a car) and xfer the $$ to ING so it's less accessible. - $40,000

3) Slush fund for DH's 1099 business, so he has extra $ in slow months. - $5000

4) Pay $2400 extra against mortgage/ a total $12K against the house principal.

5) Prepay against the new car loan every time my personal savings exceeds $2K; try and get car paid off in 2.5 years, instead of 4. - $1250 per year

6) Get DH's term life policy extended/in place for the next 20 year term.


Progress, March Report:

1) $4125/$16,500 - 25%
2) $33,500/$40,000 - 83.75% - because DH sold his van! After 3 months on the market!
3) $3100/$5000 - 62%
4) $600/$2400 - 25% and on track to pay off $14,272 against the principal this year.
5) $0/$1250
6) Not yet, although we discussed it, and it's on the list to nag about. :)

So, we made big progress on things this past month. My focus is very much on bulking up savings these days, given economic slowdowns at both our jobs. I forcast out to December the expected budget, and it's going to be a stretch to pre-pay $1250 on the car loan and maintain savings and retirement. But that's why we set goals, right?

Sandi


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 Post subject: Re: Sandi's Plans, 2010...
PostPosted: Tue Mar 02, 2010 1:37 pm 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
Great progress.

_________________
Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


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 Post subject: Re: Sandi's Plans, 2010...
PostPosted: Mon Apr 05, 2010 10:01 am 

Joined: Tue Aug 05, 2008 3:22 pm
Posts: 548
Location: Northern CA
April Update

1) Goal: Max out 403(b) - $16,500

Result: $5500/$16,500 – 33%

2) Re-fill the joint savings to 10 months of expenses (dipped into it for a car) and xfer the $$ to ING so it's less accessible. - $40,000.

Result: $34,000/$40,000 – 85%. We only added $500 this month, since we took another chunk for Roth IRA deposits.

3) Slush fund for DH's 1099 business, so he has extra $ in slow months. - $5000

Result: Added another $200. Now at $3300/$5000 – 66%.

4) Pay $2400 extra against mortgage/ a total of $14K against the house principal.

Result: $800/$2400 – 33%, and on track to pay off $14,400 against principal this year.

5) Prepay against the new car loan every time my personal savings exceeds $2K; try and get car paid off in 2.5 years, instead of 4 - $1250 per year.

Result: Not yet. Waiting for furlough to be released in September, at which time I can triple the payments.

6) Get DH's term life policy extended/in place for the next 20 year term.

Result: Not yet. We talked about it yesterday, so I’ll nag him once he’s at work with the info.


Challenges for March –

1) One of my best friends is dying of cancer. I’ve spent a lot of time on her legal and financial affairs this past month, as her soon-to-be-executrix.

2) I still have not sold my ex-car. Once it is sold, goals #2 and #3 will be complete. Due to Challenge #1, I’ve been less than focused on getting it done. This past weekend I re-listed it on Craigslist, and I will get it sold ASAP. I’m finding that most people prefer to buy a $20K used car from dealers, since they don’t have cash in hand – and a dealer can finance. Good lesson – next time, I’ll be more willing to work a trade in. If I’d done that, I’d have no car loan at all.

Goals for April –

Stay on the car sale. Visit an auto-consignment store to see what they’ll offer. Drop the price another $250 to see if that gets any more interest.

Sandi


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 Post subject: Re: Sandi's Plans, 2010...
PostPosted: Mon Apr 05, 2010 12:20 pm 

Joined: Sun Jun 01, 2008 10:13 am
Posts: 148
My sympathies to you and your friend.


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 Post subject: Re: Sandi's Plans, 2010...
PostPosted: Mon Apr 05, 2010 4:14 pm 

Joined: Tue Aug 05, 2008 3:22 pm
Posts: 548
Location: Northern CA
Thanks, Ellie. She's an amazing example of grace in these circumstances. I think I'd be snarling from the corner, and she continues to focus on her blessings. It's a testament in many ways to her strength and inner core. She sees what she HAS, and I'd be grieving what I am going to miss.

She's very good at being "present" and I'm very good at a "future focus." It's a good reminder that being present can indeed be a gift.

Sandi


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 Post subject: Re: Sandi's Plans, 2010...
PostPosted: Mon Apr 05, 2010 6:58 pm 

Joined: Mon Feb 04, 2008 7:35 am
Posts: 1148
Location: Maryland
I meant to write earlier, and I'm sorry I didn't. Sorry about your friend's condition. It sounds like you two are a good team. She can be in the present, while you focus on the future. It's good that she has a friend like you. Enjoy your time with her. If she lets you, take lots of pictures so you can remember her. When my grandmother was sick, I was the last person to have a picture taken with her, and I love that picture so much.


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 Post subject: Re: Sandi's Plans, 2010...
PostPosted: Fri Apr 09, 2010 6:39 pm 

Joined: Tue Apr 15, 2008 6:48 am
Posts: 526
Location: Arkansas
Sandi... look into Carmax. I think they also buy used cars. Dont know about over there in CA, but they are a pretty big chain here in the south.

Maybe you can move it that way.

_________________
I can not dwell over that to which I have no control...


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 Post subject: Re: Sandi's Plans, 2010...
PostPosted: Mon Apr 12, 2010 5:27 pm 

Joined: Fri Jul 10, 2009 6:57 am
Posts: 379
Sandi, I'm sorry to hear about your friend. I hope your remaining time together includes lots of laughs, because that's what will last.

