Amber's Personal Finance Blog

Hello August!

I can’t believe we are eight months into the year.

On top of COVID, now we are dealing with a potential hurricane. I’m praying that this thing remains a tropical storm ⛈ , or at the mist a category 1 storm, I’m so over it.

Thankfully, I’ve been stacking up on supplies for COVID and hurricane season so I didn’t have to go out in that mess. The lines were crazy.

I called the SO, to see if he thought I should put up the plywood, he said no since it was a Cat 1 the day before and it looks as though none, except for one, of the neighbors are putting up anything either. We are getting some rain that’s it right now.

I received my statement from the new mortgage company and the balance owed is $10k more, not sure why so I’ll be calling them on Monday. I also received my escrow refund from the old company, that I’ll put in the bank. I have a feeling I’ll be billed in November and I want to make sure the money is available. I’ll tell you the truth, I was so tempted to take this money and pay off my lowest student loan, then save for November taxes and insurance. I also need to call my old mortgage company, I haven’t received my refund for my last payment.

Monday will be a busy day on the phone.

Since last week, I’ve been decluttering. I realize that I’m less productive with clutter, and I spend way too much money on junk, well I use to. Yesterday I found things that I had no idea I had, 2-3 of the same stuff. I trashed so much unopened makeup 💄 it was ridiculous. For each project, area I declutter, I’m throwing $5 into my challenge fund, so far I’m at $30. I tell ya it feels really good to get rid of junk. I vowed not to buy a thing until I use what I have.

I’m so sore from the bending, moving, stretching et cetera, that I might take today off and just relax; however, I really want this desk area/mini office finished.

It’s new to me but old to most. I read Apple approved to split their stocks, 4 to 1, they closed out at about $400, that’s about $100 a share after the split. Something so simple gave me so much joy, just a week ago I had no clue what a split was or how to calculate, and today I’m smiling because I have a clue.

Now, as I mentioned earlier I’m in no position to buy stock but I couldn’t help but play the game. Even though Apple is a viable organization, what’s going to happen next year? I’m anticipating that sales will plummet. Right now we have high unemployment, high GDP, we are in a recession but most haven’t felt it yet because the government is pumping all this stimulus money into to economy. So with that, I’m anticipating that Apple’s stocks will decline. So if I was in a position to buy, I think I would hold off until the top of the year, when stock prices decreased a tad bit more, purchase and later experience the increase once things bounce back.

For you pros what’s your thoughts?

Please be gentle, I’m new to this.

Met with our mentor today to discuss investing. No I’m not at the point where I can invest, but I’m at the point where I want to learn about investing. The man we met with is a multimillionaire, he started when he was young. One thing he honed in on was, save most of your income, don’t buy unnecessary things and read.
It’s myself and two friends, he has agreed to teach us and he’s not charging.

I chuckled when he told us to get the books from the library because they’re free. First thing came to mind was if you want to be rich, do as the rich. I’m nervous about this journey but I’m excited.

Our first assignment, and it’s a tough one, pick a company you’d like to invest in and ask yourself why? Look at the owners, how they’ve performed etc. I’m so nervous because I have no idea what or who I’d like to invest in. But I’m going to try and tackle.

Lastly, I logged into my student loan account, and finally my payment of $500 hit, I’m officially now paying down principal and it feels great.

It felt good to not think about COVID today

Please take this virus serious, I lost one of my good friends today

I’m so excited, I finally paid off the interest on my student loan (smallest balance). I paid my last amount in interest that was $455 and $45 on the principal.

This month I have paid over $2000 in interest, now I can start paying down the balance. I honestly did not think that I’d see this day, even though years ago I paid off a student loan, nothing compared to what I owe now. It’s such an amazing feeling and I’m so thankful to God for getting me this far even during a pandemic.

My last payment of $300 finally hit my student loan account, I’m down to my last $455 in interest before I am able to tackle the principal balance.

I’m both excited and thankful. I’ll have about two months of no interest to pay down the smallest loan, my goal is to pay at least $4,000 by the end of September. The balance is $7085.16.

I honestly thought I’d have these loans forever, but it looks like I’ll be done with them in three years, then it’s the house.

Today my friend’s mom died. She fought a long fight with this virus, please practice social distancing and wear a mask.

After I got the news, I started decluttering, my house. I tackled the kitchen (lower cabinets )and then moved to my master bathroom. In doing so I found I have a leak. I’m so glad that I’ve been saving since I moved into the house for home repairs. I called my handyman who should be here next week.

I completed my budget review tonight and found that for this last pay date I saved 54% of my income. Though most was to my sinking funds (future events) it was nice to know that I’m able to. Just wish I was investing this.

I also paid $300 on the student loans, next week I’ll pay about $500. I haven’t calculated but I’m anticipating that I’ve paid closer to $2000 this month on student loans, surpassing my goal of $1,000.

