pay your mortgage off earlier and for far less. Do your budget based on every two weeks. It takes a bit to get into the grove of it, but trust me it will save you money.
Pay your mortgage the payday closest to the first. An example: is our next payday is the 26th and our payment isn’t due until the fifth. But we go ahead and pay it on th3 26th and save 10 days of a higher average daily balance. Most mortgages the interest is calculated on the average daily balance. So if you lower that average by paying early you pay less interest. Less interest to be compounded into the over all debt (raising the average daily balance) over the life of a mortgage this can save 100’s/1,000’s depending on the length of your mortgage and your interest rate. (see my post on my blog about average daily balances—link below).
Another advantage of an every two weeks budget instead of a monthly budget is you set it up so that you are actually paying more often on debts in the long run. That’s how I ended up paying that BOA early last month because of the every two weeks payments I was able to pay the final payment earlier because I was paying on the bill every two weeks rather than twice a month (26 payments rather than 24 payments).
He had pulled into a minor emergency place with dh because dh was having trouble breathing and extreme pain. Minor ER wouldn’t take him and ordered him to go to regular ER. Ds is driving like crazy for there right now. I have been ordered by dh to stay here in case they need info on dh’s meds and stuff, plus I’m having serious vision problems and dh is worried I’d have trouble driving.. As soon as we are past that meds hurdle I’ll be heading for ER one way or another, I have a neighbor who will drive me as soon as they get home.
But there is so much buried “railroad” barbed wire it sings too often. The only neat thing we have found was a very interesting rock that we let dgn have. Her science teacher told her it was a dino “dropping.” And then kept it and wouldn’t let dgn have it back.
This was Creek Nation Reservation land for a long time. So no telling what we could find. I’m sure if all the legends were to believed Frank and Jesse, and Pretty Boy Floyd probably visited the area more than once
Before replying, I went back to search through the notes you’ve sent previously, because I couldn’t quite remember your situation. It looks like I posted a few times in 2015, then not again until January of this year. It seemed in January that you were newly motivated to grab the bull by the horns and get going on a budget or plan to get your finances squared away. But I didn’t see whether you posted specific budgets or if you got as far as opening bills and adding up the totals. That’s a big scary first step, but that’s gotta happen before anyone can really give you solid assistance.
So I guess before answering what you’ve asked below, I’ll ask you something first: are you willing to open those latest bills and statements, at least see what the current totals are, and post your current specific income/expenses? If so, we can help you wade through some options. If not, then there’s not a lot we can do except give you general support and encouragement, whatever you end up deciding (or whatever is decided for you).
My brother went through bankruptcy years ago basically because he was told that was his only option. At that time I had not yet faced my own financial issues and I’d never heard of LT, so I don’t know if he really had other options or not. I can say that if you choose to do nothing, then your choices will be made by others, and you won’t have much say in the matter.
So if you’re willing and able to start opening some envelopes and writing down totals and at least getting stuff on paper, yea we can help you sort through your options. I also expect we’d be able to see some options that you can’t currently see. I know that was the case with my finances, and that seems to be the case with a lot of folks when they first take that big step of publishing their specific information. I encourage you to set aside a few hours (or the day) to take that step. Find a sitter for the kids, call in sick for the day, and start opening envelopes and scribbling down numbers without a lot of other distractions getting in the way. Let’s see how big this monster really is. Maybe it’s not as big as you think. Without those details, and with just the general information you’ve given so far, there’s not much specific advice we can give. I hope you give it a try.
Keep in mind that last September my score was approx 700. As of today, per Experian, my score is 598, my credit risk is rated as “High” (ie, a high risk) and my credit grade is “F”.
While I’m officially very pleased that I’m on the Larry path and that I have only one open account and it’s current, and I’m making payments on my closed credit card and that I’m heading towards a realm of no debt to anyone, frankly I have to admit I have real mixed feelings about the above. No, I have no intention of ever having a credit card again. Yes, we’re getting to where we pay cash for everything. But my insurance premiums, for the farm, the truck and probably my health insurance as well, are all based in part on this number. My ability to rent heavy equipment is based on this number. Apparently my ability to get new utilities is based in part on this number. And yes, if we decide to sell our smallish farm and buy the farm we’ve been working on for the last six years, which is currently appraised at near $1mil, we’d need a mortgage for that. We could possibly talk the current owners (or their family) into a contract for deed with the money going into some kind of escrow, at least for the first few years, but they’d undoubtedly want some kind of balloon payment to finally be done with it and get their money.
I wonder how highly it would rate to try to explain to an underwriter that I want to buy a million dollar farm, and I have no credit, “but it’s Ok, see, because I’m on the Larry’s plan.” Let’s just say my mood today has not improved with this new information.