Debts
Mortgage −$114,618.73 (-$243.94)
Land Loan -$9,923.77 (-$187.82)
Hospital Bill - $966.41 (-$75)
Savings
Roth IRAs +$26,119 (-$113)
401K +$50,212 (+$265)
Emergency Fund +$6,964 (-$1,224)
Animal Fund +$1,210 (+$4)
Car Fund +$20 (-$0)
HSA +$101 (-$784)
Overall: -$1,345.24
Ouch! The expected vet bills along with an unexpected and sudden termite swarm which cost $1,200 to remedy really did us in this month.
Some good news is that both our land loan and our medical loan dropped a figure off, I’ll celebrate the small wins. Sometimes I get an itch to pay extra on the land loan, but our saving account is drawing almost the same amount in interest as we are paying. So right now it doesn’t really make sense to pay the debt instead of save since we would then have to take on new debt to complete more future home projects.
May 31st, 2023 at 09:28 pm 1685568499
But when things like mortgage rates are low and savings interest rates are high, it makes more sense to build savings and pay off tge loans on a schedule. And especially when mortgage loan rates are rising. If you have an emergency, you are always better off with money in the bank instead of tapping the equity in your home.
You are making a good decision.
June 1st, 2023 at 05:08 am 1685596081