Maryland Monroe
Established Member
Joined: Dec 23, 2010 16:52:51 GMT -5
Posts: 459
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Post by Maryland Monroe on Sept 2, 2019 1:48:18 GMT -5
When I first started with the racers, one person posted that she had finished her race and was completely out of debt. I was excited for her, but thought I'd never get there. Now, I'm close enough that I can see light at the end of the tunnel, and it's not an oncoming train. paynointerest, I'm excited for you since you're almost there, and I look forward to your big zero.
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nooccar
Junior Member
Joined: Jan 6, 2011 1:54:02 GMT -5
Posts: 165
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Post by nooccar on Sept 2, 2019 14:00:49 GMT -5
Update: nooccar (2): 9/2/2019 $44,336.14 (11/4/2010 $73,475.09 WU197) Slight change to my plan. I am refinancing to a 10 year loan 1% below my current rate. Even though I'm paying closing costs, the amount I will save in interest more than makes up for it. I did get a large fee waived, for which I'm thankful. It will make it easier to meet my goal of getting this paid off before I retire as long as all continues to go well.
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bankergurl
Well-Known Member
Joined: Dec 30, 2010 17:05:10 GMT -5
Posts: 1,435
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Post by bankergurl on Sept 2, 2019 19:57:32 GMT -5
Update to Race #2 and #3! $323.73 paid off in the last 2 weeks!! Hey guys, I'm only 3 days late on this update!
I forgot to put up the baby puppy pics on my blog after the last entry but I just went and put some up right before I came here so I swear they are there now! (link is at the bottom of the entry)
Since we are going on a little vaca in a few weeks I have instituted no eating out and no casino until we go on 9/20, so we have 20 days. Really tired of the CC being so high every month so this should help a ton, not only with no eating out, but also no gas for casino runs.
Our streak of going under the next $1000 mark has ended at 6 updates in a row....we missed being able to go under it by only 2 days! So next update will be really good and keep us moving down.
Savings is at $16,065.00 and finally balanced and up to date.
Celebrations for this update: -$323.73 paid off in the last 2 weeks!! -Store Loan went under the next $1000 mark!!
Race #1 - Banker Gurl Mortgage (Rental #2)
8/16/19 $142,600.00 (9/17/07 $250,514.73) Paidoff - $107,914.73
Debt | Interest | Start 9/17/07 | Last 7/19/19 | Current 8/16/19 | My Mortgage (Rental #2) | 3.62% | $250,514.73 | $143,000.00 | $142,600.00 |
Race #2 - Bad Debt Race
8/30/19 $34,142.01 (6/19/15 $63,603.84) Paidoff - $29,461.83
Debt | Interest | Start 6/19/15 | Last 8/16/19 | Current 8/30/19 | 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
| $2,058.61
| $1,938.99
| Mom Loan #2 (HELOC) | 2.00% | $0 | $6,203.02 | $6,203.02 | Mom Loan #3 (Truck - Added 9/1/18)
| 2.00%
|
$26,000.00
| $26,000.00
| $26,000.00
| Totals |
| $63,603.84 | $34,261.63 | $34,142.01
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*Mom Loan Savings Account has $2410.00 in it so total still owed is $29,793.02.
Race #3 - MO's Mortgage (Rental #1)/HELOC
8/30/19 $78,395.17 (6/19/15 $119,756.61) Paidoff - $41,361.44
Debt | Interest | Start 6/19/15 | Last 8/30/19 | Current 8/30/19 | HELOC | 3.5% | $30,324.70 | $0 | $0 | MO Mortgage (Rental #1) | 4.5% | $89,431.91 | $78,599.28 | $78,395.17 | Totals |
| $119,756.61 | $78,599.28 | $78,395.17 |
Race #4 - Our Mortgage
8/16/19 $238,521.93 (9/2/15 $270,000.00) Paidoff - $31,478.07
Debt | Interest | Start 9/2/15 | Last 7/19/19 | Current 8/16/19 | Our Mortgage | 4.125% | $270,000.00 | $238,943.69 | $238,521.93 |
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
| 7/5/19
| $496,973.20
| 7/19/19
| $495,818.98
| 8/2/19
| $494,954.13
| 8/16/19
| $493,982.84
| 8/30/19 | $493,659.11
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*Record for going under the next $1000 mark is 9 updates in a row.
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nidena
Senior Member
Joined: Dec 28, 2010 20:32:26 GMT -5
Posts: 3,581
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Post by nidena on Sept 2, 2019 21:07:53 GMT -5
bankergurl, you're less than $11,000 from having paid off $100,000 and, looking at your history, you'll attain that by the end of this year. How sweet is that??
