Thursday, January 19, 2012

Things are Looking Up

So last year I made some rather aggressive financial goals and failed to accomplish many of them (I was 2/5).  Although some headway was made, it was an overall disappointing performance.

This year might be looking up though. I hate to get too excited just because the disappointment from those unmet expectations from last year still linger over me, making me hestiant to put too much into what has not yet happened.

But for right now, this is what we're looking at:

We are about to refinance our home.  We are currently at a 5% interest rate, but can most likely jump onboard with a 3.75% rate within the next month. That's a very exciting prospect.  It will save us just under $200/month. I can think of a few things I could do with an "extra" $200/month. (ahem - bye, bye Chase)

We're still in the talks of this, but it looks like it is going to happen.  When it does, we will skip one (or two based on when it happens, although more likely one) mortgage payment and will get back our current balance in our escrow account.  Together that will be about $3000 in our pocket.

I would love to say we were going to send that to our credit cards, but we have discussed it and we are not.  We owe the Army about $3900.  They paid Chip up front for going to OCS last year and when he didn't complete it, we still had their money.  It's only right that we pay it back now. So that is where we are discussing putting that $3000.  The other money we owe them will come out of his next few paychecks about $200 at a time.

Then we are looking to get a tax refund. We always do and we have made preparations to do the same this year.  I'm hoping for $3000 there, but last year we ended up with far more, so maybe we'll get a nice surprise like that again.  Whatever we get here will go exclusively to debt repayment.  I am so anxious to knock out that Chase card and would love to be able to do it this year.  This would be a huge step in that direction.

We have an extra $900 in our savings account right now that has been in a holding pattern for several months now.  I was/am prepared to send it to the Guard for repayment, but since they are not demanding it or penalizing us for the "loan" I think we're going to use it to buy Patrick some new bedroom furniture.  He has outgrown all of his old stuff and the poor 6 year old is still sleeping in a toddler bed. I know...I feel bad for him, but I think we're about in the place to do something about it.  His old stuff is nice and we should be able to get some cash for selling it (hoping $500-$700).  That would be fantastic, but we've got to buy the new before tossing the old.  And since we'll pay cash for it, I hope to get a great deal and not have to use all of it.

There are some other unknowns right now - like Chip's National Guard training schedule.  He has his annual training this year and still has to go to school for his new Guard job. We've heard differing tales about what this will entail, so I'll wait until we know before writing more about it.  However, if all goes well, we should be in a good much better place by the end of this year.


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