It was pay day today and boy was I really looking forward to this paycheck. Lots of things to pay.
$809-credit card #1
$375-credit card #2
$100-personal spending money
We decided to recast our mortgage loan. The payment is now $504 instead of $1275. We are going to put the difference towards the principal (hopefully with additional funds) and be done with this loan ASAP. There is a $250 fee for recasting the loan.
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It was pay day today and boy was I really looking forward to this paycheck. Lots of things to pay.
We made it to the "under 6 digit club" on our mortgage principal. Goal is to be completely paid for primary residence by July of 2023. I might recast the loan to have a lower payment while putting all the extra money on the principal. The payment will be substantially lower, but I'll pretend that it is still the original payment. I think it's worth the one time $250 fee. There are no prepayment penalty ever.
I had a pleasant day today with my children and husband as we celebrated my birthday. They took me to my favorite brick oven pizza/meatballs place. My state continues to have outdoor dining only. It was a rather warm day today, but we made the most of it.
I start working in a week again, but I have lots of webinars and orientations next week. Our district will be completely remote instructions which presents lots of challenges for both the teachers and the student body. I am, however, grateful for this.
Our mortgage paydown challenge is going well. I also filled out the paperwork to continue funding my 403B retirement fund. I also plan to aggressively continue funding my ROTH IRA. I am going to be contributing 15% of my income before taxes.
I was able to bring down the mortgage principal balance to $158,902.45 this month. I doubt very much that I'll add any more money to the principal this month and August may be a bit too tight. Come September, I am hoping to do more since I'll be working by then.
I finally came up with a bare bones budget ($3670). We have enough savings to cover our bare necessities for at least 12 months and 6 months of mortgage payments for our rental properties. I will continue to add money to our savings in smaller quantity as our priority right now is to pay off our four walls and continue with my retirement contributions.
I also continue to stock up on can goods, toiletries, rice and beans just in case. No directives yet as to how our state will reopen schools in September. Our school district promised that we should know by August 4th. Let's see what happens.
Porch has been replaced. The final cost was about $4,400 with $2600 was labor. We are happy with the result. Husband painted the porch beams today since we did not replaced these. They were in excellent shape. Here are some pictures of the end result. We still have to paint the trellis and landscape a bit.
In a couple of months, my salary will go up substantially as I will be working full time, my husband is receiving a small pension with health insurance and in November of 2020 he will start collecting early social security benefits. I'll be 51 soon and my husband 62 in October. I am already contributing 15% of my income between a 403B, Roth IRA and Teacher's state pension. We thought about our next move financially and decided to aggressively try to payoff our primary home in 5-7 years (hoping for 5 years). We also want to travel every year and make a major trip each year starting 2021. COVID haulted our plans this year but that's okay. I rather be safe than sorry. We have no debt other than our mortgages and we're paying cash for all home renovations and repairs. My children are grown with good jobs and making it on their own, our cars are new (ish) and basically it's just my husband, my fur baby and I. I am formulating a money plan to make this happen.
On another note, the central AC is done and paid in full. It feels nice not to depend on fans and window units to keep cool. The highest estimate for our porch deck repair came at $6K (materials and labor), the second one came in at $4,800 and we are waiting on the third estimate to make a decision.
We are officially installing central AC in our house. We have talked about this since we bought the house in 2014. The cost? $10K I'm not sure if this will enhance the resale value of our house and honestly I don't really care. This is our forever home (I hope) and we just want to be comfortable during the summer months. We expect to spend about $20K this summer in home projects but we've saved and will be paying cash for all of it. The last time we did major renovations to our home was in 2015. That was for two bathrooms and a second floor laundry. We are getting estimates for our porch deck repair tomorrow.
We are officially living on my husband's small pension and rental property income for the summer months. We have been and will be spending some money on home projects; tree removal, porch deck replacement and installing central air. The latter is still pending, but summers are very humid here in NJ and I truly dislike window units. It's been in our bucket list of home projects for a while now and I think we will finally pull the plug on it.
On another note, it looks like I'll be opting out of health insurance benefits come September. My husband has really good insurance through his state pension. By doing an opt out, not only will I save about $400 a month, but I'll also get $5K from the school district at the end of the fiscal year minus taxes. We plan to use that money to go on vacation next summer. We are not making any vacation plans this summer because of COVID. Speaking of COVID, our numbers are going down significantly and that makes me very happy. I dream of the day when COVID is a thing of the past. I hope you are all well.
Do you think that people who are employed have the ability to save money even in smaller amounts no matter how deep in debt they are? I'd like to read your take on this.
----We paid July's mortgage payment today and hope to pay August mortgage payment by mid June.
