WOMEN IN RED RACERS

[nidena]

Since this is my 17th anniversary, lemme share what my list looked like back in 2007:
Citi                    0.000%     $168
Citi                    0.000%     $788
VS                     22.800%   $873.67
Sears/Windows   0.000%     $7,217
Lane Bryant       22.800%    $421.49
Macy's Visa        22.900%    $204.05
USAA/MC/Visa    8.900%      $8,884.80
USAA Loan        11.250%     $4,000.00
Parkwest           17.250%     $15,919.21

Total CC $38,476.22

Jeep                 5.500%       $3,611.81
H.E.L.               7.990%        $36,234.96
Mortgage          4.500%        $145,038.21

Total Debt $223,361.20

The fact that my TOTAL debt, now, is $30,000 less than what I owed on my house 17 years ago is wacky to me.  As far as CCs go, my rate on my USAA card isn't unbearable and I'm VERY glad I got rid of all the store cards, especially in light of the fact that they're now 30+%.

[seriousthistime]

Aug 22, 2024 9:39:41 GMT -5 nidena said:

If I hadn't had to see my functional health doctor and PCM so often in the past month, this would be lower BUT my frivolous spending diet is still in place.  I've bought nothing in that category in more than a month.  I do have one more large expense coming up in November and that's my annual auto insurance payment.  Yesterday was my auto registration.  Not as low as Delaware--$40/year--but definitely not as high as CA or WA--too high to even remember.  It was just $165.  Anyhoo, the insurance will be around $1100 for the year.

In other news, USAA said "Congrats!  Here's a credit limit increase!"
Good for my credit score, I guess.

Update
nidena: 8/22/2024 $52,545.63 (8/22/2007 $223,361.20 N453,503,NE648,NPT25)

If you'd like to weigh in, here's my breakdown:
USAA/Visa      14.15%   $10,320  (this is my paydown focus since it's highest in rate and balance)
USAA/AmEx    15.15%   $1,065 (this gets paid off every month)
BMO/MC          .99%      $2,500 (rate is until Dec 24)

PNC/PL           13.39%   $7,791
BMO HELOC     8.68%     $23,853
HRV/USAA        .99%      $8,080
Mortgage         2.75%     $102,239 (not racing)

I love the bolded part!  

At that interest rate, I'd definitely not be racing the mortgage. 

[Rukh O'Rorke]

Aug 22, 2024 9:39:41 GMT -5 nidena said:

If I hadn't had to see my functional health doctor and PCM so often in the past month, this would be lower BUT my frivolous spending diet is still in place.  I've bought nothing in that category in more than a month.  I do have one more large expense coming up in November and that's my annual auto insurance payment.  Yesterday was my auto registration.  Not as low as Delaware--$40/year--but definitely not as high as CA or WA--too high to even remember.  It was just $165.  Anyhoo, the insurance will be around $1100 for the year.

In other news, USAA said "Congrats!  Here's a credit limit increase!"
Good for my credit score, I guess.

Update
nidena: 8/22/2024 $52,545.63 (8/22/2007 $223,361.20 N453,503,NE648,NPT25)

If you'd like to weigh in, here's my breakdown:
USAA/Visa      14.15%   $10,320  (this is my paydown focus since it's highest in rate and balance)
USAA/AmEx    15.15%   $1,065 (this gets paid off every month)
BMO/MC          .99%      $2,500 (rate is until Dec 24)

PNC/PL           13.39%   $7,791
BMO HELOC     8.68%     $23,853
HRV/USAA        .99%      $8,080
Mortgage         2.75%     $102,239 (not racing)

great job Nidena! Keep up the momentum!

But never skimp on necessary health care for sure.