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idlechatter
Initiate Member
Joined: Sept 7, 2013 15:12:54 GMT -5
Posts: 70
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Post by idlechatter on Sept 4, 2019 19:38:35 GMT -5
August Summary• No new credit card debt since paying off all of my credit cards in May! (I already had the cash for the moving expenses on the card, so I'm not counting that!) • Car loan is less than $10K! • Student loans under $32K! 2019 Goals• Under $50K by February 2019 update (met February 2019!!!) • Reach 50% paid off by February 2019 (met January 2019!) • Pay off another student loan by Feb 2019. (met February 2019!!!) • Only have student loans and car loan debt by May 2019. (met May 2019!!!) • Reduce SL#B to <$2K by Dec 31 19. • Reduce Auto loan to <$8K by Dec 31 19. idlechatter (2) 8/28/2019 $40,918.21 (12/13/2017 $71,083.09 C165) Debt | Interest Rate | Starting Debt | WIRR Start 12/13/2017 | 8/16/2019 | Difference from WIRR Start | Total Difference | CC#1a | - | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | CC#1b | 0.00% | $4,846.31 | $4,846.31 | $0.00 | -$4,846.31 | -$4,846.31 | CC#2 | 18.92% | $1,592.09 | $1,592.09 | $0.00 | -$1,592.09 | -$1,592.09 | SL#A | 6.80% | $3,024.00 | $640.37 | $0.00 | -$640.37 | -$3,024.00 | SL#B | 6.80% | $8,400.00 | $5,465.90 | $4,150.28 | -$1,315.62 | -$4,249.72 | SL#C | 6.80% | $31,822.91 | $21,424.73 | $16,792.45 | -$4,632.28 | -$15,030.46 | SL#D | 6.80% | $8,400.00 | $5,596.11 | $4,187.91 | -$1,408.20 | -$4,212.09 | SL#E | 6.80% | $11,370.48 | $8,723.05 | $6,586.45 | -$2,136.60 | -$4,784.03 | SL#6 | 6.55% | $6,581.00 | $2,926.35 | $0.00 | -$2,926.35 | -$6,581.00 | Auto | 1.90% | $19,036.80 | $15,864.00 | $9,201.12 | -$6,662.88 | -$9,835.68 | Moto | 7.99% | $4,384.14 | $4,004.18 | $0.00 | -$4,004.18 | -$4,384.14 | Total | | $99,457.73 | $71,083.09 | $40,918.21 | -$30,164.88 | -$58,539.52 |
I love your reporting format, with a monthly summary and annual goals!! In 2020 I want to add some goals to my payoff plans. Thank you!! I started putting up goals to help keep me focused and that turned into including a summary so I can remind myself of how far I've come. And YES. The new, fancy living situation is permanent. I'm trying to make it feel more like home and less like a hotel, but it's still feeling like a hotel for now. I have a key fob to get into my apartment instead of a key. I've been here just under a month though, so I'm hoping it will come with time. It's just so fancy. I was out with DEXBF this weekend at a brewery and we were talking to a bartender about it and he was like "She's not like that! I promise!!" Meaning I'm not a super fancy type of person that feels entitled or whatever. I couldn't help but laugh. I was wearing a cut up tshirt and skull slip on shoes and hadn't washed my hair in 5 days. I'm definitely not fancy.
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nidena
Senior Member
Joined: Dec 28, 2010 20:32:26 GMT -5
Posts: 3,581
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Post by nidena on Sept 5, 2019 9:53:17 GMT -5
So many instances of "Let me get this while I still live in a tax-free state". lol But, if I'm going to spend a couple hundred $$, I'd rather not pay tax until I absolutely have to.
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steph08
Junior Associate
Joined: Jan 3, 2011 13:06:01 GMT -5
Posts: 5,450
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Post by steph08 on Sept 6, 2019 8:36:14 GMT -5
UPDATE: steph08 [2] 9/6/2019 $10,102.83 (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 | 0.00 | 0.00 | - | 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 | 10,499.68 | 10,102.83 | 396.85 | October 2021 | $416.19 | Van (3.6%) | 8,463.08 | 0.00 | 0.00 | - | October 2022 | $154.49 | TOTAL | 50,382.58 | 10,499.68 | 10,102.83 | 396.85 | | $951.08 |
Paid this update: $396.85 Total Paid: $40,279.75 Percent Paid: 79.95% I hit $40k paid this update! Wow! Just turtling along on the truck loan.
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,030
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Post by Rukh O'Rorke on Sept 7, 2019 9:24:08 GMT -5
UPDATE!
