Thursday, June 21, 2018

Selling the condo, it's about to get real....

It's been a few months since I posted, but I thought I would update where I'm at in the selling process.  My renters moved out a couple of weeks ago and let me know I had access to the condo.  They told me that they had it professionally cleaned, so I anticipated little for me to do in order to get it cleaned.  Well, that was not the case at all! If they paid someone to come in and clean, they should ask for a refund!  The place was filthy, cobwebs in several corners, water rings on the granite countertops, splatter from cooking all over the subway tile and a pile of crumbs in both the drawer under the oven and in between the refrigerator and the wall.  UGH!  They were also required to have the carpets shampooed, which they did not do.  As of right now, my fiancé and I have put in over 15 hours cleaning the unit and we're not quite done.  I'm having some plumbing work done that is the result of a lawsuit with the developer from when the renovation was done.  This is not anything that will cost me out of pocket and it will be a better selling point that it has already been completed, so it seemed like the right time to do it.  Once the plumbing work is done, I will have the entire unit painted including all of the trim work.  Staging is all set for July 2nd, then after the holiday it will go on the market.

I'm still working on documenting all of the damage and cleaning I will need to do before I can send my renters their letter and any security deposit that might be left. They left huge dings and divots in my laminate flooring that will cost me some money in what I'm able to charge for the unit.  I was going to replace it, but after talking to several people, they suggested I just disclose the info in the seller disclosure agreement and move on.

I'm really getting excited to get this next step done and get on to the buying process of our new home.  Although, I know it won't be a piece of cake either.  The market is so hot right now that it might be several attempts before we get one that sticks.

Current debt total:  $201,448.13

Thursday, April 19, 2018

Getting ready to list my condo...

I've been working with my broker to get my condo listed for sale so that my fiancé and I can buy our first home together.  The market is so hot right now, it's a great time to be a seller and a hard time to be a buyer.  We've also taken the first step by getting our pre-approval started and working on paying down any debt that we have.  We've worked really hard to have excellent credit, so that will help us out significantly.  

We've been selling lots of stuff on eBay which not only is helping us earn extra money, it's also helping to clear out things we no longer need, want or use.  I would highly recommend doing this if you have too many things and not enough money. We've been adamant that any of this extra money we make is going directly toward our debts.  We don't want to start to count on it as part of our regular income because there may come a time when we aren't making as much or perhaps not listing as much.

We're also keeping ourselves busy with doing small tasks online through Swagbucks, Product Report Card, Survey Savvy which are smaller amounts of money, but it all helps. We're recycling items, we're finding fun, free events to go to.  Everything we can think of to save money and/or make money.

Meeting with the mortgage broker next week, so looking forward to see what we can afford so that we can look at listings from a more realistic standpoint.

Current debt total:  $202,672.75

Thursday, April 5, 2018

Yes, it's me, I'm still here and still plugging away on my debt reduction...

Well, I've not been here in WAY too long, but thankfully this time it doesn't mean that I have been racking up debt.  In fact, just the opposite.  I'm making great strides in my debt reduction, thanks to lots of hard work, diligence and just plain being fed up with having debt.  My fiancé and I are both working hard to pay down our debts and save money for a house.  I will be selling my condo soon that will give us a nice chunk for a down payment, so once that sells, we can really start to get serious about buying a home. 

My last post at the end of 2016 my Current debt:  $213,676.90; as of this writing, my current debt total is: $203,315.16.  So, down over $10,000 since last time, not great, but progress nonetheless.  We have been purging things from our home and selling them on eBay,  Mercari, and PoshMark.  We've sent DVD's, books, and other items to Eagle Saver & Second Every bit of money that comes from these things is going to be put towards our debt.  

We have been living in a rental home for 3 years without an increase in rent, well this is the year they are increasing it and by 20%!!! Yikes!   Perhaps this is the catalyst we needed to get our butts in gear and work harder to get out of the rental house and in to our own home.  We currently have an extra bedroom in our house, so we are renting that out for $200/month. And we are charging my fiancé's son $400/month to live with us.  He's graduated high school and is not going to college, so the rule was, if you aren't going to school, you pay  rent.    

