I do have an equity goal. It just hasn't been firmed up in my brain or written here on my blog. The goal is $63,045 (or more!) The ideal goal will be to reach this by June 2015, which is 22.5 months away. This is the next possible move date, although we would like to stretch it out as far as we can. The Army dictates that so we'll see.
We have about $24,500 in cash. We have paid off $6,304 in principal since last year. I expect we will pay another $9,900 by the goal date with regular payments. This leaves $22,341 to meet the goal. On average we will need $1,015.50 per month.
If you have been reading my blog, you know that I'm sending in all the extra funds (i.e. snowflakes) to the mortgage. Right now for 2013, I'm averaging $233 per month in snowflakes. That means we are still short $782.50.
I made a list of possible places to find some of this shortfall: lower our cell phone bill/plan, eliminate our home phone, eliminate the cable bill which allows us only local channels, find and actually move cash on hand to an account(s) with higher interest rates, sell more stuff on hand, and get a job.
I think finding a job will be easier once my daughter starts to drive. She has lots of places to be and they are always conducive to work hours. I also know my husband WILL get a raise next year. So while I may not be able to average $1000 this year, I will be able to easily exceed that next year.
And if home values in this area continue to rise, then I expect some of our equity will come from appreciation. Some online sites state this area should rise by 2%...not much, but something!
I also want to apply some money from our regular income to this goal. I have made a good effort. I know the money is there. I think I'll start with just $50 a pay period and gradually increase it each month.
I need to get moving to make the changes to the cell phones, home phone and tv. The sooner I get the changes made the more I can save towards the goal. And I need to start moving money around too to get the higher interest rates.
Yikes! This is really daunting. I know it's not a perfect plan, but it is a start. Any comments or thoughts on my plan?
The Equity Goal
August 9th, 2013 at 09:04 pm
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August 9th, 2013 at 09:59 pm 1376081942
August 9th, 2013 at 10:47 pm 1376084833
That makes sense.
August 9th, 2013 at 11:19 pm 1376086763
August 10th, 2013 at 04:14 am 1376104458
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