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Archive for January, 2018

Mortgage Chips To Date

January 3rd, 2018 at 08:31 pm

My mortgage payment has posted. This month I paid an additional $23.56. My new balance is $159,050.00.

Chips to date: $2,244.36

Interest savings this month: $8.72

Interest savings to date: $323.92

Eventually, the interest savings on the chips I have already made will compound to $4,715.29, provided I own this house until July 1, 2042. Which I definitely won't. Stick Out Tongue

Sinking Funds for 2018

January 2nd, 2018 at 08:10 pm

In past years, I have used one large sinking fund nicknamed "CurveBall" for all irregular expenses. I have wondered if multiple dedicated sinking funds might work better for me. I decided to give them a try in 2018.

So, I played around with categories which would be useful for me and appropriate monthly deposit amounts. Since September, I have been making deposits each month. Starting now, I will use them as expenses arise and need to be paid.

Here is what I am depositing monthly:

Car Ins & Reg - $100
Car Repairs & Maint - $75
Clothing - $40
Electronic Gadgets - $30
Gifts & Xmas - $70
Planners & Goodies - $15
Travel/Vacation - $200
Total: $530

Additionally, I opened (with $1) sinking funds for car replacement and my Roth IRA. I expect to utilize them in the near future, so went ahead and opened them while I was merrily opening new accounts.