Tuesday, August 3, 2021

Transfer Tuesday August 3, 2021 HELOC, Saving for eBay Taxes, Money Move Fail

  


                   

                             

Hello Tuesday!  This is the day that we make an extra effort to pay down our debt and slide into retirement debt-free .  Most every Tuesday we apply extra cash (whether it be BIG or small) to our outstanding debt.  This helps keeps us aware of and accountable for our debt. And it all makes a difference.

Our only debt is a HELOC with an interest rate of 2.24% The minimum monthly payment goes towards the PRINCIPAL and the INTEREST.   I am chipping away at the balance until we sell my deceased mom's house that is currently being used as a rental. At that point, we will pay off the rest of the balance.  Until then, I will be sending in payment to this debt and/or to my taxable investment account every Tuesday. 

My last Transfer Tuesday was July 27,2021

Previous balance on last Transfer Tuesday Post  $ 65,901.95

Money Moves This Week: 
eBay 10% of weekly payout $5 (it was a slooowww week)

Money Move Fail: About a month ago, (in a quest to improve strength and mobility) I signed up for a mandatory 3-month subscription of Pilates for $89 a month. Only AFTER I signed the contract and paid for the first month did I find out my husband's gym membership had Pilates included in the membership plan. Good Grief. 

The mistake was mine. I did not look into ALL the classes that the gym membership offered before I somewhat impulsively signed up for Pilates.  Anyway, moving forward, I will definitely investigate the classes at the gym and compare both.  Who knows, I may discover that in 3 months Pilates is not the thing for me OR the best thing since sliced bread.  For now, I really like it.  


Future Money Moves: There have been some sales on Etsy, Posh and Mercari.  I am going to let that accumulate for a week or two and then disperse it to the HELOC/Investing/Savings.











Payment to the HELOC $5  (10% of weekly eBay earnings)
 
 New HELOC balance is $65,986.95

At the end of every month, I total up my monthly gross eBay earnings and then send 20% to a tax withholding account at CapitalOne. This month I sent $459.77 to that account.  July was a pretty good month with gross earnings of $2298.87 for this  part-time eBay seller. 

The Tax withholding account is currently at $2,913.47


I don't expect we will need all of this at the end of the year, but you never know.  I would rather be safe than sorry. 

Our AGI is affected yearly by a Required Minimum Distribution (RMD) from an inherited IRA. Due to the coronavirus 2020, I was not required to take a disbursement. The account was allowed to grow without interruption.   That is not the case this year. 
 
Having this account will surely cover any taxes owed to the IRS. 








I recently cashed out a CD that was earning 0.15% ( it was time to renew or cash out) and put that money into my taxable investment account at M1Finance.  

I put half into my Vanguard Total Stock (VTI) and half into my First Pie which is a collection of personal stock picks. This is the balance as of today BEFORE the transfer of $1000.00


Here is where my portfolio sits as of Sunday evening AFTER the deposit went through. 





















When we started paying down the debt in Sept 2019 we were at $95,853.00

How was your Transfer Tuesday? 


My inspiration for Transfer Tuesday is Pennies Not Perfection

2 comments:

  1. I want to do a transfer Tuesday so bad, but so busy I can't think so I will read yours and keep getting reminded!

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