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It is currently Thu Nov 27, 2014 2:32 am




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 Post subject: FunSpeedAhead's Journal
PostPosted: Fri Apr 04, 2014 2:23 pm 

Joined: Thu Apr 03, 2014 12:06 pm
Posts: 169
I made a rather long-winded introduction here: http://www.getrichslowly.org/forum/viewtopic.php?f=2&t=74825

It boils down to this: I am ready to start attacking my SL and mortgage. I've been paying the minimums. The payoff dates scare me.

Debt:
As of 4/4/2014
Mortgage: $204,448.88 @3.75%
Student Loan: $16,594.97 @3%

Income:
~$6,300/mo

Loan Payment:
Mortgage: $1,304.70 with payoff date of 4/2043
Student Loan: $219.33 with payoff date of 4/2023
Extra payment on Student Loan (started this month): $195.03

2014 Goals:
Mortgage: This month, I sent a one time extra payment of $750 to test direct deposit from a new bank. Other than that, I have no plans to pay more than the minimum.
Student Loan: I want to cut it in half ($8K) by the end of the year. I plan to apply this year's tax return, continue the extra monthly payment of $195.30 and find a few more dollars here and there to apply to it by the end of the year.

Long term Goals:
Mortgage: I want to cut the payoff date in half. That would mean a payoff by 4/2028
Student Loan: I want to pay this off early in 2015.

Off I go....


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 Post subject: Re: FunSpeedAhead's Journal
PostPosted: Sat Apr 05, 2014 6:59 pm 

Joined: Tue Jun 30, 2009 9:44 pm
Posts: 321
Location: Atlanta, Georgia
Welcome, FunSpeedAhead! I read your intro post over on the Personal Finance page, and it sure looks like you are motivated and on the right path! Looking forward to reading about your progress :-)


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 Post subject: Re: FunSpeedAhead's Journal
PostPosted: Mon Apr 07, 2014 8:49 am 

Joined: Thu Apr 03, 2014 12:06 pm
Posts: 169
Thanks for reading all of that LeRainDrop!

This weekend I put in a bit of effort to make room for all of the stuff I have had in a storage unit. I pay $45/mo for it, and looking around, I thought I should be able to get out of it if I do a few things. On Saturday, I put up some ceiling storage shelves in my garage. I plan on putting some type of flooring in the ceiling too. Once I move all of our holiday decorations and other odds and ends into the attic, I should have enough space to get the rest of what I want out of storage.

I'll be glad to be out of there! Not only will it save money. But, I'm sure I've crossed over the line and have now paid more to keep the storage unit than the value of it's contents. :oops:

Once I'm done, I'll put the $45 towards the extra SL payment.


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 Post subject: Re: FunSpeedAhead's Journal
PostPosted: Tue Apr 08, 2014 3:48 pm 

Joined: Thu Apr 03, 2014 12:06 pm
Posts: 169
I noticed I had made an error in my initial post. The original pay-off date of the SL should have read 3/2021.

The regular payment of $219.33 went thru on the 5th. The extra payment of $195.30 went thru on the 7th.

New SL balance is: $16,184.39
New SL pay-off date: 2/2021
One month less already. :)

Also, I moved the extra payment date up to the 5th so that it matches the date of the regular payment. That will start next month.


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 Post subject: Re: FunSpeedAhead's Journal
PostPosted: Tue Apr 08, 2014 4:36 pm 

Joined: Thu Apr 03, 2014 12:06 pm
Posts: 169
After my last post, I got to thinking again about some of the ways I hope to increase my extra monthly SL payment. Well...if you stuck with me during my long introduction post, you saw that I opened an account at Fidelity that pays 2% cash back on all purchases. For every 2500 points, I get $50 deposited into my Cash Management account. My original thought was to just leave that money in there as an "extra savings"/"fun money" fund. But...looking into it just now, Fidelity offers BillPay. I think I'll just apply that money to the SL every time I get it. I may not earn it every month due to erratic card use. But, it'll help when I do get it!

Now that I think about it...I should do the same with the $20/mo I'm going to be receiving from Santander too! 8)


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 Post subject: Re: FunSpeedAhead's Journal
PostPosted: Thu Apr 10, 2014 11:19 am 

Joined: Thu Apr 03, 2014 12:06 pm
Posts: 169
I have a number of financial weaknesses. One of them is coffee. For years I've visited StarBucks on a daily basis. The drinks I enjoy range from $2 -5! A few years ago, I purchased a Keurig. I used it a for around 8 - 10 months and loved it. Then, for some reason, I just stopped using it. :^)

A few days ago, I purchased a 54 count of Starbucks K-cups from Amazon (gotta love getting points) for $43.98. They arrived yesterday and I enjoyed an $0.81 cup of coffee this morning. So, my coffee budget has taken a significant hit! I do intend to continue getting my foofoo fix a few times a month.

For this month, I will increase my extra SL payment by $20. I'm sure I'll be saving more than that. But, since it's new...I'll take it slow for a month or two to see how it goes.

Less time (travel to SBs) and money spent, increasing my extra SL payment...keeping things rolling. 8)


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 Post subject: Re: FunSpeedAhead's Journal
PostPosted: Fri Apr 11, 2014 5:56 pm 

Joined: Thu Apr 03, 2014 12:06 pm
Posts: 169
I sent that $20 extra payment in for my SL thru BillPay. It posted today.

