Success of a different sort :)

**mommy4ever** · 04-18-2007, 01:51 PM

We are rolling HARD on the snowball this month. We have made a sizeable dent in a short time.

I was just looking at the numbers, we are living on less than 40% of our income and rolling the rest down the hill..lol. Well not entirely, some of that is also going into savings. 6% of dh gross goes into his retirement fund, plus the company adds 3% off the top as well, and I'm putting 100-300 into savings, as in EF and FA(dh overtime pay). So we are doign well! I know this summer with holidays our income is lower as I don't get vacation pay, but we are doing phenomenal! We had some bonuses come our way. Income tax and sale of a vehicle.

We have paid off just over 13% in only 17 days! If only it could be that high every month! LOL. There are a few other months where we'll have extra income, such as October I do craft sales and make a REAL profit, and December company bonuses.

But just think, we're living on 40% of our income right now. That means if we'd been SMART, we could be investing to college, retirement to the tune of 60%!

But it's good to know that in about a year when it's all gone, I have the option of stopping childcare and working on my goal of family business!

**FrugalMomof3** · 04-18-2007, 02:27 PM

Wow that's great, keep up the awesome work! I wish we could live off 40% of DH's income, but there is no possible way, our bills add up to more than that a month but no room for errors, shoot there is no room. Maybe we can try living off 60% of DH's income and see how that goes Actually come to think of it we do currently live off 60% because of the CS we pay. (I am also going by net since we all have to pay those pesky taxes, lol)

**mommy4ever** · 04-18-2007, 03:07 PM

Yes, that is going by net, except for the retirement, it's deducted at work before taxes(tax shelter retirement fund

)

I've been playing with numbers...LOL. Again. I shoulda been an accountant. If we really stick to our guns, and I hang off retiring my childcare business, I can pay off our mortgage in a little less than 3 years! I thought it was 6. But It can be done. Which means the oldest would only be in grade 11. Giving us lots of time to fund all the college funds, as there'd be NO bills but tax and utilities. The thought of being mortgage free just after dh turns 40 and me at only 36..lol. What an inspiring thought. considering his parents and mine just paid their mortgages off last year, my dad was 64, my fil 60. Think what kind of retirement savings we could have with over 25 years of mortgage free time then!

This really inspires me to hold on to my childcare! As of next march I can increase my yearly income by 7200/year as I'd have room for one more child. That could snowball something even faster! Plus the part time job for sports really takes those activities out of the budget. Oh, I'm very excited at the though.

**julieb** · 04-18-2007, 03:19 PM

Good for you!! I hope it all works out to your advantage.

**nuisance26** · 04-18-2007, 07:35 PM

~That's amazing! I LOVE seeing everyone's plans; I'm a number-cruncher too! I'm currently dreaming of being mortgage free by the time I'm 35. We have 21 years left on our mortgage so we'll see how that goes. Good luck to you!~

**bumplett** · 04-18-2007, 07:41 PM

that's incredible & wonderful news! WTG!!

we recently paid off our car & getting that title in the mail just made me realize how incredible it is to be on top instead of stuck at the bottom!

it's amazing what we can accomplish when we really, really try! - good luck & I can't wait to hear the next update!