For the month, I saved almost $500 for my challenges. This will go towards my bed room set. I’d taken half the previous amount saved and threw it at the student loan, this was why I was able to go beyond my goal.

Yesterday was the first day I went out in months. Literally. I took a drive to a consignment store and they required a mask, and practiced social distancing. It was just nice to get out. I didn’t find a bed room set, but I did find the place to be expensive. It’s might be less expensive for me to buy a new set. I’ll keep saving and browsing around.

It’s pay day and I came in under budget with my cash envelopes, by $94. I stuck to a plan, and that helped. I was so tempted to head to the grocery store but I promised myself that I wouldn’t go until the next pay day, that’s today.

I stuffed my cash envelopes for the next budget period, and I’m promising myself the same thing, get what’s on my shopping list only, and don’t go back to the store until the next shopping date, two weeks away.

Today I paid $300 on my student loans. I’m down to my last $455 on this loan before I start tackling the principal. Thankfully we have one last month in that the loans are interest free, I’m hoping to knock $1,000 off the principal next month, bringing that balance just over $5k.

I read the proposed senate stimulus bill, and there is no mention of the federal student loans, bummer. Fingers crossed that the paused interest will continue, for a few more months.

Friends and family news
My friend whose mom decided to have a party during this pandemic, that was diagnosed with COVID, later put on a vent then in an induced coma, has taken a turn for the worst. The family was asked to call in hospice. The daughter in law who attended the party, tested positive but is showing no symptoms and is going about her daily routine as if she’s not been diagnosed and it pisses me off. It’s not much I can do besides tell her she needs to quarantine.

I can’t stress this enough, wash your hands, keep your distance and wear a mask.

Excited, I picked up another side gig for about $60 for a hour. Of course this will go towards the student loans.

I’m really hoping that my business would pick up, but it takes patience.

Every little bit helps. I signed up for budget billing with my electric company, I’d budgeted $120 for the month. However, the bill was to be $150 but because I did the budget billing it was $97. I took the $20 saved and added to my student loans.

This week is a pay week, and I’ll be adding $300 to my student loans.

I went back to using cash envelopes, I noticed I was spending a little more with my debit card. I also noticed that I still have about $94 left in my cash envelopes left, hopefully this is a no spend week and I can use what’s left and pay down my student loans.

My fingers are crossed 🤞🏾 that this deferred interest accrual continues at least through the end of the year. I’m really making some headway on these loans. The interest kills me.

Finally my student loan payment hit my account, since last month I’ve paid off $2375.75 in interest. I have $800 to go before I can start tackling the principal of $6,629.41. I’m so excited because next week is pay day, and I’m throwing $300 on this loan and then on the first I’ll throw $700 for a total of $1,000. That means my balance will be $6429, all principal.

I’m so close to paying this off I want to scream. Though I have a huge student loan debt, it will just feel good to pay one off by the end of the year, God’s will.

I’ll be honest, I hope Congress continues with the interest free accrual through the end of the year at least

I can’t stress how important it is to wear a mask, wash your hands frequently, and practice social distancing. This virus is serious, it is not a hoax, and if one person dies from it, that’s too many.

As you know my friend’s mom did not take this pandemic seriously, she is now in ICU in an induced coma, and her daughter in law, my friend’s wife now has the virus, contracted, they think from the party they all attended. Please adhere to CDC guidelines.

I’m in Florida, and things are bad. We have had over 100, clinical staff quit, at a local hospital. Let that sink in, over a 100. Nurses do not want to expose themselves, they’re seeing first hand what’s happening. My friend who is a physician shared, based on what she’s seeing, it’s not going to get better. Please, do what you must to protect yourself, family, friends and others.

Today I received my tax return of $538, I wish I could break even but hey. Anyway, I paid a few things (see previous post) and paid an additional $200 on the student loan debt.

This has been an amazing month, when it comes to tackling my student loans. Though I have a way to go, it still feels good to finally be able to get to this debt, while I’m on this debt free journey. I’ll be honest, I’m praying that another relief comes down the pipe and they continue the interest free relief until at least December, that would allow me to pay off one of the loans at least.

Since June I’ve paid almost $2000 in interest, next Friday is pay day and I’ll be paying $350 that would wrap up the interest and rest would finally go towards the principal.

For a while I was really depressed about these loans, I mean really depressed, but the ability to actually make payments and see a little headway really made a difference.

So glad that I checked, there was a time that I’d stick with the insurance company paying crazy rates, now I have no problem switching.

Geico sent my renewal, I felt like I did not receive the discount, called and got another quote with a different company, I’ll be saving $114.78 and for me, every little bit helps, so I’m switching.

