Trying To Get Ahead

Thought I would do the year in review a little earlier this year.

MORTGAGE:
NOV 2016 = 86,735.14
NOV 2017 = 84,213.18
NOV 2018 = 81,699.54
NOV 2019 = 79,499.00 (REFINANCED IN SEPTEMBER - took off 2 years of our balance and $100 off our monthly payment plus the credit union paid the closing costs).
SEP 2020 = 75,639.08


Goal for 2020: Beef up my emergency savings account to $10,000. EXCEEDED my goal. Current balance is $10,505.00 (thanks to working from home...less expenses).

It has been a very busy year... another blog entry.

Right now, my credit union (Vystar) is offering 0% APR for credit card balance transfers for 12 months at https://www.vystarcu.org/About-Us/Newsroom/Current-Promotions/Credit-Card-Balance-Transfer. They are also offering a no closing cost mortgage loan. That's how we refinanced our home with a much lower rate.

Hello everyone! I met my goals of paying off my consumer debt and student loan this year. A few really good-paying projects from our side business was the key to help us get the debt paid off. Using the snowball method was also important to keep the momentum gong.

I must say what a relief it was because I became unemployed at the end of September. You can't put a price on peace of mind but for me, it was in the thousands of dollars. On a happier financial note, I accepted a job offer and I begin working at a new company in a couple of weeks.

Here is my annual review on what my balances were since I started tracking:

MORTGAGE:
NOV 2016 = 86,735.14
NOV 2017 = 84,213.18
NOV 2018 = 81,699.54
NOV 2019 = 79,499.00 (REFINANCED IN SEPTEMBER - took off 2 years of our balance and $100 off our monthly payment plus the credit union paid the closing costs).

STUDENT LOAN
NOV 2016 = 17,764.25
NOV 2017 = 15,990.72
NOV 2018 = 14,157.47
NOV 2019 = PAID OFF IN AUGUST (I started paying double and triple payments and eventually paid it off lump sum)

CC1
NOV 2016 = 13,928.46
NOV 2017 = 11,564.48
NOV 2018 = 9,759.51
NOV 2019 = PAID OFF IN SPRING (double and triple payments and eventually paid it off lump sum)

CC2
*** NOT TRACKED IN 2016
NOV 2017 = 8,315.19
NOV 2018 = 0 (Paid Off Balance Transfer back in August)


Goals for 2018 to bring CC2 to zero. CC1 down to $6,000. Did not quite make it down to 6,000 as of November.

Goals for 2019: Pay off CC1. Then, snowball Student Loan by end of year get it paid off. Accomplished

Goal for 2020: Beef up my emergency savings account to $10,000.

Well, now that I have paid off my credit card, I enjoyed one pay week with a paycheck that didn't include a payment. It's amazing how much money I could be saving, spending, enjoying if I didn't have that debt.

This paycheck will be the first snowball rollover to my student loan. If I can stay on track with this fixed amount, I should have it paid off by May 2020.

In other news, I opened another business. I am now a travel agent! So now I have two businesses and my day job.

I sent in my final payment to my credit card. I'm happy... WOO HOO!!!!!

Next month I will roll over the payments to my student loan. The goal is to have it paid off by next summer.

Everybody! Do the happy dance with me!

One month in I have paid a quarter of my credit card balance. By the end of this month, I plan to add an additional $350. I hope to add a little more than that if the budget allows. My goal is to pay this off by April 30th.

DH started a new job three weeks ago and so far he has worked overtime every day. Needless to say, it is a major boost to our income and has helped accelerate our debt pay-down.

We had to reduce our scope on our side business since DH started his new job. But it was always designed to be a way to make some extra money and as a fall back if we come to hard times, which we just came out of.

I returned to the gym and started doing the classes offered. There is a 6-week challenge which I signed up for and the grand prize for most % of weight lost is $3,000, 1-year free membership, and 5 or 6 free personal training sessions. The buy-in is $35.

Now that I have become a little more fitness- oriented, I did a little research and found cross training footwear geared toward Zumba and Boot camp classes that is highly-rated. Hopefully they will soften the impact on my knees more than my current footwear. They cost $79 on Amazon.

For these type of expenses, I began to use an under-utilized checking account and I call it my "wellness" account to cover things that FSA doesn't (i.e. vitamin supplements, gym expenses, athletic wear and such). I deposit $25 a pay period into this account.