Rukh O'Rorke 9/6/2019 $118,859.02 (8/6/2019 $122,844.85)debt | June 1 | June 29 | August 6 | September 6 | Difference | . | . | IRS | - | $6,384.25 | $4,427.14 | $1,925.94 | $2,501.20
| . |
| Personal Loan | - | $1880 | $1960 | $1518.15 | $441.85
| . | . | CC1 |
| . | - | . | . | . | . | CC2 |
| . | - | . | . | . | . | SL Private | $8,253.95
| $8,229.97
| $8,138.02 | $7,844.81
| $293.21
| . | . | SL Fed | $110,027.95
| $110,396.31 | $108,319.69 | $107,570.12
| $749.57
| . | . | Total | - | $126,041.86 | $122,844.85
| $118,859.02
| $3,985.83
| . | . |
Feeling like I am making some real progress here, but on the other hand, the pressure is really on as well! I need to clear the IRS debt by first week of December or face additional penalties/actions. Can't recall the exact date, I didn't pay attention as I thought I could easily clear that with my 3rd paycheck in Nov. I hesitate to go back to my paycheck every 2 weeks/monthly bills thread... ....but as I'm projecting out, it is becoming more complicated. Just because there is a 3 paycheck month, doesn't mean I have a clear free paycheck that month. As the paycheck are coming earlier and earlier in the month, I am using those funds as they come in. when I get to the lovely 3 paycheck month, the first and second paycheck are used as usual, but the third just isn't "free" because the first paycheck for the following month doesn't show up until 2 weeks into the month, so that 3rd needs to be saved for those first week bills, plus at least half of the second paycheck as it usually is. In my head, I was thinking I could just use the 3rd paycheck to pay off the IRS, but I need to whittle it down because there just isn't going to be a lot of extra money suddenly. I am kind of feeling the extra money slowly as paychecks are coming before some bills they usually don't. So - I need to be a little more on top of this. I'm sure you experts already know all about these things. I'm trying! But - even with the pressure on, I couldn't resist putting a couple hundred extra towards the private student loan to dip it under the 8k mark. I couldn't just sit there for months waiting on that..... . I have faith I will navigate the IRS somehow in time.....
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,030
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Post by Rukh O'Rorke on Sept 7, 2019 9:45:54 GMT -5
As an aside! I have changed the due date on my most used credit card for mid month, but I still have mortgage, student loans, health and car insurance coming out between the 1st and 5th of the month. I think if I could change the student loans, then that would be equalized quite a bit.
I am worried about inadvertently adding on 2 weeks - where they "generously" stretch the payment out, adding 2 weeks of extra interest while lengthening the loan repayment. I want to shorten it by two weeks, not add on!
Just checked, and there is not way to specify for them to move the payment date in the autopay. Still some stuff to think about!
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,030
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Post by Rukh O'Rorke on Sept 7, 2019 13:53:48 GMT -5
UPDATE!
Rukh O'Rorke 9/6/2019 $118,859.02 (8/6/2019 $122,844.85)debt | June 1 | June 29 | August 6 | September 6 | Difference | . | . | IRS | - | $6,384.25 | $4,427.14 | $1,925.94 | $2,501.20
| . |
| Personal Loan | - | $1880 | $1960 | $1518.15 | $441.85
| . | . | CC1 |
| . | - | . | . | . | . | CC2 |
| . | - | . | . | . | . | SL Private | $8,253.95
| $8,229.97
| $8,138.02 | $7,844.81
| $293.21
| . | . | SL Fed | $110,027.95
| $110,396.31 | $108,319.69 | $107,570.12
| $749.57
| . | . | Total | - | $126,041.86 | $122,844.85
| $118,859.02
| $3,985.83
| . | . |
I've decided to channel idlechatter now, and not wait for 2020 to set my goals. I already have them in my head, maybe a little foggy, so why not solidify and record? Will refine as I go on.... 2019 Goals
- October: Pay at least 500 to IRS, 250 personal loan
- November: Pay off IRS
- December: Pay off Personal loan
2020 Goals
- January: Pay off any CC balances (I may be transferring IRS/PL balances onto cc temporarily)
- February:
- March:
- April:
- May:
- June:
- July:
- August:
- September:
- October:
- November:
- December: Pay off Private Student Loan/Be under 6 figures overall
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debthaven
Senior Associate
Joined: Apr 7, 2015 15:26:39 GMT -5
Posts: 10,325
Member is Online
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Post by debthaven on Sept 8, 2019 15:58:44 GMT -5
Feeling like I am making some real progress hereIMO if you can change the due dates for the SL, don't worry about that extra interest for now, just do what's more comfortable for you. You can worry about it later, after the IRS is paid off. I'm sure you'll prepay those 2 weeks of interest at some point soon.
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ners
Junior Associate
Joined: Dec 23, 2010 16:21:18 GMT -5
Posts: 6,487
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Post by ners on Sept 9, 2019 5:58:39 GMT -5
Update Race 2
9384.51 (4/21/18 12161.07 WIRR 172)
Balance is slowly moving down. Just barely on track to hit yearly goal.