[muffyinthered]

MuffyintheRed #2 08/23/2024 $155.151/28 (06/22/2020 $175,394.16)
Amount Paid:  -$942.88
CU Savings:   $25,678.89

This was an OK month. Although we have to replace our water softener on Monday to the tune of $10,010 so paying 1/2 down and the rest will be paid off in Febuary when we get our required minimum distribution from our IRA.  But do have to make payments from now to then.  Also we finally got my DH a new phone.  His was an iPhone 7! He now has to get used to swipping. Hahaha
But that is on the Best Buy charge so no interest for 18 months.

Hope everybody has good plans for Labor Day.  Enjoy since no holidays till Halloween!

[minnesotapaintlady]

Aug 23, 2024 9:39:25 GMT -5 muffyinthered said:

 Although we have to replace our water softener on Monday to the tune of $10,010 

Is this something crazy special or is that the actual going rate for water softeners these days?!? 

[TheOtherMe]

The one I had to replace did not cost anything close to that amount of money.

[muffyinthered]

That is the water softener and a second tank that removes chlorine.  We have horrible water here. The city keeps saying they are going to make the water better but we have been here for 5 years and nothing has gotten better.  We also get a filter for our water in the kitchen so we can actually drink out of a faucet.  The cost of good water!

[minnesotapaintlady]

Ok, the dust is finally starting to settle here on the construction debt.  I started out with a HELOC @ 8.5%, and a 0% construction loan totaling about 66K, then I tried getting creative bumping things to 0% cards and just ended up with a bunch of additional fees and my credit score plummeting. The HELOC was charging around $300/month in interest. 

I finally accepted the only way to realistically get this all paid off quickly was to raid my retirement accounts for the first time in 30 years of saving which sucked, but it was the relief I needed.  I took a 22K 401K loan (another $95 fee to add to the pile!) and withdrew 20K from my Roth IRA contributions to pay off the HELOC and one of the 0% credit cards. Leaving me with this.

401K Loan -    $22,000 - 9.5% interest, but paid to myself,  $217/bi-weekly paycheck. May have to reduce regular contributions to keep take home the same.

Const. Loan -  $14,495 - 0% interest until May 2025, $654/month minimum payment.

Citi Card    -     $7210 - 0% interest until March 2026  $72/ month minimum payment

So, close to 44K total, but seeing as spent almost 95K on the house and the "new" mower, I think I did ok.

Anyhow, I just took a 10K non-qualified distribution from older son's 529.  The 529 has 5K of earnings that will be taxable to DS, but he doesn't have a job yet. If he gets one tomorrow he'll probably still finish out the year in the 10% bracket so the 10K withdrawal will cost about $500. (which I will pay for DS).  I may end up regretting doing this, but it's done now.

So...what to do with this 10K? 

I've changed my mind like 100X in the past two days.  I go between throw it all at the Const Loan to pay off the Citi card and 3K to Const Loan to letting it sit in checking earning 2.5% interest until the Const loan gets to 10K then pay it off.

As an aside, this is my last year of two kids and college tax credits. I expect in March to get a refund of 8K.  Also, I JUST (like about a month ago) did the balance transfer to that Citi card and it cost me the $210 portion of that outstanding balance. I know it's a sunk cost, but I feel like I should get something for that $210...like more than the use of their 7K for a month! 

I am so done with borrowing money.  This is how my life was in my 20's and I had totally forgotten.

eta: Another note. That const loan HAS to be paid off by May 2025. Not only does it revert to 24.9% interest at that point, but I'd also get charged all the accrued interest for the prior year if not paid in full...which is over a couple thousand already.

[Rukh O'Rorke]

Hope this works out well for you minnesotapaintlady!

I hear what you are saying about debt. It seems like it is all so doable, for important stuff, this time it's different, etc. but then when the long slog of paying it off monthly gets going and then looking into the future of paying it for (in my case!) years and years, it doesn't seem as 'doable'. I also feel like I 'learned' this lesson a few times before, but somehow, I got back onto the debt payoff merry-go-round!

Not that I know what I might have differently, but it just isn't quite so much fun during the long pay off!

