Friday, December 30, 2011

Financially Fit Friday

"When real faith grips you, you develop a mind-set that looks for the best in everything, refuses to give up, finds a way around or through every obstacle, and presses on to victory."
- Norman Vincent Peale

Have you started a money makeover? What are you planning on paying CASH for? What bill are you paying off? Share a bit of your story! No story is too small to share! Real life stories keep Sister C motivated :D Catch up on Our Story to see how far we've come.

Emergency Fund - $1000 - STOCKED!

Tuition Payment - $1000 due on 1/25/2011
  • Currently Saved $100 - 10% of our goal
    • Whoa, this is quickly approaching.  I forgot about it, crap. lol
Fun Money - Not sure what to save up for. I'm toying with the idea of visiting my sister in Maine in June...
  • Deposited $0 in fun money.
  • Current Balance $117.72
    • This account pays for my membership at Curves, for my ladies night out, and gifts for birthdays and Christmas. So I need to start saving for Christmas! Oh wait, I'm excellent at finding sales/deals, so I don't need much lol
House Fund - Goal $15,000.00 by 5/31/2011
  • Took out the balance to pay off two loans this week :D  So, we'll be starting over. 
  • Currently Saved $77.19
    • In the next few weeks I plan to research out where to put our money to get the highest interest rate. I know it might not be much, but every little bit helps :D
    • I also plan to call around to different banks and find out mortgage rates, down payment requirements for different purchases - such as 'regular' house buying mortgages, foreclosures, short sales, contract for deed, etc. Then we'll know what we are up against :D
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The following are the other loans we currently have, but will put them on the back burner as we save for a house bigger than a 2-bedroom for our family of SIX :D We plan on keeping the duplex we currently own, and renting out the side we currently live in, thus earning more money each month that will pay these off for us :D

Hubby's Student Loan as of 10/01/2011 $9395
  • Outstanding Balance is $9,240.20
My Student Loan as of 10/01/2011 $6480
  • Outstanding Balance is $6,366.18
Bank of America loan as of 10/01/2011 - $2228.49
  • Outstanding Balance is $0 ZERO :D
    • We decided to just pay this loan off regardless of how little interest we were paying on it.  Hubby R was highly blessed with his commissions this month, along with a Christmas bonus.  I cannot tell you how happy I am :D  We were highly blessed this year financially.  We depleted our house fund to get rid of this completely, giving us nearly $200/mo back 'in our pockets' - aka our house fund.  By the time we're set to buy a home, the balance we took out to pay this off will have been replaced and then some.  So as much as I wanted to keep that house fund stocked, I believe this is a better route to go. 
Family Loan $3000 - Will be paid back with tax return

Family Loan $1000 - Will be paid back with tax return - We repaid this loan back two months sooner than expected :D 

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