Still on the Path

With all the talk about the condo and moving and whatnot, I've not mentioned my credit card debt very much, except in the monthly updates. And that's really what this whole blog is supposed to be about -- the credit card debt.

Well, I'm happy to report that I'm still on the path. My goal has been to maintain the payment plan until the condo purchase is complete and I have to pay my mortgage and condo fee. And that's exactly what I've been doing. And it's paid off (pardon the pun) -- I now owe less than $3,000. After this payment I scheduled today, the balance will be about $2,700.

Three years ago, I owed $20K. Twenty. Thousand. Dollars. Let that sink in for a few moments.

...

I'll be able to stay on my payment plan at least one more month before I have to reduce my payments. My first mortgage payment will be due July 1. But that's OK. By then, I'll owe around $2,000. I can live with that.

In other news, I've discovered what the rent will be for the new tenants of the apartment I'm leaving. It'll be $100 more than what I'm paying now. Once you factor in the power bill at its highest, the cost will be close to what my mortgage + condo fee will total. Only I'll be owning a bigger and better place. I'm grateful.

So it dawned on me last night that in a month I will be in my new digs. A month. How trippy is that? I'm not sure how unpacked I will be, but knowing me (and my serious OCD issues), I'll be pretty much done with the move.

Things are proceeding OK. In fact, I heard from my agent today. She told me that I'm done, nothing to do but wait for settlement. That was good news. I mean, I've been pretty much living under the assumption that all was well, but it was good to have confirmation.

I've been taking care of various details, but I really need to pick up the pace with packing. I'd like to say that I'll make headway this weekend, but the weather is supposed to be spectacular, so ...

Also, some good news: I may have another freelance gig, this time with writing. It's not a done deal, but I'm supposed to talk to my contact this weekend. We'll see. Also, I've been wanting to sell my bike. I never ride it, and I don't want to drag it to yet another apartment. I advertised it at work and one of my coworkers is coming by to check it out. A little extra cash will come in handy.

So that catches you up. I'll probably check in after settlement, so see ya then!

May 2010 Update

I know, I know. I'm doing this monthly update thing a day early -- again. I'm hoping to get crackin' on packing a few things this weekend, and I also have some freelance work to do. I'm easily distracted these days. I was afraid that if I didn't do it now, I'd forget all about it.

I am adding the savings this time even though in four weeks (four weeks!) I go to close on the condo. That's going to drain the coffers. As for the debt, well, it continues to drop, this month by $734.62. Here we go:

The Debt: $3,360.94
The Savings: $15,964.43

Mind you, that savings amount includes a loan from my retirement fund, as well as a gift from my dad. Still, how sweet does that balance look! And how different it will be come June 1. LOL But it's all for the good -- better property debt than credit card debt, yes?

I'm not updating the savings balance on the list of the good balances because this month's balance is artificially inflated. But starting June 1, we'll be back to our regularly scheduled program.

And Still I Fax

I don't know how people do this several times over their lifetimes. Seriously, buying a home is nerve-racking. Well, it is when you're a regular person (that is, not wealthy). I received a call from my mortgage company regarding my financials this afternoon. They need updated copies of my checking and savings statements, retirement savings info, promises of ownership of my firstborn child, my blood type, and my most recent pay stub. (OK, I was only kidding about a couple of those things; I'll let you figure out which ones.) So much for thinking I could just coast until closing.

I also have to get my parents to sign letters regarding their cash gifts and copies of their bank statements. It just never ends. I feel like I should plant a tree to make up for all the paper I've consumed during this process. (You know what? That's a good idea. I will look into that.)

I'm tired. I came home after a long day of work only to work some more to put everything together to fax tomorrow. And then I had to get the package together to mail to my parents with explicit instructions on what to sign, what to attach, how to mail it back ...

But it will all be OK. It's only stressful because I'm not rolling in dough. Yet.

Holding Pattern ... Kinda

Just wanted to check in. Things are kind of in a holding pattern right now as far as the condo purchase is concerned. Most of the hard stuff is done. Granted, I do still have to write one helluva big check at settlement, but thankfully I'll be able to do that without completely wiping out my savings or leaving an arm or leg there with the title company. Still, it will be the biggest check I'll have ever written.

In the meantime, I do have a lot to do. Today I called four moving companies to get quotes. You'd be surprised by how disparate rates can be. The lowest one quoted so far was $95/hour; the highest, $130/hour. For a job that's going to be 5-6 hours, that's almost 200 bucks. I have one more company to call tomorrow, but unless it's a huge price difference, I think I'm going to go with a company I called today that's $100/hour. Why am I not using the $95/hour company? Well, I liked the guy I talked to at the $100/hour company, and the company was referred to me by someone I know and whose opinion I trust.

In other financial news, my landlords have agreed to let me out of my lease a month early. Yay! The husband called me Saturday. I am thrilled. And that extra money will come in very handy.

Last night I was going through some stuff and came across this note I'd jotted down one evening last year when the light bulb clicked on. I titled it "Holy Crap -- Maybe I Can Buy!" It made me laugh to read it.

I still can't believe how amazing this year has been -- how the last 30 days have been. A month ago I hadn't started looking for a place yet. And now? Wow. Just ... wow. I am humbled.

Time to Collect Boxes

I got the condo. The last hurdle was the appraisal, and that went well. I have a friend who lives in a building that recently had a condo for sale. The bank sent up some appraiser from Richmond, where prices are very different. He appraised the place for less than my friend paid for her place 10 years ago -- a good $70,000 less than what it was really worth. The buyer had to back out since there was no way he could make up that amount. I was petrified something like that would happen. But it didn't! Yay!

Thanks to recent gifts from my father, I will be able to get through this process without spending my last red cent of savings. In fact, I'll have enough to finally get new mattresses, which I think I'll buy before I move.

I will continue to pay down the debt with the same amount for the next few months, until it's time to fork over the mortgage and condo fee. But by then the debt should be less than $3,000. So while I might not have the debt knocked out by October 10, it will get paid off. And it'll be a helluva lot easier to pay off $3,000 than $21,000. The trade-off is that I will be in my own home.

Next, I think I will talk to a professional. There's a financial adviser through my employer who offers a complimentary session. I've gone to a few of his seminars at our office, and I like him. I think that with all the changes this year, it's time to call for reinforcements. But that's for later this year.

For now, though, I am thisclose to being a homeowner. The condo docs are coming this week, and I close at the end of May. In 60 days, I could very well be typing blog posts from my balcony. That is, if I'm not too tired from unpacking. :-)