My savings challenge

[scfr]

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.

[Smallsteps]

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.

[LivingAlmostLarge]

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.

[Gailete]

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!

[Smallsteps]

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.

[LivingAlmostLarge]

Pretty impressive

[Smallsteps]

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.

[Smallsteps]

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.

[chestynuts]

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

[Smallsteps]

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.

[james.hendrickson]

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.

Small - are you going to prioritize any of the specific debts first? Thats Dave Ramsey's advice.

[Smallsteps]

I know it looks odd that some are going down at different rates.
The cc#2 my son owes me money I lent him for a car down payment.
I can transfer $45 every two weeks when he gets paid, from his account( I am named on his account) so I chose to leave that for his payments.

The mortgage is mostly going down as my son in law pays the payment as rent. I add a tiny bit here and there.

I held on to some extra cash since I am between temp assignments at the moment or I would have cleared the CC#1

I am not thrilled that the car loan ppl cannot follow basic instructions I note extra principal on payments but it is processor choice since half have been credited as principal and half as prepayments so technically I do not owe a car payment until November.
I tried to call and talk to someone but it was like I was speaking to a wall .They offered to redo payments but I had a past experience that was messed up royally trying to do that..... so now it is just a surprise to see how it is credited after each payment. Knowing I could skip it for months can be helpful if I do not get a steady placement. so far just project assignments that are usually very short to help with one task. nice time of year to have extra time off but slows my progress.

[Gailete]

I know it isn't the same problem that you are having, but I try to pay $50 plus $1 and change to make my payment $700 on my house loan. Some months it shows that I paid only a little over $300 in interest and then other months almost $400 in interest. I get my SS check on the 4th Wendesday of the month and pay the loan that day but that day can vary by almost a week for actual calendar days in the month. I know that the interest adds up for every day but almost $100 in those different days when I can pay it? Frustrating.

While I do try to pay extra on every cc bill but one (zero % interest if all paid off by a certain time) I am working extra hard to get the lowest one paid off. It isn't the lowest interest rate, but to see one number fall really feels good.

[Smallsteps]

Gailete,
I am seeing an odd trend lately with many of my accounts and it is making me angry. as I have demolished the amount the bank is making off my car loan they now drag their feet in applying the payments. I used to pay them directly through their website and on the day it paid you could see the drop in AM as credited...….. NOW it takes 2 days???? It of course is just rationalized that they have a large volume to process or that it was a one time oops etc I have heard it all. There is not suppose to be any penalty for prepayment so they work the delay and pick up a day or two worth of interest.

[Smallsteps]

Updates and accountability.. when ever I feel like I am not moving I like to look at the start to see progress.

feb 2017 just starting out totals when I joined forum. the fact I was writing this down made me more on top of the payments.

mort 35k @ 2.87%

car $8682 @3.9%

cc $2600 @14

cc $2900 @ 16

now Oct 2018
mortgage = $26,400 this looks good knowing my payment is only about 350 a month
car= $1700 regular payment is 181.66
cc#1 $120 used this card a few times in the payment process.
cc#2 0
It makes me feel good looking at these side by side but it still seems too slow at times.
As I am closing in on the car I want to plan for that money I KNOW I can do better interest wise then paying off my super low rate mortgage.
so I m looking at new opportunities. I have a IRA/ ROTH some mutual funds and a rollover account from previous jobs 401 plans but as these do not give me the satisfaction investing in as my small dabs barely move the needle.

[SavingSteve]

Great to see that the credit cards are both almost zero!
You're right it does help to look at the start...thanks for the reminder.

[Smallsteps]

So another year has passed / i never did this challenge as it was set out but just used it as accountability for myself.
Oct 2018
mortgage = $26,400 this looks good knowing my payment is only about 350 a month
car= $1700 regular payment is 181.66
cc#1 $120 used this card a few times in the payment process.
cc#2 0

now in Oct 2019
mortgage $19,982
all other is gone. without any extra thrown at mortgage i will still pay off almost 4 years early. As i hate /loathe my current job i am strongly thinking about just letting all go on autopilot.

i have ZERO to do all day but pretend to be busy. YES i have begged / asked anything to break the boredom they people seem DEAD from the neck up. They pay really well but it simply is NOT worth it.
I am surrounded by family that have jobs that they are always TOO busy and so all i get is condescension of " oh i wish i was bored and getting paid " NO no you would not i am making myself sick just to call in. i have been trying to talk myself into just grinning and bear it to pay off this mortgage and add as much as possible to retirement but it is not helping.