We have quarterly bonuses coming soon and that will also go straight to debt; likely the credit card which is the one I'm focusing on most.  I think it's more important to pay that down over the car which is a tangible thing and would likely look better for our credit when we are getting pre-approved for a mortgage.  

We've also been trying to eat at home more and have people over as opposed to going to restaurants and bars.  This is saving a ton of money.  Also, we've given up drinking alcohol on workdays except Friday and have been keeping all alcohol consumption to the weekend.  This is not only saving quite a bit of money, it's also better for our health and our weight.  Where I work, they offer a lunch stipend at a variety of restaurants around the office, so I've also been taking advantage of this to save money and not having to bring or buy my lunch.  The fiancé is working overtime when he can and I have been selling on eBay like a madwoman.  

Other than that, not too much going on. The biggest part of my current debt is my mortgage on my condo.  When I sell that, the debt total will look SO much better.  Of course we will then buy a house, so the debt total will increase again, but that's ok.  

I hope all is well with you and that you are enjoying a budding spring.  We're still getting a fair amount of rain here, but I have high hopes that it will get better soon. Until next time...

Current debt: $203,315.16  

Wednesday, December 28, 2016

2016 is winding down...

...there are only 2 more working days in the year and then it's time for a nice 3 day weekend from work!  This year has been one of many ups and downs, thankfully more downs in my debt reduction and more ups in my net worth. 

I feel like I've become somewhat complacent though in my debt journey.  I've been going through the motions, but not really challenging myself to make great strides toward that wonderland of being debt free.  I've been reading everything I can lately to motivate myself and working toward that happiness of not paying bills every payday and having little to nothing left.  I've read so many success stories and I want that life so badly, so what I've been asking myself, do I want it badly enough to make the necessary sacrifices.  This is going to take some time, but Rome wasn't built in a day, was it? 

I'm still looking at what my goals for 2017 are going to be, and I will post them here when I have decided on them, but I want to give it some real thought before committing to them as I don't want to make them and then not be able to keep them.  Know what I mean? 

One goal I know I will make and keep is my final loan payment to my parents in April 2017.  It's an annual payment and the final payment for the assistance they gave me with the down payment for my condo 10 years ago. I'm so excited to get this final payment to them I can hardly stand it. 

Other than that, I would like to keep from incurring any additional credit card debt, but I have to remind myself that this also means I can't be overzealous when making payments only to find myself coming up short before payday and needing to pull out the credit card to make ends meet.  This will take a new thought process for me when paying bills, but I'm going to try my best. 

Since I said I wasn't going to post my goals yet, I will close for now, give them more thought and post again when they are ready.  Until then, I hope everyone has a happy and healthy new year! 

Current debt:  $213,676.90

Friday, October 28, 2016

Bonus time....

Yay!  Today I got my usual paycheck and a bonus!  I wasn't sure how much the bonus was going to be, so I was happily surprised that it was $750 pretax.  After taxes and deductions, I netted $633.54.  I made extra payments to both of my credit cards with it and paid some usual bills. I didn't go crazy paying down my credit cards because I've been known to get a little overzealous paying things and then leaving myself short and pulling out the cards again.  This is a pattern I am trying to break.  I have a few errands to run this weekend and want to have the necessary cash to pay for them.  I think I'll gas up the car, maybe splurge on a wash, do my grocery shopping, buy a birthday gift I need for next weekend and then head home to snuggle up on the couch with my honey and watch movies and football.  Looking forward to not having too many plans this weekend.  It seems like most weekends lately have been so packed, I'm exhausted come Monday morning when I head back to work.  Time to relax and regroup.  Going to pull out the crock pot and make some hearty stew.  YUM!! 

Happy fall weekend everyone!

Current debt:  $214,846 

Thursday, October 27, 2016

Addtional savings all for NOT doing something...

