So how much money was I able to scrounge up for my mortgage payment in May? Well, if you remember, I did get paid 3 times in the month (which is the beauty of bi-weekly pay – you get an extra check two months out of the year) and I was reimbursed for my classes from the Winter semester. Yup, May had the makings of one huge payout.
When I began this mortgage payoff journey in February (just 3 months ago), my mortgage balance was at $53,800. My goal was (and still is) to get this balance down to zero by the end of December, 2014. In March, I was able to put $10,000 toward the mortgage. And, in April I scrounged up another $3,524.08. After just two months, my mortgage was down to $39,999.99!
The Mortgage Payment in May
I honestly wish May had been a little better. Since my site was penalized earlier in the month (and still remains penalized with a Page Rank of zero…), my income has taken a substantial dive. Instead of hitting my goal target of $7,500 in the month of May, I was only able to bring down the principle of my mortgage by $5,880.49, which puts my loan amount at $34,119.50. Now, don’t get me wrong, $5,880 is a TON of money, but I feel like I could have done better. Plus, I don’s have any large payments coming my way in the near future, so I need to step it up in the upcoming months or this overall goal of paying off the mortgage is going to slip away from me (in other words, I might quickly drift to the right of this orange line, which is a bad thing!).
The Mortgage Outlook for June
While I am still holding my own vs. the targeted goal line on the chart above, I fear that June might be the month that does me in. At this time last year, my property taxes came due, so I am expecting that bill to come in the mail any day now. In addition to this, I need to pay in my quarterly taxes for the earnings from my site. After these large expenses, I am not even certain that I will be able to pay anything extra toward the mortgage.
However, I am bound and determined to keep myself below that target line, which means that I need to come up with $1,797 in extra funds by June 30th. Here is how I intend to do it:
- Continue to write staff articles – I am a steady writer for a few different blogs. This earns me about $200 per month.
- Write a crap ton of articles for $15 a piece. To all you bloggers out there, if you need some articles written because you have a busy summer coming up, please consider me for hire.
- Line up advertisements for others. There are still a ton of bloggers looking for ad dollars and if some of my contacts are looking for a page to place an ad, I have a few friends that I can direct them to (and can take a small portion of the cut).
- Flip a car – I am a little apprehensive about doing this again, because I would really need to sell it quickly to realize the earnings in the month of June, but if I see a good deal come along, I won’t be shy about buying it.
- Mowing lawns – This won’t produce a ton of money, but every little bit helps! I hope to make an extra $100 mowing lawns in June.
- Keep my normal expenses low – I intend to use basically no gas as well as go easy on the A/C and groceries.
Encouragement needed! Do you have any other ideas on how I can keep pace with my goals?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.