----Transferred $300 to the savings account
----Contributed $100 to my Roth IRA. I'm hoping to contribute another $200 by mid June. I'm a bit behind because of some financial setbacks due to the pandemic, but I am determined to fully fund for 2020.
I have two more paychecks to go as the school year ends pretty soon. July and August will be tough with just my husband's pension check and whatever income we get from the rental properties. This is the reason we prepaid July and August mortgage payments. On the bright side, there will be no house heating oil bill or car insurance to pay during the summer. Come September, I'll start working again and things will ease up (hopefully).
I hope all of you are safe and well.
I hope you are all well. My husband and I have been at home since March 17 with little physical contact with the outside world. DS#2 who lives with us is still working. Our town's tally of deaths due to COVID is somewhere in the 40 range and closer to 700 in the positive cases. We live in a blue collar immigrant community with many people working in factories and crowded living arrangements. Needless to say, our town has been hit hard.
On a bright note, we've been keeping in touch with friends and family via Zoom and Google Meet. We have laughed a lot and that's comforting. We are almost at week #3 since our last grocery haul, but we will have to shop soon. Home heating oil price per gallon is also down. We filled our tank the other day for less than $400, a first for us. I've also continue funding my Roth IRA and putting some money aside in savings.
I've also accepted a new job for the next school year. I'm going to give it a shot one more time. We are committed to remain consumer debt free despite the significant increase in income. If anything we will use the added income for home improvements and travel. I'm going to have a positive attitude, but I will not stay beyond the contract commitment if I feel that it's not where I want to be. My husband had a difficult time coming to terms with the reduction of income last year when I left my job. We have learned to live on a lot less income and we can do it again if necessary.
Please stay safe and well SA family.
It was payday for both my husband and I. I'm still getting paid and as always I am extremely grateful. My husband receives a small small pension with health benefits for both us. I was able to make a contribution to my Roth IRA ($350), a partial payment to the credit card ($500), electric bill ($52), a charity donation for a local food pantry ($25) and $600 transferred to savings. I left a few hundred in the checking to pay some small miscellaneous bills.
About the rents...tenant #1 (children in the household) said he could give us half of the rent this month because he still had to buy food and pay some utilities. We told him to hold on to the money and we would figure something out once he started working. He mentioned that he will start working next week. We just could not take the rent, not even half, when he has not been working at all. Money isn't everything and he is a good person. Tenant #2 paid via Venmo and we have not heard from the other two. We are prepared to pay the mortgages ourselves for a few months if necessary.
We are more fortunate than most during this pandemic. Nothing has been handed to us, purely hard work and knowing the importance of putting money away for a rainy day. COVID-19 has claimed the lives of people we know or people that my friends and children know. We are definitely not out of the woods by any mean. Husband and I have decided that when this storm passes, we will dedicate a good part of our income doing things that we've sacrifice throughout the years. We plan to travel more, donate more and enjoy life's simple pleasures.
Life is so unpredictable and short. Please be safe and well.
I honestly lost count on how many days we've been in quarantine. I think it's been 33 days with many more to go. As you may already know, New Jersey has been hit hard trailing New York. It seems that everyday, there are over 3,000 people testing positive for COVID-19. The last count for our town is 367 positive and 11 deaths. Our county is the ninth in the state with positive COVID. Our governor said that the curve has been flattening, but the amount of stories of people losing their love one is heartbreaking. The paper featured a story of a family who stayed on the phone with their dying father for 36 hours. They just wanted him to know that they were there even if it was not physically. I cried.
Not all is negative, lots of communities have banned together to collect food and money. Today, my BFF dropped off a bag of potatoes and beer for my husband just because I mentioned it in a conversation. On a personal level, I feel that this has brought me closer to my faith. Going forward, I hope not to take things for granted. Financially speaking, the last 30 days have been the lowest in terms of money spent on life. My cc closed yesterday at a little less than $800. It's usually about $1300-$1500. We charge everything and pay the credit card in full at the end of the month.
Please stay safe and well.
It's payday today. As always, grateful that I still get a paycheck even when schools are not in session. COVID19 continues to be devastating in my state and in my town, there are close to 300 people with the virus and 10 deaths have occurred. One, a person that I was acquainted with. We went to the same high school. I confess that I've been an emotional wreck during this pandemic; I've been praying for humanity and those afflicted with the disease. I hope that when it passes, we come out of it better human beings. Both of my sons are still working so I pray for their safety all the time.
Financially, we are in a good place. The stimulus check will be used to pay the mortgage on one of our rental homes. So far, in that specific home, one of the tenants will not be paying his rent. We reassured him that we understand and to concentrate his efforts on having food on the table and utilities paid. He has two small children and their well-being is most important. He mentioned that he has enou