PaynoInterest Thank you for "stopping by". I appreciate your "vote of approval" LOL! How funny, I was JUST thinking of you! The NYT did an article this weekend on "recasting" your mortgage (exactly what you did, and what we did for the rental reno loan after the second insurance payout) and I was debating whether or not to start a new thread on it.
Last Edit: Jan 9, 2011 17:38:04 GMT -5 by debtheaven - Back to Top
If you want to add in a debt to your totals then you need to adjust your starting balances. Forgetting to adjust your starting balances will negatively skew your paid off percentages, lower your paid off amounts and limit your smilies. Let's use Thrifty's latest update as an example:
Thrifty's 01/06/09 starting balance was $201,231.48. After adjustment for the addition of "Dad debt" it would now read: $209,464.20. <201231.48 + 8232.72 = 209464.20>
Thrifty's "paid off" total would be $29,615.90. <eliminate the negative sum for "Dad debt">.
Therefore, Thrifty's bottom line should read: 14.14% paid off $179,848.30 (starting total: $209,464.20)
Hey Writer, Actually i only added 2000$ worth of debt. I had already reset my amount. I was at 199k but now i'm at 201k (and change)... Debt to dad was debt that was on other things (like car and LOC) that I transfered. That's why I have a zero for opening balance since the money is in opening balances elsewhere. Hope that makes sense. I just did not reset my 'start date' as I like seeing the 2 years even though some of those numbers moved since then.
Post by indebtyogini on Jan 11, 2011 13:25:44 GMT -5
Shoutouts! My appologies for not updating yesterday. School starts today and I just didn't have time! The spreadsheet is updated so Minnesota you have mail!
Writer 88 – Another hearty congrats to you for winning your race! It’s great to see that little pink 100% next to your name on the spreadsheet! EL1504 – Great update! I’m sure Writer’s juju will rub off on you. DebtHeaven – Great update! I too am glad Writer will be sticking around to give us her tidbits of advice! ;D Thrift_in_mtl – I’ve reset your numbers so you should be good to go! Alicesfreedom – Great update! You’re over $10k paid off! I also readjusted your starting totals. MoodyManitoba – Another great update!
Yogini: It’s great to see that little pink 100% next to your name on the spreadsheet!
I'd love to see it, too, Yogini, but where do I look?
DebtHeaven: Do you realize you've got only 3 weeks and 4 days to go till you're done with the car debt?!?
PayNoInterest - I've gone overboard this month (new light fixtures for the house, birthday presents for DS1, new savings plans). I realize it's compensation for the months/years of denying myself, so I'm not worried. I've glad you asked where I've spent my money this month, because figuring out the answer gave me an excuse to play around with Excel.
During 2010, my "Big 3" expenses (car, debt, and food purchases of all kinds) averaged between 60-70% of my entire budget. The famous "50% needs -30% wants -20% savings" pie chart sets the maximum amount for all needs at 50%. Take a look below. It's easy to see how far out of balance I had become. Until January and February 2011, that is, when for the first time in decades my "Big 3" expenses are/will be under the 50% threshhold. My goals for 2011 are to decrease the Big-3 to 40-45%, while increasing savings to 10-12% and charity to 7.5%.
Big 3 %
Last Edit: Jan 12, 2011 10:34:48 GMT -5 by debtheaven - Back to Top
Post by debtheaven on Jan 12, 2011 16:52:33 GMT -5
Writer You have really turned things around magnificently. Good for you on your purchases, enjoy them! I think if / when both RE deals go through I am going to try to go through the budget again. I have been lazy about it lately knowing that the RE deals were coming up.
Question: I am assuming, like here, that your retirement contributions are taken out before you even see your pay. Do you count them in your savings? Or is everything in your table from your net?
Do you realize you've got only 3 weeks and 4 days to go till you're done with the car debt?!?
