Home > Archive: July, 2008

Archive for July, 2008

Seeing the light at the end of the HEL tunnel

July 17th, 2008 at 01:58 am

As I've mentioned, I am currently making extra principal payments on our home equity loan. I originally anticipated paying it off by the end of 2009.

I saw last night, though, that the balance is down to $8,419.51. If the second half of the year works out about the same as the first half, at least $7,900 would go toward the loan. And I know how my mind works. Once I get close to being paid off, I'm not going to mess around with little payments. When it is down to a couple thousand, I'll just make one final payment and be done with it. So it looks like the loan will actually be gone by the end of 2008, not 2009!

Our scheduled payment is $218.01/month, so our disposable income will jump by that amount once the loan is gone. Of course, most of that will be directed into additional savings, but some, perhaps up to $50/mo, will likely go toward some new treat. When I paid off one loan, I hired someone to mow the lawn ($54/mo). When I paid off another, we got cable TV (limited basic for $11/mo). I don't really have anything in mind for a portion of this money but I'm sure we'll figure it out.

It is just nice to see that the end is near. Once the HEL is gone, we will have nothing left but our primary mortgage. That's where most of the $218 will go. An extra $150 or so per month toward that will ensure that it is paid off well before retirement.

Haven't stopped decluttering

July 3rd, 2008 at 12:57 pm

In case anyone was wondering, I am still working on attacking clutter. It slowed down a bit but I'm still doing something every day.

The past few days, I moved to some less obvious clutter - in the filing drawers. I've cleaned out numerous folders and gotten rid of lots of unneeded papers. For example, I have a file of all my professional licenses and certifications. There is no reason why I need to have anything but the current licenses, but the file held everything going back 10 years - to the shredder. So stuff like that has been getting thinned out.

Although this doesn't make the house look less cluttered, it does help in a couple of ways. First, it makes it easier to find something when I need it because there isn't as much junk to sort through. Second, it creates more available space in the files so that I can add files to store and organize other things that currently are out in the open.

So I'll keep at it. How is everyone else doing?