YES that is correct. Hubby said he wanted the mortgage paid off. I told him that the last of the big projects then would have to be put on hold until that. He moaned and groaned and thought I was out of line.
We had our semi annual meetings with our IRAs guys. BOTH backed me. At this point if he continues to pull what he is then he is going to out of money in his IRA in 20 yrs at a 6 % interest rate (that has been the average and when it is over that is is called FROSTING on the cake) I looked him right in the eye and called him DAD. Because that is exactly what Daddy did on 2008 which is probably why I caught it. Mine is an inherited IRA that has to be closed out in 7 yrs. IN four years, I will have monthly amounts be sent to an account to be invested under my name instead of Daddy's when the taxes will lower (if someone is NOT pulling so much out of his IRA)
This is how the budget is and I am using my blog to hold myself accountable.
Monthly budget which runs from the 20th of each month as that is when all the money is in.
Mortgage $1450.02 includes property taxes and farm insurance as according to our loan.
Medical insurance thru Hubby's old employer $828
Medical co pay and deductible $420 ( I already have this in savings so it's not in the budget this year since we have to pay it upfront and we know Hubby is being tested for his tremors). I will pull 2023 from our tax refund.
Propane $150 , we have to prepay in Aug for the next heating season. This is set to automatically go to savings.
Electric $150. Our company does not offer the budget so I just put the money that is NOT needed over into a savings . I figured up the average (holding for 3 yrs now)
Trash $17 this will probably go up since diesel went up. They have changed their routes to try to lower expenses. (Billed every 3 months so 2 months goes into automatic savings and then pulled)
Landline (cell phones don't work well in home) and internet $100 Only ONE company in our area even though others have said they were coming in... still not here.
Water softener co $65
car insurance (my truck and the motorcycle) and farm umbrella insurance $92.65
Life insurance $111 (his and mine and 5 of the kids that are not covered at work and we are not willing to put burying them on a credit card like 3 of our friends have)
OTC/ medication $20
MS 365 program . We tried Open Office but there was things from Hubby's old employer that would not open on that program.$12(goes into automatic savings until the bill comes due).
My cell phone $53.82. Business pays for Hubby's
Amazon prime $12 (goes into automatic savings until the bill comes due.)
Kindle $11(rounded up)
Graduation IN SAVINGS We should have 2 graduating but Daughter 3 warned us her older daughter might graduate this year as she has enough credits and she is in nursing school. She was suppose to graduate next year with our other grandson. ) Hubby uses his "odd jobs" he picks up off and on to pay for graduation. Since we know ahead of time who is graduating
Charlotte... $25 , includes food, treats, vet, nails clipped and tags.
Fuel $200, includes my truck, motorcycle, 3 lawnmowers (we will be selling one next spring), snow blower and the tractor. Right now it's my truck, snowblower and the tractor (snow blade is on).
Regular savings (we get free checking due to savings) $150.
Cleaning items ZERO I should have enough to get through most of the next 2 yrs IF my kids don't need to raid me.
Home maintenance $20. We have some Menards Rebates the will help cover this. It goes to savings until needed
Vehicle maintenance $100. This is my truck only and our mechanic will let us make payments if it's more than that.
Garden $20. I might need a little fertilizer or soil.
Food processing ZERO. I have enough canning jars, lids, vacuum bags, and freezer bags probably for the next 2 yrs
Personal items ZERO. We are stocked for 18 months.
Paper good ZERO for 2022. UNLESS kids raid me.
Office supplies. ZERO for 2022
Weddings ZERO. we give what we can afford and if they are living in the area we fill their pantry from ours.
Christmas $100 automatic savings
Bday $30 automatic savings
Groceries $150 (what is left will be put back for stock up)
Eating out (as Hubby will not go to movies or watch one on tv and there is no rent a movie place in this town) $80... if we eat at one of the two sit down restaurants that is once a month with the tip. IF we eat take out Chinese or pizza/calzone that is twice a month. IF we eat fast food (Wendy's or Arby's once in a blue moon Taco Bell that is four times a month.
Any tax refunds minus the following year's copay/deductible must go on mortgage.
Any cash back from credit cards must go on mortgage.
Any money paid back from kids, will go on mortgage.
Any money left over will go on mortgage.
Any extra money earned not ear marked for something is to go on the mortgage.
Any money found (like the 50 cents I found today at the mailbox) will go on the mortgage.
Hubby's IRA (which I talked him into and his IRA guy backed me) withdraw has been cut to 40% of what he was withdrawing AND it goes on the mortgage completely UNLESS we need it for a crisis. Just to clue you in by doing that it will now last
We will see how close we can get to paying it off by then.