So I posted a little while ago how we were OFF the debt free wagon for a bit there. I am so proud to report we are BACK ON!
While our Wisconsin Dells trip was non-negotiable, we NEEDED to get out of the state, we are back on budget! In reflecting on this past year, I wanted to share with you some other financial wins we’ve had recently!
We Refinanced Our House!
There is still time, if you need to refinance DO IT NOW! Craig is all into the conspiracy theories with the price of lumber and the price of gas and the economy blah blah blah that interest rates are about to go through the ROOF! Here is the breakdown of our two loans:
1st Loan: First time home owner loan – NO down payment – 4.5% interest FIXED – over 30 years – total payment per month is $791 – ONLY $136 of that ACTUALLY WENT TO PRINCIPAL! We paid $281.34 in INTEREST every month! YIKES!
2nd Loan: 3.2% interest FIXED over 15 years – total payment per month – $750. CAN YOU BELIEVE THAT DIFFERENCE!? We are paying LESS per month AND getting out of debt 15 years sooner. While we planned on paying off our house before I turn 40, even if we stick to the normal payments we will for sure be there!
I just can’t believe the difference and it makes me so excited! A friend of ours, Craig’s elementary school buddy and the drummer of my rock band in high school actually helped us with the refinance! It’s kind of funny, Craig knew him in elementary school, I knew him in high school, and then now we all know each other without actually meeting before hand!
That finalized last week and we are so excited! This was a huge step forward in our financial future even though we feel like we haven’t made much progress debt wise.
I earned a $16,000 loan repayment!
This is so exciting! That will leave me around $9,000 to clean up myself!
This is coordinated through my job based on hours worked. Throughout the next four years, the hospital issues payments based on hours worked and over the next four years I’ll have received $16,000 towards my student loans which is very exciting! This is actually funded by a former patient and his family who were extremely generous – while he was in the hospital he asked each nurse who cared for him how much student loan debt they had left and after hearing their responses he decided to do something about it!
Another huge step forward in our financial future!
We are coming up on our 2 year Dave-a-versary in early April
We took a step back this year to cash flow a bathroom remodel but still ended up putting $20,000+ towards debt by my calculations so far!
It’s so hard to judge what to count as “debt” – do our minimum payments on our car count as debt paid off? Or is it only principal? That makes a HUGE difference in our numbers! Should we count the cash flowed remodel? What about the plumber bill we paid off? or our Home Depot card? It’s just a grey area so I’m always super clear and honest about what contributes to our total. You know me, I’m not trying to hide anything.
If this stimulus check ever comes through, we will be ECSTATIC! That would knock out our two smallest debts and send us to working on my car payment! That would just be AWESOME! Regardless of how you feel about politics, if you offer me $5,600 I’m not going to turn it down.
Leave a comment and let me know what your wins are this week! I’m working on responding to EVERY comment so I can’t wait to chat with you!