Total Debt: $275,226.22
So, what action did we take this month?
I signed up to start having the monthly mortgage payment come out of my check every two weeks, on the day after I get paid. This will work out to be one full extra payment each year. That simple trick will shave five full years off of the life of the loan. Also, I rounded up both biweekly payments to the next dollar, putting two more dollars per month on the mortgage that I wasn’t paying before. This is easy and automatic. For an easy explanation about how half-payments work, you can read this post from Penny Pinchin’ Mom.
Also, I’m no tax expert, but I think I can put that tax refund to better use throughout the year, rather than a lump sum in February. Last month, I updated the taxes my employer takes out to reflect my married + two status. Both my Federal and State withholding did have me as married, but with one and zero exemptions, respectively. The difference was hardly noticeable on my most recent paycheck. It’s not an even number, so I’m rounding it up to $25.00. Another eighty seven cents won’t hurt too much, right? This will be another $600.00 per year going toward debt reduction. And it’s painless. I’ve created an automatic payment for every other week toward our signature loan. Every Dollar Goes to Work.
What did you do this month to get yourself closer to your goal? Let me know!
| Assets | Value | Owed | Totals |
| Farmhouse | $200,000.00 | $169,104.81 | $30,895.19 |
| Townhouse | $105,000.00 | $86,115.68 | $18,884.32 |
| Savings | $9,138.49 | $0.00 | $9,138.49 |
| Checking | $3,186.93 | $0.00 | $3,186.93 |
| Family Loan | $0.00 | $14,467.64 | -$14,467.64 |
| Discover | $0.00 | $2,255.21 | -$2,255.21 |
| WF Visa | $0.00 | $83.38 | -$83.38 |
| RED Visa | $0.00 | $2,485.09 | -$2,485.09 |
| AmEx | $0.00 | $710.50 | -$710.50 |
| MasterCard | $0.00 | $3.91 | -$3.91 |
| My Car | $10,000.00 | $0.00 | $10,000.00 |
| Rocky’sTruck | $1,500.00 | $0.00 | $1,500.00 |
| $328,825.42 | $275,226.22 | $53,599.20 | |
| Assets | Liabilities | Net Worth | |
| Debt Payoff Percentage: | 0.37% | ||
| May 2016 |
The original post was first published on Owningburtonfarm.weebly.com on May 25, 2016 and has since been edited.