Tomorrow is tax day and my deposit is scheduled to hit, I can’t wait to add more to my student loans.

I’m so close to paying off one of my student loans I can taste it.

I decided to take half of the money I saved for my bedroom set and throw it at the student loans. That leaves me with about $1,000 to go before I start tackling the principal and it feels great.

I don’t know why but I feel like God wants me to get rid of this sucker. Yes the bedroom set is falling apart but if I can get used I’ll be fine. Plus I can wait a little bit.

Wednesday my taxes hit and I’ll be paying $200 on them.

Paid an extra $150 today on the student loans, the balance is now $28,292.98, this amount is a combination of two loans.
The smallest of the two is $8,567.75. With the $150 payment, my new balance will be $8,417.75. Next pay day I plan on paying $300. Either way, I think I can get this loan paid off, I hope by December. My goal, $1000 a month.

Pay day is Friday, I sort of played around with the numbers and realized I will be saving about 34% of my income. Though most of this is sinking funds (e.g. HOA, mortgage, car insurance) it’s still a great feeling knowing I can save for these things.

After tallying what I’ll be adding to my challenge fund, my YTD will be $1532. I’m so excited about this. I had so many plans for this money when I first started, saving for my 50th, then it changed to paying off CC, now I’m teetering between a bedroom set and student loans.

My bedroom set was a hand me down, it’s over 20 years old and the drawers are actually falling apart, literally. I also need a new mattress but think I can hold off another year. However, a apart of me is saying screw the bedroom set and pay off the student loans. Maybe I can find a decent use set for $500 and throw the rest on the student loan. Either way I’m waiting until the last check in December and I make my last contribution before deciding.

By playing around with the budget I found some extra cash and I’ll be paying $150 on the student loans. That’s $707.02 towards my goal of a $1,000 for the month. Though I’ll meet my goal with the last check of the month, I really hope I get my tax return before the end of the month, so that I can throw the money on this student and that will take me over goal.

I’m happy that I’m able to make the payment but ticked off that this $1000 isn’t going towards retirement.

Received the refund, for the house after the refinance, the amount was $779. I also received a refund, thank goodness, for my professional membership from the job, in the amount of $219.

Now that I have a nice chunk set aside for professional membership and certifications, $763, I’m going to stop contributing to that account and add the amount I was contributing to the student loans. My membership is ridiculously high $219 and the certification (two) are about $150 every other year, and of course they’re due in different years 🙄🤦🏽‍♀️. So with $800 saved, this should cover those expenses, plus I get a refund so I can stop saving after July. Once I’m told no more refunds, I’ll kick the savings back up again.

I promised myself that any money I get, something will always go in the savings, pay yourself mentality. I’m not saving as much as I would like to, I’m trying to pay off the student loans but I vowed to always put something up.

So out of the $779, $100 went to the EF and 619.90 went towards the cash back credit card payment. The $619.9 includes the appraisal, $510, and two fees of $54.95 for the refi, so overall I did not spend anything out of pocket and made money using my credit card cash back.

I had about $60 left, so I paid $30 towards the student loan and left $29 in my checking account as a buffer. I also paid the $219 (the refund) towards the credit card, for my professional membership fee. I like the idea of using the card, not carrying a balance and earning cash back. Even if it’s just $30 a month, that’s $30 I have to add to my student loan every month.

When I went to pay my student loan, I saw that there was a allocation option, never noticed it before 🙄🤦🏽‍♀️, so I clicked on it. Low and behold, I can allocate the percentage I want applied to each loan, interest first of course. I noticed that the loan that showed a balance of $29k was actually split into multiple loans. The smallest balance is just over $6k, that means that at the rate I’m going, $1k month, I can have this loan paid off by December. I feel so much better, knowing that these loans are broken up and that I would be able to pay one off this year. I feel like I can make some traction.

Lastly, the prayers are working, my friend’s mom is doing better, she’s still on the ventilator and in ICU but she’s doing much better, thank God and thank you all for your prayers.

That’s it in a nutshell.

So Miami-Dade County is going back on lock down, I’m literally a skip and a hop away from this county. I can’t figure out, why the governor refuses to lock us back down. The bars, that are supposed to closed, are packed, people aren’t wearing masks and our numbers are skyrocketing. I’m in Florida.

I spoke with my friend, his mom is still not doing well. My other friend had to give up her office, the hospital has to turn her floor into a COVID unit, and my neice who is a nurse, is starting to feel fatigue, she hasn’t had a day off since February. Oh and we have positive cases that I’m now dealing with on the job, one employee has been admitted.

I just don’t understand. We prepare for a hurricane, we will even bunker down if the storm is approaching but we can’t do this for two-three weeks, my God.