New SL balance is: $16,169.72.

Also, I made a trip to my storage unit today and filled up my wagon. I think I only have one load left and I will be out of there! Unfortunately, I still have to make room for the stuff I brought home today. I was able to donate a few things and throw out some stuff too.


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 Post subject: Re: FunSpeedAhead's Journal
PostPosted: Sun Apr 13, 2014 2:59 pm 

Joined: Thu Apr 03, 2014 12:06 pm
Posts: 169
Woohoo! I finished getting everything out of storage today! That was a lot of work! But, I managed to get everything put away in the garage and attic when I got it home.

Now I can add that $45 a month to my extra payments on the SL. So, next month, I'll start making $280 in extra payments!


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 Post subject: Re: FunSpeedAhead's Journal
PostPosted: Sun Apr 13, 2014 8:51 pm 
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Joined: Thu May 17, 2012 10:05 am
Posts: 1137
Good job FSP! Have you considered a yard sale? ;)

_________________
~ Eagle


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 Post subject: Re: FunSpeedAhead's Journal
PostPosted: Sat Apr 19, 2014 1:01 pm 

Joined: Thu Apr 03, 2014 12:06 pm
Posts: 169
Eagle wrote:
Good job FSP! Have you considered a yard sale? ;)


I have thought about it. I still could. Even though I donated a lot of things, I've got plenty more that I could get rid of.


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 Post subject: Re: FunSpeedAhead's Journal
PostPosted: Mon Apr 21, 2014 4:49 am 

Joined: Tue Dec 17, 2013 5:59 pm
Posts: 50
Glad to hear you got rid of the storage unit! We recently did a "household purge" where I went through every closet, drawer, and cabinet in the entire house and only kept what we needed. I didn't have the patients to sell anything so I just donated it all. If you have the time and patients, selling some stuff would be a great way to generate extra cash!


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 Post subject: Re: FunSpeedAhead's Journal
PostPosted: Mon Apr 21, 2014 10:53 am 
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Posts: 1137
Pisces1305 wrote:
Glad to hear you got rid of the storage unit! We recently did a "household purge" where I went through every closet, drawer, and cabinet in the entire house and only kept what we needed. I didn't have the patients to sell anything so I just donated it all. If you have the time and patients, selling some stuff would be a great way to generate extra cash!


Good idea Pisces!

We did this in part earlier this year with baby clothes. What we couldn't sell we donated. We plan on doing something similar for other items in the house this summer/fall.

_________________
~ Eagle


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 Post subject: Re: FunSpeedAhead's Journal
PostPosted: Mon Apr 21, 2014 10:55 am 
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Joined: Thu May 17, 2012 10:05 am
Posts: 1137
FunSpeedAhead wrote:
I have a number of financial weaknesses. One of them is coffee. For years I've visited StarBucks on a daily basis. The drinks I enjoy range from $2 -5! A few years ago, I purchased a Keurig. I used it a for around 8 - 10 months and loved it. Then, for some reason, I just stopped using it. :^)

A few days ago, I purchased a 54 count of Starbucks K-cups from Amazon (gotta love getting points) for $43.98. They arrived yesterday and I enjoyed an $0.81 cup of coffee this morning. So, my coffee budget has taken a significant hit! I do intend to continue getting my foofoo fix a few times a month.

For this month, I will increase my extra SL payment by $20. I'm sure I'll be saving more than that. But, since it's new...I'll take it slow for a month or two to see how it goes.

Less time (travel to SBs) and money spent, increasing my extra SL payment...keeping things rolling. 8)


Good call on the cofee and Keurig. Rolling rolling! Keep up the good work! :clap:

What else can you cut from your budget while knocking out the SL?

_________________
~ Eagle


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 Post subject: Re: FunSpeedAhead's Journal
PostPosted: Tue Apr 22, 2014 9:39 am 

Joined: Thu Apr 03, 2014 12:06 pm
Posts: 169
Pisces1305 wrote:
Glad to hear you got rid of the storage unit! We recently did a "household purge" where I went through every closet, drawer, and cabinet in the entire house and only kept what we needed. I didn't have the patients to sell anything so I just donated it all. If you have the time and patients, selling some stuff would be a great way to generate extra cash!


Thanks Pisces. When we moved last year, we did a LOT of purging! Still, since we've moved, the boys and I have done a couple of "garage purge" events. They really don't like to get rid of their toys. But, they like taking the working ones to donate.

Selling/extra cash would be nice. Maybe in the future.


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 Post subject: Re: FunSpeedAhead's Journal
PostPosted: Tue Apr 22, 2014 9:48 am 

Joined: Thu Apr 03, 2014 12:06 pm
Posts: 169
Eagle wrote:
Good call on the cofee and Keurig. Rolling rolling! Keep up the good work! :clap:

What else can you cut from your budget while knocking out the SL?


Thanks Eagle. Glad to be back on the Keurig. The next area to cut in my budget is tolls. I have started to reduce the amount of times that I take the toll roads to and from work. I am hoping to generate a similar monthly savings to the coffee ($20).

With these changes (storage, coffee and tolls) to my budget, it adds $85 of extra payments to my SL.

Additionally, the new accounts (Santander "get20" and Fidelity AMEX 2% cash back) will bring in up to $70/mo that I can apply towards my student loan.

I'm up to $350.30/mo in extra payments on my SL!


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