I opened a new credit card with Navy Federal Credit Union for a 0% APR for 12 months.

A year ago, I owed $18,000 on the credit card. I am down to $8,000. My plan is to put my nose to the grindstone and aggressively pay it off by Easter.

It will feel soooo goooood to finally have zero consumer debt.

So far in 2018, I earned $35 worth of Walmart gift cards just by using the search engine and doing the challenges.

My ladies' group at church adopted a family and my contribution was the stack of gift cards.

Here is my annual review on what my balances were since I started tracking:

MORTGAGE:
NOV 2016 = 86,735.14
NOV 2017 = 84,213.18
NOV 2018 = 81,699.54
NOV 2019 =

STUDENT LOAN
NOV 2016 = 17,764.25
NOV 2017 = 15,990.72
NOV 2018 = 14,157.47
NOV 2019 =

CC1
NOV 2016 = 13,928.46
NOV 2017 = 11,564.48
NOV 2018 = 9,759.51
NOV 2019 =

CC2
*** NOT TRACKED IN 2016
NOV 2017 = 8,315.19
NOV 2018 = 0 (Paid Off Balance Transfer back in August)


Goals for 2018 to bring CC2 to zero. CC1 down to $6,000. Did not quite make it down to 6,000 as of November.

Goals for 2019: Pay off CC1. Then, snowball Student Loan by end of year get it

As I was updating my debt balances on my side bar, I realized that I can see a faint light at the end of the tunnel.

So I examined a couple of scenarios which I believe to be attainable give or take a couple of months.

I met my goal of reaching $3,000 in my emergency savings account so I can redirect those deposits toward debt payments.

I am just $7.00 shy of meeting my savings goal of saving $3,000 in my emergency fund.

Updated my sidebar. I am $200 shy of paying off the balance transfer from January. By the end of August the entire balance transfer will be done.

Then,I will continue the accelerated pay-off and my hopes, if all goes well, I can have my Visa paid off by March or April. Then I will be entirely free of consumer credit card debt.

Once the Visa albatross is gone, I will tackle my student loan. My goal is to get that paid off in two years or less.

Love seeing those balances come down!

Well I understand that sometimes the hiring process takes some time. So far it has been one week since my interview and I have not heard. The lady who recommended me said she is not getting any vibes from management and no one else has been brought in for an interview. Whatever happens! The commute alone (under 10 minutes) is super appealing.

In January I consolidated my credit cards to one with a lower rate (see side bar). As of yesterday, I have paid $3,084.00 since the balance transfer. I can't wait to get this credit card paid off.

In health news, I had an x-ray and a nodule in my left lung was found (unspecified). So my doctor wanted me to go again in a month. I went last week and apparently the nodule is still there but I'm not clear if it has moved to the lower lobe or grown into the lower lobe. So I was sent in for a CT scan.

So now...more waiting.

Interview was yesterday. I feel lukewarm about the experience and I was told that they would contact me. I haven't heard anything yet. Que sera sera.

Back in January, I posted this blog entry regarding a possible new job: http://tryingtogetahead.savingadvice.com/2018/01/09/possible-new-job-need-your-feedback-plea_214641/

Fast forward to yesterday. I woke up yesterday morning thinking about the lady and that job. A few hours later, the lady calls me on the phone said that her manager was ready to hire and asked if I was still interested in the job and I told her that I was. How wild is that?

I learned some additional things from the lady.
401k is 5% match (after 1 year employment).
15 days vacation/sick time and holidays.
Friday after Thanksgiving the office is closed but counts as vacation.
Annual raises.
Annual bonuses starting at 1,500 and increasing yearly until year 5 where the max would be $3k.
New office building move in July or August with new furniture and...drumroll...those adjustable stand-up desks. The office is still in the same area so the commute is still only 4 miles.
As a vacancy arises, the next person down the line gets moved up with the raise along with it (no need to apply and compete).

What can I say? It sounds better every time. My interview is tomorrow afternoon.

The bad part:

I've been sick most of March and the early part of April. Basically it amounts to several things that occurred at once like severe seasonal allergies, a relentless cough, change in medication strength, and finally overall severe fatigue. I probably missed something, but those were the main ones. I'm better but not at 100% just yet. My mom has not been well and my uncle had a fall.