It's almost open enrollment time for our health care benefits at work and as such, the email came out today with the new premiums along with some additional news.  I'm fortunate in that my company is absorbing most of the increase to premiums this year, so it will increase my deduction by less than $3.00 pretax.  Not a bad deal if you ask me.  BUT, the additional news was...if you are a smoker, it will cost you almost $50 more per month to have coverage.  Thankfully for me, I never have been, nor will I ever be a smoker, so that's a $600/year savings right there.  Woohoo!  Gotta love it when you see big savings like that without having to change a thing. 

I will happily continue to be a non-smoker! 

Current debt:  $215,131.54.  (still dropping at a snail's pace, but hoping the bonus tomorrow helps!)

Monday, October 24, 2016

What's that? A bonus you say...

I just found out that I am eligible for a bonus this quarter!!  I have no idea yet how much it will be, but I will find out this Friday.  What am I going to do with this?  Do I put it towards my highest interest debt?  Do I put it in my emergency fund?  Do I do something fun with it? I have a few days to think about this one, but it's difficult to think about what to do without knowing how much it is.  I don't want to count my chickens before they hatch, but I've heard of co-workers getting 4 figure bonuses.  This would really help out my situation, just need to figure out what is the best thing to do with it.  I'll write a follow up just as soon as I know how much it is. 

Current debt:  $215,130.95  (getting down there, slowly but surely!)

Monday, October 17, 2016

Update on the past few days...

I have been doing pretty well on my spending and working on my payment plan.  I've been pairing down the amount of "stuff" I have and feeling generally pretty good about things.  Last Friday was payday and I paid all of my bills, filled the gas tank and went grocery shopping.  I was able to do all of this and not one time did I pull out the credit card.  I have enough food on hand to last us for the next 2 weeks until payday rolls around again.  I can usually go 3-4 weeks without needing to fill the gas tank. (I drive only 6 miles a day roundtrip to work).  I even managed to purchase a few small Christmas gifts with the money I had on hand.  Yay!  No credit card pulled out for these purchases.  I also received a check for $20.80 from Checkout 51 and $5.63 from Saving Star.  All of these little extra amounts of money help out when you're trying to do it all with cash.  I'm also working really hard not to be too aggressive in paying my credit card and leaving myself cash poor until next payday.  When I do this, I always seem to end up pulling out the credit card to bridge the gap...NO MORE!! I have had it with seeing the balance on my cards increase.  I want to be excited to see them decrease.  I've put together a comprehensive notebook of my current debts, upcoming payments and any additional income over and above the salary from my everyday job.  I'll admit, I'm working harder on decreasing costs as opposed to increasing income.  I think decreasing costs is going to be something I will be able to sustain more effectively than increasing income.  I have decreased my trips to Starbucks from 5 mornings a week, down to 3.  I know this isn't huge, but based on the cost of my drink x 2/week x 52 weeks, this will save me $451.36 annually.  I'd like to cut this down even more, but I think baby steps are the way to go for me.  I am working on creating a Wardrobe Capsule that will mean fewer clothing purchases, more well thought out purchases and the ability to create more outfits with fewer clothes.  If you aren't familiar with Capsule Wardrobing, Google it!  You will be inspired! 

That's about it for now, just thought I'd update you on what I have done over the past few days in relation to my finances. 

Current debt:  $215,272.91  (woohoo!  Progress since last week!) 

Tuesday, October 11, 2016

Goals are dreams we convert in to plan & take action to fulfill...

Less than 12 weeks until the year is over.  I guess it's time to start thinking about my goals for 2017 and look back on the goals I had set for myself in 2016. the moment I can't even remember what those goals were.  Uh-oh, that's a bad sign already!  Did I achieve any of them?  Well, let's take a look at what they were and then dissect them.  I'm literally cringing just thinking about looking at these.   Let me go find that old post and copy them here...BRB!
Well, I looked and looked and looked all over my blog for 2016 posts in January and realized I had not made any!  Well, I guess I could say that I met them all, EXCEPT that upon further investigating, I see that I wrote them in April.  I guess the better late than never rule applies here.  
Here's where my mind was in April 2016:

1. April 2016 pay $2,000 annual loan payment to my parents. This will leave the balance at $2,000 - Final payment to be made April 2017.  I am happy to report that I am on track with this one and it will be gone by April 30, 2017!!  Woohoo! 

