Tuesday, October 26, 2021

Transfer Tuesday 10/26/2021 Paying Down Debt,

 


 


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 keep 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. 


MONEY MOVES THIS WEEK


Previous balance on last Transfer Tuesday Post    $63,878.00
 Finance Charge : $118.18

New Balance: $63,996.18
Minimum Amount Due: $247.74

Minimum Payment: $247.74

eBay gross earnings  10%     $15      

New HELOC Balance:   $63,733.44

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






4 comments:

  1. Wow, you have really paid down your mortgage in the last two years, Lisa. That is awesome!

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    Replies
    1. Thanks Belinda! We still have a ways to go to get rid of the debt. It will happen!

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  3. Hey, I just found your blog today, and I just had to comment that I really like this idea of using one day per week to focus on transferring money to your financial goals! I've always done mine monthly, but now you've got my wheels turning to see if weekly might be even more effective...

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