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My Kill the Mortgage Challenge!

coingirl

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I'm putting this out here in LLNOE land in hopes it will keep me motivated and accountable. I am challenging myself to pay off our mortgage by December 2015. There were 2 milestones this year, I turned 50 and we will be in our house for 20 years this month. So I have strong feelings that if I can get our mortgage gone in 2015 it would be the cherry on top!! It really should have been gone, we originally took out a 20 year mortgage but just prior to finding DR we had refinanced and that put our payoff date to June 2020.

 

My plan is to be gazelle intense and make a strong push to get this last debt GONE by the end of 2015! Our balance sits at about $19000.00. I will be snowballing like crazy over these next 5 months and will probably pull from sinking funds,the ones that aren't being saved for known expenses. How much I will need at the time will be determined by how well I can snowball.

 

I have been reading past posts, the "Who's expecting.......to payoff their mortgage" thread and other success stories for inspiration. In my comments I noticed a common response "If I can get my DH on board", well onboard or not, it is 5 months he can suck it up!!! I say that in the most loving way!!

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You have a focus and a goal! You can do it! That is way less than a new car. Oh, what a feeling to have a paid for house! Very exciting. Maybe you can put stickie pictures of a house in your car, wallet, etc., to keep your eye on the prize!

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I think that goal is totally doable!  I look forward to watching your progress!

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What an exciting challenge!  And such a short time frame that your momentum won't have to carry you through too many months.  I'll watch your progress with interest and support. Go coingirl!

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Thanks for the support!

 

I've been brain storming ways to bring in more cash.  A couple of thoughts are to have a garage sale instead of just donating.  Another, is at work DH and I are salary employees(small family owned business) but if we do additional work, not related to our typical jobs, like painting or cleaning, that needs to be done we will get paid extra.  There is plenty of those type of jobs that need to be done around there too!!

 

Of course the grocery and entertainment expenses are on the chopping block.  I will also try to tighten the gift giving belt.

 

I'm pretty enthusiastic, hope i can keep up the momentum!

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That sounds exciting.

 

Your sinking funds idea makes me think.

Do you currently escrow taxes and insurance?

When are these paid?

Is it significantly below your emergency fund?

 

Interest is probably a minor factor now, how much of this principle will be paid off through regular payments? that should help you pinpoint your target.

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We pay our own insurance and taxes, no escrow.  The property taxes are due in August and February.  Insurance in Sept., we pay for the year.  We save for these in a sinking fund, but not the one we would use for final payoff.

 

Is what significantly below our EF?  Not sure what you are asking here,

 

We pay only about $40 something in interest each month right now. 

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That's good. I'm escrowed, so it's just something I'm going to have to take over when I pay off.

Escrow rules tend to be a bit conservative compared to most sinking funds.

I was hoping you'd find a nice lump to help with the goal.

EF was just to keep it in perspective, no cash to pay the tax IS an emergency.

 

Good luck.

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Wow!  19,000 in 6 months is a lot!  Can't wait to watch you throw your snowballs.  It's hotter and more humid than Hades here and I could the thought of snowballs would be cooling!  LOL

 

Go, Go, GO!!!

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It is a lofty goal, but at the end of the year I will be renaming some sinking funds to finish it off. That is if all goes well up and until then.

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I talked to DH about my plan, yes I told you all first. He didn't object at all! I told him we will be on budget lock down until Dec, so no more just running to Home Depot to get whatever when ever!!! It's really just a matter of being more aware of our spending and this goes for me as well. We had the belt on pretty loose over the last several months. It is only for 6 short months, we can do this!

 

 

 

 

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Once you get to a balance of just a couple of thousand left to pay off, you'll be pulling the pictures off the wall to sell.  Go baby, go!

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Oooo that's so exciting, coingirl! Sometimes I wish I had stuck with my original plan from a couple of years ago that would have me only a year or two out from paying off the original (rental house) mortgage. But on the other hand, I love my new house, I have acquired a very nice rental condo with great cash flow that I do own outright, and I LOVE not renting anymore and having a yard again. This will be a very intense and extremely satisfying 6mo for you I think!

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Coin girl what a great goal. I am so excited for you and your dh! It will be a great way to ring in the New Year debt free! 

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So I'm running into our first conflict, yes already. Our DD and her DH are coming for the wedding and we are going out for dinner at a family favorite restaurant. No big deal, but do we offer to pay for all our dinners? I know my DH feels like we should treat them to dinner and it just seems like the "parent" thing to do. In all honesty our DD and SIL make probably double what DH and I make. I also know they would not expect it and would pay for their own meals.

 

Another obstacle, my DH can not go out to eat without feeling like he DESERVES a cocktail, usually 2. I mentioned to him to remember we are watching our spending so if he would just keep it to one drink. Of course he got a small attitude.

 

It may be a looonnnnnnngggg 6 months!!

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So I've got some snowballs started for Augusts mortgage payment. We received a $15 rebate, we were able to return all the extra pop that was over purchased for the wedding, that gave us about $24 (DH bought it at 66c a 2 liter) and I returned a bunch of cans and bottles for deposit (10c in MI), that netted us a total of $8.00.

 

All categories in our budget are getting the squeeze and the overflow will get directed to the mortgage. So I won't know how much I can actually pay extra for August until we get through most of July. I have to say I am having fun challenging myself to not spend and economize in many areas.

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