Tuesday, April 24, 2012

BIG IMPORTANT DRAMATIC NEWS!!

Could I have a little trumpet fanfare please?

Thank you. Now, how about a drumroll....heehee
Just messing with ya...

Here's a screen cap of my progress bars...updated just moments ago....

Hmmmmmmmmmmmmmmm....that looks a little strange!! Where did all of my money go???

Oh yeah, it all went to PAY OFF MY 
LINE OF CREDIT, OH YEAH!
That debt is HISTORY BABY!
DONE
GONZO
KAPUT
FINI
WIPED OUT
EXPUNGED
WASHED UP
CANCELED 
AND DEAD!!


I didn't really intend to pay it all off at once, I was originally going to pay it off by December, then I thought about a lump sum payment and have it finished by July, then I just started transferring til it was all gone!! I just couldn't stop myself - it felt so good to wipe it out!

From today until the day I retire (796 days!)every spare penny plus the $100 or thereabouts that I was paying monthly in interest on my line of credit, plus the $1700 per month I was currently paying on it plus my usual savings amount will go to replenish and increase my various savings accounts. First I'll refill my emergency account and my PEI Ins. & Taxes as I have a tax bill to pay at the end of May. Then the PEI Maintenance Fund as that money is buying my fridge and stove this summer, then Christmas, then TFSA  (though the bulk of the TFSA will have to wait until Jan. 1st 2013 as you can't repay what you take out in the same year). I should be right back where I started (plus more) by the end of this year. Plus I'll save $100's of dollars in interest.

I'm also waiting for one more automatic payment to show up in my no fee ING chequing account and once it has cleared (next Tuesday) I'll be heading into my local TDCanada Trust to close both my chequing account and Line of Credit account. Yippee!! The service charges I'll be saving will find their way into my savings accounts too!

Now I am almost completely debt-free. The only debt I have is a small mortgage on my PEI home which amounts to $118 twice a month. (I'm actually paying $150 twice a month which has knocked 7 years off the life of the mortgage). I'll consider how much more I can increase that bi-monthly amount in order to reduce the amortization even more.

I have one year left in my mortgage's current term of 3.79%. That was a 3 year fixed rate.  I just looked up ING's mortgage rates and a 3 year fixed rate now is going at 3.19%!!  A 10 year fixed is only 3.99%!! I may lock it in for a 10 year term and ramp up the payments and pay it off as quickly as I can. You're next Mr. Mortgage - I have you in my sights and I'm going to blast you into smithereens!!

What's putting a smile on YOUR face today???

49 comments:

  1. Yeehaw!!! I'm living vicariously through your nice, clean debt bars!! ... And you're not looking forward to retiring or anything, are you?? :) 

    You go, girl!

    Sarah

    ReplyDelete
  2. Is this the big news you mentioned about a month ago?  See, I remembered and I've been patiently waiting.  ;o)  CONGRATULATIONS!  Ding, dong, the debt is gone... :o)

    ReplyDelete
  3. Jane @The maple Syrup MobApril 24, 2012 at 6:24 PM

    WOOHOO!!
    I'm raising my glass to you!
    Jane x

    ReplyDelete
  4. That is so awesome Jane!  Isn't it great to have something paid off?  Attacking one debt at a time is the way to go...gives you a WIN and creates motivation to keep going...

    That is so great I'm playing my own trumpets here for ya!!

    ReplyDelete
  5. HOLY COW!!!!! Congrats Jane that is one heck of a payoff!!! 

    ReplyDelete
  6. Wow! That's great Jane! Can you hear the clapping all the way from NB?

    ReplyDelete
  7. You are putting a smile on my face today, well done that is an awesome feat. Can't wait to see you knocking that mortgage into a cocked hat.

    And what do you know I can even post a comment today, all's right with the world.....

    ReplyDelete
  8. big news indeed! how exciting! congrats.

    ReplyDelete
  9. Very cool, congratulations on eliminating your LOC debt!

    So you just owe the mortgage now?  Very nice.....are you going to have that paid off before you retire?
     

    ReplyDelete
  10. Wow, doesn't that feel good.  I am so proud of you!

    ReplyDelete
  11. Thanks! You don't think I was a bit hasty?

    ReplyDelete
  12. Thanks Sharon - it just felt like the right thing to do!

    ReplyDelete
  13. You could say I'm looking forward to retirement just a wee bit lol! Can't happen soon enough!

    ReplyDelete
  14. LOL - I'm raising mine too, had to celebrate with a glass of wine!

    ReplyDelete
  15. CONGRATULATIONS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    WHAT AN ACHIEVEMENT. I am so pleased for you!
    Sft x

    ReplyDelete
  16. Thank you! I feel on top of the world!! One step closer to my retirement goal!

    ReplyDelete
  17. My actions have left me with $60 til pay day next Monday so I guess I'm on a fiscal fast for a few days!

