nidena
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Post by nidena on Jun 16, 2019 10:22:36 GMT -5
Rukh O'Rorke, Fed will be down to the next thousand very soon: $109 instead of $110.
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ners
Junior Associate
Joined: Dec 23, 2010 16:21:18 GMT -5
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Post by ners on Jun 16, 2019 11:03:27 GMT -5
Update race one
72416.65 (1/3/2011 $97,382.42 MPT5)
289.75 paid this month.
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paynointerest
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Post by paynointerest on Jun 17, 2019 20:02:07 GMT -5
Do you realize that you have paid off nearly 30K per year, for 12 years?! (29,965.33 per year to be exact.)
Debthaven, I never calculated that. It definitely helped to wipe off a big chunk of debt in 2010 with the sale of a rental house we had. We are getting closer!
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paynointerest
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Post by paynointerest on Jun 17, 2019 20:04:06 GMT -5
June 17, 2019
Update! Pay-no-Interest $10,000.00 (New debt total: 08/2018 $388,835; starting debt 05/2007: 369,884)
I took some extra money we had this month and decided to apply it to the mortgage to make it an even $10K left on our mortgage. My goal for 2019 was to pay $5K toward the principle of my mortgage and I'm now have $1,500 left of the principle to pay to meet that goal.
I can't believe we are already half-way through June!
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imanangel
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Post by imanangel on Jun 18, 2019 20:01:36 GMT -5
Phase 1 Debt Race Care Credit- $0--Paid off!!! Capital One- $0--Paid OFF!!!! Car Loan- $6,322.29
imanangel: Phase 1: UPDATE: $6,322.29 (12/31/2018 $13,658.73 WIR 186)
Phase 2 Debt Race
USAA CC- $13,788.47 Discover CC- $18,524.39 Car Loan 2- $4,990 Ashley Furniture- $1,711.41
imanangel: Phase 2: $39.014.27($41,151.00 4/20/19 WIR 5782)
Paid off $7,336.44 in Phase 1. Paid off $2,136.73 in Phase 2
Total paid off is $9,473.17
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nikiz628
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Post by nikiz628 on Jun 19, 2019 22:05:14 GMT -5
A few hiccups in my planning for H's impending job change.
He told current employer that he would be there until 6/28, as he starts his new job 7/1. Today, his boss came in and said "tomorrow will be your last day- I will buy out your remaining vacation days". We knew he was going to get to cash out his vacation days, but we anticipated at least 3 more paychecks from his current job on top of that. Now it's looking like it will be 1.75 weeks plus his remaining days. Ouch.
To pile on the ouch, I checked with my friend who is a teacher in the school corporation he is starting his job at. The way the pay periods fall and his start date...he's going to go 3 weeks before he gets a paycheck. Double ouch.
So, I am currently crunching numbers, I paused our automatic savings transfers for the next 2 months, and figuring out the best way to survive 3 weeks without a paycheck without draining our savings a ton. Ughhhh.
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nidena
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Post by nidena on Jun 22, 2019 10:15:55 GMT -5
USAA has done some weird thing, come Monday, where I can no longer transfer funds into my Mutual Fund or something like that. I won't know for sure what the parameters are until it happens. However, to lessen having to deal with the issue, I xferred some funds into the account to get it to $1000 and plan to use a different account as my EF. The few remaining June paychecks will go into the different savings account. I've been assessing my spending habits the past month. Doing quite well in comparison to the past. Bought new shoes from Clarks, knowing I'll be on my feet much more often with being scheduled for more and longer shifts at the new part-time. And then there's the increase in Dining Out. It's about as much as I'd spend on Groceries so I'm not stressing the amount. It's the food, itself, that I need to change. lol. More veggies needed. I think I put in nearly 50 hours at LE this pay period. Definitely more than 40. It'll be a nice chunk of change next week. Three paychecks next Friday: military stuff, LE, and the college. Have a great weekend!
