I live, write, and garden in the PNW with my husband of 27 years, disabled daughter, college-aged son, and my 84-year-old mother. We have paid off $250,000.00 worth of debt (if you include the interest) in the last fifteen years and as of 6/12/2020 are 100% DEBT FREE!!!!$10,500.00 Balance Forward
-_1,500.00 Payment Made
----------------
$_9,000.00 New Balance
If I pay $1500 a month going forward, this will be paid off in June. If only $1000 it will be paid off in September. If I can manage $2000 it would be paid off in May. And the real stretch would be if we could pay $2500 a month it would be paid off in April.
Now all of these are technically possible, since I had budgeted $1000 a month to the medical fund that we will no longer need to be contributing to (at least through June) due to MIL's gift. But $2500 would be with no money going to eating out or fun. $2000 would be more doable unless I decide to beef up the EF a little bit. The other option is to raise our 401K contribution to 7% and see how that shakes out. I might also open a spousal Roth IRA. In addition, I might bump the food budget up $200 a month so we can have more organic meat choices again. We will see.
As I plot the budget for 2020 these are all things I am thinking about. Also my payoff months might also be affected by by how much of a tax refund we get. Regardless of my choice here, after it does get paid off the 401K will definitely be bumped up to 7% and possibly 10%.
Monster Loan Down to 4 Digits
December 28th, 2019 at 02:07 am
December 28th, 2019 at 06:14 am 1577513680
December 28th, 2019 at 01:36 pm 1577540161
December 28th, 2019 at 02:48 pm 1577544490
December 28th, 2019 at 03:35 pm 1577547306
December 29th, 2019 at 08:46 pm 1577652383