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May's debt repayment and a little more

May 18th, 2012 at 01:54 pm

Iím closing the books on Mayís debt repayment even though there are 13 days left in the month. We paid $4,200 towards the principal of the mortgage, $700 towards the car loan and $394.21 regular truck payment. This is a total of $5,294.21. The mortgage principal in our amortization table is on year 2015/February. Weíre already prepaying the mortgage and extra principal for the summer months, since both my husband and I are ten months employees. My hubby usually gets a summer job but I donít count on it. A while back I set some goals to continue paying on the principal and the summer mortgage payments. I like setting short and long term goals and writing them down. I get a kick out of crossing things off my list and reducing the balances. It keeps me faithful to the debt reduction goals. Here is an example:
Summer Mortgage principal goals:
[ X ] April 30th--$1,400.00 Mayís extra principal payment
[ X ] May 15th--$2,800.00 June/July extra principal payment
[ ] May 30th-$1,771.00 Juneís mortgage payment
[ ] June 15th-$3,171.00 Julyís mortgage and August extra principal
[ ] June 30th-$3,542.00 August and September mortgage payments
Lots going on next month; Sport banquet, senior award ceremony, senior prom graduation and graduation party. Iím excited and nervous at the same for DS#2. He is also very nervous and the other day he told me he doesnít want to graduate . I always reassure him that he just has to take steps towards building a future. DS#1 started working full-time and worked 75 hours in the last two weeks.

Well this is all I have for you. I hope you all have a blessed, happy frugal weekend!

5 Responses to “May's debt repayment and a little more”

  1. PNW Mom Says:

    Great job on the mortgage! Sometimes it feels scary sending our kids out into the world isn't it?

  2. PNW Mom Says:

    Great job on the mortgage! Sometimes it feels scary sending our kids out into the world isn't it? Enjoy your weekend!

  3. snafu Says:

    Will DS #1 be using the income from his new job to fund tech school? This is a tiny snapshot we're watching...

    1st year post secondary is such a different experience we've noticed that DKs who have earned the income to pay tuition and books and therefore had 'skin in the game' did so much better than friends whose dads 'wrote the check.' Worse yet were results from the guys who borrowed the limit. They used new freedoms to try new experiences with scholastic effort only a concern the night before important papers were due or exams imminent.

  4. NJDebbie Says:

    snafu, DS#1 will fund his last semester of college (Fall) with the money he earns at his full-time job. DS #2 is graduating from high school in June and thinking of going to tech school or the military. He has not made a decision yet. He will be seeking employment once he graduates from high school.

  5. -Jerry- Says:

    It can lead to some anxiety when you are facing graduation, even when there is a definite plan in place. When there is no insurance of a set plan, I can only imagine that it's even more daunting... but you are right, it is important to build that future. Good luck to your DS, I am sure he will do fine!

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