|may 15 saving||$3,347|
By May 15, mortgage balance is $46k against this – $2740 above the mortgage balance. I still need to finish the Airbnb booking, send some wedding money. Also there is emergency fund to stay padded. Ugh I want to pay this thing off ASAP but I also don’t want to be irresponsible.
May 15 – $2740
June 1 – $5,892
June 15 – $9242
July 1 – $12,394
I just have to decide what I’m comfortable with having in savings when I flush the hoard.
After payoff, ongoing monthly expenses are $1328 plus annual payments for car insurance, home insurance, property tax, car registration which total ~$5000. That’s about $21k required spending a year, ignoring maintenance, vacations, etc. On a monthly basis then, I have to decide the best use of $6,636. The last months of the year will contain a bit more in the paycheck b/c I’ll have maxed out social security already.
I’ve been thinking to spread out things over the next 6 months. Maybe something like….
In 2018, the 401k/IRA/HSA contribution would drop in half and the general savings would be about 2.5X. I’d start out 2018 with about $20k in e-fund. That would grow to $65k by the end of the year while maxing all my tax advantaged stuff. I’d get to spend $3816 on fun in 2017 and $7632 on fun in 2018. I haven’t accounted for the $5000 in annual payments or the extra money I get at the end of the year. I think it’s only around $2000. That would consume some of my general savings.
I could get rid of my storage ($130) and downgrade my phone plan ($50). That would add $2160 to the budget annually and drop my retirement goal by about 10%. That’s probably at least a year of savings, so it’s probably worth it, although figuring out what to do with all the stuff in the storage seems like it could also take a year, but I guess not if I’m not working, so maybe downgrading the phone plan is a now thing and downgrading the storage is a when-you-quit thing.
Allright, now given my priority list [https://fiveyearclub.wordpress.com/2017/04/06/prioritizing/], I need to price these out, rank them, and see what I’m going to be able to do in 2017 and 2018.