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Mid Month Check In

December 15th, 2023 at 11:34 am

Great news! 

With today’s payment of $300.27 ($85.27 applied to interest) towards my student loan, I am finally able to get this loan under $30,000. My new balance is $29,985.00. Of course within a few days it will creep back up to $30,000, it just feels good to see it under my goal amount, even if it’s just for a few days. πŸ˜€


I made my first mortgage payment for 2024, adding an extra $60, the new loan balance is $106,083.00. My escrow balance is $676.65, given that I have a positive balance, I’m going to assume that there won’t be an increase in payments but a slight, and I do mean slight decrease in my total mortgage for 2024 after my escrow analysis. I’ll continue to make the same payments even if the decrease occurs. 


I managed to increase my credit card balance, the good news is there is no interest. I’m planning my 50th birthday, which has become costly, I didn’t realize how quickly things could add up. I also did some things around the house, such new curtains, rug, tv, throw pillows, iRobot πŸ™„πŸ˜©. I really have to sit down and determine what my triggers are. 


I also bought things when I was having trouble with my arm, new desk chair, keyboard, ergonomic mouse etc. This arm was killing me, I had to see my doctor. I think I figured it out, it’s my desk. I purchased this desk back in March and then boom here comes the pain, six months later. It was so excruciating, that my hand became numb. I added a pull out keyboard tray and it appears to have worked. I still have pain but not like it was. The chair is uncomfortable so I’m returning it. 


Christmas is all cash, my nephews are older now, so no toys. I have extra in my Christmas fund account so I’ll be throwing the remainder of that money at my CC, to cover all the home stuff purchased. 


I don’t know if I shared or not but I paid off the Home Depot card. This card was used to take care of the kitchen last year, I had zero interest until January, and since January is right at my back door, I used my bonus to knock it out. 


Lastly, I received a notice that my HOA will be increasing to $353 a month,  a few months ago, ridiculous if you ask me but here we are. 


I’m so glad, after receiving the notice, that I bumped my bi-monthly savings by the $10 increase. By creating a sinking fund I was able to save my HOA fees for the entire upcoming year, 2024. 


I would not have been able to do this in the past. Though I have periodic set backs, I’m still able to save. I normally pay the HOA every quarter, but for 2024, I’m going to pay the entire year. I’ll keep contributing to my sinking fund though. 


Oops I almost forgot, I have decided to use the first month pay increase to throw at my debt then after that the remainder will go towards my 401(k). I’ll be 50 next year and I really need to get aggressive with saving for my retirement. 


That’s all I have for now as it relates to my finances. 

5 Responses to “Mid Month Check In”

  1. Lots of ideas Says:

    Great news on the Student loan.

    Most banks try to keep your escrow balance 2 months ahead.

    Whether the escrow amount goes up is not related to the balance, it’s based on how much your property tax and insurance are for the year, divided by 12.

    If the amount is higher than what is currently in the account (in your case $338 per month) the amount to β€˜catch that up’ gets added in.

    I read a lot about homeowners insurance and property tax in Florida going up, so you should perhaps do the math. That may explain your HOA fee increase if property tax or insurance is paid from there too.

  2. Wink Says:

    Amber: I live in a condo in Maryland. My monthly condo fee is going up by $25 a month (from $190 to $215) starting in January. The explanation for the increase was a significant rise in insurance costs. Florida may be hit harder, but it is happening everywhere.

  3. Amber Says:

    Thanks LOI, I’m aware of the escrow calculation, I’m lucky because neither taxes or insurance went up drastically, maybe a few dollars. I’m thinking I’ll see a very small decrease. Thanks a bunch πŸ˜€

    @Wink, you’re correct, it’s due to the rise in insurance, it’s really bad here, well in some areas. I’m thankful, I’m hearing horror stories, friends insurance increasing to 8-10k πŸ₯²

  4. terri77 Says:

    Great job on paying off that Hone Depot card before the interest kicks in! Usually people don’t do that which is why they offer that interest free period to lure people in.

  5. rob62521 Says:

    Good work on paying off the Home Depot and getting your student loan down. You are chipping away at it.

    Sorry about the arm pain. Ergonomics is a real thing and if you work materials hurt you, you truly suffer. Glad you figured it out.

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