    ReplyDelete
  18. I WISH!  But perhaps soon after!

    ReplyDelete
  19. Thanks Jolie - just hope it was the right decision....if feels right.

    ReplyDelete
  20. Yay, you can comment, at least for today :) Thanks Maureen, I am feeling a little lighter today!

    ReplyDelete
  21. Well hellooooooo Ann from NB. yes, I can hear you lol! I'll be passing through "the picture province" this summer on my way to PEI!  Thanks for your comments, I am beyond happy!

    ReplyDelete
  22. Thanks Debby - the timing seemed to be right to make this big decision so I went for it!

    ReplyDelete
  23. Yes, you are right 444! It's nice to know you read AND remember, thanks so much!!

    ReplyDelete
  24. Wow!  This is a great post!  Congratulations on the freedom gained!  I'm so happy for you. 

    ReplyDelete
  25. WAHOOOOOO!!!!!!!!! Congrats, Jane. Huge victory and very inspiring for those of us still working on it. Yay!!!!!!!!!!!!!!!

    ReplyDelete
  26. This post right here is putting a smile on my face. CONGRATS! Bye bye LOC, don't let the door hit you in the butt as you walk out!

    ReplyDelete
  27. I am so happy for you Jane!!! $1800 a month to go to the good stuff!!

    ReplyDelete
  28. You are an impressive bill payer!!!!! I'm proud of you and doing the happy dance for you!

    ReplyDelete
  29. Ms. Jane, I'm so happy for you!  Seriously, debt sucks and it can really wear on you.  Our cars are almost paid off and all we have left is our mortgage.  Although that's about to become a larger mortgage in a few months.  Still, it's just one payment monthly and it feels so good.

    Congratulations!!!
    m.

    ReplyDelete
  30. This is fantastic news and great work on your part.
    I don't know if it is wise to pay the mortgage off completely when you go into retirement mode, we have been having this debate for awhile. GAIL VAZ-OXLAIDE where are you  right now.!! Hubby has 14 months to go.
    It must be a nice feeling to be able to plan and pull the plug for a new adventure.
    I can't see you sitting around.

    ReplyDelete
  31. hot dang girl!! that's awesome!!
    I've gotta catch up on blogs - at my friend's since after work Thurs night - going back home in the morning!
    Susanna

    ReplyDelete
  32. Congratulations Jane.  You deserve a huge hug and pat on the back for doing that.  I can't even imagine being debt free, you must feel great.

    ReplyDelete
  33. Jane, WOW!!!! That is simply awesome!!! Congrats!! :)

    ReplyDelete
  34. Thanks Carla! I feel like I'm finally getting somewhere!

    ReplyDelete
  35. I do feel great, and poor, but really great!!

    ReplyDelete
  36. I haven't seen Judy in awhile again! I've got a lot of catching up to do too. Hope you had a nice break from working!

    ReplyDelete
  37. I'm not too worried about the mortage. Finding an alternative living arrangement that is less than the $300/monthly I'll be paying on the mortgage would be nigh on impossible. I know it won't take any longer than 10 years to pay it off.

    ReplyDelete
  38. Are you moving, getting a bigger house or increasing your present mortgage to help cover other expenses? Sounds like you're in pretty good shape...yes??

    ReplyDelete
  39. It was a rather large bill I must admit but it's all gone now!

    ReplyDelete
  40. Exactly - my savings are going to build up quickly!

    ReplyDelete
  41. Thanks Tanner! It's such a great feeling!

    ReplyDelete
  42. Thanks Annie - it just made sense to not pay any more towards interest that only benefits the banks!!

    ReplyDelete
  43. Thanks Borrower! There's nowhere to go but up now!

    ReplyDelete
  44. Ms. Jane. Yes, we are moving. But only about three miles from here. We need to stay in the same school district since the kids are doing so well. Still, we need a larger house. We moved in here with two small children and now have four kids that are growing quickly. I will blog about this in a few weeks.

    Our Immigration struggle will last for years. We will not keep "Living" because of that. Life goes on.

    m.

    ReplyDelete
  45. Have you bought a house already?  Just cause I have a condo I'll be selling soon :)

    ReplyDelete
  46. I just had to come back and post again! I'm soooo happy for you! what a big accomplishment! that's a LOT of $ going to savings now!
    Susanna

    ReplyDelete
  47. Laura| Move to PortugalApril 28, 2012 at 2:00 AM

    CONGRATULATIONS!!!! YAY!!!!

    How did I miss this post!?! Anyway I'm so, so pleased for you :)

    ReplyDelete
  48. Thanks Susanna , it feels like a huge accomplishment! I feel a little nervous about all of my empty savings accounts but get paid on Monday and will be able to refill my emergency fund again, thankfully. I am even more determined now to reduce expenses and save as much as I can!
    Sent from my iPad

    ReplyDelete

Thank you for your comment - it means a lot to me that you read my post and are leaving a comment - you just made my day!