July 2010 house payment - extra principal challenge
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  1. #1
    Registered User TheRootedNomad's Avatar
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    Default July 2010 house payment - extra principal challenge

    I know we're already a few days in but I thought I'd go on and start this any way. I'm challenging myself this month to find extra money to put towards the principal on the July 1st house payment. I've already alotted some extra in the budget for the month (which I won't cuont for the challenge) but I'd like to see how much I can squeeze, find, come up with, from anywhere else to put towards it. I'm going to set the number for myself at $400.00 which may be reaching but who knows. Feel free to set what ever number you want or no number at all just see what you can gather. I'll be putting whatever I gather into a coffee can so I dump change as I find it and so forth.

    Hope some of you join me!!!

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    Registered User NikoSan999's Avatar
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    Wishing you mega luck reaching your goal. Good challenge with a good positive ending
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    Registered User TheRootedNomad's Avatar
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    Yesterday I hit all the usual spots for change and dumped them in the can. I also put the $15 check we got the other day from the insurance company for some new discount we weren't expecting in there. I dumped a couple of small pieces of copper wiring I found when cleaning out a drawer in there as well to remind me to take a scrap/recycle run this month.

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    nice challenge, I have been meaning to do something similar for a while now, but as they say life gets in the way. My goal was to make a mega payment at the end of the year, but we just found out I am pregnant, so our goals have switched. I will attempt to have a child in a hospital (probably c section) debt free-saving up money to pay off doctor now!

    I do look forward to seeing your progress. Great start so far!
    2014 debts mortgage: 80,944.47(April 2009),70,000 (left to pay)
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    Registered User Suprise's Avatar
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    Hi there, this is a fun challenge. I always think about making an extra mortgage paiment but I never get around to it. I will start putting some extra money into a jar for that purpuse although my goal will be to have 300.00 before the end of the summer. I can't do it for july since we have lots of plans this month.

    I'll start with 20.00$ since that's what I found in my purse.
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    Moderator aka AmyBob AmyBoz's Avatar
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    I think this is a great challenge!

    I always put an extra $250 toward principal. We just refinanced, though, and lowered our payment, so we'll pay more on the extra toward principal!

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    Quote Originally Posted by AmyBoz View Post
    I think this is a great challenge!

    I always put an extra $250 toward principal. We just refinanced, though, and lowered our payment, so we'll pay more on the extra toward principal!
    Same. Pretty much exactly the same, actually.

  8. #8
    Registered User TheRootedNomad's Avatar
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    Quote Originally Posted by AmyBoz View Post
    I think this is a great challenge!

    I always put an extra $250 toward principal. We just refinanced, though, and lowered our payment, so we'll pay more on the extra toward principal!
    Since this is our last remaining debt we generally put our snowball here minus whatever other stuff pops up so we have extra money alotted most months as well. We had backed off the beginning of the year though as we were upgrading our EF some. I thought it would be a neat way to try and catch up some on the extra we didn't put in that direction while doing the upgrade.

    I cleaned out my desk at work yesterday and found a large handfull of silver (the vending machine stash) and a couple of singles that I dumped in the can. I also started gathering books and magazines and putting them in bags to take to half price books and sell.

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    Registered User savvy_sniper's Avatar
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    We have been paying an extra $100 every month towards the principal since we bought our house. When our house note went down approx. $15 a month, we just kept paying the same amount and applying the extra to the principal.

    I got our property taxes lowered and I am in the process of shopping our homeowners insurance. So next year our house note will go down and we will continue paying the same amount and putting the extra towards the principal.
    House - Start $127,944 Balance $105,032

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    Moderator mauimagic's Avatar
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    Great idea!! Will join as soon as I have enough money to pay our regular mortgage bill - a rough month, but we'll get through it and then will be able to pay more also!!
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    Registered User TheRootedNomad's Avatar
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    It's Friday - allowance day and I still have $8 left from last week that I'm throwing in the can.

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    Registered User mommy4ever's Avatar
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    Ok, I'll bite. I just decreased our extra principal payment to $10 a week, with the upcoming loss of income. But I'm going to increase it to $25/week which makes it $100 -$125 per month extra. I can handle the loss of $15/week(I gave up coffee and donuts..lol).
    Mom to 4 wonderful kiddos. Homeschooling mom
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  13. #13
    Registered User mommy4ever's Avatar
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    Ok, messed with the numbers, increased payment by $38.65. So approx $120/mo extra
    Mom to 4 wonderful kiddos. Homeschooling mom
    • FFEF 2/6months
    • Retirement savings to start
    • Mortgage


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  14. #14
    Registered User TheRootedNomad's Avatar
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    I haven't had time to put any effort into this the last few days but I've been laying out a plan in my head for the weekend/first few days of next week.

    I'm going to try and:
    ~ finish finding the books/magazines for the bookstore run
    ~ skim some grocery money
    ~ go through the kids clothes and make a consignment sale run
    ~ CLEAN the car
    ~ start stacking in the den for a yard sale I can hopefully do the last weekend of the month

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