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My savings challenge

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  • Smallsteps
    replied
    march 2018
    mort 29,065
    car 4847
    cc #1 628
    cc#2 1150

    June:
    mort 27,920
    car 4250
    cc#1 125
    cc#2 1095

    I quit posting because my year or 52 weeks was over but looked back to see the numbers I was doing better I think when I was posting.
    My year long temp job ended in last week of april and I have only done a 2 week project job in May have yet to work in June. when I get back to work I will finish off the CC and then the car.
    Last edited by Smallsteps; 06-20-2018, 06:45 AM.

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  • chestynuts
    replied
    It's difficult to save when you are paying loans. Many of mortgages leads up to crisis and problems.

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  • Smallsteps
    replied
    well I never really noticed I have been here just over a year
    so I decided to do a comparison

    feb 2017 just starting out totals
    mort 35k @ 2.87%
    car $8682 @3.9%
    cc $2600 @14
    cc $2900 @ 16

    march 2018
    mort 29,065
    car 4847
    cc #1 went to zero but now at 628
    cc#2 went down to 850 now at 1150
    good progress considering my income was 33k

    my emergency funds have improved as well
    I was at about 1700 in first one that is now 2569
    my 2nd safety net went from 8000 to 9069
    just looked on mint and my properties ( Zillow estimates) are much higher then I had expected. one I have owned for 1.5 years but estimate is 3 times higher then I paid for it. (i am in a very pricey market )
    I feel a bit more at ease and think I can wipe out cc in the next couple of months depending on my job situation. I am at the time limit for my temporary job and really do NOT want to stay even though in a bit of nervousness I applied for the permanent spot. the reviews for this employer show what I already know that I could be paid more for same skills elsewhere this has become too easy. I really think a new challenge will help me stay focused. I am actively looking elsewhere.

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  • Smallsteps
    replied
    the middle of January
    mort : 30280
    cc 1680
    car 5548

    end of feb
    mortgage 29,495
    cc#2 1528
    cc#1 928
    car 5072

    Well I have decided to refocus this year. I will do taxes this weekend expect I will get some back I can pay on both cc. generally pay the bare minimum in so it is rare to get more then a few hundred back.
    the current cc#1 was just incurred in the last 2 weeks spent on travel.

    In looking at a calculator showing house at this point will be paid in 10 years out of a 15 yr mortgage and since the rate is 2.87 I can free up my extra payments on something else. it was nice seeing it drop regularly but think I can do better in other savings.
    I am close to targets I set for my 2 emergency accounts and am looking towards my next stop is finding a permanent job to replace my contract work that should end in about 2 months. spouse may be changing jobs soon as the company is reorganizing due to losing contracts to competitors.

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  • LivingAlmostLarge
    replied
    Pretty impressive

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  • Smallsteps
    replied
    the end of NOV
    mort: 30864
    cc : 1800
    Car 5873

    the middle of January
    mort : 30280
    cc 1680
    car 5548
    less progress then I wanted still going down.
    Has been a long holiday season with added expenses and less income. I was so looking forward to my current job assignment ending on feb 2 now this company wants me to stay to May. I am torn because it is absolutely boring and I feel like I am going to fall asleep most days. the added coffee or energy drinks let alone the pretending to give a crap is not worth the fact this is one of the higher paying temp contracts.
    Really need to get back to my interest in a plan to erase my balances.

    Leave a comment:


  • Gailete
    replied
    Originally posted by Smallsteps View Post
    hello all
    first = I know I am not personally responsible for her debt but it just makes me crazy that so many places that loan money without any verifying lets say income and or the condition of home used for collateral.
    It was a combination of insane moves some are her own bad choices ( she lied to most family about what she was doing) but I really feel that many People took advantage of an elderly person.
    My true anger is what games are these banks / credit cards etc are playing giving loans to someone clear across the country based on paper but not reality. Her home she lived in for many years has many problems and the bank that will end up with it in the end will be lucky to get 1/3 the amount it is estimated as being worth due to the repairs a buyer would need to make.... this is as reckless as loans to anyone without proof of ability to pay, before the housing fallout.

    This is why you need to be very careful to let those banks and credit agencies reap what they sowed. It isn't your problem and they seemed to have all collectively ignored the basic tenants that used to apply to giving out loans.

    I'm sorry about your mom, but I hope that you can get back to your saving plan and pay-off plan. You were making it very close to more pay-offs.

    We folks with the smaller pay have to stick together, not that those with more income aren't supportive. I know how hard it is when faced with a choice of paying off an extra $25 a month on a bill or using that $25 for groceries or the electric bill! Nothing against those with the much higher incomes, but when you have such a small income, it is so much harder to find anything extra to pay bills off with. I'm really hoping that 2018 will be a great year financially for us and I hope for you as well. I have some irons in the fire for things I want to do and rather than waiting till 1-1-18, As I can I am starting them now.

    Best wishes to better days!

    Leave a comment:


  • LivingAlmostLarge
    replied
    So sorry for your loss. How did your mom borrow $500k? Was it against her house?

    My feelings is if your parents need money and borrow against their house it's not a problem because it is her house and if she had no other money then what is the problem. If it's CC i'm amazed they loaned it to her.

