Kinda Scary, Kinda Exciting? Finances on the Home and Stang
We just got a message from the estate lawyer, and they have decided to sell the property. He’s supposed to sit down with the appraiser tomorrow, but he wanted to give us a courtesy call and let us know early that we have the option to buy.
Naturally the first thing I can do is freak out and let the 10,000 “what if’s” run through my head. And then once that’s over the calm settles in and I can look at the situation logically.
We already have someone who wants to buy the property so my father and I can stay and/or buy from them. So that’s the first phone call to make tomorrow. Then we need to find out how much they are selling it for. They said the property taxes are extremely high, and I know that mortgages are extremely low, so it may very well be in our favor. Still, it’s Maryland, and Maryland isn’t cheap. I can only hope that everything works out okay.
My dad and I will land on our feet, as we always do. This could very well be a blessing in disguise, as most things seem to be. I could be buying my first property as my first investment which I expect to have a high return in the end. And it’s almost a good time to do so.
I was doing some figures related to my financial situation earlier, and how close I am to paying off the mustang. I have about $9k left on it, and I intend to pay extra per/month from now on, thanks to some earlier advice left in my comments. When taxes come in March, I intend to put about a grand into my savings and the rest into the car, which should theoretically bring it down to $8k. I’ll probably pay off $5k on it this year, and next tax season I’ll probably put another $2k down on it from my taxes, bringing it down to $1k left by February/March 2009. And obviously I’ll just pluck that right out of my emergency savings, giving me a 0 balance. That’s paying off the mustang 2 years early from my 5 year loan.
Then the $330/month that I pay for my car will be invested in savings and retirement. Just because I don’t have a car payment anymore doesn’t mean I’m going to go out and splurge or change anything about the frugal habits I have now. It doesn’t give me an excuse to be irresponsible, it just takes some of the stress off. That money will be put away and I will still look for ways to save money every month by not going out to restaurants, lowering my monthly bill costs, and just using plain common sense.
Entry viewed times. Posted in Dad, Finance, house buying
2 Responses to “Kinda Scary, Kinda Exciting? Finances on the Home and Stang”
January 25th, 2008 at 4:14 am
that is a nice car payment. ours hurts. and it probably will go up if we trade the caravan in on a kia sodona. but it gets better fuel mileage, etc…
thanks for the info on ing and the roth ira. i am looking into both. can you send that info you mentioned? i don’t remember which post it was, i started at the top and read down, lol!
January 25th, 2008 at 10:00 am
hahaha. i meant both ira thing and the ing thing. see how tired i was last night?