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September goal & quick updates while I have a sec!

September 2nd, 2014 at 08:14 pm

OK, I'm not really sure what the new mortgage will pay off each month, but I did an online calculator and hopefully I'm in the ballpark.

The goal for September, hopefully a conservative estimate, is to pay off $1500 of debt.

I'm also not sure when I'll learn the balance, but I just got the info for the provider that bought the mortgage, and they seem to have online access, so I'll try to log in tonight or tomorrow.

I'm sure our other mortgage payments have all hit the accounts, but it's been such a whirlwind that I haven't had a chance to check.

Our first wave of UK visitors left this morning and our second crew arrived. The first set -- NT's family -- were wonderful guests, but the second round is just two good friends so it'll be even better.

They all went out tonight and I stayed home with the kids, so I splurged on $10 delivery food. Our grocery and meal planning are in a bit of a shambles. I'm sure I could have scraped something together but was feeling lazy by the time I got the kids fed and off to bed.

We managed not to go over budget with the first set of visitors, and we have more money set aside for this lot, so I'm feeling OK about staying on budget.

Other news:

- First the washer went out at the new place. We convinced the seller to give us $100 to help offset the cost of replacement since it happened on their watch, and our friends/tenants covered the rest. Now our dryer is on the fritz. We've got $180 saved and a Home Depot $100 gift card lying around somewhere, and we should be able to cover the rest pretty easily because ...

- I finally got my promotion and raise! It's a nice raise too, $10K more per year. That's an almost 20% bump! I'd already factored $100 more per month into the budget but conservatively this is another $400 per month, which means $300 more than I have worked into the budget. It hits on Sept. 15 so we'll easily be able to cover the cost of the dryer.

No word on NT's potential raise, and AS has had only one more quickie $20 job (though she had to turn one place down and they said they'd check in again with her after the 15th, and she has four jobs already accepted that she'll start working on soon, including the $20 one). I'm still feeling very good about her potential for having a lucrative contractor career! One place has been REALLY quick about paying her, which is awesome because she's waiting on another check and soon to start a third job with them.

With all the stress of the purchase process, I was afraid our relationship with our friends would be strained, but it's actually been quite wonderful. We let them start moving in early without paying rent in August, and they provided air mattresses, bedding and furniture/kitchen supplies for our visitors. We don't move in officially until this Friday but I'm already feeling SO good about living in close quarters with them. They had expressed interest in buying their share of the duplex, and I want to wait a few months before committing to that, but so far I'm feeling good about that prospect.

The renters left Aug. 31, and despite being 2-3 hours late moving out, they left the place in good shape! They did put a ton of large items by the trash pile, so I'm going to see if the city takes them on the regular trash day. If not, we may have to pay to get them hauled away and I'll take that out of their deposit. Other than that, no complaints about how they left things!

In other news, we dropped our realtor (gave her one more chance to give us a discount and instead got a rather emotional, insulting and unprofessional email back), got a great professional new one, and dropped our price on the condo by $10K. We had a showing today that was a no-go and we have another one tomorrow morning. Fingers crossed we get this puppy sold!

With the new price, if we sold this month we would suffer about a $17K loss -- and that's IF we got an offer for the full amount with no request to cover closing costs. I was thinking personal loan to cover it; the interest rate wouldn't be great and the monthly payments would be big but it would be out of our hair in 1 to 5 years, depending on what term we chose.

But then we got an offer from Chase Slate for a 0% interest until Dec. 15, 0% balance transfer fees card, and I started thinking. We've got about $7K on credit cards now that we're budgeted to pay off in October. We also have the new student loan for NT for about $4500. We're budgeted to put $2250 into Roth IRAs for catchup contributions in Dec. or Jan. I have another $1600 I'm going to put on CC for my dental implant and most of it is going to be reimbursed by flex spending, so I was planning to pay that off right away. Between spending money, a new dryer and groceries we'd probably spend up another grand or two in the next month and plan to pay that off by CC.

So I thought: What if we don't do any of that? What if we transfer the CC balances to a 0% card, keep the new student loan (which doesn't have great interest rates but better than a personal loan), and not do catchup Roth contributions? Then we could get out from under the condo with barely (if any) personal loan debt. We'd still have the new debt, sure, but it would be lower interest, which would mean less of a monthly budget burden and more of an ability to pay extra since we wouldn't be wasting as much money on interest.

So it's an idea. In the past I would have said it's dangerous for me to play around with shifting debt from place to place, but I am determined to pay it off at an accelerated rate regardless, so maybe it would be a smart decision.

Of course we need an offer, or the whole point is moot. But I applied for a Chase Slate card just in case. We'll see if I'm accepted. (It wasn't instant approval, I think because I used the new address instead of just putting the condo address.)

Any other news? I think that's all of the big stuff. I'm feeling pretty good about things, with or without WV windfall. I think we're going to make this work.

6 Responses to “September goal & quick updates while I have a sec!”

  1. FrugalTexan75 Says:

    Congrats on your raise!

  2. Another Reader Says:

    A new, more professional agent should make a big difference. Your home can now be found on the websites buyers use with great pictures. The professional approach and the price drop have already garnered you two showings. The only positive about the old agent is she did do a good job on the renovations, making the new agent's job easier!

    With the carrying costs, I would be prepared to take a bigger loss to get out from underneath this place. Time for you and your family to move on to the next chapter.

  3. creditcardfree Says:

    Congratulations on your promotion and raise!! So happy that came through for you.

  4. CB in the City Says:

    Wonderful news on the raise, and fingers crossed for the sale of your condo!

  5. snafu Says:

    Adding my voice to the others to congratulate you on promotion and raise.

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