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Rukh O'Rorke
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Post by Rukh O'Rorke on Jun 22, 2019 12:18:26 GMT -5
A few hiccups in my planning for H's impending job change. He told current employer that he would be there until 6/28, as he starts his new job 7/1. Today, his boss came in and said "tomorrow will be your last day- I will buy out your remaining vacation days". We knew he was going to get to cash out his vacation days, but we anticipated at least 3 more paychecks from his current job on top of that. Now it's looking like it will be 1.75 weeks plus his remaining days. Ouch. To pile on the ouch, I checked with my friend who is a teacher in the school corporation he is starting his job at. The way the pay periods fall and his start date...he's going to go 3 weeks before he gets a paycheck. Double ouch. So, I am currently crunching numbers, I paused our automatic savings transfers for the next 2 months, and figuring out the best way to survive 3 weeks without a paycheck without draining our savings a ton. Ughhhh. I narrowly avoided a disaster when I switched jobs. Hope you find a way through this without too much trouble.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Jun 22, 2019 12:30:24 GMT -5
it looks like all the fed loan interest accrued is much greater than the principle paid on tiny private loan, so it would be a rather demoralizing update!
I'll just be doing monthly updates after the fed payments go through.
According to my calculation, making only minimum monthly payments to everything will be about 800/month to principle now that my parent plus loans are in repayment. That isn't too super bad! Meaning - progress will be visible, unlike now.
So - I have just about 30 extra going through the private loan monthly, and will leave everything else at minimum until I pay off what I owe to the IRS. Then I can focus on these.
Almost July, and no statement from IRS as yet about my payment plan.
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muffyinthered
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Post by muffyinthered on Jun 23, 2019 18:24:45 GMT -5
I usually start with my update but I have to start by telling you what has gone on since February when last I updated. We put our house up for sale starting March 1 and had an offer on March 8. We were amazed and scared because we had no place to move. So we got our butts to Wisconsin and found the PERFECT house. It is what they call a twindo. But there is no association dues and very small amount of grass to cut but you take care of your own half of the house.
Well 8 hours before the due diligence was up, the buyers backed out of the deal. What it boiled down to was they couldn't afford the house. So here we were with an offer in on our perfect house and our house wasn't going to close. So we asked the seller of the house we were buying if he would rent to us for a month, hoping that we could get another offer and be on our way to closing this house. No such thing happened.
So we had to take money out of our 401k to pay off the Sofi loan and we now have 2 houses. The house we currently have in NC is not selling well, and we are set to move out of that house on July 10 and head to WI. The mortgage on the WI house is not that much but we still have this one too and only living on Pension and Social Security. Unfortunately there are many places my DH wants to go before we move!!!!
So this is my update:
Loan 0 CC#2 2,903 CC#4 690 Citi 1,883 Total 5,476
Plus 2 mortgages that I am not going to race right now. But that is $67, 812 less than last update.
We are going to try and rent out the house in NC if it doesn't get a contract by the end of the month. That will help somewhat but I am going to look for a job when we get settled a little in WI and back to work I go. Just part time. Since DH has such a horrible time see things anymore from his macular degeneration. He has even had to give up his driver's license and that is why he decided he needed to retire when they offered a buyout from his work.
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nidena
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Post by nidena on Jun 24, 2019 8:53:20 GMT -5
muffyinthered, can you post the link for the house you're selling. I'll happily post it to facebook.
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bankergurl
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Post by bankergurl on Jun 24, 2019 16:12:11 GMT -5
Update to Race #1, #2, #3 and #4! $1088.04 paid off in the last 2 weeks!! My BD was last week and my husband threw me a surprise party with a party bus to the casino with friends, it was so fun and meant so much to me that he does everything he can to make me happy. He's a keeper for sure.
Summer is sooooo busy I feel like it just rushes by so fast! We have multiple nights a week of softball for each of us, plus tournaments, weddings, etc. Hoping to finally get out to the lake for the first time over the July 4th Weekend.
All of our debts got paid this update except the Mom Loan so it was a great update!
Savings is at $16,380, I still haven't put the rummage sale money in savings, but I think I will do that today or tomorrow.
Celebrations for this update: -$1088.04 paid off in the last 2 weeks!! -Total Debt went under the next $1000 mark for the 2nd update in a row!!
