seriousthistime
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Post by seriousthistime on Jun 29, 2024 10:20:19 GMT -5
When the end is in sight, it's pretty exciting.
I like how you explained it all, @chiver. It's always good to hear how different people weigh the pros and cons of debt vs. saving. When I was in my big debt paydown days, I really appreciated hearing how other people were approaching their struggles. It made a huge difference in my motivation and caused me to rethink some things. Debt is one of those things that you're fine with, until you aren't. And if you have a significant amount of debt, as I did, you can't just bop along without paying attention to it all. It really does take a plan, or at least it did for me.
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nidena
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Post by nidena on Jul 1, 2024 11:37:24 GMT -5
I have one more trip to make this summer and then I can refocus on paying the debt down rather than adding to it.
I've added a small revenue stream to the mix in that I have two Bra Fit Education workshops coming up. Attendance is $20/person.
Classes resume in August so that means my GI Bill stipends will, too.
I'll update in a few days once all the payments have cleared the bank for the mortgage, PL, and vehicle.
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nidena
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Post by nidena on Jul 1, 2024 12:09:19 GMT -5
I received my Escrow Analysis today. It looks like my expectation of an increased mortgage payment isn't going to happen. Instead, it's been reduced by $4.21. However, I went ahead and increased the actual amount that I send out from my Web BillPay to a nice round $630 rather than the $621.41 that it was going to be. So, in reality, come August, I'll be paying $4.38 more than I have been for the past year. The mortgage company was also nice enough to send me a check for $63.99 which is my expected escrow overage for the year. I should be able to update in July but may wait until August since that will be 15 years as a WIRR. Funny story about my current Escrow Analysis and the one quoted above. I had called my mortgage company before ever receiving the Analysis in 2022 because my Escrow account was in the negative which is why I expected the increase then. When I *didn't* receive the increase, I thought "this can't be good." I knew nothing would happen to my mortgage or anything; just that that mortgage company seemed pretty terrible at forecasting since my Escrow was already negative and my homeowners insurance would hit in November for just over $1000. Last year, I received the Escrow Analysis and, big surprise (not!) they were raising my mortgage payment by $80. I don't know how they figured that raising it $80 would offset the continuing negative balance that came to be as a result of Insurance hitting in Nov followed by County Taxes that same month and in Apr 2023 for $650 each time. Well, shortly after I received the analysis last summer, I received another letter stating that my mortgage had been bought by another company. Nothing they could do about Village Capital's bad forecasting so Planet Home Lending just pressed on with things. I was still in the negative when the next round of Insurance and County Taxes hit in 2023 and only just got in the positive with the mortgage payment made on June 1st i.e. last month. Just got the current analysis. They're raising my payment again but only $60. Let's hope it's sufficient. lol. I'm not complaining though. The mortgage payment is still less than $800/mo.
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chiver78
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Post by chiver78 on Jul 1, 2024 16:59:03 GMT -5
last call for questions I haven't thought of, the call is tomorrow at 11am. I've long joked that I'm fantastic with math, until you introduce a $ symbol to the equation. interest, compound interest, project management dollars, all of that sort of shit sailed over my head. but I can do complete mass and/or energy balances on a full power plant. just don't make any of it financial.
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Minnesotagirl7
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Post by Minnesotagirl7 on Jul 2, 2024 9:42:58 GMT -5
No other comments or questions from me chiver, I agree with stashing some cash until things settle down, then paying off a chunk.
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chiver78
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Post by chiver78 on Jul 2, 2024 18:23:57 GMT -5
alright, so the call went pretty well. Financial Planner (FP) had a bunch of questions about which $ amount meant what, between racing balance, non-racing balance, bonus(es) and the HYSA balance. I'll admit to ranting a lot about work and the RTO in the same message with a lead-in to the outstanding balances, so there was a LOT to process there. thankfully he was gracious about it with his questions. he was impressed by how detailed my notes are, that I could answer all of his questions in seconds from my cashflow spreadsheet, so thank y'all for helping me out there! anyway, FP is onboard with me turtling what's left (racing and not) and banking anything I'm not using for day to day living, while work is still so up in the air. he agreed that whatever interest I'm seeing on the last racing balance is peanuts, and not worth worrying about during this time. we are going to reconvene if I leave my current company, or after January when the first promo resets (and I pull out enough to pay it off) to discuss what my next steps are at that point. the other promo resets in April, so that's a bit more time. I'll obv be paying down both the racing and non balances at the same time, it's just a question of balancing the cash in hand vs paydown. the first balance to rate reset is ~12k right now. that's what I'm expecting to see with the 2nd bonus in a few weeks, so wiping that out prior to reset is painless there. like I said the other night, the end is in sight. it's been a long damn road, and I can't wait to put all of it behind me.
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