Thank you all!

iVillage Member
Registered: 04-10-2003
Thank you all!
Sun, 09-23-2012 - 4:17pm

I appreciate all the feedback to my quesiton about the house. And I've decided to stay put and invest a little more money into making it livable for me. I think that what you were seeing was a symptom of the fact that to a certain degree I feel like I'm becoming a workaholic and wanted to something for ME!

But I've decided that the time, money and effort isn't worth it. I can work with what I have and am on track to pay off the mortgage in 10 years. Why knock myself back to 25? Also, I would have to cut back EVERYTHING and live on beans and rice for the next year. Not worth it.

I've also realized I've dropped the ball in a big way. I've been spending like an idiot lately and just not tracking it. So thanks to all here, I sat down today and redid my budget based on what I am currently making, and including money to have someone come clean and do the gardens. I also gave myself a small "raise" in spending to account for inflation and I still have $9 left over.

What's even more exciting is that with my new salary, I should have another $200-$400 a month (depending on what the final number is) (and yes, this is going through . .. my boss announced it at our meeting last week!!!). That money will help to expedite the debt payoff and give me some more ME money!

I am planning a vactation with BF in December and have put the cash aside for it. My sister wants to go to Ireland next year and I have built the budget so that I will have enough to cover that as well.

I redid the dog's budget as well. I have them on a raw food diet because they are gluten intolerant. This was a cheaper alternative for a while, but now that food prices have gone through the roof it's not cheaper anymore. So I found a dog food that will last them for a month and it gluten free and only $85 (a lot, I know) with all natural ingredients (made in Canada). I can supplement with fruits and veggies that are going bad (so I don't have to buy any specifically for this), and any off cuts from BF's hunting to try and stretch the bag to a little more than a month.

All in all I feel like I needed this wake up call. I need to do more for ME and less for everyone else. The bike has been great and I'm loving it, but I want to start living a little more. Every dinner out is a little longer to Ireland or AFRICA (my ultimate dream)!

So I've told BF we're on an austerity program, lol.  He agrees so that helps! I just did a big shop and due to couponing and price matching I spent $80 and got 10 bags. I've frozen a lot of meat, have a HUGE pot of soup on now and boiled a bunch of eggs. I'm hoping this will last for about 2 weeks.

So, here is my confession . . . I'm not even sure my debt totals :smileysad:

I know roughly I have: $12,800 on my LOC (it's interest only which comes to about $35 a month but I am paying an extra $100 because I can't stand the idea of interest only)

$7999 (I just know its under $8k) for my car. Payment is $140 biweekly

Student Loans $21K (monthly payment $275).

CCs: Around $800 but this will be paid off in the next few weeks (Toby's vet bill was on this one so I have to transfer the funds)

Efund $275 (Currently putting an automatic $50 a month, new budget has this increased to $100).

So my plan: Pay off the CC asap and take them out of wallet.

Get the efund up to $1k (doable: because of how my insurance and tax works, I don't pay for Nov and Dec but I keep them in the budget just in case) so that is $1k there.

Focus on cash only.

Start having fun. Splitting up extra money to 50% debt 50% me!

Wow this was long! Thanks for reading!

Bex -

Avatar for poorboy2011
iVillage Member
Registered: 10-02-2011
Sun, 09-23-2012 - 6:10pm
Good job, Bex! I know how busy work or life can get, and suddenly you no longer keep track of your spending. Good luck with the new budget!

iVillage Member
Registered: 11-17-2007
Mon, 09-24-2012 - 12:54am

I didn't read the thing about the home mortgage but here in the USA If you want to save a lot of money on interest and pay off your house eariy this is what the bank told me to do. Pay your normal payment on time Then a couple of days later make out a check say for a 4th of our principal payment amount and in the memo part of the check put FOR DEPOSIT ON THE LOAN PRINCIPAL ONLY.

In my case my principal each month is 161.00 and my interest is around 375.00 If you send them a 4th each month or when you can that comes to less then 50.00 a check. But you cut off at least 3 months of time and around 1000 of interest saving. Well you can figure it up by using your mortgage statement or your list that they gave you at the closing. by jumping down the payments

doped up as I am I can't figure it up in my head. but it works I used to add 10.00 on the od houses mortgage that way and within 5 years by doing that I had upped my time on the mortgage by 3 years but that was on a different amount of interest rate.

You get the point anyway.

I remember this one full principal amount saved me 4 months interest.  another thing you have to remember is the balance the bank is figuring the interest on a smaller daily balance that saves you money to.

I just thought I would pass this on for our consideration. Love Mary Ann

iVillage Member
Registered: 04-10-2003
Mon, 09-24-2012 - 7:14am
Thanks Mary Ann! I appreciate it. I am already following your advise : ) I've worked it out with my bank that money from one of my investments is going right on the principle of the mortgage each month. Its about $300. I know I could be sending it to my higher interest student loan (6%) but I figured this way I never see it so there is NO chance that it will, ah, accidentally get rerouted shall we say :smileyhappy:

I can't wait to be debt free. Sigh. Only 10 more years (if I could the mortgage)

Bex -

iVillage Member
Registered: 02-11-2006
Mon, 09-24-2012 - 2:14pm
Bex, you are amazing!! Good job on the budget and your future plans sound perfect!
Community Leader
Registered: 08-25-2006
Mon, 09-24-2012 - 7:30pm
You are doing great!
iVillage Member
Registered: 12-12-2009
Tue, 09-25-2012 - 1:14pm

Bex, as usual, I think you have made a good choice. Of course we get tempted to buy a new home when ours isn't all that we wish it was, but you really looked at the whole picture and made a solid decision. Good for you!

iVillage Member
Registered: 11-17-2007
Tue, 09-25-2012 - 3:29pm

unless your student loan is the amount of your home mortgage

You are ahead of the game

daily interest amount has to be larger then a student loan even if it 6 %

You are doing the right thing hands down Love

Mary ann