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To Refinance or Not? Help!

September 12th, 2019 at 11:39 am

The bank called me today. They wanted to let me know that 20-30 year mortgage rates are now 3.37% as compared to my 4.75% which I got last year. They were wondering if I would be interested in refinancing.

I told them to figure out my costs/fees and get back to me. I'm guessing it will be around $1,500 - $2,000.

If I do a 30 year old loan it would save me about $85 a month in interest or $1,020 the first year. Or we could go to a 23 year loan and keep the same payment.

Thoughts on if it's worth it or not?

Side Note:

It looks like we are going to have a $4,500 0% interest loan for a year for the waterproofing, and a $2,400 0% interest loan for medical bills. We don't want to take out another loan to get the dirt regraded. (Still waiting on quote, hopefully by tomorrow.) If it's in the $5k range should we consider rolling that into the new mortgage and just getting it done? Otherwise looking at a personal loan next year after some other stuff is paid down. Probably with 6%ish interest rate.

Foundation & Medical

September 6th, 2019 at 08:01 am

Good news and bad news!!

It looks like my echos will only be about $300 each rather than $3,700!!! So that is great. Hoping we won't hit out OOP this year, only next year now. (Still will be a few thousand this year but cash flowing so far.)

Bad news. Still having problems from the quality of work from the contractors we hired for our home addition. Had a "minor" foundation issue that was preventing us from regrading the yard. Finally got some people to come out and look at it. The quote is $4,500!? Yikes!

We also got another quote for $2,500 but I'm not sure they know what they are doing or if it will work. Since we are having problems from hiring lower quote workers in the first place I'm a little wary to take risks again. The higher bid is from a national company and comes with a 20 year warranty...

We could also do it ourselves for about $1,500 but no idea if we would do it right. Also that sounds like another project we don't have time for with an impending baby and a nursery to build. So I think husband is leaning towards paying for it to be done.

We will also have to regrade the yard and install drains from all our gutters out to the pond. Which will probably be a few more thousand dollars. Still getting final quotes, and still deciding how we will pay for this. May need to get a loan and pay off over a few years. Bummer, but seems like a necessity.

Paid the mortgage today bringing the balance to $113,351.70!

August Check-In

August 30th, 2019 at 07:20 am

Debts
Mortgage -$113,505.40 (-$153.10)
0% CC -$4,846 (-$1,022)

Savings
Roth IRAs +$14,690 (-$495)
401K +$22,851 (-$528)
Emergency Fund +$4,254 (+$378)
Animal Fund +$1,234 (+$651)
Truck Fund +$1,520 (+$120)
HSA +$737 (+$106)

Overall: +$1,407.10

Progress on savings and debt pay down. Retirement loss in in the market.

Payments & Bills

August 20th, 2019 at 09:30 am

I paid $1,022 on my CC for August bringing my balance to $4,846! So exciting to be under $5k, next month will be a lot smaller progress.

Sold and delivered 2 goats this weekend so I put money back for the last batch of hay this year.

I have 4 possibly 5 more goats sold which will go to their new homes next month. So that will be a nice big chunk of change to come in. That will be almost the end of the goat sales for this year.

Paid for our birthing classes and put back the final $200 for our vacation spending money. Everything is completely paid for, so next month we will get to go and have a good time without worrying about finances. That makes vacations SO much better.

Got an estimated bill for my delivery. $6k+
Also had to get a full cardiac workup, and the baby has to get an echo as well ($3,700ish each) so it looks like we are going to hit our OOP medical this year and next year unfortunately. $12,000....

So far we have been paying bills as they come in with HSA money. We will not have enough for the echos when the bill comes in. So we will likely have to make payments. Stinks to get our only debt almost gone to have to take on more debt. Oh well. I am confident we can have everything paid within a year.

July Check-In

July 27th, 2019 at 05:19 pm

Debts
Mortgage -$113,658.50 (-$152.50)
0% CC -$5,868 (-$975)

Savings
Roth IRAs +$15,185 (+$308)
401K +$23,379 (+$2,424)
Emergency Fund +$3,876 (+$301)
Animal Fund +$583 (-$40)
Truck Fund +$1,400 (-$215)
HSA +$631 (-$149)

Overall: +$3,756.50

Steady progress on CC, EF, and retirement. A large chunk was from an unexpected/late contribution from husband's old employer. HSA was contributed to, but was overthrown by baby medical expenses.