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,030
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Post by Rukh O'Rorke on Sept 9, 2019 11:41:22 GMT -5
Feeling like I am making some real progress hereIMO if you can change the due dates for the SL, don't worry about that extra interest for now, just do what's more comfortable for you. You can worry about it later, after the IRS is paid off. I'm sure you'll prepay those 2 weeks of interest at some point soon. Thanks! One thing I'm dealing with is that I don't understand how I've made this much progress so quickly, or if I will be able to keep it up or not. I'm budgeting and checking and forecasting (all in my own, relatively inept way!) and it seems like there shouldn't be any extra money and there almost always is and I send it on for bills or savings, and worry I've miscalculated and will be left in a bind, but within 1-2 months, there is more extra money to throw around. While this is good, I know, I haven't quite mastered what is going on. Which is another reason I was disappointed my 2 weeks paycheck cycle discussion got derailed. I'm not having trouble paying for things, I'm having trouble understanding how it works and how to anticipate things when pay and bills are misaligned calendar-wise. I'm starting to get a handle on it, will continue to track everything, I'm trying to reconcile every weekend and project out 30 days - but I still worry I am missing something somewhere. One thing from this update that I see is that even paying just the bare, to the penny, minimums on my fed student loans, that is about 750 month paid in principal, so that is really encouraging to me! That will be about 9k paid off per year, and every month the percent to principal increases - currently principal payment is increased by about $4/month. I wish I could just round these payments up to the nearest dollar for just a little extra oomph, but no, even that is not allowed via the website. I swear they make it pretty difficult to pay these off early! I have 10 separate loans to pay, so rounding all up to the nearest dollar would be nice! Just got the data for my first side gig project today, so that is at least a definite go!
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Maryland Monroe
Established Member
Joined: Dec 23, 2010 16:52:51 GMT -5
Posts: 459
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Post by Maryland Monroe on Sept 9, 2019 13:20:38 GMT -5
Rukh O'Rorke , I suggest a spreadsheet where you list everything you have to pay. Place them in order of due date so you can track what you have to pay with each check, and if the check won't cover everything due before the next check, you'll know how much you have to save from the previous cycle to cover it all. Don't forget about things you only have to pay quarterly, semi-annually, and annually (divide by the appropriate number) and start a sinking fund so you'll have the money when they're due. My categories are car insurance, water/sewer bill, homeowner's insurance, vacation, car registration, etc.
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,030
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Post by Rukh O'Rorke on Sept 9, 2019 14:44:50 GMT -5
Rukh O'Rorke , I suggest a spreadsheet where you list everything you have to pay. Place them in order of due date so you can track what you have to pay with each check, and if the check won't cover everything due before the next check, you'll know how much you have to save from the previous cycle to cover it all. Don't forget about things you only have to pay quarterly, semi-annually, and annually (divide by the appropriate number) and start a sinking fund so you'll have the money when they're due. My categories are car insurance, water/sewer bill, homeowner's insurance, vacation, car registration, etc. Thanks! I am working on this. I have everything in a spreadsheet for 2020 and doing month by category pivot table to try to get that big picture view. Now I know water bill is every other month! I have started a mini EF, but put most money towards debts. Monthly budget generally accounts for most variations.
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seriousthistime
Senior Member
Joined: Dec 22, 2010 20:27:07 GMT -5
Posts: 4,707
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Post by seriousthistime on Sept 9, 2019 19:38:30 GMT -5
Rukh O'Rorke, I actually have a simple (but complicated to explain) Excel spreadsheet that's not a budget per se, but is more like a spending plan. I can see all my expenses at a glance for the month and with a few minor tweaks I get it organized each month depending on my actual pay dates that month. I'm also paid every two weeks. A few things make it easy for me to maintain this with a minimum of fuss. First, I have a separate account at a local bank that I use for auto payments for my mortgage. I auto-deposit half the monthly mortgage payment with each paycheck, and that means I'm depositing the equivalent of 13 mortgage payments into that account each year and never need to scramble to pay a mortgage payment that falls at an awkward time between paychecks. (Since that's my biggest payment by far, it has the potential to cause maximum stress if it were to fall at the wrong time.) I also pay my insurance (homeowners and car) monthly. Then I have a few quarterly payments, for one HOA fee and the trash bill. I put that on the spreadsheet with a notation of the months I need to pay those bills, so I know that for two months of every three (and I know which two months those are), I can ignore that entry. Each bill name (Electric, Cell Phone, etc.) is on the spreadsheet in the first column, and the second column is the due date. The spreadsheets are in due-date order from the 1st through the 31st. Third column is the approximate amount of the bill (and I adjust for things like credit cards that I pay in full each month because the amount can vary), and then I have a column next to that to denote whether I am on automatic payments for that bill or whether I have to do something to pay it manually. Each month I go in and "insert a sheet row" to separate the bills according to which paycheck they'll be paid from. I log into my checking account every few days, change the font color from black to another color to show that a payment has cleared my account, and at the end of the month I change it all back to black to start the next month, and readjust where the inserted sheet rows go. Also, I have some cards I rarely use. But I have all those listed (with their due dates) at the bottom of the spreadsheet. When I use one, I just copy and paste the name of the card and due date and insert it in due-date order up above, and enter in the amount and month the bill will be paid. So recently I used my Pier 1 card, put something on it in June, moved the name and due date wherever the due date fell on the upper part of the spreadsheet, noted the amount of the charge (which I would pay in full), and the month it would be paid (purchased in June, posted to the July statement, payment due in August, so I noted August next to the amount), and I was set. As you noted, the occasional third paycheck in a month is actually used to pay bills at the beginning of the next month too. I just know that when I'm done with the last bill of the month, regardless if it's a 3 paycheck month or a two paycheck month, the whole thing rolls over to the top of the spreadsheet again. So for September, my paydays are the 6th and 20th. I have a blank row between bills due on the 4th and the 8th, and another blank row between the bills due on the 18th and the 24th (no regular bills with due dates between the 18th and 24th). The paycheck on the 20th will be used to pay everything from September 24th to October 3. Then next month my paydays are the 4th and the 18th. The blank rows on the spreadsheet will be placed above the bills due on the 4th and the 18th, because I can pay the bills due on those dates with that day's paycheck. I try to keep about $400 each paycheck for filling the gas tank, buying groceries, having a lunch or dinner out with friends, my dog's pricey prescription food, a movie, etc. For the big things in life, like property taxes, it's on my Savings spreadsheet, and I just transfer the money into checking as needed. Really, it's simple. It's just complicated to describe.
