Kninja Knitter

I’m still stunned that we’ve already reached the end of May – this year is just flying by. Is this what it’s like being old? 😆

If you can’t tell by the title, this wasn’t an ideal month for me. I want to be aggressive in paying down my debts, but I have other things I’ve prioritized throughout the year, too. And some things are more expensive than we’d like.

Still, I’ve managed to pay down my debts by 22.6% year-to-date. That puts me ahead of my 10%-per-quarter minimum goal for the year; and I’m projecting to fall just below my stretch goal of 15%-per-quarter by the end of June! Plus there’s still time to boost my income further in June, so it’s possible to hit 30%.

The biggest hits to my plan this month came from the expenses involved, either directly or indirectly, with the replacement of my front steps. The concrete pad itself was a hefty expense. But then I also had to replace my mailbox, and purchase a post to mount it on. I love the result, but that was an expense I hadn’t planned for. Also, I took that trip to Kentucky to visit friends and a fiber festival – while I did budget for a meal and a little splurging on yarn, I spent more than planned, and the hotel cost was higher than I’d planned. Both were manageable, but the luxuries diminished my debt pay-down progress. A simple trade.

I’m still making good progress, in particular, paying down the installment loans. Within the next four months, I will have paid off two interest-free loans in their entirety, and I’ve accelerated the payments on the highest-interest loans, both of which made my home more comfortable.

I chuckle every time I look at the amount of interest I’m paying on the loan for my new bathtub/shower – the finance company scam is really the absolute worst! The original estimated interest cost for that loan was nearly twice the value of the loan! And because I’m paying more than five times the minimum payment each month, my final interest cost should be less than half the value of the loan. And I honestly enjoy every shower I take.

I wish I had been as cognizant of this reality when I had started paying on my loan for the new HVAC system. The new furnace and air conditioning system have made life quite comfortable at home, so it’s worth the expense involved. I’m in my second year paying on that loan, and I’m nearly doubled the monthly payment.

Once those other installment loans are paid off, I’ll funnel those monthly payments to further boost the bathtub loan. And once that is paid in full, I can do the same to pay off the HVAC system. This is a modification of the avalanche method, since I’m throwing the most money against the loans with the highest interest rates, but splitting the excess across two loans instead of just one.

Next month I have another trip plan, having already booked my airline reservations to my first knitting retreat in four years. At the same time, one of my current part-time gigs will be scaled back – I’ve made a decent amount of money so far this year as the interim choir director, but the new assistant music director for our parish has been hired and will begin working next month following her relocation to the area. That will mean a significant drop in hours for me, though I’ll still earn a small stipend for the accompaniment and leadership I’ve done at the church for a number of years. And my May paycheck from the church included a small bonus in acknowledgment of all my efforts, so that softened the impact a bit.

DoorDash continues to be a nice income booster, though I’m careful each week to set aside a portion of my paycheck for taxes. The other day I also made a small investment in some of the DD merch – a decal for my car, plus a ball cap and an insulated tote bag. I wear a ball cap regularly to make rainy day deliveries a little easier; it’ll make my position more obvious as I’m working. And the tote bag can help with food deliveries, protecting them from the rain. At least a portion of this merch is also tax deductible, so a worthwhile expense.

May June be a joy for everyone, and that your life gets just a little easier. I’m continuing to chip away at the various goals I set at the start of the year, and moving ever closer to financial freedom and being able to retire!

Knit on. 🧶