Gd willing! We had some bad news from the real estate lawyer today and I hope the sale will not be delayed, or Gd forbid, fall through. The PM thinks our lawyer is being ridiculously alarmist and I really hope she's right. I know our lawyer is EXTREMELY nit-picky but that's her job. Hopefully it's all much ado about nothing and everything will go smoothly. (It's a long story and I'm too tired to type it all out having spent all day dealing with it.)
I have answered SIX part-time teaching job ads since yesterday, so far, no responses. I'm definitely getting less picky about pay, distance, etc. As of this week I'm only working six hours a week and obviously that is NOWHERE NEAR enough. I should have been more proactive about it but it was school vacation, and my DS1 and DS2 have both just left within the past few days. They will both be away for many months and I wanted to spend as much time as possible with them. Last week I taught extra hours so this is the first really slow work week since mid-September.
Last Edit: Jan 13, 2011 15:39:26 GMT -5 by debtheaven - Back to Top
Post by financiallyfreeinbc on Jan 13, 2011 10:14:12 GMT -5
Wish us luck... hubby has a job interview today!!!! They called him yesterday and the guy said to call him back last night, at home... (that always sounds good!!) He said they were just waiting for DH's mill to close before hiring and that he had DH's resume in front of him and felt that he would be a good fit at the new place. He would only be relief grader but the job is permanent full time so they will find other things for him to do-clean up etc. I was so excited and nervous, I couldn't sleep last night!!!
Post by debtheaven on Jan 13, 2011 16:19:43 GMT -5
I'm going through a bad patch. I found out today that the loan offer is overdue. I thought it had already been approved but it turns out no, not yet. So today the credit union asked for YET MORE PAPERS. Mainly DH's bank statements on his personal account which is not in good shape. (For you newbies I originally tried to include those in my race but ended up leaving them out because I have no control over them. DH is not spendy but he's really doesn't earn a lot and being in the red doesn't bother him.)
So now I'm worried that both the sale AND the purchase will fall through (since the due date for getting the loan approved was three days ago). The banker promises me she will not let the deal fall through, duh, then you should have gotten it done by the deadline. I'm feeling VERY stressed. If Gd willing these two transactions go through, we are DONE with RE investments.
I also applied to several more jobs today, these are quite far away and / or not very well paid.
The whole thing is insane, because if both transactions work out, we will be significantly lowering our monthly payments! Every time she asks for something else she tells me "it's just a formality" but I don't trust her since it's obviously not her making the decisions. For weeks she has been telling me "well I have everything I need now" and then asking for something else. When I complained today, she told me we were old clients and being given "preferential treatment". I can't imagine what it's like for the new ones!
Last Edit: Jan 13, 2011 17:18:33 GMT -5 by debtheaven - Back to Top
I'm going to start just posting the one line, as all I have left is the personal loan. My debt will be down to only four digits in February, which I'm really looking forward to! Once the four digits come, I feel like the progress will pick up.
I'm taking two classes this semester that just started and this is the first week that I'm back at work 100% since my surgery, so life has been busy! I'm going to be very busy for the next few months, but it'll keep me out of trouble! Financially and otherwise!
Post by financiallyfreeinbc on Jan 14, 2011 15:43:57 GMT -5
Thanks all! He said the interview was more like "45 min of just 'shooting the s***t'" They talked about 'this and that' and he left without knowing which way the wind was blowing. They told him they were going to check his references and call him Monday (you can imagine how well I did with that!)
So, the guy calls back today and says he wants to make another appt with DH. The conversation goes on and he mentions that "yeah, I want him to come in for a tour of the plant and all that stuff on Monday" I was pretty brazen and asked "does that mean you are hiring him?" The guy says "well, yeah!" OMG!!!!!!! So, hubby was out of work for... 3 hours. I am beyond grateful!!!!! With the job market being so bad and people everywhere still out of work, hubby gets a job. Thanks to everyone for their support!!