April has been a slow start to the business and though we have bids pending, we haven't heard back. There may be a bottle-neck somewhere but hopefully we will get approval soon and get to work. For one of my clients I ask them to remove "insurance inspections" off our contract agreement. It is not worth the trouble and time for what they pay. Let me say this... if you know anyone who is considering getting a reverse mortgage, if you care about them at all, don't let them do it. I will explain the dark side of what I have seen in another post.


The good part:

Our business did well this month and 1st quarter.

My youngest finally is receiving SSI payments. We applied for him in October.

I earned another $5 Walmart card and $5 from Receipt Hog. My savings is growing and now it is half-way to my goal.

Credit card balance is going down.

Credit score went up 25 points since January due to paying down the one card aggressively and making on time payments.

Well we were very pleasantly surprised that we are getting over $2k back as a tax refund.

Half of it will go to the CC.

Back in December, I blogged about my payoff goals and that I would have paid CC2 off and Have half of CC1 paid down. If I stay on target, I should have the credit card half way paid down. My aim is that if I can get aggressive and creative enough, I can have this card paid off by Spring 2019.

I have frozen CC2 and the current CC I am paying is essentially cancelled by the bank since they now have a new credit card (a variable one).

February has turned out to be a great month on our side gig. We have expanded our services since my husband is now doing it full time.

Anyway our anticipated income by month-end (invoiced) = $4,810.
Payments received to date from invoices = $2,770.
Expenses = 1604.
Profit to date: $1,166.
Projected profit for Feb: $3,206.

We finally got our raises at work. Mine was $3.85 per hour higher and I am so happy! The raises were effective July 31, 2017 so on this paycheck, they retroactively lumped what they owed in the paycheck so I have a huge chunk. I plan to apply half that lump to my EF so I will be halfway to my annual goal. From what is left, I plan to divide into payment towards my CC debt and also to beef up my sinking funds.

We have had a sick household and are finally recovering. Luckily we weren't down for long.

I have not heard back from that lady after I gave her my resume. She told me that it may be a while before her boss was ready to start calling people. Frankly, I'm not holding my breath but it was a good opportunity to make updates.

Actual income from the side biz (not paid yet, just worked completed and invoiced) = $2,285.00. Not bad. DH and I are looking to add more clients.

We are selling furniture and odds n ends that come from these vacant homes. So far, we earned $50 from that and we have a lot more to go through and list. I'm finding that Facebook marketplace is the fastest way to sell (compared with Craigslist and Let Go). For smaller items, we may try eBay. DH and I are amazed at how fast the items we list are selling and we hope this streak continues. We are setting the money aside but we haven't decided how we will use it.

This side income obviously fluctuates each month. If I knew we can count on a base minimum each month I would feel so much better.

Here are my numbers based on what we have been assigned so far:

Jan 1 - Jan 10 earnings: $440
Jan 11 - Jan 31 (projected): $2,910
Total Jan 1 - Jan 31 = $3,350

Most are inspections.
One is a door lock change.
And the big number is a bid to tarp a roof and empty out a house and inspections assigned. There are expenses, such as fuel, tarps, wood, nails, and trash bags but those are minor.

A lady, whose apartment I inspect, and I had a conversation six months ago regarding her job change and the new company she is with. After that conversation, I haven't put a second thought about her new job but I do remember telling her that if there were openings, I would be interested.

Fast forward to last week. I schedule her six month inspection and she asks me to bring along my resume because she wants to give it to her boss because the company is hiring. I said ok and asked no questions.

The day of the inspection (yesterday), I arrive and she tells me about the job. It is her job because she was promoted. She tells me all about the position and the company and that she has been "talking me up" to her boss. I gave her my resume with a cover letter and my personal business card.

Mind you, I'm currently employed, but my company is facing the end of the current contract (September of this year) and we may either remain or be picked up by a new company. I don't think my job is in any danger of being eliminated, but who knows? I enjoy my co-workers very much.

Here are PROS to the new job as I know them:
Salary
New job: Somewhere in the mid $40k (DOE)
Current job: $38k (for the last 10+ years)

Raises
New job: Every year
Current job: No raise since 2008

Annual Bonus
New job: Every year (generous according to her)
Current job: Never

Commute
New job: 4 miles from home
Current job: 22 miles from home

Schedule
New job: 8 hour day - flexible hours and possible work from home when needed (as in Hurricane Irma or when feeling sick)
Current job: 8 hour day - fixed 7-3:30.

