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Low spend month/ mortgage payoff progress

February 26th, 2016 at 05:47 am

DH got a bonus today. I'm super thankful.

I was able to send $11,766 to the mortgage (which is our regular payment plus $10,000). I'll update the balance tomorrow when it posts to our account. I'm estimating we'll be around $9,750.

Still, the bonus was about $3,000 less than my wishful math projections, but I'll still take it. I'll just have to rework the plan to see when we can get this house paid off!

Part one of the new plan is to stick with low spending into March. I feel like No Spend February was a great success, even though on paper it looked like a disaster. We had a budget of $150 a week for food, entertainment, etc. We actually stuck to that!

On paper, the month looks worse because DH and DS2 destroyed my $1500 mac laptop that I adored by spilling coffee on the keyboard. $800 to fix it, so I said no, and bought a $500 windows laptop, which I actually do not like, but hey, I can't rationalize spending a whole lot on another Mac in a house with two little boys and a clumsy DH. I can't skip the computer. I need it to work. (I will be deducting it as an expense on my taxes next year!) But that was still $500 cash out that wasn't expected.

Then, the electricity in the kitchen went out. All the outlets only. The circuit in the panel just got old and went bad. We paid our unemployed electrician friend $100 to come fix/replace it. Money out, but still cheaper than the service call alone for our normal electrical company. And obviously, it couldn't wait. As fun as it was to brew coffee on the floor in the dining room, and run an extension cord to the microwave...

Sigh. I'm still sad about the mortgage, but oh well. Part of it is our fault. The credit card spending got out of hand before and immediately after Christmas, and I had to send $2500 to the cc company today. (It would have been much worse if we hadn't done No Spend Month. We paid a huge chunk of it last payday.) I keep kicking myself, but it's done. It's like that every year. I'll try to do better next Christmas!

The good news is it's paid in full with a zero balance, all the other bills are paid in full too, and I have enough left in the bank to pay the next two weeks of expenses in cash. (Barring any more unforseen disasters!)

No Spend Month really helped me hit the reset button. I've had 3 NSD this week alone. I can't remember the last time I did that.

It also threw a light on my time poverty issue. I realize time management is key for me. I only have 2hours, 45 minutes alone every day to work, finish editing my first novel (so I can send it out for rejection. Yay!), and do anything I need to do but can't do with the kids around. So yes. Time is precious! With no spend month, I cut down extra trips and errands--to one a week-- and that did free up a little bit of time each week.

I told DH we're sticking with the cash in the envelope system we used for NSM. He seemed pouty, even after I told him the budget had gone up. I think he just doesn't like the idea of limits, even though he actually isn't a big spender.

Still, if we double the budget to $300 a week, we'd have plenty left each payday to throw at the mortgage. And really, after cutting back to $150 a week, $300 seems like a king's ransom!

3 Responses to “Low spend month/ mortgage payoff progress”

  1. creditcardfree Says:

    Yippee on that bonus! I'm impressed with your budget limit for your no spend month. We are above where you are by around $300. It's still been great though! Good luck in March.

  2. ThriftoRama Says:

    We did a no spend month in 2008 where the budget was $100 a week. I figured we'd better raise it since we now have two kids, and they're 6 and 7 and always hungry!

  3. FrugalTexan75 Says:

    Nice bonus and good use of it!

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