Since I had so many receipts from the rental remodel job, I decided to print out my last 2 credit card statements and add up the Home Depot and Lowe's purchases. Adding in the $2,000 on my Home Depot credit card plus the checks I wrote, the total came to $5,600. That doesn't include the utilities since I don't have all the bills for those yet. And there are a few things that I paid cash for (the house cleaner for one) that I am still remembering. With all of those things I will have spent a little over $6,000 which is ok because that is close to the $5,800 that I had budgeted.
At least now the outgoing flow of money has ended and my bank account is slowly filling again. This month I will have $683 to spend on either the mortgage or the Home Depot bill. I haven't decided where to put it yet. I am still hoping that the house gets rented so that I have even more money to put towards both of them but I am trying not to count my chickens before they hatch as the saying goes.
4 comments:
Are you paying interest on the accumulated debt whose rate which exceeds the interest rate (after allowing for any income tax deduction) on your mortgage? Whichever type of debt is more costly is the debt you should put any additional payments toward.
The Home Depot card is no interest until August but that would be risky if I pay off the mortgage and then can't pay off the credit card for some reason. The interest rate is 17% on the card after August.
Very accuretely budgeted project after all! Around 5% excess spending is not too much.
Well, honestly I was hoping it would be more like $3k and then I could put the rest towards the mortgage. It was quite disappointing when I realized that wasn't going to happen.
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