Delve Into Your Finances in 2012 August update
This year, my goal is to pay off my home equity line of credit once and for all!
This month, here's how we did:
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Thursday, August 30, 2012
This year, my goal is to pay off my home equity line of credit once and for all!
This month, here's how we did:
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Friday, July 27, 2012
Delve Into Your Finances in 2012 July update
This year, my goal is to pay off my home equity line of credit once and for all!
This month, here's how we did:
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Friday, June 29, 2012
Delve Into Your Finances in 2012 June update
This year, my goal is to pay off my home equity line of credit once and for all!
This month, we made a huge dent into the debt. My husband is paid every other week, so twice a year he gets three paychecks in one month. June had three paychecks, so we were able to devote a lot of money to debt reduction!
(Here's how we did in May, April, March, February, and January.)
So we have now paid off 37% of the amount we owed on December 31, 2011, and 77% of the total debt that we had incurred on our home equity line of credit in the years that we used it. We haven't used it in several years, and though I won't close the account once it's paid off, I hope to never need to use it again.
Next month we have some large one-time payments coming up, so I expect we won't make as great progress as we did this month. But we'll keep at it until the debt is gone!
How are you doing on your 2012 financial goals? Leave a comment below!
Friday, May 25, 2012
Delve Into Your Finances in 2012 May update
This year, my goal is to pay off my home equity line of credit once and for all!
This month, we continued to make a nice large payment toward the debt. More than in April, not as much as in March, and a lot more than in January and February.
So we have now paid off 23% of the amount we owed on December 31, 2011, and 73% of the total debt that we had incurred on our home equity line of credit in the years that we used it. We haven't used it in several years, and though I won't close the account once it's paid off, I hope to never need to use it again.
Next month I'm hoping for another big payment - my husband is paid every other week, so twice a year he gets three paychecks in one month. June has three paychecks, so I'm hoping to devote one full check to debt reduction, plus a portion of the other two as well.
How are you doing on your 2012 financial goals? Leave a comment below!
Friday, April 27, 2012
Delve Into Your Finances in 2012 April update
This year, my goal is to pay off my home equity line of credit once and for all!
This month, we were able to put a medium-sized amount toward our debt. Not as much as last month, when my husband got a bonus at work, but not as small an amount we were able to devote to debt reduction in January and February.
So we have now paid off 18% of the amount we owed on December 31, 2011. That doesn't seem like a lot. But we have been paying off this debt for a while, and yesterday I found the records of all the debt repayment we've done for the last few years. I discovered that we've paid off 71% of the total debt that we had incurred on our home equity line of credit. Now that sounds like we've made progress!
How are you doing on your 2012 financial goals? Leave a comment below!
Friday, March 30, 2012
Delve Into Your Finances in 2012 March update
This year, my goal is to pay off my home equity line of credit once and for all!
We didn't make much progress in January and February, but March turned out much better!
Why? I'd love to credit all my frugal ways, and the money-saving things I did this month did have something to do with how much money we saved. But it doesn't account for most of the progress.
And I'd love to say that this blog is bringing in the big bucks. Although I have found new ways to monetize this blog over the past few months, and though it is bringing in more income than it did in the past, the income from the blog is still a pretty small number.
No, the majority of the money saved this month was due to increased income - my husband got a bonus at work. Woohoo!
It's difficult to reach a goal just by cutting your expenses, because you can only cut a certain amount before you get to items that you simply cannot or will not cut. And if you only concentrate on increasing your income, your expenses could grow at the same time, leaving you no better than you were before. To reach large financial goals, you have to do both.
So we have now paid off 15% of the amount we owed on December 31, 2011. Good progress, but still lots to go!
How are you doing on your 2012 financial goals? Leave a comment below!
Saturday, March 10, 2012
Delve Into Your Finances in 2012 February update
This year, my goal is to pay off my home equity line of credit once and for all! I've had money loaned from our home equity for many years now. (I guess, with the way the housing market is, we're lucky to have home equity at all!) It's been hanging around like a pet, so this is the year to get rid of it!
In February, I made a bigger dent into the principal than I did last month. We have paid off 5% of the total amount. Better than last month, but still a long way to be paying off the whole amount by the end of the year. We need to really buckle down and find other ways to bring in income!