Skills Challenge
According to the lady, practically the same job I'm doing now. Sometimes its slow.

Advancement Opportunities
New job: the company is growing and some people are retiring soon which means an opportunity to move up.
Current job: Only if I go to another project (most likely in the Middle East) or the corporate hq in another city. In other words, none.

CONS:
New job: No health insurance (dental, or vision) is offered. According to the lady, you shop your own insurance and the company reimburses you for the premium. Now she is single so that is easy, but I have a family so I don't know if they would do that for family coverage. This would affect my husband and #2 DS (21 y/o and in college). I am in the VA system and #3 DS is on Medicaid due to his disability.
Current job: The whole enchilada, though I pay about $400-ish a month.

New job: 401k is deferred until 1 year of employment anniversary. I did not ask if they had a company match for contributions. (Though I have an IRA where I rolled in my old 401ks and I contribute a little to that).
Current job: 401k with company match up to 6% with immediate vesting.

Time Off
New job: 14 days per year which includes vacation and sick days.
Current job: I have finally earned three weeks vacation after working eight years. I accrue some fraction of an hour each pay period for paid time off (sick time). None of it is use it or lose it. As of now, because of my folks' health issues, I'm in the hole by three days. If I leave without it reaching back to zero, the company will take it from my final earnings.

So that is what I'm grappling with. I don't know if I will be contacted or not, but if I am, I want to feel assured that I'm not missing anything. I would love your feedback!

On the personal maintenance front:
Haircut - 2 inches off. $17.00 - I do this as needed.
Pedicure - $22.00 - I do this every 5-6 weeks.
Manicure - $10.00 - I do this annually. I do it myself the rest of the time.

Please, before the criticism comes about a mani-pedi while I have debt, understand that I set aside a little each paycheck for personal maintenance.

I don't need to explain, but I will: I'm a fat girl. My pudgy middle roll under the ribcage and boy does that hurt! Needless to say, I can't comfortably reach my toes and work on them without doing some sabotage.

I could have waited on the haircut and manicure, but there is a possible change of employment opportunity and I want to be ready with a professional polish.

Earned $50 for a property inspection yesterday on 1/5/18.

Earned $150 ($50 each) for three inspections this morning.

Total for literally 90 minutes work is $200.

I went to get more supplies from the property manager and asked for my check. I earned from October - December $750.

All that, however goes into the business account. Like I mentioned in a previous post, we need to make over $5k to make a profit.

CC2 balance transfer over to CC1 hit today. $6,841 will have the 2.99% APR until 3/31/19.

Now I have one credit card payment with split APR (see sidebar).

End of story right? Wrong! CC2 is now offering a 0% credit card balance transfer. My credit limit with CC2 is $12,100.

Here is what I'm thinking of doing.... After everything clears, I'm going to transfer the $12,100 from CC1 back to CC2 for 0% before the deadline (2/28/18). Since that payment is distributed to the oldest APR first (9.9%), then the remaining balance will only have a 2.99% APR.

CC1 new balance will then be $5,900 with a 2.99% APR until 3/31/19.

CC2 new balance will be $12,100 with a 0% APR, also until 3/31/19.

I earned a $5 Walmart gift card from Microsoft Rewards.

Side biz earned $50 for a property inspection and $40 to re-key a door.

Size biz expense $124 for annual background checks.

Total earned today = $90
Total income YTD = $160
Minus expense = $36 profit

2018 Estimated Expenses is $5,000. Once we pass $5k, we will be earning profit.

I updated my sidebar just now, so here is what I did.

CC1 credit limit is $18k. I transferred enough from CC2 to reach my credit limit.

I tapped into my emergency savings fund to pay off the remaining balance on CC2 to bring it to zero.

My goal is to pay this off in 24 months and not add any consumer debt, Lord willing.

Thank you Credit Card Free for your advice!

Amber, you have motivated me to get my debt down.

I look forward to sharing my progress this year. Please pray for me!

Earned $70 from side gig (two property inspections)
Received $60 from my parents (I ordered some meds for them and they paid me back)

Side gig funds go to the business checking account.

The $60 will go to the EF for now.

No spend day yesterday.

I'm still contemplating how to make the credit card balance transfer work (see comments from the previous entry).

In other news... it's freezing in Northeast Florida, so much so that we may even see some snow flurries tomorrow (I know, Northerners are saying "ha, ha, that's cute!)

Stay warm friends!