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Hope’s Debt Update – November, 2024

Last month was a wash since I paid off a credit card, but then turned around and used it for Princess’ wisdom teeth extraction.

However, this month, we are getting back on track.

Debt Description	October, 2023 Total	Interest Rate	Minimum Payment	Current Total	Payoff Date (Est)
CC - Frontier	$3,857	29.99%	$130	$2,718	December, 2024
Dad - New Furnace	$2,600	0%	$0	$2,600	January, 2025
CC - USAA	$5,000	19.15%	$135	$2,723	March, 2025
Student Loans	$22,121	2.875%	deferrment	$22,850	September, 2025?
CC - Apple**	$500		Paid off every month	$0
CC - AMEX	$894	29.24%	$0	$0	Mar, 2024 - Closed
CC - Sams	$1,106	29.99%	$0	$0	April, 2024
Personal Loan #1	$2,500	0%	$0	$0	July, 2024
Personal Loan #2	$2,500	0%	$0	$0	August, 2024
CC - Wander	$1,630	29.24%	$0	$0	August, 2024 - Closed
CC - Amazon	$1,497	29.99%	$0	$0	September, 2024
Total	$44,206		$265	$30,891

After paying all the monthly obligations (bills plus transfers to savings, investments) and debt payments, I have $586 left. I’m anticipating that will cover the Texas trip. This will allow my savings to remain in tact which gives me a great deal of comfort.

Christmas on the Brain

I am already struggling with the idea of Christmas. This next week I will break out the remaining $5 for my Christmas budget and figure out how to use it. Thankfully, the kids are all great and I know they will be thrilled with anything. I truly do have great kids. The goal is to have Christmas done especially for the 3 boys and Texas family so I can avoid any shipping charges. Crossing my fingers. I’ve got to weeks to wrap it up.

Next Milestone Goal

I anticipate that my next credit card will be paid off in January at latest. The Frontier card, that is. Then I have to decide whether to focus on the final CC or pay off my dad. I feel like it should be my final personal loan. But my dad has made it clear that he is fine waiting. So I’m leaning toward the credit card. No promises, but I am sticking with the plan of paying off the credit card debt first.

I’ve also got to re-evaluate my tax plan for the new year since my annual income will be significantly higher than this year. (I’m also hoping for a bonus this year. Can’t plan for it, but I’m hoping.)

Hope

Hope is a creative, solutions-focused business manager helping clients grow their business and work more efficiently by leveraging expertise in project management, digital marketing, & tech solutions. She’s recently become an empty nester as her 5 foster/adoptive kids have spread their wings. She lives with her 3 dogs in a small town in NE Georgia and prefers the mountains to the beaches any day. She struggles with the travel bug and is doing her best to help each of her kids as their finish schooling and become independent (but it’s hard!) She has run her own consulting company for almost twenty years! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally in a place to really focus on making wise financial decisions.

What Upgrades Does My Rental Property Need?

by Semify

Investing in upgrades for your rental property is crucial for maximizing its value and appeal to potential tenants. By modernizing certain aspects, you can enhance your property’s function and appearance, making it more competitive in the rental market. This article will discuss several beneficial upgrades that landlords should consider to ensure long-term profitability and tenant satisfaction.

Clean Your Gutters

Neglecting your property’s gutters can lead to significant damage, eventually costing more money in repairs. Proper maintenance not only safeguards the building structure but also contributes to the overall aesthetic appeal. While gutter guard installation may seem like an additional expense, its long-term benefits far outweigh the initial cost.

Many landlords understand the importance of preserving the structural integrity of their properties, and gutter maintenance is a fundamental part of this. When gutters are cluttered with debris, water can overflow, damaging the foundation and exterior walls. Ensuring they are clean and well-maintained can prevent such damage and ultimately save money.

Investing in professional gutter guard installation can ease the burden of regular maintenance, although it’s essential to weigh the costs. According to Architectural Digest, homeowners can expect to pay between $1,000 to $2,000 for this upgrade. Over time, this can be a worthwhile investment protecting your property’s value and reducing maintenance expenses.

Update The Appliances

Modern appliances are often a significant selling point for tenants seeking rental properties. Outdated or inefficient appliances can make your property less attractive and lead to higher utility bills. Upgrading these can enhance the property’s appeal and potentially allow for increased rental income.

Landlords must consider the balance between initial investment and long-term gain when updating appliances. Energy-efficient models often have a higher upfront cost but result in lower energy bills over time, offering savings to both landlords and tenants. This long-term view is essential for property owners looking to maximize their investment return.

Considering the broader financial landscape is crucial, especially where evictions are prevalent. According to Proceeding of the Nation Academy of Sciences, approximately 2.7 million households receive an eviction filing each year in the United States, highlighting the financial pressures on families. By updating appliances, landlords can provide better living conditions, potentially reducing vacancy rates and ensuring consistent rent payments.

Tackle Small Areas

Focusing on the little details can have a remarkable impact on the overall appeal of your rental property. Small upgrades often require less financial investment but can significantly enhance the tenant experience. These can range from lighting improvements to fresh coat of paint in key areas.

One uncomplicated yet effective upgrade is updating the grout in bathrooms and kitchens. Fresh grout makes these spaces look cleaner and well maintained, which tenants highly appreciate. According to Home Depot, the three most common types of grout are epoxy, sanded, and unsanded, each serving specific uses and offering distinct visual finishes.

Landlords should invest in durable materials and finishes that promise longevity and reduced maintenance. Such small upgrades can keep your property looking fresh and modern and may save you money in potential repairs. Regular maintenance of these small areas contributes to high tenant satisfaction and retention.

By strategically implementing these and other upgrades, landlords can significantly enhance their property’s value and appeal. Clean gutters, modern appliances, and attention to detail in small spaces can lead to long-term savings and increased rental income. Balancing initial costs with potential returns is essential when planning such improvements, as the ultimate goal is to create a welcoming and efficient environment for tenants while maximizing return on investment. Be sure to make your property look it’s best this upcoming year. Your tenants will thank you for it!