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seriousthistime
Senior Member
Joined: Dec 22, 2010 20:27:07 GMT -5
Posts: 4,707
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Post by seriousthistime on Sept 9, 2019 19:40:41 GMT -5
Geez, I guess Maryland Monroe and I do it the same way. But look at how simple her explanation is and how complicated mine is! Really, we're both simple. She's just way more concise.
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,030
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Post by Rukh O'Rorke on Sept 10, 2019 9:48:40 GMT -5
Rukh O'Rorke , I actually have a simple (but complicated to explain) Excel spreadsheet that's not a budget per se, but is more like a spending plan. I can see all my expenses at a glance for the month and with a few minor tweaks I get it organized each month depending on my actual pay dates that month. I'm also paid every two weeks. A few things make it easy for me to maintain this with a minimum of fuss. First, I have a separate account at a local bank that I use for auto payments for my mortgage. #1) I auto-deposit half the monthly mortgage payment with each paycheck, and that means I'm depositing the equivalent of 13 mortgage payments into that account each year and never need to scramble to pay a mortgage payment that falls at an awkward time between paychecks. (Since that's my biggest payment by far, it has the potential to cause maximum stress if it were to fall at the wrong time.) I also pay my insurance (homeowners and car) monthly. Then I have a few quarterly payments, for one HOA fee and the trash bill. I put that on the spreadsheet with a notation of the months I need to pay those bills, so I know that for two months of every three (and I know which two months those are), I can ignore that entry. Each bill name (Electric, Cell Phone, etc.) is on the spreadsheet in the first column, and the second column is the due date. #2a) The spreadsheets are in due-date order from the 1st through the 31st. Third column is the approximate amount of the bill (and I adjust for things like credit cards that I pay in full each month because the amount can vary), and then I have a column next to that to denote whether I am on automatic payments for that bill or whether I have to do something to pay it manually. Each month I go in and "insert a sheet row" to separate the bills according to which paycheck they'll be paid from. I log into my checking account every few days, change the font color from black to another color to show that a payment has cleared my account, and at the end of the month I change it all back to black to start the next month, and readjust where the inserted sheet rows go. Also, I have some cards I rarely use. But I have all those listed (with their due dates) at the bottom of the spreadsheet. When I use one, I just copy and paste the name of the card and due date and insert it in due-date order up above, and enter in the amount and month the bill will be paid. So recently I used my Pier 1 card, put something on it in June, moved the name and due date wherever the due date fell on the upper part of the spreadsheet, noted the amount of the charge (which I would pay in full), and the month it would be paid (purchased in June, posted to the July statement, payment due in August, so I noted August next to the amount), and I was set. As you noted, the occasional third paycheck in a month is actually used to pay bills at the beginning of the next month too. #2b)I just know that when I'm done with the last bill of the month, regardless if it's a 3 paycheck month or a two paycheck month, the whole thing rolls over to the top of the spreadsheet again. So for September, my paydays are the 6th and 20th. I have a blank row between bills due on the 4th and the 8th, and another blank row between the bills due on the 18th and the 24th (no regular bills with due dates between the 18th and 24th). The paycheck on the 20th will be used to pay everything from September 24th to October 3. Then next month my paydays are the 4th and the 18th. The blank rows on the spreadsheet will be placed above the bills due on the 4th and the 18th, because I can pay the bills due on those dates with that day's paycheck. I try to keep about $400 each paycheck for filling the gas tank, buying groceries, having a lunch or dinner out with friends, my dog's pricey prescription food, a movie, etc. For the big things in life, like property taxes, it's on my Savings spreadsheet, and I just transfer the money into checking as needed. Really, it's simple. It's just complicated to describe. #1) ooo - I really like this idea! I think I will try to get this going somehow. #2) how does it roll to the top? do you just manually add or copy paste? And I'm thinking that you have a separate sheet per month, 12 sheets per year, and do a new file for each year? Lot of helpful info, thanks so much!!
