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Starting to figure out 2013 Savings and Mortgage Goals

October 18th, 2012 at 08:16 am

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! Smile

3 Responses to “Starting to figure out 2013 Savings and Mortgage Goals”

  1. snafu Says:

    I hope it ok to mention that you can change your income tax withholding to better reflect the sum owed. I'm confident you manage your money best. Why have government enforce savings for you? Even though interest rates are low, why give big government an interest free loan to spend more, more, more.

    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.

  2. Financial Tips Says:

    It's good to see you have already started planning for the next year goals. Not many people do this but keep it for first January. I think you are helping many people by sharing this perspective.

  3. Banker Gurl Says:

    Snafu - We don't let the government keep much of our money. We only get back about $1500 each year. It is a nice little bonus after the holidays. But we keep it low. Yes, we pay extra to the principle each month (you can see this under the Mortgage Payoff topic), so we are familiar with the process.
    Financial Tips - Thank you!

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