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Big boost to the challenge

January 5th, 2007 at 03:14 pm

I bought a beautiful piece of property two years ago. It has a drop dead mountian view and we hope to build a house there some day.
I financed $64,000 thru a local bank. I have been making extra payments every month so i have the balance down to under $24,000.
The bank changes the rate and the payment once a year. The rate always gones up and the payment comes down. Ihowever, keep making the original payment plus extra on the principal each month.
I also make the payment every 28 days instead of once a month. They give you a coupon book once a year.
Well, I made a payment in Nov. and my next payment is not til Mar. 2nd and I have run out of coupons.
I have been saving in a special savings account I call "The Ridge" for the past two years (My $20 challenge money went into this) and I know have enough money to pay off the property.
As soon as we close on our spec house, I am going to the bank and pay this property off.
Therefore, I decided to take my payment money I have saved for the last two months and add it to this year's challenge.
It might as well be in the bank earning 5.25% interest.
Prev. total $ 87.00
today 1315.00
new total $1402.00

Posted in $20 Challenge | 6 Comments »

6 Responses to “Big boost to the challenge”

  1. Aleta Says:
    January 5th, 2007 at 03:21 pm 1168010469
    1168010469

    Congratulations! You are such an inspiration to me and I know a lot of people here. You have shown us how one can dream and bring it into fruition. Do you think that you would have ever paid it off the way you did if you hadn't of been on this site.

    Personally, I just find an incredible amount of info and ideas here. Thank you for your posts. I love them!

  2. tinapbeana Says:
    January 5th, 2007 at 03:23 pm 1168010599
    1168010599

    way to go julie! congrats on paying off your land: maybe you and your hubby can plan for an extra special dinner out the day you hand over the check.

  3. Ima saver Says:
    January 5th, 2007 at 03:50 pm 1168012208
    1168012208

    aleta, yes I think I would have paid it off early. I was already paying at least $1000 extra each month. But I do think the $20 challenge did help. We plan to have a really special dinner out the day we close on the spec house. That is the same day we will pay off the mortgage!

  4. Aleta Says:
    January 5th, 2007 at 04:05 pm 1168013105
    1168013105

    What a great day that will be. Enjoy yourself. We're all proud of you.

  5. scottish girl Says:
    January 7th, 2007 at 12:17 am 1168129034
    1168129034

    Fantastic!

  6. Personal Finance Says:
    July 1st, 2009 at 04:10 am 1246421453
    1246421453

    Thanks for sharing your personal view, it will help other to plan something like this.

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