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nidena
Senior Member
Joined: Dec 28, 2010 20:32:26 GMT -5
Posts: 3,581
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Post by nidena on Sept 10, 2019 12:50:20 GMT -5
My excel workbook has a tab for every month...since January 2011. The top lines are my income (mil pension and disability both arrive on the 1st, "amount remaining in checking account" at the end of each month, part-time income every two weeks) and then NEEDS expenses (mortgage, utilities, groceries, etc) followed by WANTS expenses (dining out, misc) so it looks something like this: 1st of the month income Disability Lands' End (Sep 5th) (Savings) Lands' End (Sep 19th) (CC) Mortgage HRV Water/Sewer Electric Natural Gas Internet Car Insurance Life Insurance 3-6 month savings Visa Dining Out Groceries Misc
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TheOtherMe
Distinguished Associate
Joined: Dec 24, 2010 14:40:52 GMT -5
Posts: 27,161
Mini-Profile Name Color: e619e6
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Post by TheOtherMe on Sept 10, 2019 15:06:24 GMT -5
I do monthly spreadsheets but I virtually file them at the end of the calendar year and file them. Now that I scan my receipts, everything I think I need saved is all in one folder.
I back it up to the cloud and to an external hard drive. I try to do it weekly, but it usually ends up being every two weeks.
I'm so happy not to have to deal with all the paper any more.
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nikiz628
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Joined: Jun 11, 2013 17:25:59 GMT -5
Posts: 1,442
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Post by nikiz628 on Sept 10, 2019 21:39:03 GMT -5
So many great suggestions on this page!
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saveinla
Junior Associate
Joined: Dec 19, 2010 2:00:29 GMT -5
Posts: 5,222
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Post by saveinla on Sept 10, 2019 22:08:35 GMT -5
My excel workbook has a tab for every month...since January 2011. The top lines are my income (mil pension and disability both arrive on the 1st, "amount remaining in checking account" at the end of each month, part-time income every two weeks) and then NEEDS expenses (mortgage, utilities, groceries, etc) followed by WANTS expenses (dining out, misc) so it looks something like this: 1st of the month income Disability Lands' End (Sep 5th) (Savings) Lands' End (Sep 19th) (CC) Mortgage HRV Water/Sewer Electric Natural Gas Internet Car Insurance Life Insurance 3-6 month savings Visa Dining Out Groceries Misc I do something like this, but keep the same sheet for the whole year. This way I can know month to month if there are variations and also run the calculation for the year in December pretty easily
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nikiz628
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Joined: Jun 11, 2013 17:25:59 GMT -5
Posts: 1,442
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Post by nikiz628 on Sept 10, 2019 23:09:41 GMT -5
UPDATE 9/11/19: Race #4Race #4 | Interest Rate | Starting Balance | Current Balance | Difference | Truck Loan | 4.8% | $24,945.53 | $24,658.66 | 286.67 |
NikiZ628(4)9/11/2019 $24,658.66 (6/26/19 $25,195 WIRR197)
Total Paid in 2019: $536.34 Total Amount Paid Off: $536.34
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nidena
Senior Member
Joined: Dec 28, 2010 20:32:26 GMT -5
Posts: 3,581
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Post by nidena on Sept 10, 2019 23:13:22 GMT -5
My excel workbook has a tab for every month...since January 2011. The top lines are my income (mil pension and disability both arrive on the 1st, "amount remaining in checking account" at the end of each month, part-time income every two weeks) and then NEEDS expenses (mortgage, utilities, groceries, etc) followed by WANTS expenses (dining out, misc) so it looks something like this: 1st of the month income DisabilityLands' End (Sep 5th) (Savings) Lands' End (Sep 19th) (CC) Mortgage HRV Water/Sewer Electric Natural Gas Internet Car Insurance Life Insurance3-6 month savings Visa Dining Out Groceries Misc I do something like this, but keep the same sheet for the whole year. This way I can know month to month if there are variations and also run the calculation for the year in December pretty easily The bolded ones don't vary unless I change something (like insurance coverage).
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Maryland Monroe
Established Member
Joined: Dec 23, 2010 16:52:51 GMT -5
Posts: 459
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Post by Maryland Monroe on Sept 11, 2019 8:31:33 GMT -5
nidena, do you record everything you buy on your spreadsheet, or do the incidentals go in your miscellaneous column? I tried keeping track of everything for a while, but eventually dropped it because it was too cumbersome for me. My spreadsheet is really my check register since I no longer carry a checkbook. There's a template for all my regular monthly expenses and I copy it into the active page when my money is direct deposited (last day of the month for pension, Social Security on the same Wednesday every month).
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nidena
Senior Member
Joined: Dec 28, 2010 20:32:26 GMT -5
Posts: 3,581
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Post by nidena on Sept 11, 2019 8:53:26 GMT -5
nidena , do you record everything you buy on your spreadsheet, or do the incidentals go in your miscellaneous column? I tried keeping track of everything for a while, but eventually dropped it because it was too cumbersome for me. My spreadsheet is really my check register since I no longer carry a checkbook. There's a template for all my regular monthly expenses and I copy it into the active page when my money is direct deposited (last day of the month for pension, Social Security on the same Wednesday every month). I have columns off to the side for Misc, Dining Out, Groceries, and Savings Tracker. I input the places I shopped and how much I spent and the total at the top of the column is then linked to the box in my actual budget. Since I'm a creature of habit, if I see a lot of Walgreens under Misc, I'll know that I bought a lot of magazines and ice cream that month. Dining Out is usually Domino's, Cheesecake Factory, or Chinese Food.
