Mortgage

Mortgage Payoff Progress For June With Chart

In February of 2010 my wife and I purchased our very first home.  We have a conventional 15-year mortgage and our plan is to pay it off in less than 10 years.  Our stretch goal is to pay it off in less than 7. As of June 27, 2011, we have made 16 regular mortgage payments – and several, additional, principal-only payments. When I posted February’s update, we had paid off 5.72% of our mortgage debt. When I posted March’s update, we had paid off 6.26% of our mortgage debt. When I posted April’s update, we had paid off 6.90% of our mortgage debt. When I posted May’s update, we had paid off 7.35% of our mortgage debt. As of…

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Debit Cards, Emergency Fund

Break The Credit Card Cycle

It has been several years since my wife and I regularly used credit cards for monthly purchases.  Instead, we use cash, debit cards, and online bill pay.  Here’s how we broke our credit card cycle – 1.  We put our credit cards in our wallets – and just left them there.  We didn’t cut them up.  We didn’t cancel them.  We didn’t put them in the freezer.  We simply made a decision not to use them on a regular basis.  Over the past six years, this has served us well. 2.  Before we started living on a budget and getting out of debt, our credit card served as our emergency fund.  If we were a few hundred dollars short at…

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Budget, Cash, Money Management

Structure And Freedom

Over the years I have learned the true value of creating structure and following a routine.  My wife and I use the following structured systems to control spending, plan for saving, and manage our finances. Monthly Calendar – Each month we sit down and plan out that month’s events and scheduled activities.  We brainstorm and try to be thorough.  We list doctors visits, school functions, church events, etc.  Out goal is to know where we’ll be and when we’ll be there.  This helps us know two things, vital to all other systems – how we’ll spend our time and where we’ll spend our money. My wife is old school – and uses a simple spiral-bound day-planner.  I prefer the calendar…

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