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....
$20 Dollar challenge: Building my final mortgage payment
January 1st, 2010 at 01:32 am
January 1st, 2010 at 03:28 am 1262316502
January 1st, 2010 at 06:06 am 1262325986
January 1st, 2010 at 02:41 pm 1262356896
January 1st, 2010 at 03:25 pm 1262359558
January 1st, 2010 at 05:26 pm 1262366772
Jerry
January 1st, 2010 at 08:57 pm 1262379430
January 2nd, 2010 at 03:08 am 1262401708
2. Interest earned on the account: None
3. Ebay: None listed.
4. Half.com: None listed.
5. Craigs list: None listed
6. Collection sales: None
7. Credit Card rewards: None
8. Change: None
9. INGDirect referrals: 43 available
10. Starting change bank: Starting with $341 (As I mentioned in the original post, we have been saving change for about 8 months now).
11. Starting Balance: $20
12. Yard sale: None
13. Insurance refund: None
14. Military Discounts: None
Previous balance: $0.00
Today: $361
Today's balance: $361
Mortgage previous: $55,350
This months payment: TBD
Mortgage remaining: TBD
January 2nd, 2010 at 08:01 pm 1262462474
2. Interest: None
3. Ebay: None
4. Half.com: None
5. Craigs list: None
6. Collection sales: None
7. Credit Card rewards: Ordered $75 gift card from American Express
8. Change: .11
9. INGDirect referrals: 42/1 avail, sent one out today
10. Change bank: No change
11. Starting Balance: Done
12. Yard sale: None
13. Insurance refund: Paperwork sent in
14. Military Discounts: None
15. Other: Listed five books on specialty site
$20 Challenge
Previous balance: $361.00
Today: $0
Today's balance: $361.00
NOTE: Certain amounts will be added monthly so some of our numbers might not line up until the 1st of each month.
MORTGAGE BALANCE Mortgage previous: $55,350.00
This months payment: $4,414.13
Mortgage remaining: $51,400.00
NOTE: We have certain windfall payments that will be made, the $20 dollar challenge will cover the FINAL payment.
January 2nd, 2010 at 08:13 pm 1262463237
Thanks for the question,
Ray
January 4th, 2010 at 04:12 am 1262578335
Change: $2.48
Military Discounts: $5.00 at The Great Escape Theater
$20 Challenge Previous balance: $361.00
Today: $7.48
New balance: $368.48
MORTGAGE BALANCE Mortgage previous: $55,350.00
This months payment: $4,414.13
Mortgage remaining: $51,400.00
January 9th, 2010 at 04:40 pm 1263055216
Balancing my excel tracker I found more saved than I wrote down. I will wrap up all income at the end of each month so for now, I am going to re-adjust the balance to match my excel tracker.
$20 Challenge Previous balance: $368.48
This week: $174.08
New balance: $542.56
The mortgage payment is just over $600. Additional payment from my income and the extra payment from my wife's income (She contributes about $1,000 per month towards the mortgage) totals about $2,200 payments through this year. This is our normal payment. ($1598.46 $601.54 = $2,200)
In addition, this last additional payment came from some stocks that we sold. The additional payment was $2,200.
Finally, with each payment we add whatever it takes to round out the remaining balance to the closest $50 dollars. ($14.13 in this case)
Mortgage previous: $55,350.00
This months payment: $4,414.13
Mortgage remaining: $51,400.00
January 19th, 2010 at 03:12 am 1263870744
Totals: ING Direct: $38.88
Change Bank: $393.00
Change Counter: $8.05
Rolled cents: $21.00
Envelope: $92.00
GRAND TOTAL: $552.93
$20 Challenge Previous balance: $542.56
This week: $10.37
New balance: $552.93
Pending: *2008 ASMBA insurance check reissue $6.00 (On hand)
*2009 ASMBA insurance check $6.00 (In mail)
*Charter gift card $75 Home Depot $75.00 (In mail)
Total pending: $87.00
Mortgage previous: $51,400.00
This months payment: $0.00
Mortgage remaining: $51,400.00
NOTE: Just to keep you in the know, we set our sights a little high with this challenge and we knew that going into it. We had plans to sell some stuff that we have decided to wait a little later in the year to sell, until then, we will see how much we can knock off.
