I recently began this blog on October 27th. and set goals through the end of the year. This is an update on the progress toward those goals.

OCTOBER/NOVEMBER/DECEMBER 2009 GOALS:

1. DEBT: Bring all payments current by the end of December 2009.

UPDATE: WE HAVE BROUGHT ALL PAYMENTS CURRENT EXCEPT THE MORTGAGE, BUT WE ARE IN THE PROCESS OF APPLYING FOR A SHORT SALE ON OUR HOME.

2. BUDGETING: Look into ALL options to reduce monthly payments on debts and other expenses (refinancing, selling vehicles, closing storage, etc.).

UPDATE: WE REFINANCED BOTH VEHICLE LOANS THROUGH OUR LOCAL CREDIT UNION AT A LOWER INTEREST RATE AND LOWER MONTHLY PAYMENTS. WE ARE STILL USING OUR STORAGE, NOW THAT WE ARE TRYING TO SELL THE HOUSE WE ARE USING IT TO HOLD EXTRA FURNITURE, ETC. SO OUR HOME IS STAGED BETTER. WE DO PLAN TO HAVE A LARGE RUMMAGE SALE IN THE SPRING TO GET RID OF UNNECESSARY ITEMS AND CLOSE THE UNIT. WE HAVE CUT OUR DIRECT TV SERVICE AND LANDLINE PHONE.

3. BUDGETING: Have all spending documented for November and December and after bills are paid use only cash for all other expenses.

UPDATE: THIS ONE WE HAVE NOT DONE SO WELL ON. WE HAVE MADE ATTEMPTS, BUT HAVE FALLEN SHORT. OUR PAY DAY FALLS ON JANUARY 1ST, SO WHAT BETTER TIME TO IMPLEMENT A BUDGET AND CASH ONLY SPENDING?? I'VE DONE MY HOMEWORK, NOW JUST NEED TO REALLY COMMITT TO STICKING TO IT! WE'LL ROLL OUT OUR BUDGET FOR THE FIRST OF THE YEAR, TRACK OUR SPENDING AND IMPLEMENT THE ENVELOPE SYSTEM. OF ALL THE GOALS, THIS IS THE BIGGEST. I KNOW WE WON'T MAKE ANY LONG-TERM PROGRESS UNTIL THIS SYSTEM IS IN PLACE AND WE ARE UTILIZING IT EFFECTIVELY!!!

4. SAVINGS: Begin putting money (all extra income from photography business and all money from selling unneeded items in house) toward Emergency Fund Savings to establish a minimum of $1,000 in the bank within 6 months.

UPDATE: WE HAVE GOT A GOOD START ON THIS AND HAVE $500 TOWARDS OUR $1,000.


Overall, although we haven't met each goal 100% we have certainly made some significant changes and are moving in the right direction. I am sure once our budget, tracking and cash spending are in full force, we will really be well on our way! We've built some momentum and I am pleased with what we have accomplished in two months time. I am looking forward to making 2010 the year that we turn everything around and establish a solid path towards financial peace!

Here is an update on our short sale process:

We currently have our home on the market. We had four showings the Tuesday before Thanksgiving, but no offers resulted and no showings since. We plan to have an open house after the holidays.

I received a voice mail message from Wells Fargo last week. When I called it back they informed us we are behind in our payments, which we were aware. I explained that we were in the process of applying for a short sale. The guy told us the short sale option had been denied. We had not received a letter regarding this yet and he told us when it was mailed out and asked if we wanted to reapply for the short sale again. I told him I would wait and see what the letter says. We were extremely disappointed and pretty much settled on the fact that we will have to stay put.

The letter arrived over the weekend and said exactly the opposite of what the guy on the phone told us! It said that we have not been approved for mortgage payment assistance because they were unable to get us to a revised payment amount that we could afford per the investor guidelines on our mortgage. Then it went on to say, "At this point, we recommend the following options: Short sale or deed in lieu of foreclosure." So, I guess we are still in the game!