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Home Equity Loan Update

August 18th, 2009 at 01:44 pm

I made our regular payment to our home equity loan. With $79.21 going towards principal, our new balance is $6,342.05!!

A little history:

The loan balance was $13,999 at the beginning of January. My original goal was to pay off half. That we did!! At some point, much earlier this year, we changed the goal to pay it all off.

But then, we decided to go to Disney World for vacation at the last minute with cash. It's not something I regret, as we expect my husband to be deployed early in 2010.

Although not unexpected, we are facing costs for our oldest daughters braces to the tune of $3781 if we pay over time. But we could also pay in full, on August 28th, and save $189.

Can you see a lack of focus here?

I tell all of this to explain how and why our goals and priorities are changing. It may have been a bit too ambitious to pay the full loan in 12 months time, particularly knowing the braces were on the horizon. However, it's really the trip that could, maybe should, have been skipped. But again, I do not regret it. It just will take us a few months longer to pay off the home equity loan.

Honestly, I think we have done an amazing job. Our debt load in total is less than the beginning of the year. We increased the amount we invest in our retirement. We paid for a big vacation in cash. We will also pay for my daughter's braces in cash. So, I'm giving us a pat on the back for accomplishing what we have.

Tomorrow, I will post about the plan for the braces, as well as give a few more details on my goals for the HEL. So, check back in!!

Posted in Spending, Family, Home Equity Payoff, Vacation | 5 Comments »

5 Responses to “Home Equity Loan Update”

  1. mrs. Says:
    August 18th, 2009 at 02:02 pm 1250604125
    1250604125


    Well done! I think it is difficult to simultaneously juggle multiple goals and make progress quickly. You, however, have been committed to eradicate the HEL AND you've managed to have a great family vacation and save for retirement. I think that is amazing, you're a great role-model for us.

    My DD10 went for her braces consult on Sat. The dentist thought she needed palette expansion. She ended up losing her canines before molars (which is atypical) and as a result there will be enough room for all her adult teeth. No braces required. I do have DD11, though, who will need them in the next two years.

  2. NJDebbie Says:
    August 18th, 2009 at 02:15 pm 1250604934
    1250604934

    You are doing a great job!

  3. ceejay74 Says:
    August 18th, 2009 at 04:19 pm 1250612386
    1250612386

    I think your progress is outstanding. I've learned not to be rigid about my goals; sometimes a short-term goal demands attention and longer-term ones must take a back seat for a bit. That's life, and it's fine as long as you know how to get back to the big-picture stuff once the more immediate needs are taken care of. I can tell you do, so I wouldn't spend any time on regrets! Smile

  4. boomeyers Says:
    August 18th, 2009 at 11:19 pm 1250637577
    1250637577

    Don't they always say, "Life gets in the way?" Just make it a goal to pay off the loan, instead of putting all the pressure on a date (like "one year").

  5. sharmanl Says:
    August 19th, 2009 at 01:33 am 1250645627
    1250645627

    I'm proud of you. You have done an outstanding job. Keep up the great work!!!

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