It's getting towards the end of the year, so have started thinking about savings and mortgage goals for next year. We did awesome on savings goals this year, met every goal by August! As for the mortgage we did not meet our goal of getting to $110K, this was due to refinancing, so the mortgage went up with closing costs, and also we didn't have to make any payment to the mortgage for 2 months.
I haven't worked out the exact numbers for next years savings yet, but I do know I want to get the mortgage under $100K. One of my steps to help achieve that is to make a goal of putting our entire tax refund towards the house. Every year we always put the tax refund in savings (usually about $1500), but I think savings is good enough this year that we could put it towards the house. That would feel soooo good!
Starting to figure out 2013 Savings and Mortgage Goals
October 18th, 2012 at 04:16 pm
October 18th, 2012 at 09:29 pm 1350592169
Sorry to learn your outstanding mortgage has increased due to re=financing. Is it possible to make-up the two, not required payments the change generated and have those sums applied directly to principal? Mortgage amortization tables require the majority of monthly payments applied to interest and very little to principal in the initial years. If you decide to put extra money towards your mortgage, be sure to tell the mortgager that the sum is to be applied to principal, not to pre-pay the mortgage.
October 19th, 2012 at 02:51 am 1350611460
October 19th, 2012 at 02:29 pm 1350653370
Financial Tips - Thank you!