Race #1 - Banker Gurl Mortgage (Rental #2)
6/21/19 $143,400.00 (9/17/07 $250,514.73) Paidoff - $107,114.73
Debt | Interest | Start 9/17/07 | Last 5/10/19 | Current 6/21/19 | My Mortgage (Rental #2) | 3.62% | $250,514.73 | $143,750.00 | $143,400.00 |
Race #2 - Bad Debt Race
6/21/19 $35,829.11 (6/19/15 $63,603.84) Paidoff - $27,774.73
Debt | Interest | Start 6/19/15 | Last 6/7/19 | Current 6/21/19 | Student Loan | N/A | $93.97 | $0 | $0 | Payback Savings | 0% | $500.00 | $0 | $0 | David's Bridal | 0% | $275.30 | $0 | $0 | Scheel's Card | 25.24% | $929.90 | $0 | $0 | Total Rewards | 17.99% | $3,955.66 | $0 | $0 | LOC - US Bank | 21.90% | $4,994.05 | $0 | $0 | Ring - Iddeal | 9.99% | $9,334.87 | $0 | $0 | Appliances - Best Buy | 0% | $2,960.09 | $0 | $0 | Store Loan
| 2.00%
| $14,560.82
| $2,655.32
| $2,536.16
| Mom Loan #2 (HELOC) | 2.00% | $0 | $7,292.95 | $7,292.95 | Mom Loan #3 (Truck - Added 9/1/18)
| 2.00%
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$26,000.00
| $26,000.00
| $26,000.00
| Totals |
| $63,603.84 | $35,948.27 | $35,829.11
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*Mom Loan Savings Account has $1925.00 in it so total still owed is $31,367.95.
Race #3 - MO's Mortgage (Rental #1)/HELOC
6/21/19 $79,293.84 (6/19/15 $119,756.61) Paidoff - $40,462.77
Debt | Interest | Start 6/19/15 | Last 5/24/19 | Current 6/21/19 | HELOC | 3.5% | $30,324.70 | $0 | $0 | MO Mortgage (Rental #1) | 4.5% | $89,431.91 | $79,493.84 | $79,293.84 | Totals |
| $119,756.61 | $79,493.84 | $79,293.84 |
Race #4 - Our Mortgage
6/21/19 $239,364.01 (9/2/15 $270,000.00) Paidoff - $30,635.99
Debt | Interest | Start 9/2/15 | Last 5/10/19 | Current 6/21/19 | Our Mortgage | 4.125% | $270,000.00 | $239,782.89 | $239,364.01 |
Yearly Progress
Date | Total Debt | 6/19/15
| $584,391.18
| 1/1/16 | $557,236.94 | 6/1/16 | $536,179.52 | 1/6/17
| $524,971.47
| 6/9/17
| $516,318.28
| 1/5/18
| $504,165.70
| 6/8/18
| $495,101.02
| 12/21/18
| $509,625.02
| 1/4/19
| $508.767.86
| 1/18/19
| $507,697.95
| 2/1/19
| $506,989.70
| 2/15/19
| $505,918.19
| 3/1/19
| $504,998.86
| 3/15/19
| $503,995.75
| 3/29/19
| $503,730.27
| 4/12/19
| $502,303.76
| 4/26/19
| $501,586.82
| 5/10/19
| $499,957.80
| 5/24/19 | $499,637.68 | 6/7/19
| $498,975.00
| 6/21/19
| $497,886.96
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*Record for going under the next $1000 mark is 9 updates in a row.
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nikiz628
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Post by nikiz628 on Jun 24, 2019 21:12:48 GMT -5
H met with his new boss today to go over some things before she takes off for her summer vacation- he came home with a BOOK of paperwork to fill out. Tax papers, retirement, health insurance. It's times like this I don't feel very adulty, it's overwhelming to figure out to say the least. 32 years old and this stuff still confuses me. In other money news, it looks like H is purchasing a new truck. Now that he no longer has a company vehicle, he needs something a bit more reliable than the truck he currently has. As much as I hate that I will have a new race to race, the truck is beautiful and he was able to negotiate a decent price. He can pick it up in the next day or so, they are replacing the headlights (they had condensation in them when it was traded in) and cleaning it up (it was literally JUST traded in this weekend). I told him this is his birthday gift this year, and most of his Christmas haha. Once we sell his current truck, my loan on my SUV will go down (it's tied in to it) and my payment will reduce back to what it was before we added his truck. That will help a bit. The only thing that will truly sting is the plate fees. In Indiana, renewals are by first letter of your last name. Ours is literally due 2 days before Christmas- Merry Christmas from the BMV. He is going from a 2007 model to a 2016, so it's going to be a BIG jump in amount due.