Stay strong! You will will prevail! But definitely throw the money at that construction loan! that may 2025 date is not so far away and the consequences are pretty steep!

[Rukh O'Rorke]

Oh - for the 10k, could look at tbills that come due in march/early april or so.

[minnesotapaintlady]

Aug 28, 2024 10:15:00 GMT -5 Rukh O'Rorke said:

Oh - for the 10k, could look at tbills that come due in march/early april or so.

I've been looking at CD's this morning at Fidelity.  6 month ones are paying about 4.6% so, $230 on the 10K.  Not a lot, but it would cover close to half of any potential taxes to DS on that non-qualified withdrawal.  In 6 months I will owe $10,571 on the loan...

[steph08]

Capital One's 360 Performance Savings accounts are paying 4.25% right now - if you want to throw it into a savings account that will earn decent interest and give you the flexibility to pull it out at any time (compared to a CD).

[nidena]

I think I'd throw that $10k at the construction loan now and then aggressively pay the rest off before May.  $654/mo is large amount to work around that could be gone by the EOY.  Then snowball that amount to the Citi if it's not already paid off by then. (I don't know how much you're working with on a monthly basis)

[minnesotapaintlady]

I can't pay more than the minimums on anything and even that is a huge struggle and will be worse once take-home drops $470/month for the 401K loan. I can reduce my contributions to offset that which I'll have to do eventually...trying to hold off through 2024 due to my high marginal rate. Basically ever $1000 going into my 401K is another $300 I'll get back in refund in March.

If I put the 10K on the construction loan immediately, I will still have $4495 left which will be 6.8 months with the $654/month payments...so still March before it's paid off. 

It's all kind of a horse a piece at this point tbh.

[nidena]

Aug 28, 2024 11:05:09 GMT -5 minnesotapaintlady said:

I can't pay more than the minimums on anything and even that is a huge struggle and will be worse once take-home drops $470/month for the 401K loan. I can reduce my contributions to offset that which I'll have to do eventually...trying to hold off through 2024 due to my high marginal rate. Basically ever $1000 going into my 401K is another $300 I'll get back in refund in March.

If I put the 10K on the construction loan immediately, I will still have $4495 left which will be 6.8 months with the $654/month payments...so still March before it's paid off. 

It's all kind of a horse a piece at this point tbh.

Eating a $4495 elephant seems easier to do than a $14,495 one.  Any small windfalls that come your way, could be put towards it along the way.  But your other route could work, too.  If it takes you 6.8 months to get the balance down to $10,000 how much interest would accrue on that $10k sitting in your account until March?

[minnesotapaintlady]

Aug 28, 2024 11:25:33 GMT -5 nidena said:

Aug 28, 2024 11:05:09 GMT -5 minnesotapaintlady said:

I can't pay more than the minimums on anything and even that is a huge struggle and will be worse once take-home drops $470/month for the 401K loan. I can reduce my contributions to offset that which I'll have to do eventually...trying to hold off through 2024 due to my high marginal rate. Basically ever $1000 going into my 401K is another $300 I'll get back in refund in March.

If I put the 10K on the construction loan immediately, I will still have $4495 left which will be 6.8 months with the $654/month payments...so still March before it's paid off. 

It's all kind of a horse a piece at this point tbh.

Eating a $4495 elephant seems easier to do than a $14,495 one.  Any small windfalls that come your way, could be put towards it along the way.  But your other route could work, too.  If it takes you 6.8 months to get the balance down to $10,000 how much interest would accrue on that $10k sitting in your account until March?

$230 if I stick it in the 6 month CD. 

Or I could gamble on a stock!  Double my money in a couple months.  

[Rukh O'Rorke]

Aug 28, 2024 11:33:54 GMT -5 minnesotapaintlady said:

Aug 28, 2024 11:25:33 GMT -5 nidena said:

Eating a $4495 elephant seems easier to do than a $14,495 one.  Any small windfalls that come your way, could be put towards it along the way.  But your other route could work, too.  If it takes you 6.8 months to get the balance down to $10,000 how much interest would accrue on that $10k sitting in your account until March?