Pleasant Retirement Surprise

July 27th, 2019 at 05:08 pm

Yesterday while doing my end of the month numbers I seen a new account show up my on my mint...

For some reason there is a new 401k account open from husband's old employer that he quit back in September. He previously had a 401k there that we transferred to his new one, and I thought closed. It looks like it has been reopened and they contributed $1,769 into it!?

The only thing is says is "Profit Sharing" which the company used to give them a lump sum amount every year about this time into their 401k as a bonus. The transaction date says it was started 12/31/2018 and just posted yesterday.

Is is possible that this is husband's portion of profit sharing from last year? I just assumed he wouldn't get it since he quit during the year.

I logged into Vanguard and there is no history. Just the contribution yesterday. Is this really our money? And what do I do with it? I hate to have yet another account with a small sum in it. Can I transfer is without repercussions/taxes even though it is past the 30 days since he quit?

Looks I will be calling the company/vanguard on Monday to figure all this out. At least it's a pleasant surprise!

I'm PREGNANT!

July 17th, 2019 at 07:17 am

Our finances/goals have changed a bit recently due to a fact that I have eluded on here for a while. I'm pregnant!

I'm due in January, we are very excited and a little nervous.

Our main goal this year was to pay off our home remodel credit card. Although that is still a big priority, my extra work has slowed down a LOT because I have had a terrible time of it and have been sick for months. It has been really hard for me to even do the basic necessities. I am still paying down as much as I can, and even if I can't completely pay it off by the end of the year I am hoping it will be at least greatly reduced.

Besides the reduced working, my pregnancy/labor/delivery is estimated to cost between $7,000 - $10,000+. Embarrassment Since it falls right after the new year I may possibly have to hit my max OOP ($6k) this year, and my deductible and/or max OOP next year. Bills are already beginning to trickle in.

Hoping to be pleasantly surprised and owe a lot less, but that is what we are figuring on for now. I am also paying for a doula, the required birth classes, etc. Plus we need to remodel the nursery (our old bedroom) which still needs mud/taped, painted, trim, and all the furniture.

Needless to say this is going to be an expensive year, I am happy we are in the best shape we have ever been in. We are optimistic that we will be able to save for the hospital costs with the HSA and husband's overtime. While I will continue using my extra income for paying off our remaining debt.

My stretch goal would be to have the CC paid off at the end of the year as planned, and have enough money saved to pay the doctor in full in January. We'll see!

Mortgage & Credit Card Payments

July 9th, 2019 at 08:47 am

My mortgage payment hit bringing my total owed down to $113,658.50!

I also paid $925 on my credit card bringing my balance to $5,918.00!

I have paid off over half of the credit card now this year which is a little behind schedule but still very exciting.

My net worth (not counting retirement or mortgage) is now over $2,000 in the positive!

Counting everything I have increased my net worth by $20k this year already! Crazy to think when we made under $50k total gross last year.

Lots of things to celebrate.


June Check-In

June 28th, 2019 at 06:44 am

Debts
Mortgage -$113,811 (-$151.09)
0% CC -$6,843 (-$580)

Savings
Roth IRAs +$14,877 (+$653)
401K +$20,955 (+$1,129)
Emergency Fund +$3,575 (+$481)
Animal Fund +$623 (-$819)
Truck Fund +$1,615 (+$105)
HSA +$780 (+$240)

Overall: +$2,520.09

Markets recovered this month and everything moved up slowly but surely except for the animal fund which was wiped pretty low after the purchase of hay and a new goat.

Credit card progress is slowing down as expected since my hours are significantly slower.

Surprise Medical Debt & Refund

June 26th, 2019 at 08:53 am

I received a bill in the mail yesterday from the hospital... Over $3,000 from husband's emergency surgery back in December. Embarrassment

His insurance should have covered it 100% except the $250 co-pay which we already paid. So I started to panic. Well I called the hospital today and they said it was an error on their end, and actually they owe me a refund on $30 because we paid a $30 co-pay when we got there and then they billed us the $250 later.

Whew! Crazy that they would be so off, but at least I don't owe!

I sold a goat yesterday. Just stuck the money back for one of the new ones I'm purchasing next month. Need to sell a lot more!

Hit It!

June 17th, 2019 at 05:57 pm

After a $580 payment to the credit card the balance is now $6,843 and we are officially positive net worth!