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nidena
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Post by nidena on Jun 24, 2019 23:07:25 GMT -5
<snip> In Indiana, renewals are by first letter of your last name. <snip> What does that mean? I'll be moving there next year and will have to register my vehicle a couple years later--current reg is good until 2023 or 2025 so I won't be in any hurry to update but I'm curious nonetheless.
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nikiz628
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Post by nikiz628 on Jun 24, 2019 23:26:59 GMT -5
<snip> In Indiana, renewals are by first letter of your last name. <snip> What does that mean? I'll be moving there next year and will have to register my vehicle a couple years later--current reg is good until 2023 or 2025 so I won't be in any hurry to update but I'm curious nonetheless. You expiration date on your plates is based on the first letters of your last name. Our last name starts with Z, so we get the wonderful expiration date of 12/21. My sister's last name starts with an M, so she gets the expiration date of 7/21, etc. Here is a document that has the dates so you can reference what timeframe your plates would expire. www.in.gov/bmv/files/Registration_Expiration_Schedule.pdf
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seriousthistime
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Post by seriousthistime on Jun 25, 2019 7:10:24 GMT -5
<snip> In Indiana, renewals are by first letter of your last name. <snip> What does that mean? I'll be moving there next year and will have to register my vehicle a couple years later--current reg is good until 2023 or 2025 so I won't be in any hurry to update but I'm curious nonetheless. You might check the Indiana laws for registering a car there when you move. I got hit with this when I moved to a new state. My plates in the old state were good until May of the following year. But I moved in September (4 months into the plate year), and the new state required that cars be registered in the new state within so many days of beginning residency. I'm in a job where I pretty much shouldn't attract attention by not adhering to the law, no matter how persnickety it is. The whole process cost me about $1,000 to re-register the car. That was partly because I was registering a car that was a few months old (purchased a month before the move) and the new state hit me up for the difference in sales tax between what I paid in the old state and what I would have paid if I'd bought it in the new state. Lots of states have that law, to prevent people from going to a neighboring state with lower sales tax to buy a new car.
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Deleted
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Post by Deleted on Jun 25, 2019 8:42:20 GMT -5
<snip> In Indiana, renewals are by first letter of your last name. <snip> What does that mean? I'll be moving there next year and will have to register my vehicle a couple years later--current reg is good until 2023 or 2025 so I won't be in any hurry to update but I'm curious nonetheless. You have to apply for a new registration in Indiana within 60 days of moving there or get fined. After that it has to be renewed annually.
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livinitup
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Post by livinitup on Jun 25, 2019 11:51:46 GMT -5
So we are just about halfway through the year so I am checking in on my goals for the year.
Lifestyle Goals
Lose 20 pounds - I have lost 10 so far
Successfully complete half of the MBA program - I decided to pause the MBA to focus on taking the CPA exam. I am taking two parts in October.
Declutter my house - I have either donated or discarded the clothes the children have out grown and the toys they no longer play with as well as return items borrowed from family members. This is an ongoing process.
Financial Goals
Budget every month and stick to it - I have already created my budget for the year and it is looking very exciting - So far I am doing a great job at this.
Pay off the back rent - I am hoping to have this done by July - I am slow paying this back now so I can reach some other financial goals. I am on track to have it paid off February 2020 but I am going to try and have it done by the end of the year.
Get Loan 3 under $25,000.00 Stretch goal is to be under $20,000.00 - I have put extra payments on this as I had hoped I would but I am still trying to get it under $25k by the end of the year.
Not a bad start to the year considering it has no gone as I hoped. I thought I was going to get a big raise in January but raises did not happen until April and it was half of what I thought I was getting.