DebtHeaven-I am sending you good juju for your transactions to go through without further stress and hassle. It would be great to see others feeling as good as I do today. Good luck!!!!!
Post by alicesfreedom on Jan 15, 2011 1:36:49 GMT -5
FFinBC : that must be some sort of record. I was just looking at the old boards on msn money, read where you were now in saving mode before hubby lost his job. Now he's employed again after a 3 hour break. That must be a huge relief off your shoulders. Good job for hubby getting employed so quick again. Did he enjoy his vacation?
Next paycheck... 22K! Not to shabby for 24 months of work
Things here are good, work is busy and social life is picking up.. can't complain !
FFIBC: congrats on your hubby getting a job! One huge stress off your shoulders! and congrats on winning your race!
debtheaven: hope the RE deals work out for you, then you can sit back and relax a bit with having less payments /mth. I'm certain the job situation will work out for you. Just remember it's not bad to be a little picky where you choose to work..you don't want to go back to the hassle you had last year at that school. Your mental sanity counts as much if not more than you wallet sanity .. don't forget to take care of yourself!
DebtHeaven - I'm so sorry there hasn't been a bite yet to all the job-bait you've set on your line. I'm praying for you! And is that loan company you're dealing with connected to the Israeli NII??? It sounds like the same bureaucratic nonsense. How are you coping? The way I coped was to throw the problem up to G-d. Literally. Sometimes, to get in the proper mood, I'd grab a tennis ball, pretend it's the NII situation, and throw it up in the air. I'd then say, "Okay, G-d, here, YOU deal with it." I don't know if it worked, but it made me more relaxed. <This idea comes from Miriam Adahan.>
ffinbc - Sounds like YOUR prayers were answered, too. Yours is an amazing story. You handled the DH-employment situation with grace, dignity and patience. I am impressed to the point of being overwhelmed.
IDawnGirl - You're just under 2/3 paid off! Great work!
Post by debtheaven on Jan 16, 2011 21:19:18 GMT -5
Thanks to all of you for your comments! Thrifty thank you for the reminder about taking just any job. I have to admit I'm feeling pretty panicked now and your comment was very timely.
Writer, I'm not coping all that well. I have done as you suggested (minus the ball). It is indeed the same "bureaucratic nonsense" but we are REALLY PO'd at our credit union for letting it go past the loan deadline. Hopefully they will come up with the goods VERY soon.
Although the seller now has the right to back out of the deal, it is unlikely that he will because he would be starting the same loan process with a new buyer. The only way it would be to his advantage would be if he found a buyer who can pay cash. Not impossible, but unlikely. Even if he did find a cash buyer, it would still take three months to close, and he is in a rush because of the impending tax changes. So Gd willing it will work out.
Last Edit: Jan 16, 2011 21:57:36 GMT -5 by debtheaven - Back to Top
Post by financiallyfreeinbc on Jan 17, 2011 10:21:25 GMT -5
"Sounds like YOUR prayers were answered, too. Yours is an amazing story. You handled the DH-employment situation with grace, dignity and patience. I am impressed to the point of being overwhelmed."
Writer-it is weird that when I look back at what I have said our goals are, we are suddenly meeting them. We will have a ready made emergency fund (6 months for the both of us), we will be able to do many of the things we have always wanted to do - vacation, house improvement etc (not all at once, of course but...). Thank you for the kind words about dignity and grace... I do have to admit that I did dispair off and on and was not always calm about it so not sure DH would agree but I do believe I was always supportive. The savings took a bit of a hit this w/e since we REALLY celebrated DH's new job. Probably more than we should have but we have some money and more coming so we kinda splurged. It was weird and I did have greying tunnel vision when the final bill came in but hey... isn't that was debt repayment and saving are all about?
