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Snowflakes for Equity

June 12th, 2013 at 02:18 am

Now that I have completed our Snowflakes for Christmas, 2013 edition, I need a new place to put the snowflakes to work.

I will be adding these future 2013 snowflakes to our home equity. Sometimes, I may add them to cash that we are allocating to our future down payment or I may send them straight to the mortgage company to help pay down our principal balance. I leaning towards the latter. I will likely only move the money into the savings account or to the mortgage once a month. I will track it all here on the blog just as I have done with our Christmas Snowflakes.

The new goal will be called Snowflakes for Equity. I have made the goal $1000, which I think is a little high, but definitely possible. I hope to accomplish this new Snowflake goal by the end of 2013.

The exciting part is that I have money to add to it already! I received a $3 payment from Pinecone Surveys and my most recent $25 PayPal cash deposit from Swagbucks today. That's $28 towards our mortgage equity position!

Anyone working on paying down their mortgage? What is your plan? Little payments often, large lump sums, or a regular payment every month? Maybe a combination?



Posted in Saving, Debt | 7 Comments »

7 Responses to “Snowflakes for Equity”

  1. Petunia 100 Says:
    June 12th, 2013 at 02:36 am 1371004611
    1371004611

    Although I am not working at it right now, when I am working on my mortgage, I like to send my little snowflakes immediately. My lender will apply them to my principal immediately, so why wait? Don't want them melting away. Smile

  2. Beawealthywarrior Says:
    June 12th, 2013 at 02:52 am 1371005559
    1371005559

    I also throw snowflakes at my mortgage but normally only once a month because that's all I can do online. I can also go to the local branch more often if I wanted but generally tend to wait. Good luck and I'm pretty sure you will reach your goal!!

  3. PNW Mom Says:
    June 12th, 2013 at 03:10 am 1371006616
    1371006616

    I send a bit extra to principal every month. Our Wells Fargo credit card also does 1% on all purchases, and once you reach a $25 rebate, they apply that to your principal. Since September, we have had $50 applied. After the Focus loan is paid off in Dec, we hope to increase the principal amount we are sending each month.

  4. My English Castle Says:
    June 12th, 2013 at 03:53 am 1371009197
    1371009197

    I wondered what you'd do with those new flakes! We used to send at least $100 extra every month. When we had more, I'd try to send the next month's entire principal. But we had a smallish low-interest mortgage and it worked well for us.

  5. rob62521 Says:
    June 12th, 2013 at 02:13 pm 1371046394
    1371046394

    Our mortgage is paid, but when we had one, we paid extra each month.

  6. snafu Says:
    June 12th, 2013 at 05:18 pm 1371057519
    1371057519

    When we renewed our mortgage we opted to pay bi-weekly since it results in 26 equal payments rather than 24 , sums from grocery coupons used, tiny lottery winnings, budgeted sums not used up etc. We had a sheet of poster paper tacked on the wall in the hall and DKs were delighted to color-in each payment. It had the added benefit of teaching DKs how to set a goal and figure out how to meet it.

  7. LuckyRobin Says:
    June 12th, 2013 at 11:07 pm 1371078462
    1371078462

    I send in extra principal, at least double the interest, but usually more. I only do it once a month because I am not snow flaking.

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