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 10,030
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Post by Rukh O'Rorke on Sept 14, 2019 11:42:25 GMT -5
thanks everyone! loving this discussion and glad to see others are benefiting too.
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seriousthistime
Senior Member
Joined: Dec 22, 2010 20:27:07 GMT -5
Posts: 4,707
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Post by seriousthistime on Sept 14, 2019 13:12:09 GMT -5
Rukh O'Rorke , I actually have a simple (but complicated to explain) Excel spreadsheet that's not a budget per se, but is more like a spending plan. I can see all my expenses at a glance for the month and with a few minor tweaks I get it organized each month depending on my actual pay dates that month. I'm also paid every two weeks. A few things make it easy for me to maintain this with a minimum of fuss. First, I have a separate account at a local bank that I use for auto payments for my mortgage. #1) I auto-deposit half the monthly mortgage payment with each paycheck, and that means I'm depositing the equivalent of 13 mortgage payments into that account each year and never need to scramble to pay a mortgage payment that falls at an awkward time between paychecks. (Since that's my biggest payment by far, it has the potential to cause maximum stress if it were to fall at the wrong time.) I also pay my insurance (homeowners and car) monthly. Then I have a few quarterly payments, for one HOA fee and the trash bill. I put that on the spreadsheet with a notation of the months I need to pay those bills, so I know that for two months of every three (and I know which two months those are), I can ignore that entry. Each bill name (Electric, Cell Phone, etc.) is on the spreadsheet in the first column, and the second column is the due date. #2a) The spreadsheets are in due-date order from the 1st through the 31st. Third column is the approximate amount of the bill (and I adjust for things like credit cards that I pay in full each month because the amount can vary), and then I have a column next to that to denote whether I am on automatic payments for that bill or whether I have to do something to pay it manually. Each month I go in and "insert a sheet row" to separate the bills according to which paycheck they'll be paid from. I log into my checking account every few days, change the font color from black to another color to show that a payment has cleared my account, and at the end of the month I change it all back to black to start the next month, and readjust where the inserted sheet rows go. Also, I have some cards I rarely use. But I have all those listed (with their due dates) at the bottom of the spreadsheet. When I use one, I just copy and paste the name of the card and due date and insert it in due-date order up above, and enter in the amount and month the bill will be paid. So recently I used my Pier 1 card, put something on it in June, moved the name and due date wherever the due date fell on the upper part of the spreadsheet, noted the amount of the charge (which I would pay in full), and the month it would be paid (purchased in June, posted to the July statement, payment due in August, so I noted August next to the amount), and I was set. As you noted, the occasional third paycheck in a month is actually used to pay bills at the beginning of the next month too. #2b)I just know that when I'm done with the last bill of the month, regardless if it's a 3 paycheck month or a two paycheck month, the whole thing rolls over to the top of the spreadsheet again. So for September, my paydays are the 6th and 20th. I have a blank row between bills due on the 4th and the 8th, and another blank row between the bills due on the 18th and the 24th (no regular bills with due dates between the 18th and 24th). The paycheck on the 20th will be used to pay everything from September 24th to October 3. Then next month my paydays are the 4th and the 18th. The blank rows on the spreadsheet will be placed above the bills due on the 4th and the 18th, because I can pay the bills due on those dates with that day's paycheck. I try to keep about $400 each paycheck for filling the gas tank, buying groceries, having a lunch or dinner out with friends, my dog's pricey prescription food, a movie, etc. For the big things in life, like property taxes, it's on my Savings spreadsheet, and I just transfer the money into checking as needed. Really, it's simple. It's just complicated to describe. #1) ooo - I really like this idea! I think I will try to get this going somehow. #2) how does it roll to the top? do you just manually add or copy paste? And I'm thinking that you have a separate sheet per month, 12 sheets per year, and do a new file for each year? Lot of helpful info, thanks so much!! I reuse the same spreadsheet over and over. No copy-paste involved. It's not a budget, it's a just plan for expected expenses so no need to track actual expenses. So what rolls to the top is my eyes. I change the color entries (paid) to back to black (unpaid) and adjust the "insert row" and "delete row" functions as needed for the next month. Then as I go through the month, I change from black to color entries when the bill has been paid.
