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Archive for February, 2008

Spend Free Day

February 27th, 2008 at 01:38 pm

After viewing many on this site who keep track of spend free days, I am going to attempt the same. You are all very inspirational and I think if I acknowlege each of my spend free days, the overall number may very well rise. Wish me luck.

My personal account will begin March 1, 2008. Not that I am going to not try to finish our February spend free.

My goal is to "pay myself" $2.00 for every spend free day to be deposited at the end of each month into my mortgage payoff account.

Four Spend Free Days in February = $8.00
(Began keeping record on 2/25)

March Spend Free Days:

3/2; 3/3; 3/4; 3/7;

You AINT gonna believe this!!!!

February 25th, 2008 at 03:18 pm

I was messing around online the other evening when one of those cavemen commercials came on for Geico.

I decided to try their online quotes. Well, I found out two things within a few minutes:

1. My current insurance agent who handles my home, auto, motorcycle, camper, rental and corporate insurance policies was NOT doing her job, and;

2. I saved...get this, over $700.00 a year on auto insurance. I went from paying $1200/year to about $500!!!!! I could not believe it. I knew my driving history was favorable but I never bothered to do my own homework. I thought that was what I was paying her to do.

MORAL: Surround yourselves with competant teammates, however, do your own homework as well!

Another unaccounted chunk in the checking account

February 25th, 2008 at 02:25 pm

I really went off the deep end this last payroll, leaving out about $75.00 worth of deposit from my register. I truly can't wait to see exactly how much "savings" I have accumulated by using my "rounding" methods.

Getting ready to make a deposit

February 25th, 2008 at 02:23 pm

I hit the 5,000 necessary points on my VISA card in order to redeem $50.00. This or course will go toward my mortgage payoff challenge. I peeked into the change bank this weekend and saw a $5.00 bill and some silver so I have to assume there is about $7.00 or so waiting for deposit.

I will make the deposit when I get the reward chash and update the blog balance.

1:00 a.m. and I can't sleep

February 24th, 2008 at 06:07 am

Well, it is 1:00 a.m. and I am wide awake. I have been running through my head the three major purchases made on my credit card this weekend and feel very good about all of them.

First, after shopping, hunting and searching, I was able to book a flight for my wife and I and our three girls to Orlando to visit my parents and take the kids to Disney. I got it down from about 2500 to 2000, just by booking late at night?!?!?!?!?!?!?!

Second, I took the whole family out to Sushi. It usually costs about $175.00 but as a nice treat, is well worth it.

Finally, I paid for my 12 month gym membership. Of the three, this was vital. I am 36 and have always been in pretty decent shape. Maintaining about 190 lbs on a 5'10" frame was perfect for me. That said, I have noticed a major decrease in my metabolism. Call it whatever you want, but when I it 200 lbs, I start snoring and that lands me on the couch. So, its off to the eliptical machine and stomach crunches. Today I weighed in at 203, down from 213 about two weeks ago so I expect in about 1 month, I will be at 190 again. Lent helps too as I give up snacks, soda, junk food, between meal eatings, food after 7 p.m. and candy.

I'll keep you all posted. Well, good night and God Bless you all!

Try This If You Dare!!!!!

February 18th, 2008 at 07:49 pm

Ever heard of the "too much" check and "not enough" deposit? If not, let me explain.

Whenever you write a check or use your debit card, when updating your register, round the dollar amount UP as much as you can. For example, I purchased a cup of coffee and a donut the other morning from Dunkin Donuts. The total amount was about $3.00, however, when I recorded the amount in my checkbook, I put it in as $5.00.

On the flip side of the coin, whenever I deposit money, I try to round it down as much as I can. For example, if my paycheck is say $46.34, I will record it as $40.00.

The final trick is to FORGET IT. Don't count on the adjustments as an excuse to overdraw. Maintain stringent checking/debit practices.

What some do is maintain this type of register along with an accurate, to the penny register. Other people simply work through the balancing act at the end of the year to determine how much was saved. YOu can do whatever you wish, however, it really does add up. Try it!

Mortgage Payoff Account Update

February 18th, 2008 at 07:24 pm

Mortgage Pre Payment - GOAL: Put the entire monthly balance of "found money" saved against the mortgage principal.

The kids are helping by collecting change around the house.

3/4/2009 Mortgage Pre Payment.....$566.81

4/1/2009 Mortgage Pre Payment.....$586.42

UPDATE 8/27/2009

NOTE: MTG BALANCE:...$103,776.32
ORG BALANCE:...$145,000.00
ORG TERM:......15 years
REMAINING TERM: 10 years/10 month
AMT PAID TO DATE: 41,223.68

10/1/09 Mortgage Pre Payment.......$500.00

10/23/09 - Pre Payment Saved.......$45.00

11/1/09 Mortgage Pre Payment.......$245.00

As Of 3/27/10

Org Balance:...$145,000.00
Mtg Balance:...$98,718.47

Met With My Financial Planner

February 18th, 2008 at 05:00 pm

As my wife concludes her NYC trip with some girlsfriends, I am home today with the children since they are off school this week.

I forgot a scheduled meeting with Craig, my financial advisor so I contacted my secretary and advised her to direct him to my house where we could meet.

He just left and we were able to establish a little homework for him to do.

1. ROTH IRA for my 11 year old. She assists her mother at her 13 year old dance studio, pulling down $40/week. She is also planning on taking the Baby Sitting Course in order to prepare for babysitting beginning in September. Our rules of the house clearly state that 1/2 of any/all income or gifts will be saved, the other 1/2 can be spent, saved or tithed. We are hoping this ROTH IRA in addition to the PIA account we have established for all three girls will not only establish sound saving lessons, but start them off on the right foot once they are "of age".

2. Opening an IRA Account for me. I currently max out my ROTH IRA in January every year and max out my company SIMPLE IRA. I am looking for another IRA to invest in, along with a stock broker. We are not sure another IRA is doable (because of many considerations regarding income and other holdings), so that is somthing he is going to research.

All in all, I love Craig and am very pleased with the service he provides me, my wife, my children and my company. He is a great asset to my business family. And he has become a good friend too!

Trying to Pay My Mortgage Off Within 5 Years

February 17th, 2008 at 11:37 pm

Paying off your mortgage is not always a wise financial move. For example, if your investments are currently earning more than what you are paying in mortgage interest, you would be better suited putting your money in said investment's since paying off your mortgage is really doing nothing more than giving the mortgage holder a boost in cash.

That said, I have maxed out my two major investments, my Roth IRA (still qualify since I am under 166K in income) and my companies SIMPLE IRA. My rental property is currently paid via tenants and my cash reserves total about 75K (held in a Money Market Account).

I have an interest in establishing a Stock Portfolio but have yet to find a broker that I feel comfortable with (will take any suggestions).

Thus, I have begun a crusade in paying off my mortgage. To date, I have been able to put about 35K against it, leaving me with a balance of about 117K. The interst rate is 5.5% and I have 12.5 years left on the 15 year term.

Putting large chuncks of money against it occurs about two or three times per year. This is not soothing the payoff best within me. I have begun a mortgage payoff piggy bank. Nickles, dimes and dollar bills will count. I opened a "Mortgage Payoff Money Market Account" whereby all I can scrounge and save will be deposited.

I will keep you updated as to how its going and I wish you all the very best in financial stability. God Bless.