How are you doing on your 2012 financial goals? Leave a comment below!
Friday, January 20, 2012
Delve into Your Finances in 2012 January update
This year, my goal is to pay off my home equity line of credit once and for all! I've had money loaned from our home equity for many years now. (I guess, with the way the housing market is, we're lucky to have home equity at all!) It's been hanging around like a pet, so this is the year to get rid of it!
In January, unfortunately, I paid off only a small portion of the debt - about 1%. Large car repair and car insurance bills kept us from putting more money toward this goal.
However, I've started some projects which will be creating more income in February, so I'll be able to put quite a bit of that money toward our goal, as well as saving more money from our regular income. Can't wait to pay off a huge chunk of this debt!
How are you doing on your 2012 financial goals? Leave a comment below!
Bloggers, you can link up your financial update posts below! Each month, I'll have a new linkup and you can link up your progress. Feel free to use the button below on your own blog.
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Monday, January 2, 2012
Delve into Your Finances in 2012
Definition of DELVE
intransitive verb
1: to dig or labor with or as if with a spade
2a: to make a careful or detailed search for information
2b: to examine a subject in detail
This year, I'm planning to delve into my finances! I'm planning to take a look at all my expenses and ask myself some questions. Is this expense helping my family? Is it necessary, or is it optional? How might I get the same benefit by spending less money? Could I get rid of it altogether?
So each month, I'll report on how I'm reducing my expenses, as well as how I'm meeting my financial goals.
And what are my financial goals for the year? I'm determined that this will be the year that I pay off my home equity line of credit!
This has been my goal for the past two years, and sorry to say, I haven't made that much progress on it. We've paid off 24% of the balance as of two years ago. (I'd rather not speak of actual dollar amounts, because an amount that is easy for one person to pay is an incredible challenge for another person.)
So this year, I'll be working hard on this blog, selling things on eBay, holding a garage sale, and looking for lots of money-making opportunities. I'll also be cutting back on expenses so that more of our income can go towards paying off this debt once and for all!
What are your financial goals for 2012? Leave a comment below!
Bloggers, you can link up your financial goals post below! Each month, I'll have a new linkup and you can link up your progress. Feel free to use the button below on your own blog.
For more goals from bloggers, check out Savvy Blogging, Money Saving Mom, 5 Minutes for Mom, Hormonal Imbalances, A Teacher's Treasure, Muted Palette, Semi-Health Nut, and Tara's View of the World.
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Friday, December 9, 2011
Elevate Your Finances in 2011 - December update
It's time to update our financial goals, which I posted at the beginning of the year.
Our main financial goal is to pay off 50% of the balance (as of 12/31/10) of our home equity line this year.
We are anticipating some large bills coming up - insurance bills, as well as paying for some car repairs. So we are holding back money that could be going toward the debt until we see how we are doing.
So in December, we were able to pay another very tiny chunk of the debt, plus the interest of course. For the year, we've paid off 13% of the amount, whereas I had wanted to pay off 50%.
Why did this happen? We did had a lot of unexpected expenses this year - house and car repairs. And a lot of expenses went up, such as our homeowners insurance and utility bills, which were out of our control. (Here in South Florida, we're lucky just to have private homeowners insurance, never mind the cost.)
But, a lot of what we spent was under our control. We went out of state to visit family three times this year - generally we only go once, maybe two times tops - which sapped a lot of money. Our children's activities are taking up more and more money each year. And we continue to enjoy restaurants and takeout food.
So I think we will have to seriously look at these optional expenses next year. It's time to stop treating this debt like a pet - we need to get rid of it!
How are you doing on your financial goals this year? Leave a comment below!
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Friday, November 4, 2011
Elevate Your Finances in 2011 - November update
It's time to update our financial goals, which I posted at the beginning of the year.
Our main financial goal is to pay off 50% of the balance (as of 12/31/10) of our home equity line this year.
In November, we were able to pay another very small chunk of the debt, plus the interest of course. So far this year, we've paid off 14% of the amount.