Post by Minnesotagirl7 on Jan 17, 2011 13:02:05 GMT -5
2007DH- I hope things are straightened out & quickly with regard to your loan paperwork. How frustrating! Idawngirl- Great update! You’ve been around for a year and have already paid off almost $18k of debt! ffinbc- Fantastic news about DH and the job situation! What a huge relief. thrifty- Nice update! I have to agree wholeheartedly - almost $22k is not too shabby at all!
Hopefully we will be up and running with smileys soon!
Post by psychobabbler on Jan 18, 2011 17:43:10 GMT -5
First of all, FFBC and Writer: WAY TO GO. you have both been so inspiring to me and helped me to keep on track. I am so pleased for both of you and hope you enjoy your new freedom.
Its a bit ealy for an update as i usually update after the 22 but i did want to checkin to wish our two winners and and delighted that the group is running as before. you have all been a great source of inspiration for me in paying down my debts. I think if you all were not here I may not have done as well...being a psychotherapist I cant help but wonder what it is about having an "audience", and whether our motivations would be as strong without that "audience". The support that I've receiveed has spurred me on and I am grateful for you support.
I had mentioned before we moved that I was going to post some goals for 31/12/2011...long delayed. i got a new CC with a 12 month 0% deal, limit of 7500. I transferred all of CC1 on to CC3 and some from CC2 to CC3. Goals are here: ..........Current......Rate.....Limit.....Goal CC1...3438..........17.9......4500....0 CC2...6458..........16.9......7500....2606 CC3...0.................0..........7500....4008...transferred 6750 on to it Loan..8808...........21.33...............6103 OVERD.400...................................400
On the CCs I'm only paying off the interest I would have payed if I had not got CC3 because I'm squeezed quite tight on finances until May. I was paid 8 months rent by my tenant in advance and being the bad money manager that i am I'm managing but on severely reduced income as I've been dipping into that pot of cash that was to last til May. Nonetheless, with the new CC I'm still paying off the same amount though paying no interest so the net effect on my debt is no different, it just means less outflow per month which helps in these tight times.
I'd love to see your goals for 2011...cmon everyone we can do this, we all need something to work towards and it helps if we've commited "publicly". What are your goals for end of year 2011?
Hope you all have a wonderful year and hope to post my update in a few days.
Post by debtheaven on Jan 18, 2011 18:42:55 GMT -5
Babbler I'm so glad you made it over here! You don't post often so I was worried you wouldn't have seen the link to here. Interesting thoughts about doing better with an "audience", especially a supportive one. I think these boards are indeed proof of that. Audience / accountability.
Many posters here have used balance transfer deals to no / low interest rates to help them along the road. My sister was a financial mess for many years and successfully used them to dig herself out, she's in a GREAT place today.
My goals are simple, yet still unattainable for now. Our credit union is STILL / AGAIN giving us a very hard time. Plus my ditzy DH lied to them (inadvertently). They asked what a certain monthly payment was for on his personal account, he proudly said, for my savings acct. No, idjut, it's for your overdraft. He rectified the error.
It can really go either way. Maybe they'll decide to give us the loan because we're entertaining LOL! I did send our bank manager a really heartfelt email tonight though. I'm not a Barbra Streisand fan but "Enough is Enough" keeps going through my head.
So my goals are: - Sell the wonky rental. (In process, but no closing date yet. Late.) Then (assuming it actually happens) use some of the proceeds to: - Pay off the 4235e car loan (and win my race!) - Pay off the 11050 rental reno loan (aka the Trashed Rental Disaster of 2009). - Use the rest to buy another rental. (Also in process. Also late, because our credit union STILL hasn't approved the loan. Even though we are putting 63% down!) - Take on a 41K rental loan (if the credit union decides to give us one). - At the end of the day (March? April?) have only a 30K rental loan, a 41K rental loan, and a 2K boiler loan. - "Set it and forget it" (again, if / when Gd willing it actually happens).
Also, earn enough to pay half of DD's college costs for the next three years (starting in 2011).
Last Edit: Jan 18, 2011 18:57:26 GMT -5 by debtheaven - Back to Top