Vonnie and I are refinancing our mortgage, and we close today! The interesting thing is, given how the process works we skip our January mortgage payment. With that extra cash, we may have the ability to finish off our debt management program at the end of January instead of a month later. The downside is that it could take some serious penny pinching and all of our reserves. We’re not sure what path we’re going to take yet, but stay tuned here on EOD for how this developing scenario unfolds. 🙂
Now, let’s get those fists pumping!
Posts That Make Me Fist Pump
- Budgets Are a Bummer from I Heart Budgets
- A Craigslist Conundrum: What Would You Do? from Club Thrifty
- Wanna Get Out of Debt? You Gotta Get Mad and Naked! from Beyond Debt Freedom
- What to Do When You Wake up to Find Yourself Deep in Debt from The Frugal Farmer
Shameless Self Promotion
- Achieve Any Financial Goal with These 3 Steps is my post this week via MoneyNing
- Can You Refinance Your Home When Enrolled in a Debt Consolidation Program? is my post this week in the CareOne community
- How I Paid Off $100k in Debt is an interview I did over at Three Thrifty Guys
Emergency Fund Update
Not a paycheck week….no bump.
- Total Balance: $500
- Goal Balance: $1000 (by February 28th)
Marathon Training Update
Jefferson from See Debt Run and I have engaged in a friendly weight loss challenge for 2014, as we are at about the same current weight, and we have the same goal. I gained a bit this week, although I have made some changes to my workout routine and feel like I’m really getting back into my groove…watch out for next week’s weigh in, I feel like it’s gonna be a good one. 🙂
- 1/10 Weight : 209.9 (+0.5)
- Total Weight Loss: (-1.1)
- Goal Weight : 185.0
So glad I made your first pump! Thanks for the link love!
Holly
You’re Welcome, Holly..hope you had a great weekend!
Thanks for the mention, Travis!! What about putting some of that extra cash into the emergency fund? Happy weekend to you guys. 🙂
That’s definitely one of our options, Laurie…..decisions, decisions!
That’s awesome you may be able to pay it off early! I feel like I’ve gained weight 1/2 marathon training. With volleyball, it was very much like intervals so I always felt a little leaner. Now I just eat and run and eat and run…:)
Once I start really extending my long runs I don’t feel like I should lose weight, but in this part of the training where I’m just building my foundation is where I needs to happen. I’ve added intervals over the last couple of weeks, so I hope it will start paying off!
I vote for dumping the mortgage payment into the emergency fund. . .
Definitely solid advice, Stephanie…maybe if we could do both – still have some emergency fund in place AND pay it off early – time to check the numbers again!
I also vote for dumping the extra money into your emergency fund! Ya never know!
Have an awesome weekend Travis 🙂
Lots of votes to add to the efund….I’m sensing a trend. LOL. thanks, Mackenzie..hope you had a great weekend as well!
Wow, I would love to have a month of no mortgage payment.. I won’t lie though, I would be so tempted to splurge instead of doing the responsible thing. Have a great weekend!
The temptation is always there, especially when an extra chunk of money lands in your lap…we’re trying our best to avoid it by finding something productive to do with the money first. 🙂 Thanks for reading, Liz!
Congrats on closing on the refi! I’d vote for throwing it in the EF as well. You’d get to reach your goal and not have to cut back too much either – best of both worlds in my opinion. 🙂 Have a great weekend Travis!
Very True, John…AND February is THE shortest month, right??? LOL
BOOYAH! Thanks for sharing 🙂
And congrats on the ReFi must feel good. We ReFi’d a year ago, saving over $200 per month, then once PMI (boo!) is gone, saving over $500 per month.
WIN!
Yeah, we’ve got that PMI thing too…which is one huge motivating factor to pay it down faster. The faster we get to 80%, the faster we can save on our mortgage payment too (or just keep paying the same amount and kill the mortgage early!!)
I think that the future is looking bright! What’s one month? Don’t use up that extra money. Just suck it up and deal. I am shamelessly joining you on your weight loss challenge. I have 25-30 pounds I’m trying to unload this Spring. Am counting down to your “Debt Free” post!
Awesome, Michelle…no shame in joining in – stop by each Friday and let us know how you’re doing! You should check out today’s post on the system Vonnie and I are putting into place…. <----- shameless self promotion. 🙂