$230 if I stick it in the 6 month CD. 

Or I could gamble on a stock!  Double my money in a couple months.  

ROCKETLAB!  to the moon!

[chiver78]

~10k in my HYSA (American Express) was netting me ~$40/mo in interest. I just checked, my interest rate is also 4.25%. 

[debthaven]

minnesotapaintlady I agree with nidena ... I would put that 10K towards the construction loan. 

If the monthly payments seem too daunting, you can always put 5/6K towards that loan, and keep 4/5K back to lower your monthly payments. 

You've done a LOT of needed work on your beautiful home ... this money was well-spent! 

[minnesotapaintlady]

Aug 28, 2024 16:48:40 GMT -5 debthaven said:

minnesotapaintlady I agree with nidena ... I would put that 10K towards the construction loan. 

If the monthly payments seem too daunting, you can always put 5/6K towards that loan, and keep 4/5K back to lower your monthly payments. 

You've done a LOT of needed work on your beautiful home ... this money was well-spent! 

This is a serious concern.  My philosophy is I can do anything for a little while, but March seems a long way off and there's Christmas in there and a couple other big expenses before then.

I only take home about 2K/month, so $654 on top of the $500 mortgage is a big chunk of it and now older son is home too so I'm feeding him sometimes too.  I have the money set aside for Sept and Oct payment, but there's still 5 months until March. Somehow I managed to do it for June-August with the $350 to HELOC too, but to be honest, I'm not exactly sure how.

It would be nice if we weren't under "No OT" orders at work. This is like the first time we've been restricted in our hours since like 2009...Great timing.

[Rukh O'Rorke]

Aug 28, 2024 16:48:40 GMT -5 debthaven said:

minnesotapaintlady I agree with nidena ... I would put that 10K towards the construction loan. 

If the monthly payments seem too daunting, you can always put 5/6K towards that loan, and keep 4/5K back to lower your monthly payments. 

You've done a LOT of needed work on your beautiful home ... this money was well-spent! 

So true!!!

I haven't really begun my house stuff, and the finance piece of it is likely why my brain is stalled out on it all  . aka fear, relatively baseless fear as well. things need to be done, and I have a good amount of assets. It just means I can't keep thinking "I could retire tomorrow!". 

But that is why I haven't gotten my debts together and detailed out to properly race them. i think anything else I finance will have larger interest rates than I do now - or leastwise, I should wait and see and then decide if current interest rates are larger then future ones.

but yeah - more debt, not less, is in my future. 

at least minnesotapaintlady is moving forward! feel like my wheels are spinning in a huge vat of mud!

[Rukh O'Rorke]

Aug 28, 2024 21:20:20 GMT -5 minnesotapaintlady said:

Aug 28, 2024 16:48:40 GMT -5 debthaven said:

minnesotapaintlady I agree with nidena ... I would put that 10K towards the construction loan. 

If the monthly payments seem too daunting, you can always put 5/6K towards that loan, and keep 4/5K back to lower your monthly payments. 

You've done a LOT of needed work on your beautiful home ... this money was well-spent! 

This is a serious concern.  My philosophy is I can do anything for a little while, but March seems a long way off and there's Christmas in there and a couple other big expenses before then.

I only take home about 2K/month, so $654 on top of the $500 mortgage is a big chunk of it and now older son is home too so I'm feeding him sometimes too.  I have the money set aside for Sept and Oct payment, but there's still 5 months until March. Somehow I managed to do it for June-August with the $350 to HELOC too, but to be honest, I'm not exactly sure how.

It would be nice if we weren't under "No OT" orders at work. This is like the first time we've been restricted in our hours since like 2009...Great timing.

 You're gonna figure this out! Take a holiday from worry this weekend, and the plan will come together next week.


