Mortgage

Mortgage Payoff Progress for January 2012 with Chart

Two years ago my wife and I purchased our very first home. We have a conventional, fixed-rate 15-year mortgage.  Our goal is to pay it off our mortgage in less than ten years. As of January 13, 2011, we have made 22 regular monthly mortgage payments.  We have also made several additional principal-only payments. Our mortgage payment is drafted from our primary checking on the first day of each month.  Additional principal-only payments are made throughout each month, as we earn additional income and find ways to decrease budgeted-for expenses. Here is our most recent chart – The chart shows two percentages. The blue percentage is how much I still owe – the balance. The red percentage is how much…

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Goals, Motivation

When all is Said and Done, it is the Done that Counts

When all is said and done, it is the done that counts. Lots of folks spend their time talking about their problems, especially their financial problems.  Only a select few ever commit to the task of fixing those problems.  The talking is important, but only if it actually leads to real changes.  Decisions must be made, goals must be created, and plans must be implemented.  Real progress demands real work. Establish Big Goals – Here’s a brief paragraph, outlining the financial future that I want – I want to live my life without borrowing money.  I want to be able to send my children to college and retire when my wife is finished with her work as an educator.  I…

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Credit, Debit Cards

Reduce Credit Card Use

According to this recent L.A. Times report – Consumer borrowing increased at an annual rate of 10% in November,the largest jump in a decade…  Outstanding credit card debt increased 8.5% in November… (emphasis, mine) It appears that folks are using credit cards more than ever – and outstanding balances are increasing. For more than seven years, here’s how I have reduced (and almost eliminated) my use of a credit card: I live on a budget. If we eliminate unplanned-for spending, we can eliminate unplanned-for borrowing.  At the beginning of the month, I know how much money I am going to spend and I know where I am going to spend it.  Some portion of credit card use results from poor…

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