    Leave a comment:


  • Smallsteps
    replied
    hello all
    first = I know I am not personally responsible for her debt but it just makes me crazy that so many places that loan money without any verifying lets say income and or the condition of home used for collateral.
    It was a combination of insane moves some are her own bad choices ( she lied to most family about what she was doing) but I really feel that many People took advantage of an elderly person.
    My true anger is what games are these banks / credit cards etc are playing giving loans to someone clear across the country based on paper but not reality. Her home she lived in for many years has many problems and the bank that will end up with it in the end will be lucky to get 1/3 the amount it is estimated as being worth due to the repairs a buyer would need to make.... this is as reckless as loans to anyone without proof of ability to pay, before the housing fallout.

    Leave a comment:


  • scfr
    replied
    Originally posted by Smallsteps View Post
    lost 3 weeks of work as I had to go to hometown to be with my mom through end of life hospice care. I also paid for some final expenses since she left an incredible financial mess behind.
    I'm sorry to hear about your mom. It was very kind and responsible of you to take care of the final expenses. I hope that 2018 is a better year for you.

    Leave a comment:


  • msomnipotent
    replied
    Originally posted by Smallsteps View Post
    another month over
    end of oct
    mortgage = 31322
    cc1=880
    cc2 =0
    car= 6364


    now the end of NOV
    mort: 30864
    cc : 1800
    Car 5873

    lost 3 weeks of work as I had to go to hometown to be with my mom through end of life hospice care. I also paid for some final expenses since she left an incredible financial mess behind. It was a clear wake up call to organize my affairs and update my will.
    I still have quite a mess to deal with but i am very disillusioned that banks gave loans to an elderly woman without a real way of paying them back. and NO one checked her debt before giving her more credit as it is the lawyer said it is basically a bankrupt estate if the game was to leave with the most debt she scored BIG.
    Over half a million in debt and only 1,245 a month in income......
    I"m sorry to hear about your mother. Her loans seem outrageous, unless she got a reverse mortgage and her home was worth 1/2 mil. If I were you, I would contact the elder care in her area or maybe the attorney general. Her bank could be taking advantage of other elderly people.

    Leave a comment:


  • Gailete
    replied
    Originally posted by Smallsteps View Post
    another month over
    end of oct
    mortgage = 31322
    cc1=880
    cc2 =0
    car= 6364


    now the end of NOV
    mort: 30864
    cc : 1800
    Car 5873

    lost 3 weeks of work as I had to go to hometown to be with my mom through end of life hospice care. I also paid for some final expenses since she left an incredible financial mess behind. It was a clear wake up call to organize my affairs and update my will.
    I still have quite a mess to deal with but i am very disillusioned that banks gave loans to an elderly woman without a real way of paying them back. and NO one checked her debt before giving her more credit as it is the lawyer said it is basically a bankrupt estate if the game was to leave with the most debt she scored BIG.
    Over half a million in debt and only 1,245 a month in income......
    I trust that you understand that unless you co-signed loans for her, you are not responsible for her financial mess. At least not to pay it off.

    Leave a comment:


  • Smallsteps
    replied
    another month over
    end of oct
    mortgage = 31322
    cc1=880
    cc2 =0
    car= 6364


    now the end of NOV
    mort: 30864
    cc : 1800
    Car 5873

    lost 3 weeks of work as I had to go to hometown to be with my mom through end of life hospice care. I also paid for some final expenses since she left an incredible financial mess behind. It was a clear wake up call to organize my affairs and update my will.
    I still have quite a mess to deal with but i am very disillusioned that banks gave loans to an elderly woman without a real way of paying them back. and NO one checked her debt before giving her more credit as it is the lawyer said it is basically a bankrupt estate if the game was to leave with the most debt she scored BIG.
    Over half a million in debt and only 1,245 a month in income......

    Leave a comment:


  • Gailete
    replied
    Originally posted by Smallsteps View Post
    James and Livingalmostlarge thanks for the kind words but I do not feel like an inspiration.
    I have a much smaller income then most here and make weekly payments on these debts and on some savings vehicles so it just feels like there is no end to it.
    my current job contract is nearing an end and I am trying to figure out what to choose I job I can support myself and work slowly on finances like now ......or chase more $$$ to get rid of debt and save quicker but may not like job.
    I think most people have these moments when they feel like they are on a hamster wheel going nowhere.
    I have visited some financial forums and there always seems to be a few who makes light of what we with the smaller income are doing. One guy made fun of any penny pinching idea, such as making and using your own cleaners and instead would say that instead of that we should work an extra hour for money instead of spending the extra effort to save a few bucks. Apparently forgetting that some don't have the luxury of working an extra hour and making your own cleaners only takes a few minutes!

    I'm on the scale of not making what probably 99% of the folks here make. I'm on SS and even though I hear we get a COLA this year, I don't know how much they will jack up the cost of our Medicare premium. Last year my entire miniscule COLA increase went to my MC payment! So at the end of the year here, if I owe taxes on my SS, I may be paying higher txes on money I never saw or had in my wallet! I hope they don't do that trick agsin this year.

    Leave a comment:


  • Smallsteps
    replied
    James and Livingalmostlarge thanks for the kind words but I do not feel like an inspiration.
    I have a much smaller income then most here and make weekly payments on these debts and on some savings vehicles so it just feels like there is no end to it.
    my current job contract is nearing an end and I am trying to figure out what to choose I job I can support myself and work slowly on finances like now ......or chase more $$$ to get rid of debt and save quicker but may not like job.
    I think most people have these moments when they feel like they are on a hamster wheel going nowhere.

    Leave a comment:

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