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Archive for August, 2016

Paycheck and snowflakes

August 30th, 2016 at 01:53 pm

Hubby got his paycheck today and swept $200 remaining balance in the checking account to Investment property slush fund, $200 to Roth IRA and $200 to savings. I have about $700 to pay some small bills until payday on September 15th. I will try to conserve as much as I can to apply to the bill we will soon incur to put new tires in hubby's truck. September budget is also set up. I upped the miscellaneous category to $500 since $250 was not realistic. This miscellaneous category covers eating out, gifts, household replacement items, etc.

Snowflakes:

This month hubby made $265 mowing lawns and I redeemed 2,000 credit card reward points for 2 $10 Dunkin Donuts gift cards.

Closing the month of August

August 29th, 2016 at 07:40 am

I am closing the month today since today and tomorrow will be no spend days. The budget spreadsheet shows that we surpassed the amount budgeted for the Roth IRA and savings categories. We also did not have to pay for auto insurance or home heating oil for a savings of $1,100.00. We went over on three categories, food (-$5.00), electricity (-$11.00) and Miscellaneous category (-$494.00). The latter one is really painful but I really think that I should up the amount budgeted and really watch it the spending. Eating out really pushed it way up. On the bright side Roth IRA contributions were record breaking high.

I'm also pushing to have three months of mortgage/heloc payments on an investment property slush fund. As of today, there is one month worth of payments. I hope to have this funded before December. First mortgage payment is October 1st.

The Roth and more thoughts

August 26th, 2016 at 09:56 am

This month has been a record breaking in terms of contributing to the Roth IRA. I made total contributions of $936. Yay me! I'm toying with the idea of paying the HELOC in three years; we used a portion of it to make the down payment for the investment property. I've already played with some amortization tables to figure this out. I've no regrets in using 1/3 of the equity on our primary home to do this. Once the HELOC is paid off, we will be netting about $700 from the rents. Yes, I realize that we are sacrificing a little to make this happen but I am certain that this is so worth it in the long run for it will help us achieve the goal of staying the majority of our time in New Jersey during retirement. We have no other consumer debts (no cc, car loans, student loans, etc.)

I made some delicious zucchini bread today. I used a recipe I found online and it is definitely a keeper. I have 6 cups of shredded zucchini in the freezer to be used during the fall. If I find more zucchini at great prices, I'm tempted to buy more to shred and freeze. I'm going to a sun flower maze tomorrow with a couple of my girl friends. Super excited about that!

Busy day

August 25th, 2016 at 02:49 pm

We closed on our second home today. I like that this house basically pays for itself, but I'm already playing with amortization tables to figure out extra principal scenarios to pay it off as soon as possible. I'm no stranger to that! First payment on this home is October 1st.

As it stand, the checking account still has a buffer of $700 and hubby's payday is Monday. I will sweep that money three ways (home principal, Roth and savings). I won't get paid again until September 15th.

My tomatoes are in full throttle and I also got zucchini and squash from a friend. She also gave me a loaf of her zucchini bread. I am so very grateful for her kindness.

I'd been buying gifts every pay period for people on my Christmas list. There are not too many people on my list but I'd much rather enjoy the season than be stock shopping. I bought two gifts today.

I guess this it today!

Goals reevaluated

August 20th, 2016 at 06:20 pm

It looks like we have enough money to cover a 12 months of expenses in an Emergency Fund. I will not be contributing to that fund anymore. I will now concentrate into splitting the monthly surplus three ways, saving or wealth building, Roth IRA and mortgage principal on the investment property (after all bill are paid). On a good month, the surplus is about $2K so I'm aiming for a little over $650 for each category. Once the Roth is fully funded I will divert the extra funds to the two remaining funds.

I decided to work the extra hour at work. It is basically an easy $30 an hour. I'll use that for fun/small repair or unexpected expenses. So that's the plan!

The red cottage

August 18th, 2016 at 07:42 pm

We are buying the house next door to us. It is a single family house with a two bedroom cottage behind it on an acre of property. We will not have to pay anything out of pocket because the rents pays the mortgage/property taxes and HO insurance. We already have tenants for both the "big" house and the cottage. I'm not worried about tenants because our rental market is pretty hot and we are definitely building a fund to cover unforeseen expenses for this home.We are buying the property with our future in mind. We decided that in retirement we will spend the three warmer seasons in New Jersey (in the cottage) and winter somewhere in the south of the United States or possibly the Caribbean. Closing should be at the end of the month. Of course, I will be paying the principal as fast as I can and I'll be tracking our progress here.

On another note, I've not done any grocery shopping in 18 days. My friend called me once again before leaving to Ireland to pick up more food. We used what we have on hand with much more to go. I just have to get some basic staples. I have spend $68 in groceries this month. I know, how awesome! My tomato plants are doing great and to top it all off, my neighbor gave me about 6 or 7 beefy tomatoes. I will be canning these!

Update

August 16th, 2016 at 05:40 am

There was some sort of problem with my employer's bank and there was no direct deposit for payroll yesterday. We finally got paid today but I heard that many of my coworkers bounced a bunch of checks. All bills are paid, money deposited to the savings account and a $500 Roth IRA contribution made. I'm determined to fully fund it from this point forward. It helps that there is no more college tuition to pay and DS#2 is paying his auto insurance in full now. We use to split it because he was working part-time then. I still have $4,100.00 left to fully fund the IRA but I still have time.

I'd been trying to get back to a bedtime/wake up routine but the summer Olympics are messing me up. I just love the competition and I can't help but to watch more and more. Luckily, it will be done on Sunday; just in time to give me close to three weeks to get back into a routine. Have you been watching? My favorites: Swimming, Track, Gymnastics and Volleyball.

Update

August 9th, 2016 at 02:04 pm

This month, I decided to do very little grocery shopping and try to use as much as I can from the freezers (deep freezer/fridge) as well as food items from the pantry. There is quite a lot of stuff that we really should consume. Today I used the last of the chili and I will not be storing any other food until everything is gone.

I also scored some goodies from my friend. She is going back home to Ireland and she gave me some food items to take home. I have to return on Friday to pick up any condiments from the fridge.

Here is a pic:



On another note, summer vacation is coming to an end in a matter of a few weeks. I figured out what we will have left from my last summer savings paycheck and hubby's actual paycheck and it seems as we will have a nice chunk of change to put in savings. It helps that we do not have any car insurance payment until September or a heating oil bill. Those two bills can eat up a good amount of our take home income. DS#2 will be paying his entire car insurance bill because he is now working full time. We are not requiring for him to pay us rent unless we see that he is throwing his money away on junk. Somehow, I don't forsee him doing that since he's always been an excellent saver.

Well, that's it for today. Have a great work week.

Bills

August 1st, 2016 at 11:54 am

What is your lowest and highest household bill?

Our...

Lowest: Water which is paid every three months and usually averages $15.33 per month.

Highest: Property Taxes/Homeowners insurance $700 every month. Frown