Tuesday, October 27, 2015

Updates on Debt

I've recently, as of today, updated our networth debt numbers.  One of our goals for 2015 was to get our total debt load under $500,000 and I'm pleased to report that our debt is now at $489,000.  Since, January 2007, our debt load has gone from $735,054 down to $489,000.  That means, on average we have killed about $30,000 in debt per year since 2007.

On our primary home, purchased in 2004, we have paid off $105,546 in principal.  Since we refinanced our mortgage a couple years ago to 2.75% our payments have accelerated.  We also refinanced from a 25 year loan to a 15 year loan and cut off 7 years from our overall term.  On our three investment property mortgages, as of next month, all three mortgages should be below $100,000.

As for our other debt, I've struggled with credit card debt, pay it down, run it up, pay it down, etc.  I really need to kill it once and for all as its now been hanging around since the baby arrived.  We also have a new debt that is not yet listed, 0% financing on floor tile that we bought for one of our investment properties.  That debt is a couple of thousand dollars.

As for Mr. Sam's new truck, we continue to pay down his truck debt (we paid for his new truck half in cash and half in 0% financing) at $500 a month, so that debt will be gone in seven months.  I really need to be saving for a nused car for me, as my car has been acting up.  Recently it was out of commission for a few weeks with an electrical problem but the fix ended up only costing $250.  There are several other more expensive things wrong with the car, but the dealer says none are pressing to fix as of now.  The dealer gave me a print out of things to fix that would likely cost $4000 which is more than the car is worth.  It was kinda funny as I had started to research my next car.  Since Baby Sam arrived I, of course, want a family car.  But, I'm better off trying to make my car last another year or so as I've only got $400 saved in my nused car fund.

Tuesday, October 20, 2015

Black Hole

I've entered a deep, dark black hole life otherwise known as being a working professional with a demanding job and also mother to a small baby while also serving as wife, daughter, daughter in law, sister, friend, etc.

There is little sleep here, I tend to run from one emergency to another and feel like I'm spinning my wheels most of the time.  I'm sure there are many out there who have been in my same position.

I just spent three hours in the middle of my busy work day paying bills and trying to noodle out a few financial riddles.

In the process of doing that I figured out that instead of paying our utility bill I paid my tenant's utility bill.  I've got all the accounts set up in bill pay because as the properties revert back to us, in between tenants, we have to pay the utility bill.  I'm sure our tenants will be pleasantly surprised by the credit on their utility account.  No, I'm not going to try and get the money back from them.

I also figured out that in July I paid our mortgage twice and that is why we were so short on cash that month.  The upside, since I've figured that out I don't have to pay November's bill.  I normally would and just stay ahead or ask them to convert the extra payment to principal, but our credit card debt is up to $10,000 so I can put that mortgage money towards that bill.

I don't have a good idea as to where we are on savings goals, my husband who is the Excel spreadsheet guru never set one up for 2015 and we are into Oct.  Hubby's situation is similar to mine except he has been spending his extra time, little that is, turning one of our rental properties into a permanent home for his father.

I know this will get better and being a Mom is such a gift, but right now I feel like I'm doing a mediocre job on everything in my life.