2. Focus all extra funds to the Chase Freedom (ironic isn't it?!) Card that currently has a balance of $2344.56.  My goal is to have this paid down to ZERO before 12/31/16.  I change my strategy a bit on this one and it won't be gone quite that soon, but it should be gone by March 31, 2017.  It currently has a balance of $1250!

3. Next up will be my Visa card with a current balance of $5898.28.  UGH!  I have got to stop using this card for anything.  Epic fail!!  This card now has a balance of $8332.54!!!  And I have no idea why!  This means I need to go over my statements from the past several months and see what I have been spending money on and make a change.  This is not acceptable. 

4. My car loan will be my last debt, with the exception of my mortgage.  Car loan stands at $20,368.17 and I will make the minimum payment on that each month until the 3 previous debts are paid off and I can focus on the car loan.  The interest rate on it is less than 3%, so it's not one for me to fuss about too much.   This one is going along fine.  I've been good about only making the minimum payments on this and I thought focusing on my other debts, however given my response to my previous goal, this is not the case.  Grrr!! 

5. As for my mortgage, it's for my condo that I am not even living in right now.  I keep watching the value of it increase and I have it rented out, but I'm just not sure I want to keep it and be a landlord. It's finally in a position that I am no longer underwater, but I'm so undecided as to what  I want to do, I'm not going to make any decisions at the moment.  I think I'll wait and see if my current tenant signs a new 1 year lease and worry about it then.  I have a few months to think about this one anyway.   My tenant did sign a new lease for another year and he's a great tenant.  He auto drafts his rent payment to me by the 25th of month prior to the rent being due.  I've never had a maintenance issue with him, in fact, I've never even met him.  :)  My bigger concern is that even with this great tenant and his paying a fair rent on time, I am still upside down $224.81 each month after paying the mortgage, insurance and association dues.  I'm seriously considering selling the condo after his lease is up next summer.  Any thoughts?  

I guess I have some work to do on these before I can even begin to think about my goals for 2017.  I'm going to pour over my credit card statements to see how I have gone from a balance of $5898.28 to $8332.54!  This does not make me happy and I really feel I need to get to the bottom of this increase.  Once I have done this, I'll post here as to what I've found and what I'm going to do about it.  Stay tuned....

Monday, October 10, 2016

Plugging away...

I know, I know....once again it has been far too long since my last post.  Wow! That almost sounds like going to confession.  :) 

Not too much going on around here.  I'm happy to say that my silence doesn't mean that I've been overspending and trying to hide it from y'all.  It just means I've been busy out and about and enjoying life.  Well, this past week, I've been sick, but other than that, I've been really enjoying life.  I haven't used my credit cards AT ALL for the past 2 months and that feels great!  It's so exciting to see the balance going down, not just bouncing up and down as is my usual way.  I've been working really hard at not overpaying and putting myself in a bind with too little cash available until payday and then having to pull the card out. I've also been doing a lot of cleaning out of "stuff" in my life and minimizing my stuff to keeping things I love and that create joy in my life.  The less stuff I have, the happier I seem to be.  Whodathunkit?! 

Other than that, not much going on.  I've been cooking a lot more at home and trying new recipes, using things I already have on hand to make dinners and taking advantage of the free lunch we have at work.  Why in the world would I spend money going out to eat at lunch when we have free options right in our office.  Duh! 

I'm still thinking about what to do about my rental condo.  Do I want to continue to hold on to it, renting it out and being a landlord, or do I want to sell it when this current tenant moves out?  Grrr....I just don't know.  Anyone have any thoughts on this?  My renter pays the mortgage, but I still am underwater each month to the tune of $ 224.81.  Of course I do get the tax benefits, but is it worth it?

I found a great new blog today that I am excited to start following.  Flirting with Minimalism!  She's currently on week 6 of her Spending Fast and although she's had some ups and downs, she seems to have made great progress already.  I am very inspired by what I've read so far and look forward to her updates. 

I'm going to close out for now, but I am really going to try to get better about posting more frequently.  I promise!

Current debt:  $215,340.  (UGH! This is higher than I wanted it to be!)