YNAB is saying I have a 1 day buffer. Ha.

Although unrealistic it is encouraging that I could technically pay off all my CC debt tomorrow. Of course we will continue to knock it down piece by piece while simultaneously saving for the future.

I did a bad thing I am buying 3 new goats... But I did get deposits for 6 I sold, so that counts for something right? ...

Vacation Fund & Possible Job Loss & Gain

June 12th, 2019 at 08:07 am

Husband has been working 7 days a week and will probably continue to do so for the foreseeable future. The good news is that this means that I believe our vacation fund is complete! I haven't sat down and run the numbers yet, but we have been booking our lodging. Hopefully this weekend I will have concrete figures. Might even have some left over for other goals.

He also applied for his dream job. It's a government job so he had to go take a test to apply, which he got an A on. I think that guarantees him an interview but I'm not 100%. Crossing our fingers and hoping that he will get it. It would not have much impact on our fiances (might actually loose money) but it will improve his mood and working conditions ten fold. So would appreciate any good thoughts and prayers that he gets it.

In sadder news, my web design boss called me yesterday and said that business has been down, and that all the other workers have taken new jobs. Frown So he is probably going to dissolve the company. Crazy since I have been working a ton, but I guess only me. We have one more big project to do, and of course loose ends to tie up. We may continue working together a bit (the original company was just me and him) or he may just turn all the current maintenance accounts over to me. He is still processing and figuring stuff out.

I am unsure how that is going to affect my income and goals for the year. I will still have a bit of income from maintenance every month, and also I pick up side projects, and work for another company fairly often. But I'm guessing my hours will drop substantially. Thankful we don't depend on that income, but it sure was nice to use to it to pay down debt.

Lots of stuff to figure out, and lots of balls up in the air right now.

May Check-In

May 31st, 2019 at 06:38 am

Mortgage -$113,962.90 (-$151.30)
0% CC -$7,423 (-$1,061)


Roth IRAs +$14,224 (-$641)
401K +$19,826 (-$665)
Emergency Fund +$3,094 (+$446)
Animal Fund +$1,442 (+$1,242)
Truck Fund +$1,510 (+$250)
HSA +$540 (+$301)

Overall: +$2,145.30

Made bigger progress this month but it was offset in the market drop of our retirement funds.

I thought it would take until August for our net worth to hit zero but I am at $-600 right now and will be positive as soon as I get my web design check this week!!

Animal Savings

May 22nd, 2019 at 07:28 am

Finally got a paid a big check I was expecting. I put $750 in my animal fund, and have enough money to pay for my upcoming expensive vet bills!

I also should be getting about more $650 this weekend from some goat sales. It is nice to get a little money rolling in.

Working like crazy on web design. Hoping for a big check like last month so I can knock down more debt. Next week is also an extra paycheck which I will put towards the CC.

Continuing to slowly build our EF, Car Savings, and HSA. Even small weekly amounts add up over time.

Can't wait to see the numbers next week to see how much our net worth grow this month.

-$3,000 Net Worth Update

May 10th, 2019 at 06:45 am

We are now below -$3,000 Net Worth! (only counting liquid assets)



Quite a big different from when I started YNAB in October! My savings almost out number my debt, which I don't think a lot of people can say.

I hope to be in the positive by August. Can't wait!

I really busted my rear last month and made four times the web design income that I made the month before. Getting ready to get another large web design check. But it will be spent on dog vaccines and hay for the goaties. Boo.

Husband is still getting lots of overtime. We will use it to cap off our vacation savings, and then move onto something else.

It is about time for goats to start going to new homes, so by July I should see a significant boost in my animal fund.

Mortgage & CC Payment

May 3rd, 2019 at 07:20 am

Paid my mortgage today bringing the total down to $113,962.91! Hit the next thousand.

I'm also back from my mini vacation and stayed in/under budget. So once all the charges hit I will move around the excess money.

I got one of my web design checks and paid $800 on the credit card. Total is now $7,684. I get a few more smaller checks in the next week or so, and should be able to add around $100 more.

Plus this month is an extra paycheck, so I am hopeful I will be able to put another $300+ towards it. Woohoo! Have to make up for a lousy April.

Getting closer to paying myself back after I raided my buffer in March for some large expenses. The new upcoming problem is my 3yr dog vaccines are due this month and I think it will be around $400... So looks like I will be raiding the fund again. Oh well.