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Archive for December, 2009

$20 Dollar challenge: Building my final mortgage payment

December 31st, 2009 at 05:32 pm

Here it is, the first year we will be conducting the $20 dollar challenge. Our goal, to pay off the house by 31 DEC 2010. Starting balance: $55,350

We will continue to pay on the house as we have planned (I plan on updating the mortgage amount monthly so you can follow). The $20 dollar challenge will provide the final payment (Amount to be determined). Here are the areas we will asses to add money to the account:

1. Coupons: Only coupons from items we already use.

2. Interest earned on the account: We will store the money in INGDirect.

3. Ebay: Sell stuff around the house.

4. Half.com: Books

5. Craigs list: Furniture

6. Collection sales: Lots of stuff.

7. Credit Card rewards: Self explanatory.

8. Change: Daily change added to the change bank.

9. INGDirect referrals: 43 referrals left, if you want to help ask me to send you a link.

10. Starting change bank: I have been saving change for 8 months now, we will start with this amount (About $350)

11. Starting Balance: $20

12. Yard sale: Wife says she will do this one... we'll see.

13. Insurance refund: We receive an annual refund from our life insurance.

14. Military Discounts: We often receive 10% discount, we will add this savings to the challenge.

Alright, here we go....