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Mortgage payoff status 8/2012

August 30, 2012

Mortgage payoff status for August 2012:

After doing some reviewing, it turns out that we didn’t start making extra principal payments until June of 2011, not April 2011. Every black piece represents a sum of money towards our debt. We take a piece off every time we reach the dollar value of a black piece.

This is where we started in June 2011:

Visual aid for mortgage payoff

This is where we were in July of 2012, we were able to take off two pieces:

Visual aid tool for debt reduction

In August of 2012, we were able to take off another two pieces and we have officially PAID OFF 51% OF OUR MORTGAGE SINCE LAST YEAR…..WOO HOO!!!!!!!!! Sorry it’s crooked, I just got so excited!

Visual aid for debt reduction

It feels so great to be 51% finished with our mortgage payoff!  Pretty soon we will actually have a zero net-worth.  Sounds crazy, but I’m super excited!!!!

Where has all my recreation money gone this month? I’ll tell you where:

Wavestorm surfboard

That bad boy Wavestorm cost me $99 + tax and depleted my fun savings ;(  I was thinking about buying one used, and probably should have spent time on Craigslist looking around for one.  It was a hot day, my sister was in town, the money was there and we were at Costco….SOLD!

Fun savings vs. “Recreation” category, what’s the difference?  Every month we budget an equal amount of money towards our “recreation” account, for example last month we gave each $50 in our “recreation” accounts.  This means that we can spend the money however we want.  I usually end up spending the money on food, as previously discussed I have a tendency to eat my “recreation” money.  Husband will tend to keep the money and save it for something big, like another water toy.  Our “fun savings” started because Husband has a Mammoth pass that he saves for all year long.  I said “wait a second, what about me?  Can we match that money into an account for me?” And voila the “fun savings” account was born, and every month it is matched dollar for dollar with how much we save for his Mammoth pass 😉

Questions for you: Do you buy things on impulse? Do you have an accountability partner for big expenses? Do you think a visual aid tool would be useful?

Thanks for stopping by! Have a great day!

7 Comments leave one →
  1. August 30, 2012 12:29 pm

    That’s so awesome! Such a cute and effective way to motivate yourself, too.

  2. August 30, 2012 1:51 pm

    Awesome! Keep peelin’ those babies off of there! Woowhoo!

  3. August 30, 2012 4:12 pm

    These are such awesome ideas! I’m not sure what a Mammoth pass is, but I know that if I don’t put money away for the bigger things, then I have to make due with just enjoying the little things, which aren’t always as fun.

    I really love this visual for %paid off on the home. I need to do something like this. Thank you 🙂

    • September 4, 2012 11:06 am

      You should totally do something like this….just tweak it the way you want it! It gets fun creating ways to enjoy the “little” stuff.

      The mammoth pass is a yearly snowboarding pass to Mammoth Mountain in California, that’s my husband’s indulgence.

  4. August 31, 2012 11:26 am

    Good for you!! Keep at it and before you know it, the mortgage will be gone. I’ll be running our numbers this week and we think we are done 3.5 years in to a 25 term mortgage… fingers crossed. See budgets can work! Hope you are well, love the surf boards. I used to surf all the time in the UK.

    • September 5, 2012 1:13 am

      That’s so awesome for you guys!!!! Good for YOU!!!! Is the water cold in the UK? Because for some reason it seems like it would be.

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