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Maryland Monroe
Established Member
Joined: Dec 23, 2010 16:52:51 GMT -5
Posts: 459
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Post by Maryland Monroe on Sept 14, 2019 14:56:22 GMT -5
#1) ooo - I really like this idea! I think I will try to get this going somehow. #2) how does it roll to the top? do you just manually add or copy paste? And I'm thinking that you have a separate sheet per month, 12 sheets per year, and do a new file for each year? Lot of helpful info, thanks so much!! I reuse the same spreadsheet over and over. No copy-paste involved. It's not a budget, it's a just plan for expected expenses so no need to track actual expenses. So what rolls to the top is my eyes. I change the color entries (paid) to back to black (unpaid) and adjust the "insert row" and "delete row" functions as needed for the next month. Then as I go through the month, I change from black to color entries when the bill has been paid. Mine is very similar to this. I don't track every expenditure. With two checking accounts, I know what comes out of each every month. The template for that lives at the bottom of my spreadsheet. If an item is something that happens automatically without my direct input, it stays with the default white background. If I have to actually do something, it is highlighted until I do it, then I remove the highlights.
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bankergurl
Well-Known Member
Joined: Dec 30, 2010 17:05:10 GMT -5
Posts: 1,435
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Post by bankergurl on Sept 14, 2019 19:46:36 GMT -5
Update to Race #1, #2 and #3! $1439.25 paid off in the last 2 weeks!!
Well it's been a financial beating here! We had to fill our propane for winter ($790) and take all 3 dogs to the vet ($700)(which we stupidly did at the same time #mistake #sh!tshow). Then it rained here for about 3 days straight.....as in 24hrs a day with no breaks and we got water in our basement. Luckily it was "only" in my store where I keep my resell items and there were only a few items on the floor as most is on shelves. We spent many hours getting water out and also bought a sub pump ($150) and a dehumidifier ($250). We aren't sure where the water was coming in at, so hoping this won't be an issue going forward. We have been in this house for 4 years now and have never had water before, hopefully it was just a fluke issue due to the ridiculous amounts of rain.
I turned in our hours in for the entire year for the 4 unit we property manage (we get paid monthly for routine matters like collecting rent, mowing and finding renters, but hourly for extra cleaning, repairs, maintenance, etc.) and that came out to $787 so we used that to cover the propane bill. The propane bill was actually $872 originally, but they offer a discount for paying it with cash or check within 10 days so we did save $80 there. Vet bill, sub pump and dehumidifier went on our Discover which we pay off in full every month, so when that bill comes due we will probably have to take money out of savings to cover it.
We've been doing pretty good on the no eating out/no casino till 9/20. Not perfect, but good and I'm proud of how much we reduced. MO stopped at a casino on the way to a work trip and made $100 and we took my FIL last night as a thank you for watching our dogs and we came home up $340! Eating out we have reduced about 80%-85% of normal eating out. Hopefully that savings on spending will help with the credit card bill.
Savings is at $16,375.00
Celebrations for this update: -$1439.25 paid off in the last 2 weeks!! -Mom Loan went under the next $1000 mark!! -Race #2 went under the next $1000 mark!! -Total debt went under the next $1000 mark!!
Race #1 - Banker Gurl Mortgage (Rental #2)
9/13/19 $142,250.00 (9/17/07 $250,514.73) Paidoff - $108,264.73
Debt | Interest | Start 9/17/07 | Last 8/16/19 | Current 9/13/19 | My Mortgage (Rental #2) | 3.62% | $250,514.73 | $142,600.00 | $142,250.00 |
Race #2 - Bad Debt Race
9/13/19 $33,475.97 (6/19/15 $63,603.84) Paidoff - $30,127.87
Debt | Interest | Start 6/19/15 | Last 8/30/19 | Current 8/30/19 | 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
| $1,938.99
| $1,819.28
| Mom Loan #2 (HELOC) | 2.00% | $0 | $6,203.02 | $5,656.69 | Mom Loan #3 (Truck - Added 9/1/18)
| 2.00%
|
$26,000.00
| $26,000.00
| $26,000.00
| Totals |
| $63,603.84 | $34,142.01 | $33,475.97
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*Mom Loan Savings Account has $2480.00 in it so total still owed is $29,176.69.
Race #3 - MO's Mortgage (Rental #1)/HELOC
8/30/19 $78,395.17 (6/19/15 $119,756.61) Paidoff - $41,361.44
Debt | Interest | Start 6/19/15 | Last 8/30/19 | Current 8/30/19 | HELOC | 3.5% | $30,324.70 | $0 | $0 | MO Mortgage (Rental #1) | 4.5% | $89,431.91 | $78,599.28 | $78,395.17 | Totals |
| $119,756.61 | $78,599.28 | $78,395.17 |
Race #4 - Our Mortgage
9/13/19 $238,098.72 (9/2/15 $270,000.00) Paidoff - $31,901.28
Debt | Interest | Start 9/2/15 | Last 8/16/19 | Current 9/13/19 | Our Mortgage | 4.125% | $270,000.00 | $238,521.93 | $238,098.72 |
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
| 7/5/19
| $496,973.20
| 7/19/19
| $495,818.98
| 8/2/19
| $494,954.13
| 8/16/19
| $493,982.84
| 8/30/19 | $493,659.11
| 9/13/19 | $492,219.86 |
*Record for going under the next $1000 mark is 9 updates in a row.
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