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52 Week Savings Challenge & Ramblings

July 8th, 2015 at 03:57 pm

52-Week Savings Challenge
Week 27 (saved to Week 29)

* The month-end snowflakes hit last week, they're small but they add up!

* I finally used my Chase Freedom rewards for the planned AMC (movie) gift card purchase. I got the cards at Cardpool.com so saved $19.50 (on $100 worth of cards); that extra is going to this challenge. (Just in time, too, as hubs and I went to two movies at the end of June -- a special screening of "Jaws", S's all-time favorite movie and one he'd never seen in the theater, and "Jurassic World", which I thought was almost as good as the first one.)

* Our electric bill budget plan amount decreased quite a bit, so I'm adding the first month savings here.

* I'm a notary for work, we offer it as part of the service we provide our clients, so we don't charge a fee. I had client leave me a "tip", though (he actually snuck it onto my desk after I'd refused it), so that's also going here.


Snowflakes
ING Interest - $2.03
MSD Interest - $6.42
Chase Interest - $0.01
Chase Rounding - $13.18
Electric Bill - $54.00
Movie Cards - $19.50
Notary Tip - $20.00

Total Snowflakes: $115.14
Rounding (to reserve): $0.14

Beginning Balance: $877
Deposit: $115
Ending Balance: $992

Reserve: $0.55 + $0.14 = $0.69

This puts me at just about 72% of the Challenge, and we're about 52% through the year.

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I'm still feeling generally anxious about finances, which I don't expect to ease up for a few months now. I do feel better knowing I have some money in my EF if I really really need it. (I'm trying to avoid that as much as I can, though!) One bit of good news is that our property taxes came in about $800 less than I was thinking they'd be. (I think I was using the entire year's amount for the projected summer bill, because it's not actually too far off from last year; clearly I didn't look back when I did the projection!)

I had mentioned earlier that we have a balloon payment on a HELOC coming due in October. Last week we got a notice from the loan servicing company that in September our loan would switch from an interest-only adjustable-rate HELOC to a fixed-rate, principal and interest payment. Which is great if that's what happens (and the payment and interest rate are reasonable), but our loan agreement doesn't actually have that provision in it. When I'd asked the company about it a month or two ago (this is I think the third company that has serviced this loan, so they're not the original lender), they said whatever the loan documents stated was how it would be handled. So clearly one hand is unaware of what the other hand is doing. I think I'll probably wait until the August bill comes, which I'm hoping will have more details on the new payment structure, and then see where to go from there. It would be so nice not to have to worry about refinancing this!

In anticipation of refinancing, though, and some other things going on, I've been look at my and S's credit scores. My are actually pretty good, averaging around the mid-700s. (Right now I've got 11 different scores from various places, which of course use different scoring models so it's not an entirely accurate picture, but I figure the average is still probably pretty close. I do pay more attention to the scores provided by my credit cards, though, as I think they're closer to what an actual lender would use.) S's are not so great, in the mid-600s, so I'm working on that. His biggest 'ding' is balances too close to the limit. Well, that's because he's had a bunch of 0% balance transfer offers that we've used to pay off higher-interest cards. It's frustrating that credit reports/scores don't look at these things in context! Wink A couple of the 0% offers are due to expire in the next month or two, so I'm looking to pay those off a little early (we have the money set aside), and then I'll probably see about transferring the others to my accounts (that are only in my name) to get them off of his credit. That should boost his score quite a bit, I'd think.

The only other negatives that show up are some inquiries, mostly from when we were looking at refinancing last year, but I know that when they're within a certain time frame lenders lump them together, so instead of 5 inquiries he'd really only have 2. It will be interesting to see just how much of an effect this will have on his score -- and on mine, as I expect a bit of a ding. Still, from what I've read, if we do a refinance, it's better to have two 700 scores than one 650 and one 750, because they use the lowest score to determine the loan terms.

In other news, we finally got our community garden planted, about a month late! We moved to a new spot, which ended up being a mistake because it's in a low area, and we've had a lot of rain. Mud, mud, mud. They couldn't even rototill it until two weeks after the garden opened. So, who knows whether we'll end up with any actual produce this year (although I do think there's a green pepper ready to pick!). It's a bummer because we bought a lot of tomato plants this year, and several heirloom varieties. We've haven't had a lot of heat, though, so no one's tomatoes are doing very well so far. Fingers crossed for a hot, dry July and August!

2 Responses to “52 Week Savings Challenge & Ramblings”

  1. FrugalTexan75 Says:

    That would be nerve wracking to not know how your house payment is going to go in the next few months!

  2. doingitallwrong Says:

    It's not helping my anxiety any, that's for sure! It's a small loan though, for a HELOC, so even if it converts to a 15 year fixed rate at around the average rate, it won't increase the payment to significantly. (I think they typically convert to a 20 year loan, after a 10 year draw period, so the total loan is the typical 30 years.)

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