Lol - any etsy shop ideas? Or ramp up the egg business?

[Rukh O'Rorke]

In RI news, i stayed up late Monday and delivered my work to client at about 1 am tuesday. Sent email - they are on vacay right now. I sent in the bill anyway as I hope I get the payment in time for ibond moves....that get credited in september rather than oct. due date is the 28th of sept.

[seriousthistime]

After a few years of being out of debt, I'm back.

I bought a new car.  It was not cheap.  And I put down the absolute minimum down payment so the principal balance is large.  Like more-than-my-first-house LARGE.  But it wasn't worth taking out more money from savings because the interest rate is less than 1% and I make 4.25% on my Performance savings.  

So here I go again.  Looking forward to joining the Racers again.  I always liked being part of this thread and I do pop in from time to time but now I'll be popping in more regularly.  First mini goal will be to get the balance down below $40k. 

Seriousthistime, 8/29/2024, $41,675 (7/15/2024, $43,098)

[Minnesotagirl7]

Update!

	3/18/2020	7/26/2024	8/30/2024	Total Difference
Mortgage	$403,476.12	$151,722.95	$148,928.13	$254,547.99

Diff Last Post	$2,794.82
Total Amt Pd	$254,547.99
Total % Pd	63.1%

Minnesotagirl7 [6]: 8/30/24 $148,928.13 (3/18/2020 $403,476.12 C220)


With this update, the balance on our mortgage is under $150k. Woo hoo! 

[Minnesotagirl7]

Shoutouts!


ners - Nice update!

grammytam - Great first update! Tagline is good, just add the date of your update next time.

chiver78 - Happy anniversary!! 

nidena - Happy anniversary!!

muffyinthered - Good update, $20k paid off!

seriousthistime - Welcome back!!



Smileys Link

[Rukh O'Rorke]

Aug 6, 2024 9:08:44 GMT -5 Rukh O'Rorke said:

Jul 9, 2024 9:15:48 GMT -5 Rukh O'Rorke said:

update, payment finally went through.


student loan balance: $93,628.79

92,808.29

money has left checking but not yet credited, balance is 93,285.88 - only 342 difference from July 9th? that does not seem right!

[nidena]

The spending diet took a hit.  This peri-menopause crap is hitting my waist- and bust-line without fail so I had to get some new, bigger clothes and boulder holders.  And while I can get clothes at reduced cost, the bras unfailingly cost $70+ per item and I can't make it through life with just one or two bras.  They would wear out in a month.  Four is the minimum.  They do often have sales on barenecessities.com but they go fast.  I also forgot, until the week prior, that my cat was scheduled for dental cleaning last week.  So, between the cat, the bras, and the clothes, it was an $1100 hit to the CC.

[debthaven]

nidena think of how much you saved towards these costs while you were on your "spending diet"! 

[Rukh O'Rorke]

Sept 5, 2024 10:24:35 GMT -5 Rukh O'Rorke said:

Aug 6, 2024 9:08:44 GMT -5 Rukh O'Rorke said:

92,808.29

money has left checking but not yet credited, balance is 93,285.88 - only 342 difference from July 9th? that does not seem right!

92,031.89

Super bummed I didn't drop below 92k this month, but, will next month I suppose....

I would add a little bit to minimum payments, but I had some other expenses come up for my "extra money" and now I am low in the bowl until my next payday. I did squirrel 1k into ibonds while I was flush though....

Will see where my thoughts are next month on how to handle the few extra dollars that might float around. For my RI payday I was anticipating - I decided to finally invest in getting a website together to maybe troll for business, or at least look a bit professional with the LLC. So have earmarked that money for the development and launch. We'll see if having a website comes to anything in terms of new business. But leastwise, I will have dedicated emails so any client communication doesn't get lost in my old, 30k unread messages, yahoo account.

Yahoo account - mark of a boomer! Although, dd has one too