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Now if you remember, I told you previously that our home equity line of credit (HELOC) balance was zero when we began using the Money Merge Account software.  The first withdrawal we made from our HELOC was $3500, the cost of the Money Merge Account.

Our first month’s interest on our HELOC was $1.72.  As I said in “Becoming Debt Free with the Money Merge Account Part 4” the interest on an open-ended HELOC is based on the daily average amount.  Because we deposited our income into the HELOC and let it sit for a time period until our bills were due the daily amount fluctuated and the amount of interest due on the HELOC is kept low.

In September 2008, the Money Merge Account software prompted us to withdraw $9200 from our HELOC and pay off one of the 2nd mortgages of our rental properties.  That month our interest on our HELOC was $15.58.

As with other people in the past year, we have had our financial challenges.  All I can say is that we are very thankful that we had found United First Financial and were on the Money Merge Account.  Remember I told you we had rental properties? We ended up having some additional expenses that we hadn’t counted on such as installing a new roof and a major kitchen repair.

From September 2008 to February 2009 we ended up withdrawing $49,635 from our HELOC.  Only the withdrawal in September 2008 of $9200 was used to pay down the principal of our loans, the rest went to other projects and emergencies.

Here is the breakdown of our line of credit withdrawals:

Solar $25,965
Rental repairs $10,970
MMA $ 3,500
Principal pay down $ 9,200
Total: $49,635

With all of these withdrawals our Money Merge Account “Dashboard” kept us informed on the affect of each cost and the results are simply unbelievable.  One great feature that is part of the Money Merge Account software is the ability to know the “true cost” of expenditures.

If you are thinking of buying a new luxury item or anything for that matter, you can put in the amount it will cost and click on “Best Time to Buy” and the program will tell you the date to make your money work best for you and how much that item will end up costing you in your quest to becoming debt free.

Another great thing that you get with the Money Merge Account software is unlimited help and coaching from the great support staff at United First Financial.  Whenever I call either with a question or when I need assistance, they are always helpful, professional, and friendly.

Did we change our lifestyle to accommodate getting the projected results of the Money Merge Account?  NOT IN THE LEAST.  Even with the planned and unplanned expenses listed above, we continued our normal lifestyle.  As an example, in the first year of using the Money Merge Account we made vacation trips to Washington State, Anaheim, Puerto Vallarta , and Kauai.

As you can see we haven’t really been deprived since we became clients of United First Financial and the Money Merge Account came into our lives.

In my next article I will tell you about what happened when our wonderful customer service oriented bank (still to remain unnamed) made a decision that could have created havoc with our finances.

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Filed under: Debt • Finances

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