Like Dave Ramsey says about college loans, this debt is becoming a pet. I really want to get rid of it much quicker than we have been so far. It is getting really frustrating. Though we have made some progress, we need to make a lot more progress, and soon! I think we're going to have to do some belt-tightening and some selling of stuff in the near future.
How are you doing on your financial goals this year? Leave a comment below!
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Saturday, October 29, 2011
Elevate Your Finances in 2011 - September/October update
It's way, way, way past time to update my financial goals, which I posted at the beginning of the year. But better late than never!
My main financial goal is to pay off 50% of the balance (as of 12/31/10) of our home equity line this year.
In September and October, we made some small payments toward the goal. We're still not able to put large chunks of cash as I had hoped due to unforeseen expenses, like my computer dying. So far this year, we've paid off 13% of the amount.
I was also able to get my files in order this month, which was another of my minor goals for the year. Now I can find all of our financial paperwork quickly, which is a real relief.
How are you doing on your financial goals this year? Leave a comment below!
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Saturday, September 17, 2011
Elevate Your Finances in 2011 - August update
It's well past time to update my financial goals, which I posted at the beginning of the year. But better late than never!
My main financial goal is to pay off 50% of the balance (as of 12/31/10) of our home equity line this year.
In August, we were able to make a nice-sized payment on the debt, about 2% of the total amount owed as of the beginning of the year. So far this year, we've paid off 11% of the amount.
It's not looking good for reaching our goal of 50% for the end of the year, unless a significant windfall comes our way. And that can happen! But we're still making progress, little by little.
How are you doing on your financial goals this year? Leave a comment below!
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Friday, July 29, 2011
Elevate Your Finances in 2011 - July update
Time to update my financial goals, which I posted at the beginning of the year.
My main financial goal is to pay off 50% of the balance (as of 12/31/10) of our home equity line this year.
This month wasn't as good as last month and the month before. We were only able to make a small extra payment on the debt (and the interest, of course), due to cash-flowing some summer expenses. But we did not go into more debt for those summer expenses, so that is good! Once the summer is over, it'll be nose to the grindstone, shoulder to the wheel to start making some good headway on the debt!
How are you doing on your financial goals this year? Leave a comment below!
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Friday, July 8, 2011
Elevate Your Finances in 2011 - June update
Time to update my financial goals, which I posted at the beginning of the year.
My main financial goal is to pay off 50% of the balance (as of 12/31/10) of our home equity line this year.
This month, we were able to make a decent-sized payment toward the debt, though not as much as I'd like We have now paid off 8% of the balance as of the start of the year. We still have a huge amount to save and put towards the debt if we want to make this goal!
How are you doing on your financial goals this year? Leave a comment below!
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Friday, June 10, 2011
Elevate Your Finances in 2011 - May update
Time to update my financial goals, which I posted at the beginning of the year.
My main financial goal is to pay off 50% of the balance (as of 12/31/10) of our home equity line this year. We'd love to pay off the whole thing, of course, but we are being realistic. But, you never know.
This month we were finally able to put a big chunk of money toward this goal! Woohoo! As of last month, we had paid off 3% of the total amount. This month, we are at 7%. We were able to pay more this month than we were for the last four months! Now that's good news.
Still, we have quite a way to go. It's time to really get focused on our financial goal and pay this off!
How are you doing on your financial goals this year? Leave a comment below!
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Friday, May 6, 2011
Elevate Your Finances in 2011 - April update
Time to update my financial goals, which I posted at the beginning of the year.
My main financial goal is to pay off 50% of the balance (as of 12/31/10) of our home equity line this year.
This month, again, we were able to make only a small principal payment, as well as the interest due on the loan. Since the beginning of the year, we have paid off 3% of the loan amount.
I really need to start kicking it into high gear to get a bigger chunk of this loan paid off. I also have a lot of clutter around the house as well. I'm planning to get both problems solved at once by selling some of our excess items on eBay and Craigslist. Hopefully that will get us some more momentum to get this big goal met!
How are you doing on your financial goals this year? Leave a comment below!
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Friday, April 1, 2011
Elevate Your Finances in 2011 - March update
Time to update my financial goals, which I posted at the beginning of the year.