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muffyinthered
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Post by muffyinthered on Jun 25, 2019 14:04:44 GMT -5
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nidena
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Post by nidena on Jun 25, 2019 14:53:07 GMT -5
What does that mean? I'll be moving there next year and will have to register my vehicle a couple years later--current reg is good until 2023 or 2025 so I won't be in any hurry to update but I'm curious nonetheless. You might check the Indiana laws for registering a car there when you move. I got hit with this when I moved to a new state. My plates in the old state were good until May of the following year. But I moved in September (4 months into the plate year), and the new state required that cars be registered in the new state within so many days of beginning residency. I'm in a job where I pretty much shouldn't attract attention by not adhering to the law, no matter how persnickety it is. The whole process cost me about $1,000 to re-register the car. That was partly because I was registering a car that was a few months old (purchased a month before the move) and the new state hit me up for the difference in sales tax between what I paid in the old state and what I would have paid if I'd bought it in the new state. Lots of states have that law, to prevent people from going to a neighboring state with lower sales tax to buy a new car. Oh, well, even if I have to register soon after moving there, it's no biggie. I'll have had the car for a couple years by then. I could always just get a P.O. Box in my current state before I move and then just come back once a month to retrieve the stuff and take advantage of the tax-free-ness of this place. lol.
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seriousthistime
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Post by seriousthistime on Jun 25, 2019 19:06:40 GMT -5
Yeah, lots of people don't get concerned about registering a car in a new state until the old registration is about to expire. I was concerned because in a new state with which I was not particularly familiar I was concerned I'd make some stupid mistake, get pulled over, and have to explain why my address was different on my driver's license than on my registration. And my license was about to expire so I had to do that anyway, plus I wanted to register to vote in my new state. So the easiest and most legally compliant was driver's license, registration, and voter registration all at once.
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nidena
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Post by nidena on Jun 25, 2019 22:37:31 GMT -5
Beautiful home!! I've friends in NC and asked them to share my post.
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nikiz628
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Post by nikiz628 on Jun 26, 2019 21:55:42 GMT -5
New Race!
This will be race number 4 for me- the amount stings a bit, but H is so thrilled with his new truck. This should last him for quite some time too. Once we sell his current truck, my auto loan (race #2) will reduce and the payment will decrease again as well, so that will help ease the "blow". Race #4 | Interest Rate | Starting Balance | Current Balance | Difference | Truck Loan | 4.8% | $25,000.00 | $25,000.00 | 0000 |
NikiZ628(4) 6/26/2019 $25,000 (6/26/19 $25,000 WIRR197)
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muffyinthered
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Post by muffyinthered on Jun 27, 2019 7:19:16 GMT -5
Beautiful home!! I've friends in NC and asked them to share my post. Thanks! The price has just changed to #359,900.
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taz157
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Post by taz157 on Jun 27, 2019 8:26:37 GMT -5
Beautiful home!! I've friends in NC and asked them to share my post. Thanks! The price has just changed to #359,900. Good luck selling it! That house is gorgeous!! FWIW, my DH and I had double mortgages for 16 months (until 1 house sold) and it sucked. Granted, this was during the downturn in the market (Dec 2006 to Apr 2008), which was why it was so long.
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Maryland Monroe
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Post by Maryland Monroe on Jun 28, 2019 17:08:48 GMT -5
I was just curious how we're all doing, so I checked the smileys. As of the last update in April, as a group, we owed $1,439,693.68 from an original total of $2,381,460.64, for a difference of $941,766.96. We're rocking it!
