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Mortgage Payoff update 7/2012

July 26, 2012

This is an update of our mortgage payoff status, we are projecting that we will be done sometime between July to September of 2013. Each black piece represents an equal amount of money towards our mortgage. I try to post an update the last Thursday of every month. In April of 2011, we started here with our mortgage payoff visual aid:

Finanacial Freedom

Dave Ramsey, you would be so proud 😉 Last month’s progress, June 2012:

Visual Aid debt payoff

As of July, 2012, we were able to take off two more pieces, looks like we are ALMOST halfway there!!!!

Financial Freedom

We also keep a separate “HIS” and “HERS” recreation account each month. This is an equal amount of money we both can spend each month without accountability to each other. Usually we spend it on something we want for ourselves: magazines, books, going out to eat with friends, etc. This month we gave each other $75.00 to spend, and it looks like I already ate it, literally.

$15-JC beans (my favorite coffee shop)
$3-Mcdonalds
$12-Rainforest Cafe
$12-Stater Bros. Market
$15-Yardhouse
$10-Alberto’s
$9- Crepes de Paris

$75 spent on food….I am a HEIFER!!!  What a wake up call!!!  Let’s see if I can do better next month!

JC Bean, How I love you, why must you destroy my budget?

Coffee

Questions for you: What do you spend your extra money on? Do you have something you are saving for?

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12 Comments leave one →
  1. July 26, 2012 1:20 am

    Thats a great idea. Sometimes it feels like the mortgage will never be paid off, but this is a good way to actually see results!

  2. July 26, 2012 7:37 am

    I like this visual aid for paying off debt. How much does each portion represent? I may do something similar for my student loan debt in the future! I use a lot of money on eating out and Starbucks, but I’m trying to stop. I will HAVE to stop once I move.

    • July 26, 2012 10:41 pm

      Each piece represents $5k You HAVE to do some type of visual aid when you pay off your student loans!!! It’s so much more motivating, and provides for smaller goals within the big picture goal.

  3. July 26, 2012 10:21 am

    I love the visual aid! Ha,ha! That’s awesome that you are paying off your house. We are in the process of doing the same thing!

    • July 26, 2012 10:42 pm

      You are? Good for you guys!! What is your goal for the payoff date? What made you guys do that?

      • July 27, 2012 6:20 am

        We want to pay it off and be 100% debt free, of course! We are about 3 years away from pay off and we will be 36. Then all of our income (we both work full time) will be mine all mine. Mwwaahhhahhhaahhhaa……

      • July 27, 2012 6:21 am

        . A

  4. July 26, 2012 12:40 pm

    Latté, of course!! Such a budget destroyer, but it tastes soooo good! What a cruel world we live in! : P I need to stop.. or at least to reduce it. A lot.

  5. July 26, 2012 8:45 pm

    Wow, that’s really cool that you’ve already got that much of your house paid off! What do I spend my extra money on? Lately its been small trips. My wife and I were just at Niagara Falls on a mini 2 day vacation. We’ve got another short trip in the works with the kids as well!

  6. August 7, 2012 6:43 am

    Food, always food. Guilty little lunch trips at work, usually. When I was fixing up old bikes I spent a lot of money on bike parts, and tools, though I did get a lot of that back, eventually.

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