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Archive for June, 2020

Refi - Help

June 30th, 2020 at 08:27 pm

I was really hoping to close before the first. I have not heard a thing from the title company so I reached out to the broker. She’s telling me to hold off from making a payment. I’m nervous about that. She says if I pay, I’d get reimbursed, anyone know anything about this?

On the Right Track

June 28th, 2020 at 06:58 pm

After looking at July’s budget, I maybe able to knock close to $2,000 off student loan number 1. I’m so excited. Just looking at these numbers gives me life. If things go well I maybe able to knock student loan 1 off by the end of 2021 early 2022.

Someone posted about not worrying so much of paying off the mortgage and focus on the student loan. I reviewed and reviewed and reviewed again and who ever posted was correct. Thank you! Rather than paying the $100 extra on the mortgage I’m throwing it at my student loans. The sooner I can get this done the better. Now I believe in paying what I owe, but I sure as heck will be thankful if there was some sort of forgiveness or interest freeze for a few more months.

Other financial news, I participate in multiple money challenges (e.g. 52 week, walking) and saved $227 for June. YTD I’ve saved a $1,086. I so desperately need a bedroom set. My drawers are falling apart. The set that I have is over 20 years old, it came with the house when I moved in 9 years ago, the owner left it. My goal is to save and pay cash for a new or used set. I can’t believe I’ve actually saved money for this. Normally, I’d use a credit when the drawers started to cave in but I decided to wait. I’m going to hold on until the end the year, because I also need a new mattress and buy everything at once.

Health news, as you all know, I’ve been placed on blood pressure meds, as of today, the blood pressure has went down and I lost 7lbs. Since the year has started I lost 11lbs. I actually, blame COVID for the loss of weight 😄. I’m eating in more, walking a lot more, and since I’m not in the office, I’m snacking less. That’s one good thing that came out of this virus.

I’m in Florida so our numbers are inching up when it comes to this virus. So bad that the county has mandated wearing a mask in public and they’re mailing every resident a mask. It’s scary, because people are selfish. I personally don’t like wearing a mask, I do so because it helps to mitigate this virus. If we all Woolf just work together for a few weeks we could get through this.

Budget Review

June 27th, 2020 at 05:35 pm

Though it’s not the end of the month, I wanted to take a look at my budget and how things were going.

Projected income slightly down.

I’m loving not spending any money on gas. Charitable donations way over, this month was the award for the scholarship I do, normally it’s in April.

Once again groceries are over. At first I thought it was because I wasn’t using cash, now I know it’s because everything has gone up. It’s crazy, cleaning supplies are also up. 🙄🤦🏽‍♀️

Over all, everything is looking good. Outside of the grocery and donations, I’m doing well.

Student Loans

June 26th, 2020 at 08:33 am

Pay day today, and I added $409.79 to student loan 1, the balance is now $29,000. The odd number balance was driving me nuts. Goal next month is to pay $1,000 on this sucker. I was aiming for that this month, but fell shy, total paid for June $709.79.

The loan is still in forbearance until September 30. If I pay the $1,000 in July, that would put the balance just under what I started with when I started on this journey to repay my debt. That’s definitely a motivator.

The underwriter approved the refi, I’m waiting to hear from the title company to set the date for the closing, I’m anticipating no later than Wednesday for the close.

Next week I should be receiving the money from my side hustle, after tithes it leaves me with $720, of that $500 will go towards the student loan.

I had to pay the inspection and some other fee for the refi that I put on the credit card, to earn the points. That’s why I opted only $500 for the side gig for student loans. I do have the cash to pay the credit card, but I’m waiting to see how much of a cash back I get from the refi before doing that, as well as how much of a cash back from using the credit card in June.

I put some big purchases on the card this month. All the refi stuff, inspection and title, plus my professional development membership (company will reimburse) so I’m anticipating at least $50 cash back. Though it’s ultimately the same, I’d rather use the money from the refi and rewards vs what’s in my account to pay off the credit card.

That’s it, happy Friday

Refi Approved

June 24th, 2020 at 05:56 pm

My refi was approved, whew! I should be closing next week. I’m so excited to be saving on this mortgage. The savings is about $230 a month.

If I close next week, there will be no July payment, I can sock that payment away to my mortgage sinking fund, and that would put me at 3 months saved, aside from the EF. Once that happens, I can now stop funding this account and throw that money at my student loans.

I was hoping to throw $1000 this month to the student loans but it looks like only $500. I totally forgot I had to pay for the inspection of the home during the refi. Oh well, something is better than nothing.

I’m so thankful for everyone here and of course God, who has taken me on this journey to get my finances in order. I have a ways to go but I’ve definitely come a long way. God put it on my heart, that pay check to pay check was not the way to live, and all of you encouraged me along the way. It’s such a relief, to finally see I can do it.

I’ll admit, I get disappointed when I look at my student loans but, I know I can get them behind me

I’m 46 but for some reason it’s on my heart that I’ll be totally debt free by 55, and that includes the house.

Student Loans

June 21st, 2020 at 08:02 am

Crunched the numbers, and I should be able to add $706 on Friday to my student loans, brining the month to date payment of $1,000. God I pray Congress, approves through the end of the year, zero interest, but if not it, it was good while it lasted. Last week I added an extra $100 to the loans.