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steph08
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Post by steph08 on Jun 28, 2019 20:58:18 GMT -5
UPDATE: steph08 [2] 6/28/2019 $12,974.33 (11/15/2016 $50,382.58 NE139) Bill (Interest Rate) | Start | Previous | Current | Difference | Normal Payoff | Monthly Payment | Big Student Loan (5.08%) | 18,337.66 | 5,076.97 | 1,679.77 | 3,397.20 | November 2022 | $298.59 | Small Student Loan (5.7%) | 4,585.95 | 0.00 | 0.00 | - | November 2022 | $81.81 | Truck (2.49%) | 18,995.89 | 11,681.27 | 11,294.56 | 386.71 | October 2021 | $416.19 | Van (3.6%) | 8,463.08 | 0.00 | 0.00 | - | October 2022 | $154.49 | TOTAL | 50,382.58 | 16,758.24 | 12,974.33 | 3,783.91 | | $951.08 |
Paid this update: $3,783.91 Total Paid: $37,408.25 Percent Paid: 74.25% I had an awesome freelance writing month, so I was able to make a large dent in the student loan. It should be gone next month! I really need to build up savings starting in August, so I will probably keep puttering along on the truck loan (the interest is only like $25/month) and start on the Savers thread again. I'd like to get my available cash up to $15k.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Jun 29, 2019 11:46:55 GMT -5
Since they have different due dates, one will always be up with added interest by the time the other gets a payment, so I will update twice a month as they see-saw up and down and see how that goes, maybe get into once a month when I get a better handle on it all. Loans | 6/15/2019 | 6/1/2019 Difference | Fed | $110,027.95
| $110,396.31 $368.36
| Private | $8,253.95
| $8,229.97 $(23.98)
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Total $118,281.90 $118,626.28 $344.38 UPDATE
Rukh O'Rorke 6/15/2019 $118,281.90 (6/01/2019 $118,626.28)Not much of an update! I know!!! This is going to be a long slough...that is for sure! It's important that I keep tabs on this and feel at least a little success at these initial babysteps. And - I may need to rethink how I am approaching this payoff vs saving for retirement. Some of these interest rates are on the border of better to invest vs better to payoff, but some are low enough that it may make sense to pay off slower and up retirement savings. Life is hard! lol debt | previous balance | new balance | difference | Fed SL | $110,396.31 | $109,559.76
| $836.55
| Private SL | $8,229.97 | $8,177.85 | $52.12
| Owe IRS | unknown | $6,384.25 | 0 |
Pers loan $1,880.00 $1,920.00 $40 total $126,041.86
ok - depressing update!!!
Not that I didn't know it was coming, got the new numbers on what I owe the IRS and also adding a personal loan here to keep track of that. I've made a big payment on the IRS but it didn't show in their statement, but I don't want to put that payment up here until it is cleared, new interest included etc. I've been keeping this all in different buckets in my head, but want to pool them and work on it all together.
It was about a $100 penalty on the IRS and $75 interest. Not too terrible! but of course, another stupid tax for me.
Just as a foreshadowing....I may increase the personal loan to try to 0 out the IRS debt as quickly as I can, or take on some CC debt as I juggle this. One thing I need to do is to restructure debt and do some home maintenance that is *once again* on the back burner due to unexpectedly owning the IRS so much. I want to look into home equity or cash out refi on the mortgage, and I think that owing money to the IRS is a huge red flag in that process, so I want to get rid of that as quickly as I can.
Personal loan is on the down low, a real personal loan and off the books, and I'm paying $20 interest/month per verbal agreement.
so - my pay off order of operations are:
1) IRS (may increase personal loan and/or result in carrying short term CC debt) 2) Any CC debt accrued
3) personal loan 4) private student loan Then I will break down the federal student loans by interest rate, and start with highest interest rate and try to knock those out one by one.... I've certainly dug myself a pretty hole here!
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,018
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Post by Rukh O'Rorke on Jun 29, 2019 12:03:15 GMT -5
Also - just want to relieve myself a bit with a vent and whine buffet. When I got my new job with a 139k salary I thought I was going to be *rich and max my 401k, fix up the house and pay off student loans easily, vacations, clothes, everything!
*rich - relative to my previous SOL.
Nope! I kind of feel like I am just barely making it. How can that be? How was I managing previously? I honestly have no idea! The taxes in chicago/illinois have been spiraling, and I did make about 140k last year (due to teaching all year, plus a 20K vacation payout from oldjob) and lost a bunch of tax credits/deductions due to the extra income.
Not to say that I'm not grateful for the new job, and shudder to think where I'd be if I hadn't gotten it. I think about 1/3 or more of my increase goes to taxes, so just not as much money in my pocket as I was hoping for....
Even if things just stay exactly the same, I know all will be well and I'll be in a good spot in a couple of years. I was just hoping to be in a good spot right away....
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TheOtherMe
Distinguished Associate
Joined: Dec 24, 2010 14:40:52 GMT -5
Posts: 27,120
Mini-Profile Name Color: e619e6
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Post by TheOtherMe on Jun 29, 2019 13:12:10 GMT -5
I don't know about credit reports, but the amount you owe the IRS isn't public unless a lien is filed against you. Generally, as long as you keep paying on it, that won't happen. You will know before it happens.
Please respond to any IRS correspondence so that doesn't happen to you.
I can't remember if you have applying for an installment agreement with the IRS or not.
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