Goal 2009 (+27days) Update #23 (Final)

Free at last! Praise God, I'm free at last! I got a cashier's check from the bank for the payoff amount and sent it overnight by FedEx to the mortgage company. It is finished and I will never again have a house payment hanging over me. My main feeling is one of relief. I generally anticipate that things will take longer and cost more than originally planned but sheesh I never thought I'd be paying on a frigging house until I was 62. Oh well, hindsight is always 20-20. At least I won't be paying on a house when I'm 63. Hallelujah, I'm debt free!! I wonder if I can get through to Dave Ramsey???

Goal 2009 Update #22

I have done a preliminary run through the end of the year and it looks like we will be able to pay an extra $4000 with the Jan 1 house note. That will bring us down to $4949 left on the mortgage. It is very tempting to take $5000 out of savings to just pay it off but I think I will just be patient one more month and pay it off February 1. Not that I am superstitious but it really seems like the best way to ward off Murphy visits is to have a fully funded emergency fund.

Goal 2009 Update #21

We were able to pay $4000 extra principal with the December 1 house payment. That gets us down to $10,875 remaining. If everyone stays well, safe, and employed, it is looking like Goal 2009 will be completed by February 1, 2010. We'll see. I'm glad that we have done this this year but frankly I sure wouldn't want to do it again.

I've been thinking about my financial goals for 2010 and here is what I have so far:
1. Up the Emergency Fund to $8,000
2. Save $1,000 per paycheck toward a new vehicle
3. Resume my 403b contributions
4. Once the house is paid off, open a new savings account with $500 per paycheck to cover the Homeowner's Insurance, Property Taxes, and HOA fee.
5. Needless to say, stay completely out of debt.

Goal 2009 Update #20

I've done a preliminary run through the finances for the December 1 house payment. It is looking pretty good-->We may be able to pay an extra $4000 on the principal. (It would have been $700 more but the #%&## septic system aerator went out and had to be replaced and No it could not be put off until after the house is paid off!!LOL) Anyway, that will get us down to $10,800. If there are no other disasters between now and December 31, I will take what I need from savings and put it with the January 1 house payment, post it for payment on Jan 1, 2010 and be done with it!! Keep your fingers crossed!!

Thought for the Day:
Proverbs 22:7 The rich rule over the poor and the borrower is slave to the lender.

Going ahead

We have been totally focused on getting the house paid off for the past several years. During that time I simply put off purchases and repairs as much as possible. I kept a list of things that would be purchased or repaired as soon as the house was paid off. We are down to $16,600 left on the house and aim to have it finished by April 1. The fact though is that I have reached the end of my patience and have started down the list. This month I had the dishwasher replaced; next month, I will have the broken window replaced and the carpets cleaned. In January I will resume my 15% 403b contributions with I had lowered to 3% for this year. I have rearranged the budget so that I will have the cash for each item before the purchase. I think I will be more content if I go ahead with these needed items and stretch out the house for a couple of months longer.

Goal 2009 Update #19

This was a 3 paycheck month so finances were unusually good. I was able to repay the Emergency Fund and get it back to $7,000. We paid for a new washing machine after the old one died beyond any hope of resusitation. And we were able to add $2700 in extra principal to the November 1 house payment. So now the mortgage down to $16,604. If everyone stays healthy and employed and if the car doesn't die, 4-6 months and I can breathe again.

Goal 2009 Update #18

We are down to $21,153 left on the house. While I am very disappointed that we will not make the goal of paying it off by the end of the year, I am pleased that we have made so much progress this year; this time last year, we owed $93,288. If we had not paid down the principal and were just making the scheduled monthly payments, we would still owe $263,156.
Never, ever again will I have a mortgage.

Goal 2009 Update #17

I scheduled the October 1 house payment to include $5,000 extra principal. That will bring us down to $21,110. We will not make our goal by the end of the year but it looks like February 1, 2010 will be the payoff date. I can live with that!!

I have mentioned my list of things that I have put off until after the house is paid off. #1 is a dishwasher and #2 is having the broken window replaced. The list is 15 items long and will be such a pleasure working my way down.

So what will be the Goal 2010??--To save up enough money to pay for a new vehicle for JMM by the end of 2010. His Ford Ranger has been a really good vehicle but he has been less than pleased with the Ford Service Department. Don't know if he'll go for another Ford or not. I love my Honda Odyssey and have no intentions of getting anything else for me.

