Do you owe more than $26k, not including a mortgage?

[Thorin]

Ah, so exactly as you named it, not a HELOC but an SLOC.  So at max $43k, minimum payment for interest would be about $145/month, payments required to pay off in 48 months would be about $970/month.  That is a large amount of flexibility, $825 that you should pay but that you don't have to pay each month.

With my alteration to my finances, I've gone from $1,185/month minimum payment to $1,075/month minimum payment.  Not much extra flexibility there.  I tried applying for a HELOC before and didn't get it because there wasn't enough equity in the house, though.  And I never did bother with a SLOC because I had so much credit available (a lot of it low-interest) that it didn't matter.  Looking back, a HELOC or a SLOC would've been great to have over the last two years.

I wish I was in Tom's boat, TOM IS RICH.

[Lazybones]

I had a low interest line of credit already, it was prime +3 I believe but it was worth consolidating down to the prime +1 revolving because it made all my outstanding debt very visible and allowed for both a lower monthly payment and easy bursts of larger payments.

My car was financed used at prime plus 1.99 so there was some savings in moving it but not much.

So I shaved a bit of interest off both an made payments easy and very visible.

[Lazybones]

Wonder if I should move this thread to a more private section?

[Tom]

Ah, so exactly as you named it, not a HELOC but an SLOC.  So at max $43k, minimum payment for interest would be about $145/month, payments required to pay off in 48 months would be about $970/month.  That is a large amount of flexibility, $825 that you should pay but that you don't have to pay each month.

With my alteration to my finances, I've gone from $1,185/month minimum payment to $1,075/month minimum payment.  Not much extra flexibility there.  I tried applying for a HELOC before and didn't get it because there wasn't enough equity in the house, though.  And I never did bother with a SLOC because I had so much credit available (a lot of it low-interest) that it didn't matter.  Looking back, a HELOC or a SLOC would've been great to have over the last two years.

I wish I was in Tom's boat, TOM IS RICH.

To begin with, things are a little less flexible now. I've pretty much decided to try and get my own stuff out the door now instead of waiting on them for stuff to do. Which, unless something changes, my pay will probably be cut in half, or worse.

[Tom]

Tom: Good job on not racking up a bunch of credit card debt when you started working.  Seriously.  I know how easy it is to just charge it thinking that you'll pay it off when the bill comes, but then bill comes and there's groceries to buy, so then you don't pay it all off, then repeat a few times, then HOLY BIG BILL.

It really does help that my max credit limit right now is $3500. $1500 on one card, $2000 on the other. I have managed to have my cards maxed or close to maxed for way too long but I've decided to put $200 on each one per check regardless (so long as I get enough that check ).

[Thorin]

I don't care if it's public or private, but then I don't care who knows what I make or what I pay for what else.  In fact, I hope it's helpful to others to share my finances, so they can learn about taxes and write-offs and interest rates and how payments are calculated and ways to improve cash flow, and stuff.

[Tom]

About a year ago we were talking about taxes for you on this thread, did you get it figured out?  Did you have more than $8,000 in business expenses to claim?  Just wondering if I was in the right ballpark with that guess.

I forgot to reply to this.... 

Yeah, I got it figured out. Payed an accountant/tax-guy to do it for me. Ended up claiming a lot more than $8000. In the end my tax bill is just over $8000 total, including cpp and all that jaz. Assuming the govt doesn't make changes...

[Thorin]

Wow, you did claim a lot more, then.  My original prediction was a $13.5k-ish tax bill for you...  http://forums.righteouswrath.com/index.php/topic,7955.msg64954.html#msg64954.  Good thing you got an accountant instead of listening to me

[Tom]

Wow, you did claim a lot more, then.  My original prediction was a $13.5k-ish tax bill for you...  http://forums.righteouswrath.com/index.php/topic,7955.msg64954.html#msg64954.  Good thing you got an accountant instead of listening to me

I would not have been able to do it myself. Not even slightly my old taxes was confusing enough for me, even though most of it was just filling on 0s

But yeah, My guess was $13k or there abouts, or less depending.

[Lazybones]

So at max $43k, minimum payment for interest would be about $145/month, payments required to pay off in 48 months would be about $970/month.  That is a large amount of flexibility, $825 that you should pay but that you don't have to pay each month.

Yes, it is a @%&# happens buffer, or sometimes the stupid buffer. It allows me so smooth over months where things break or if there is some over spend without amassing more debt.

Until the new job and the consolidation little bumps would end up being big setbacks.

After the credit debt is gone, accelerating the home payments and maybe some more fun are the goals. Housing is crazy expensive out here if I want to get something bigger I am going to need to need a lot more equity in my current place.

[Thorin]

Yeah, housing costs are pretty dang high where you are.  You have to either commute further or live in a smaller place.  It's not cheap back where I live anymore, either.  I'm pretty sure we're just going to stay in the house we're in, though.  As much as it's kinda crowded, well, that's how life goes.  At least we don't have the entire extended family in the house.

[Lazybones]

Ya as it is I had to go with an 1h 15m commute to afford a town house. I would really like to have a yard but that is ether another 100-150k or 25 more min commute time by my current calculations.

[Thorin]

Ugh, I've got a 45-60 minute commute.  It sucks and I'm glad I'm with a company that allows working from home.  I can't imagine having more than an hour and a half commute one way every day.

[Mr. Analog]

I like the convenience of working from home as well, I really don't mind the commute as long as I catch it at the right times.

[Lazybones]

Ugh, I've got a 45-60 minute commute.  It sucks and I'm glad I'm with a company that allows working from home.  I can't imagine having more than an hour and a half commute one way every day.

My commute is all transit so waiting at a transfer or bus stop is a factor especially the train that comes at a low frequency.

Walk->Buss->Train->LRT->Walk