I’m hoping to get the closing on the refi by the end of the month, that way I won’t have to make July payment on the mortgage and I can keep those funds in my house mortgage fund, which will be fully funded. The goal was to have at least three months mortgage save, separate from my emergency fund.

I’m excited to get this mortgage payment knocked down by almost $300 a month, this includes escrow. Even with a reduce payment I will continue to add the extra $100 a month. I do not want to stop doing this unless something changes financially.

By paying off the credit cards, reducing my monthly mortgage payments and my side gig, I’m able to save, contribute to my 401(k), pay extra on the mortgage and tackle the student loan debt simultaneously. I know Dave says not to tackle the mortgage, nor contribute to the 401(k), this method gives me a peace of mind.

Speaking of 401(k) I vowed that when ever I paid off a debt I’d add extra to my contribution, though I can’t do an additional $25-$50 as planned, I’m upping my contribution by $10. That will be $60 a pay check. At 46, I can’t afford not to make a change whenever I free up some cash.

Saving, and Paying Off Debt

June 12th, 2020 at 10:53 am

Sinking funds. I have so many, but they give me peace. When I bought my house I started a home repair fund, best decision ever and later a mortgage fund. The goal of the mortgage fund was to save three months payments, in addition to my EF. By the end of this month, I’ll have the three months mortgage saved.

I’m so excited about this! Just knowing that I have at least three months of mortgage saved, not including my EF, is amazing. Once I hit that goal, I can throw the extra cash at my EF. The goal of my EF is to have six months of expenses saved. I have a way to go but definitely believe I’ll get there.

I signed the documents to lock in my refi rate of 2.70. In my excitement to post I was thinking my total payments would drop close to 50% but the numbers I was looking at was only the P&I. I forgot about escrow, over all based on the recalculation I’m looking at a 30% decrease, that includes P&I as well as escrow. That’s still significant and will help me knock 🥊 this mortgage and student loans out sooner.

Today was pay day, I managed to save 51% of my income. This include my monthly mortgage payment. If I close before the first, I won’t have to make the July payment. I also, added an extra $100 to the student loans. Though when I look at the balance, my payments look like pennies, I know eventually this will change. In the past I paid for my degree, I have no idea what possessed me to take out a student loan, oh well, can’t cry over spilled milk.

Finally I feel like I can breath, that I can make head way. I’m saving and paying off debt, and it feels good.

Refinancing = Saving Money

June 11th, 2020 at 07:49 pm

By refinancing my house, my mortgage rate will drop close to 4 percentage points, I will save close to $500 a month by refinancing.
Today I locked my rate in

Now that I’ve gotten rid of that credit card, I’d like to build up my emergency savings account, especially since I have no clue what is going on with this virus.

With the savings from the mortgage and the side hustle I should be able to sock away about $1200 a month, two months would put me back at the amount I had saved prior to paying off the credit card. Once I’m back at that amount, I can aggressively tackle the student loans.

Honestly, I have no idea what God’s plan is, however, I’m truly thankful for him sharing with me financial literacy. I don’t know a quarter of what you all know, but what I’ve learned so far has really taught me a lot, and I’m thankful. Knowledge is key and I look forward to this continued financial growth.

End of Month Review

June 7th, 2020 at 09:23 pm

Refinancing my house and it’s estimated that I should be saving about $200 a month, I’m hoping for $300 but either way I’ll be saving.

I opted not to go with the 15 year, because I’ve created a habit of paying extra anyway even as I pay down debt. I’ve always paid extra on the principal, and given the uncertain times, it’s easier to come up with $400 than $800, if anything happens,that’s why I went with the 30. The new rate is 3 percentage points less than my current rate. Right now it’s all about cash flow for me.

The goal is to continue to pay my current mortgage payment after refinancing, that would be $200 extra towards the principal a month and to pay an extra $500 - $1,000 a month on the student loans. If I continue on this path, I should be debt free including the house, within 5-7 years. Fingers crossed.

Closed out my budget for May.
Once again the numbers are very high for food and household items. I’ve got to get this back under control. Though both are a low percentage of my take home pay, less than 1%, it’s still too much compared to what I use to pay.

I was able to save 21% of my take home pay, that I’m happy with. Not to mention I paid off the credit card debt also in May, so May was a good month.

Other news, my blood pressure has been high, the doctor put me on meds 💊, something I did not want to do but hey. I’ve made some minor adjustments to my diet, purchasing low sodium 🧂 food items. I exercise any way, so I’ll continue with this regiment. I’m keeping a health/food journal in hopes of getting this thing under control.

Lastly, SO called someone tested positive for COVID -19 at his daughter’s job. I’m so glad he does not live with me, I would have been going nuts. I told him, they both should be tested and practice social distancing while in the home. I pray all is well, there’s a young kid and a senior in the home.

That’s in a nut shell.

It’s Official

June 1st, 2020 at 07:50 pm

It’s official the credit card debt is gone. I’d paid the balance online but was waiting for it to hit my account. It feels so good