Not Going to Make It

As of September 1, 2009, we will be down to $27,857 left on the mortgage. We will not be able to pay this off by December 31, 2009 to meet our goal unless I raid the emergency fund at the end. With no house note, we could easily re-build the EF in 2010. But should I? What's the big deal about December 31, 2009? Not having an EF seems to be an evil spirit magnet guaranteed to bring on major expenses. Why not just extend the goal to February or March?? BECAUSE I WANT THIS FINISHED!! I don't know---should I raid the EF at the end or extend the agony?

Goal 2009 Update #15

September 1 house payment preliminary: It has been a less than satisfactory month in the out-go category. We are having an unusually hot, dry summer with its attendant electric ($311) and water ($200+) bills but the kicker was JMM's truck with 160,000+ miles on it had to be in the shop for $780 work. So that is $1300 that won't be going on the mortgage. It is annoying but such is life--we still have jobs and good health and will be able to knock it down about $4000. I'll post again after I know the exact amount for September.

Goal 2009 Update #14

I scheduled the August 1 house payment with $5,000 extra principal. This brings us to $31,515 that we still owe on the house. If we stay well and fully employed, it looks like we will make both financial goals by the end of the year. It will definitely be worth it to have a mortgage free house!!

Goal 2009 Update #13

I paid bills, balanced the checkbooks, and did a projection for what we will be able to pay for the August 1 house payment. If all goes as planned, we will be able to pay an extra $5,000 on the principal which will mean that as of August 1, we will owe $31,515. The mind boggling thing is that if we had only been making regular payments, we would still owe $266,524. YEA!!! My other goal for 2009 is to increase my emergency fund to $7,000 and so far so good, I am at $6800.
There are so many things I am just putting off until the house is paid off that I have started a list which is fun to play around with--what do do first, a dishwasher that works or repair the broken window?

Goal 2009 Update #12

We were able to pay $4,000 extra principal with the July 1 house payment. That brings us down to $38,243. The really notable thing though is that if we had only paid the regular payment with no extra principal, we would still owe $268,184. Think of all the interest that we have not paid!!

Thought for the Day:

Well done is better than well said. - Ben Franklin

Putting things off

We are focusing so intently on getting the mortgage paid off that there are many things that I choose to just put off. There are big things like replacing furniture, blinds, & valances and little things like new sheets and kitchen towels. Being a habitual list maker, I have a When the House Is Paid Off list. We are getting close--6 more months--and I am getting antsy to start working through the list. (At the top of the list is a dishwasher replacement.) I don't want to do anything though that would jeopardize accomplishing the main objective but oooooh how anxious I am to start down that list!!

Thought for the Day:
Lord give me patience and give it to me right now.

Goal 2009 Update #11

I have scheduled the June 1 house payment with a $5000 extra principal payment. This will bring us down to just under $44,000 left. We are half way through the year and still on target. As long as we stay fully employed and well, we should be able to get this house paid off by December 31.

Thought for the Day:

The Madoff affair is the cherry on top of a national breakdown in financial propriety, regulations and common sense. Which is why we don’t just need a financial bailout; we need an ethical bailout. We need to re-establish the core balance between our markets, ethics and regulations. I don’t want to kill the animal spirits that necessarily drive capitalism — but I don’t want to be eaten by them either. Thomas Friedman 12/17/08 NYT

Goal 2009 Update #10

I did a preliminary check to see if we will be able to make the extra principal payment with the May 1 house payment and the answer is Yes! As of May 1, we will be down to $50,530. The second financial goal for this year is to increase the emergency fund from $6000 to $7000 by adding $50 per paycheck and I am happy to say that is going well also. So far so good!

Goal 2009 Update #9

We have scheduled the April 1 house payment with the extra principal payment; we are still on track to have the house paid off by December 31. (Holding my breath, keeping my fingers crossed.)

Goal 2009 Update #8

I just finished doing the mid-month finances and it looks like we will be able to make the extra principal payment with the April 1 house payment that will allow us to stay on track for getting the house paid off by December 31. Lord willing and the creek don't rise as the old saying goes.

Goal 2009 Update #7

It is official now: we now owe $63,670 on our mortgage. We are on target for having the house paid off by December 31 if we all stay healthy and fully employed. There are so many things that I want to do but everything is on hold until the house is paid off. I have a list of things that need to be repaired or replaced and when the house is paid off, I will take great pleasure in one by one going down that list--with cash. But there I go counting my chickens before the eggs are hatched...or even laid.

Goal 2009 Update #6

Thursday was payday so this morning I am paying bills and balancing the checkbook. All to make sure we will be able to make the extra principal payment with the March house payment. We had two large unexpected expenses but they were covered by the income tax refund that came in quicker than we expected. So the answer is YES!! We will make a $5000 extra principal payment with the March 1 payment. As of March 1, we will owe $63,670 on the house. So far, so good. Thank you Lord!!