Saturday, September 29, 2012

Blogroll

Over time, some of my favorite blogs have fallen to the wayside for whatever reason.  I updated my blogroll with a few blogs that I usually check out.  Please let me know if you would like to be added to my blogroll or if there is an awesome new (or new to me) blog that I should check out. 

Thursday, September 27, 2012

September 2012 Debt Round Up

I've never done a debt round up before but I want to now because I'm in a different place than before.  I will not include my mortgage because I have many other things to do before I will be paying extra on that.  This is for the end of September.

Car  11,250                  0% interest
Student loan 4,748.08            4.5% interest
Best Buy credit card 6,869.75      0% for 18 months, then 25%

Total of $22,867.83

I'm not sure which one I will go after first, probably Best Buy.  I want to have all of them gone by May 2013.  It will be a stretch but possibly doable.

What plan of attack would you do for my situation?

Monday, September 24, 2012

Watching Every Penny

Two weeks ago I felt like I couldn't whip out my credit card fast enough to pay for lights, flooring, bathroom accessories, bathroom fixtures, faucets, going out to eat, etc.  This list never seemed to end.  I felt like I was bleeding money.

Times have changed.  We are now watching every penny and tracking our spending.  Do you know what?  It feels really good to know where all of our money is going and have a sense of control over it.

Is that weird or what?

Sunday, September 23, 2012

Way Off in Checkbook!?!

I have been balancing my checkbook for the entire summer by checking my balance online and deducting credit card purchases at the same time.  Needless to say, there was too much activity for me to have any confidence that I was correct in all my calculations.  I was actually $4000 short at one point because I forgot to transfer money over that I had already written in.  Anyway, I figured that one out.

I took the time to make sure that I had everything accounted for including any credit card purchases.  Turns out that I was way off.  There is an EXTRA $1226 in our checking account.  Yay!  I'm going to leave it there for a month or two to make sure that I didn't miss anything.  With our savings account at only $671, that money sure helps out big time.

Have you ever made an error in your favor in your checkbook?  This almost seems to good to be true :)

Thursday, September 20, 2012

General Update

We closed on our house last week.  I was super stressed about it and completely felt like a borrower.  I was worried that our house wouldn't be done in time and the toilets were only put in the night before.  For clarification, our house payment is $937 per month which does not include our taxes and insurance.  We don't know how much our property taxes will be as we were taxed on our other house previously here.  I'm meeting with the property assessor next week for him to assess the property for tax purposes.  I'm sure I'll know more after that meeting.  Our home insurance was $834 but I think that I'm going to change companies because I have the shittiest agent ever.  More on that later.

I was super worried about having to go into credit card debt because of the house and we technically are.  We purchased our appliances at % for 18 months and we still owe a little over $7000 on them.  However, that is the only credit card debt we have.  We managed to pay for everything with our savings and current income.  I still have to pay for the septic and we will have about $600 left in our savings after paying that bill.  That's the lowest that our savings account has ever been since we got married 8+ years ago.  It scares the dickens out of me.

My game plan going forward is this:

1.  pay septic bill--we have the money but I just need to do it
2.  build up savings account to at least $5000, preferably $10,000
3.  pay off student loan--balance of about $4500
4.  pay off Best Buy Credit card--appliances, I might do this before student loan, the interest rate is 25% if we don't have it paid in full by 18 months, ouch!

And somewhere in there, we need a bed for Lil Punk and we would like new bedroom furniture for us and the living room, maybe after step 2.  Lil Punk's bed might not wait that long.  We have a crib mattress for her and she is currently sleeping on an air mattress (which she loves).  Yes, bad parents.  We just need to go buy her one. 

Thank you all so much for your nice wishes.  That really means a lot to me.  I hope to post more :)

Saturday, September 8, 2012

Closing This Week!!!!

We're scheduled to close on our house on Wednesday, September 12th.  At closing, our construction loan will be paid off and we will have a regular 30 year mortgage.  We're locked in at 3.375% for 30 years for $212,000.  We're not escrowing, meaning we will be paying our insurance and taxes on our own.  Our mortgage payment will be $937 per month. 

There is still a lot of work to be done this weekend and early next week.  Y is finishing up the plumbing this weekend and the carpeting will be going in on Monday and Tuesday.  The kitchen is pretty much done and I'm very happy with how it turned out.  Our appliances will be delivered on September 15th.  We did get all stainless steel appliances.

I'm looking forward to getting in our house, figuring out exactly  where we are at financially, and getting back to our budget.  I will keep you posted :)

Sunday, September 2, 2012

Scared of Being in Credit Card Debt

We are almost done building our house and we had so many overages.  We are over at least $30,000 and we aren't able to cover all of it.  I don't have final numbers yet but I'm pretty sure that we won't be able to pay it all.  We've been using our credit card to purchase different materials and have always paid it monthly.  Right now it is at $11,000 and we don't have the money to pay it.  We are in over our heads and I just hope we make it out okay. 

I am very uncomfortable with debt and I don't like being in this position.  We knew that we had went over in certain areas but it just kind of seemed to be inevitable.  We do have good cash flow and will have to pay it off as soon as we can.

Another option would be to take out a home equity loan after we close on our final mortgage which is planned for September 12.  The interest rate for the home equity loan would be 4.75% which is far better than any credit card. 

For good news, we locked in our mortgage at 3.375% for a fixed 30 year loan.  I will give more details about our mortgage in a later post. 

How did we get ourselves into this mess?  I'm super stressed about money.