I know this isn’t finance related, but it can be. If things do not get under control we are going to see some devastation. A local city, is feeling the pinch and will start shutting electric off of residents who can’t pay their bill, the average bill is $1200 due per household and over a million dollars past due for the city, for three months. Now you start factoring in rent and mortgages, that have been placed on hold, this will be a mess.

I just pray things get better.

Listen for those of you who think that your rights are being violated when asked to wear a mask, please put your selfishness aside.

This mask wearing topic has become political, and it is a health care issue.

My friend’s mom is fighting for her life right now. She decided against his wishes to have a party. That’s right a house party. People showed up, there was no social distancing and no mask wearing. Guess what, she is now in ICU fighting for her life. I received a 2:45 am call that things have turned for the worst. The family can’t even visit her.

Please keep this family in your prayer.

I’m finally tackling Chris Hogan’s “Retire Inspire” it’s pretty good. I ended up purchasing it because for some reason none of the local libraries had digital copies. Honestly, I like the way books feel anyway, and I can highlight if need be.

After reading a few chapters I got even more anxious about paying off my student loans, I want to max out my 401(k), IRA and HSA but I can’t until I get these loans paid off. I hate I took these loans out. 😡

Now that I’m doing these user surveys, I get Amazon gift cards so I can use these for books and household supplies. I’m nervous about ordering groceries via Amazon but we’ll see what happens down the line. Any money saved from not buying household goods I can throw at the student loans.

This was a good week, money wise, with the next pay day I will only be able to throw an extra $100 at the student loan. I cashed out the reward cash from the credit card, $27.02 and threw at my student loans, MTD paid, $527.02. I’m on track with hitting my goal of $1000 for the month.

I’m hoping I get the mortgage payment refund back soon. I have to reach out to the broker regarding my $75 application fee refund. That’s on my list to follow-up on Wednesday.

Lastly, I reworked my budget. I bumped my direct deposit to the emergency fund by $100 a paycheck since I’m saving that amount in mortgage, I also reallocated the car fund direct deposit. I met my goal for the upcoming six month car insurance renewal in August, so I was able to decrease the amount needing to go to the account for the next renewal in March 2020 by $100. It feels good, everything seems to be working out.

Wrapped up my taxes, $538 refund. The new tax bill wasn’t good to me, it screwed up my deductions for the house but hey 🤷🏾‍♀️
Once I received the refund, I’ll pay $54 for tithes, $100 to the EF and the rest to student loans. I think I’m going to surpass my $1,000 student loan payment for July. Next week I should be able to drop another $500 on the loans, with the first check in July and extra cash being received. I am feeling so excited. I already paid $500 on the first.

I’m truly thankful, this is the first time in a very long time in that I’ve been happy, there were times when I thought I wouldn’t make it, and here I am.

I’m so thankful for God’s grace and getting me through some really rough times.

Closed today, I’ll be getting a check on the 7th for just over $700 and I’ll also be getting a refund on the payment I made for July.

The first payment is due September so, I’m throwing August payment into the saving that will give me three to four months of mortgage payment saved. I’m happy with that because that was my goal.

Next I’m adjusting the budget, and my direct deposit, to account for the $222, I’ll be saving each month in mortgage since refinancing.

I completed my first user review and made $50 in gift card (Amazon). I’ll use these gift cards to purchase household goods.

I’m really annoyed with the title company. My rate is locked in for a few more days and we are trying to close but they’re not responding. It’s crazy because I’ve used them twice before with no issues. I’ve given the broker to move on to another company.

I went ahead and paid the mortgage, though the rate is higher, my level of comfortability, is even higher. The broker told me I should be refunded. We will see.

Other news, I received payment from the side hustle, so I paid my tithes, added $100 to the EF, paid $500 on the student loans 👩🏾‍🎓, and kept a little cushion in the checking account in case something comes up with this refinancing. Next week is pay day and I’ll be able to add $400 to this debt. I’m hoping to hit my goal of $1,000 debt payment for July, actually for each month. If this happens I could knock my student loan debt 1 down by $8k by the end of the year.

This month I’m doing well, July is off to a great start. My challenge envelope for the year has hit a little over a $1,000. I had so many plans for this money but I know it’s going towards a new bedroom set, much needed, the drawers are falling apart, and student loans. More than likely I’ll buy used for the bedroom set. The goal is to save what I can then at Christmas time buy the dresser, night stand and new mattress. I’ll be honest, I’m so glad I started these challenges. One it teaches me patience, two, to save for what you need/want, three, I’ve also learned discipline and lastly, usually when I wait, there’s always a great deal.

Next, I’ve got to up the ante on my healthy points for Humana. These turn into cash, well gift cards and I’d love a iRobot for my floors. Last year Christmas I got my fitness watch and I’m down so far 11lbs. It’s away to award myself at the end of the year without spending my own money.

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?

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.

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.

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

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.