I know what you mean about grace, too -- a cousin of mine, under 40 with three kids below the age of nine, is fighting metastatic melanoma with more courage and dignity than I ever thought possible. I'm in awe of her.


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 Post subject: Re: Sandi's Plans, 2010...
PostPosted: Wed Apr 14, 2010 11:30 am 

Joined: Tue Aug 05, 2008 3:22 pm
Posts: 548
Location: Northern CA
N2Deep wrote:
Sandi... look into Carmax. I think they also buy used cars. Dont know about over there in CA, but they are a pretty big chain here in the south.

Maybe you can move it that way.


Thanks, N2Deep. The nearest CarMax is 100 miles away. I dropped the price again (to nearly $3500 under Kelley Private Sale value) and the phone calls are heating up. I've had three appointments, with one who showed up. So I think I'm getting to the sweet spot for pricing.

Sandi


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 Post subject: Re: Sandi's Plans, 2010...
PostPosted: Mon May 03, 2010 9:57 am 

Joined: Tue Aug 05, 2008 3:22 pm
Posts: 548
Location: Northern CA
sandi_k wrote:
May Update

1) Goal: Max out 403(b) - $16,500


Result: $6875/$16,500 – 41.67%

sandi_k wrote:
2) Re-fill the joint savings to 10 months of expenses (dipped into it for a car) and xfer the $$ to ING so it's less accessible. - $40,000.


Result: $34,500/$40,000 – 86.25%. We only added $500 this month.

sandi_k wrote:
3) Slush fund for DH's 1099 business, so he has extra $ in slow months. - $5000


Result: Added another $200. Now at $3500/$5000 – 70%.

sandi_k wrote:
4) Pay $2400 extra against mortgage/ a total of $14K against the house principal.


Result: $1000/$2400 – 41.67%, and on track to pay off $14,400 against principal this year.

sandi_k wrote:
5) Prepay against the new car loan every time my personal savings exceeds $2K; try and get car paid off in 2.5 years, instead of 4 - $1250 per year.


Result: Not yet. Waiting for furlough to be released in September, at which time I can triple the payments.

sandi_k wrote:
6) Get DH's term life policy extended/in place for the next 20 year term.


Result: He finally called! And the forms are on their way. I need to get this underway within the next week, what with the home health care nurse coming by to draw blood, etc.

Challenges for May–

1) Continue to assist V with her estate planning, bills, finances, and medical stuff. We're now talking hospice, which has its own challenges.

2) Get the Toyota sold. We took it to an auto consigner this past weekend, and I hope they get it sold soon! After 4 months of trying to sell it on my own, I found that most people prefer to buy a $20K used car from dealers, since they don’t have cash in hand – and a dealer can finance. Good lesson to learn, I guess.

Goals for May–

1) Pray for the car sale.

2) Finish the term life application process, and get it nailed down.

Sandi


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 Post subject: Re: Sandi's Plans, 2010...
PostPosted: Tue Jun 01, 2010 9:16 am 

Joined: Tue Aug 05, 2008 3:22 pm
Posts: 548
Location: Northern CA
June Update

sandi_k wrote:

1) Goal: Max out 403(b) - $16,500


Result: $8250/$16,500 – 50%

sandi_k wrote:
2) Re-fill the joint savings to 10 months of expenses (dipped into it for a car) and xfer the $$ to ING so it's less accessible. - $40,000.


Result: $34,500/$40,000 – 86.25%. Same as last month.

sandi_k wrote:
3) Slush fund for DH's 1099 business, so he has extra $ in slow months. - $5000


Result: Added another $300. Now at $3800/$5000 – 76%.

sandi_k wrote:
4) Pay $2400 additional principal against mortgage/ a total of $14K against the house principal (including regular payments).


Result: $1200/$2400 – 50%, and on track to pay off $14,400 against principal this year.

sandi_k wrote:
5) Prepay against the new car loan every time my personal savings exceeds $2K; try and get car paid off in 2.5 years, instead of 4 - $1250 per year.


Result: Not yet. Waiting for furlough to be released in September, at which time I can triple the payments.

sandi_k wrote:
6) Get DH's term life policy extended/in place for the next 20 year term.


DONE! DONE! DONE! DH had the tests, which showed his cholesterol and blood sugar were both down. He's lost 17 lbs since last year's physical (so he's UNDER what the doc recommended, and he thought that would never happen). As a result, he's getting preferred pricing on the new life insurance policy. Yay!

New goal, completed -

Consolidate car insurance policies. DH was with 21st Century (now State Farm?) and is now with USAA. We transferred his car and our camping van over, and the costs dropped nearly $800 per year for the two vehicles.

Challenges for June–

1) Continue to assist V with her estate planning, bills, finances, and medical stuff. We're now talking hospice, which has its own challenges. I have also started the ball rolling to transition her to LT disability from her ST policy. New goal: get eligibility for federal SSI/disability under way. Explore Medi-Cal/Medi-Care for her.

2) Get the Toyota sold. One of the Looky-loos from my car ad called back, and I directed him to the consignment lot. Let's hope he buys it!

3) Keep in touch with a family member who just got hit with some necessary medical expenses. See if help is needed, and make sure they're willing to let us know if that's the case.

Goals for June–

1) Pray for the car sale.

2) Get V's LT disability nailed down; apply for Federal disability and Medi-Cal.

Sandi


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