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  1. 11-06-2004, 02:13 PM #1
    AmyBoz
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    Default Made Some Financial Decisions

    Well, Dh and I made some financial decisions yesterday. These aren't really big deal decisions, but in the long run, will save us LOTS of money.

    My position as a team leader at school this year is a stipend position. I get extra pay each month for this job. So, we have decided to pay extra on our mortgage and extra on my van loan each month. We decided to round up the payments a few hundred dollars to make it an even payment. The extra on the mortgage goes toward principal, as does the extra on the van. This way, with regards to the mortgage, when our 3 year ARM (adjustable rate mortgage) goes up, we will have the van paid off and will already be used to making a higher payment. Also, at that time, Julia will be out of daycare and into kindergarten, so we will only have one daycare payment. Then, we can take the extra money from Julia being out of daycare and apply that money, as well as the van money that we aren't paying toward the mortgage. Snowball, snowball, snowball. It also gets us out of the van payment earlier so that if, God forbid, anything should happen, it's one less headache to worry about. It also allows us to lower the payment each month in case times get tight ahead.

    CJ, thanks to you for inspiring us to do this!
    My Blog: http://amysreallife.wordpress.com

    Amy
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  2. 11-06-2004, 02:22 PM #2
    Mom23boys
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    That sounds like a great plan Amy! I love reading how everyone is saving and has a plan in place.
    ~*Michelle*~

    ~Wife to Rick since Dec. 19, 1986~
    ~Mother to Richard, 23, Chris, 21, and Dakota, 17~
    ~Mother-in-law to Amber, wife of Richard~
    ~Elementary Teacher~
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  3. 11-06-2004, 02:22 PM #3
    forestdale
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    You've made a wise choice, amy. Good luck with it.
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  4. 11-06-2004, 02:26 PM #4
    Guest1
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    A wise choice indeed!! I can't wait to hear how it has paid off!!
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  5. 11-06-2004, 02:30 PM #5
    homesteadmamma
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    Oooh Amy I'm so excited for you. I can't wait to see how quickly your get your plans accomplished. I'm right behind you, cheering you on. Great job!!
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  6. 11-06-2004, 04:28 PM #6
    PrairieRose
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    Wonderful ideas and decisions there Amy. It's the small things that make such a huge difference in the long run.

    ~48 yr. old sahw, livin' it up in our empty nest, smack dab in the middle of everywhere.~
    *We're debt freeeeeeeee! (including the house)*


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  7. 11-06-2004, 04:32 PM #7
    guest2
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    Go AMY!!!!!!
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  8. 11-06-2004, 04:37 PM #8
    kimmee
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    Oh - thats so smart Amy!! You are going to be so thrilled - Have you ordered an early payoff plan - they can show you what you'll pay on your house if you go 12, 15 18 , 24 years and all the way up - its amazing what paying off the top end can do - especially if you ever go to refinance !! Smart couple you are!! You can shave thousands and thousands off - there are every two week plans to that your extra money might afford that are even better deals!!!
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  9. 11-06-2004, 08:19 PM #9
    marietjie
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    WTG Amy!!!!!!
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  10. 11-06-2004, 08:25 PM #10
    thrifty gal
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    WTG!! We'll be cheering you on!
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