Saturday, May 3, 2008

April Updates

I updated the sidebars a few days ago but never got around to writing about it.

My 2008 savings goals are continuing to proceed. Both got a nice bump from my month end surplus. The emergency fund is up to 75% of my current goal and my Roth funds are now at 6%.

There was a little backsliding on my debt payoff which is irritating, but I'm trying to not let it get to me. We're actively looking for a house right now and made the decision to only pay minimums on the car and student loan. The low interest rates make this a great time to buy a house, but as we've looked we've noticed common trends. Of maybe 20 houses only one had full necessary appliances*. We don't want a lack of appliances to keep us out of a great house b/c we don't have any cash on hand.

We also want to have as many proven assets to get the best mortgage rate. The loan officers and Gameboy** have both told me that short of paying off a debt, extra payments do nothing to help our financial situation as far as the mortgage industry is concerned. The idea is you'll have to deal with the debt before the mortgage is paid off, so they count it.

Half a car payment is due later this month, one student loan group is paid forward through June and the other through September. In the mean time my snowflakes are going into a Snowflake sub account with ING. By the end of the week the account will have just over $1,700. We may borrow from the snowflakes for appliances, but if not the car loan will get a nice hit.

The final area is my net worth. I'm happy to see that the line is steadily moving upward. Over the last three months I've averaged increasing it by $2125/month. If we put off buying a house I'd be able to hit the $0 mark in mid-February, just in time for my birthday. Later this week I'll expand on why the house is coming now.

I hope your Aprils were just as productive.

*Stove, fridge, dishwasher, washer, and dryer are on my list of necessities. Theoretically we don't need a dishwasher, there are those who live without them. I however am not one. You can also usually get a deal when you buy multiple appliances together.

**Formerly of the mortgage industry.

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