January 31st, 2010 at 03:18 pm 1264951091
Totals: ING Direct: $44.88
Change Bank: $407.00
Change Counter: $.85
Rolled cents: $21.00
Envelope: $94.00
GRAND TOTAL: $567.73
$20 Challenge Previous balance: $557.36
This week: $14.80
New balance: $567.73
Pending:
*2009 ASMBA insurance check $6.00 (In mail)
*Charter gift card $75 Home Depot $75.00 (In mail)
Total pending: $81.00
Mortgage previous: $51,400.00
This months payment: $900.00
Mortgage remaining: $50,500.00
NOTE: Just to keep you in the know, we set our sights a little high with this challenge and we knew that going into it. We had plans to sell some stuff that we have decided to wait a little later in the year to sell, until then, we will see how much we can knock off.
March 1st, 2010 at 02:01 am 1267408913
Totals: ING Direct: $214.92
Change Bank: $438.70
Change Counter: $.85
Rolled cents: $21.00
Envelope: $0.00
Paypal:$186.21
BoA:$12.00
FBFCU:$0.00
GRAND TOTAL: $874.67
$20 Challenge Previous balance: $567.73
This week: $306.94
New balance: $874.67
Pending:
*2009 ASMBA insurance check $6.00 (In mail)
Total pending: $6.00
Mortgage previous: $50,500.00
This months payment: $4,500.00
Mortgage remaining: $45,000.00
NOTE: Just to keep you in the know, we set our sights a little high with this challenge and we knew that going into it. We had plans to sell some stuff that we have decided to wait a little later in the year to sell, until then, we will see how much we can knock off.
March 13th, 2010 at 07:09 pm 1268507358
Totals: ING Direct: $214.92
Change Bank: $449.70
Change Counter: $0.00
Rolled cents: $22.00
Envelope: $0.00
Paypal:$186.21
BoA:$319.35
FBFCU:$0.00
GRAND TOTAL: $1,192.17
$20 Challenge Previous balance: $874.67
This week: $317.50
New balance: $1,192.17
Pending:
Total pending: $0.00
Mortgage previous: $50,500.00
This months payment: $4,500.00
Mortgage remaining: $45,000.00
NOTE: Just to keep you in the know, we set our sights a little high with this challenge and we knew that going into it. We had plans to sell some stuff that we have decided to wait a little later in the year to sell, until then, we will see how much we can knock off.
June 11th, 2010 at 04:40 pm 1276274442
July 4th, 2010 at 08:31 pm 1278275498
Last payment: $4,218.26
Next scheduled payment: $3,689.54
1 AUG 2010 projected balance: $21,000
At this point most of our "Extra" money has been applied to the balance. The mutual funds and stocks have been sold off (All at a profit) and applied, the extra money in the emergency fund has been applied and from this point on there is only three venues for payment left.
1. Monthly income
2. Bullion sales (Projected to sell in Oct)
3. Final payment (Mainly change, currently ab out $500)
See you on the 1st
September 5th, 2010 at 07:44 pm 1283715850
2 Sep payment: $2,763.86
Projected balance: $17,500
At this point there is three venues for payment remaining.
1. Monthly income
2. Bullion sales (Projected to sell in Oct goal of about $5,000)
3. Final payment (Mainly change and a misc account in INGDirect, current balance $727.89, goal $1,000)
See you on the 1st.
September 5th, 2010 at 07:49 pm 1283716183
Below are my monthly payments.
Payments:
1-Jan-10--- $4,414.13
1-Feb-10--- $1,341.08
1-Mar-10--- $5,935.85
1-Apr-10--- $5,403.73
1-May-10--- $3,374.60
1-Jun-10--- $9,063.06
1-Jul-10--- $4,218.26
1-Aug-10--- $4,689.55
1-Sep-10--- $2,763.86
Current balance: $17,500
November 11th, 2010 at 06:25 pm 1289499952
December 3rd, 2010 at 02:15 pm 1291385743
I made it. Thank you for all your support.
December 3rd, 2010 at 08:07 pm 1291406861
December 4th, 2010 at 05:02 pm 1291482157