My main financial goal is to pay off 50% of the balance (as of 12/31/10) of our home equity line this year. This month, besides the interest due, we were also able to make a small principal payment. So far in 2011, we have paid off a big 2% of the balance.
Why?
We have been in savings mode for almost two years now. Two years ago in May, my husband found out that he would be losing his job later that year. So we stopped buying things except for what we absolutely needed and started saving, saving, saving.
His end date was put off until Feburary of 2010, and we continued to save, save, save, and put off buying things.
Then, his job ended. We continued to put off buying things as much as possible.
He had been looking for a new job pretty much since he found out his job would be ending. Through a combination of hard work and luck, he was able to secure and start a new position about a month later. We breathed a sigh of relief.
But then... our daughter's bat mitzvah was on the horizon. We put all the savings toward that, and lots more over the next several months. We saved, saved, saved, and put off buying things.
The bat mitzvah was in October, and it was lovely. And we breathed a sigh of relief. Could we start spending again?
Nope! Tax and insurance bills were due, and we hadn't saved for them, due to saving for unemployment and the bat mitzvah. So we saved, saved, saved, and put off buying things.
So finally... we have paid all those bills, and we breathed a sigh of relief.
So to sum up, we've put off buying a lot of needed items, and many wanted items, for almost two years now. And we can decide now, do we use the extra money we had been saving to pay off the home equity line? Or do we now buy those things we want?
It is hard to put off purchases for so long. We've always been able to buy the essentials, but some things have been put off for years now. For instance, our dishwasher is getting old; the door latch is broken and it sometimes leaks. Does it have to be replaced this very second? No. But it is a daily hassle, and it is 16 years old; thankfully it has held out this long!
What I think we will be doing, over the next few months, is replacing some of these things that have been waiting for so, so long, while still making some payments toward the debt. Once those big things are taken care of, it'll be time to put the pedal to the metal and get that home equity line out of our lives, once and for all!
How are you doing on your financial goals this year? Leave a comment below!
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Friday, March 4, 2011
Elevate Your Finances in 2011 - February update
Time to update my financial goals, which I posted at the beginning of the year.
My main financial goal is to pay off 50% of the balance (as of 12/31/10) of our home equity line this year. Of course, we hope to pay it all off! But we are being realistic, and making a goal that is challenging, yet achievable.
But...
This month, we had expenses due to a recent out-of-town trip, as well as car insurance and property tax expenses. (We don't escrow the property tax, so that I can use this income tax savings tip.)
Unfortunately, we were not able to make a payment toward the home equity principal, though of course we paid the interest owed. Bummer.
But, things are looking up for the next few months. With those expenses behind us, we should have some extra cashflow in the coming months to put toward this goal. Also, I received some small payments from the advertisers on Frugal Follies, so that extra income will help. (Thank you to all my readers for considering offers, printing coupons, getting freebies, and clicking on ads. I truly appreciate everything you do.)
I also set a goal to make a comprehensive list of all our financial accounts by the end of February. Alas, I did not work on this either. Gotta get this done!
So, basically, I got nothing done on my goals this month. I'm sure some of you can relate to that. But I hope to make some progress next month!
How are you doing on your financial goals this year? Leave a comment below!
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Friday, January 28, 2011
Elevate Your Finances in 2011 - January update
Time to update my financial goals, which I posted at the beginning of the year.
My main financial goal is to pay off 50% of the balance (as of 12/31/10) of our home equity line this year. Of course, we hope to pay it all off! But we are being realistic, and making a goal that is challenging, yet achievable.
In January, we paid off 1.2% of the amount remaining. This was a little disappointing. But there were lots of large expenses this month which we paid out of cash flow, such as car insurance. (I know, I know... I should be saving 1/12 of the money for car insurance and other big, occasional bills, each month, so that I don't have to pay them out of cash flow. But that didn't happen this year due to our wonderful yet expensive event last October.)
In the coming months, we'll be able to put more toward this goal - I sincerely hope!
I also set a goal to make a comprehensive list of all our financial accounts by the end of February. I did not work on that goal this month. So I guess I will be digging through papers to get that completed by the end of February.
How are you doing on your financial goals this year? Leave a comment below!
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