Got A Loan Earlier This Summer

Before I decided to start this blog, we made the decision to get some improvements done to our home. These are things that we have wanted to do since we moved in but had not done yet. Some are more important than others and some were complete splurges that were cheaper to do on our own rather than have the builder do them when we bought.  Landscaping and improving the kitchen and the bathrooms were a few of the things we had on the list.

For all this, we budgeted that it would take $11,000, so we got a loan for that amount to be paid over six years. Of course, the plan was always to pay it off early, but we did it over that time to have a lower monthly payment, just in case.

We took the loan because my income is irregular. This means that while I do get paid a good amount on a yearly basis, I have months where I either make very little or do not make anything at all. We are just leaving a period where I was taking advances on my paycheck and am now starting to actually make my commissions again. We decided to take out the loan some would be able to do everything now and we then can pay it back once I actually get my paychecks. Ideally, we will be able to pay it off completely by the end of September.

This may seem to conflict with my goal of retiring early, but these are the things we have always wanted to do and right now, the money is there. Plus, we had already started on all of this (at least halfway through the list) before I realized that it was possible to retire as early as I would like. We’re getting all of our ducks in a row now in order to be able to move forward with that mindset going forward. Plus, everything we are doing is adding value and life to our home. Not planning on moving anytime soon (if ever) so it’s not a bad trade-off.

We’re nearly done with everything on the improvement list and, once everything is done, we’ll be done with everything we wanted to improve this year. The house is looking great!

Since getting it we have already paid off nearly 10% of it and plan to pay the rest off by the end of the year.  Plus, it helps build credit for D, so it works out.

Definitely looking forward to getting it paid off though. 😊