Adam and I have been in a very long process of refinancing our home that started back in October 2010. I am happy to say we closed on the loan this past Friday night and we are now saving just about $180 a month! Yippie!! That brings music to my ears.
We plan to still pay pretty close to what we used to pay per month in order to cut some years off our 30 year mortgage. From what I understand, just 1 extra mortgage payment a year can cut off up to 8 years off a 30 year mortgage. Either way that is all we can truly afford to do at the moment so that is the plan.
The other great financial news that comes along with this refinancing is that we don't have to make a February payment which puts a little more cushion in our savings account. Our new payment doesn't start until March.
AND most importantly I got a promotion at work and a 10% yearly increase in my pay!! So that extra money I am taking home is going to be extremely helpful with the arrival of baby #2 right around the corner. I already set up an increase in my contribution into my 401K as well. So financially I am feeling a bit better.
I tend to get crazy and try to plan everything financially but sometimes you just can't. Like- I still really don't know how we are going to swing 2 kids in daycare just as much as I felt this way when we had to put just Eli into daycare. Somehow we just did it and it worked out. I can tell you this....I started clipping coupons like it was my job to save here and there so that has helped out tremendously!
So the next great news would be to find out we are going to get a tax return but I don't anticipate that, we usually end up paying in taxes for some reason but who knows this could be our year.
Money doesn't solve everything and I know that but it does make things more comfortable and for the moment I will take it!
1 comment:
Yay! That's helpful to have a little more money wiggle room each month. I figure with kids the money somehow just re-distributes itself: What we used to spend on entertainment, travel, and discretionary spending now goes to diapers and daycare. We hardly see movies in the movie theater anymore, but that's just the way it goes!
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