Wow, it's almost 2010!!If you have been reading our financial updates (HERE), you know we started our debt snowball in September. Here are some of our goals:
Baby Step #2 – Debt Snowball
Credit Card #1 – September 2009 - DONE-9/11
Credit Card #2 – December 2009 - DONE-11/23
Car Loan – September 2010 - put on hold-see below
Student Loans – March 2011
Over the past month, Brian and I have been doing some thinking and praying. We decided to put our "debt snowball" on hold for a while. I know, I know - bad decision??
Well, we currently live in an apartment, and have been for the past 2 1/2 years. We are trying to live well below our means as Brian finishes up his degree. BUT - we would like to partake in this $8,000 first home buyer tax credit before it's too late. We heard that they extended it, so we have decided to hold off on paying off our car next, but rather save up for a down payment on a house.
Luckily, we have ZERO credit card debt, and not a lot of expenses so that we can save a lot over the next few months. We're looking for a small but nice first home, nothing fancy that will break the bank, so we can come out ahead on the tax credit. Our apartment rent will go up to its normal rate in a few months, which will be around the same amount as a mortgage payment (at least for the houses we are looking at). So why not? If the amount is going to be around the same, why not buy a house and get an extra $8,000 for it?
It seems a little scary right now, but in the long run, buying a home will be a good decision for us - rather than paying out the crack for an apartment. Plus...we are tired of apartment living - and we'd like to start a family :)
So here are some of our updated goals for our 2010 Finances:
Save $10,000 - May 2009
Car Loan - June 2011
We shall see how this all works out! God has a plan for us, and we thank him every day for giving us the knowledge and wisdom to be frugal!
Have you heard about the USDA loan? Which is for rural area's and allows you to have zero down. Some of the area's are northern suburbs such as Little Elm, Aubrey, Providence, Oakpoint, and others in the general area. If you are interested in more info, just contact me. We are in the process of buying our first home now, I'm super excited and happy to help if your interested.
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Funds in the financial services sector have made a strong start. Mainly due to the events at Yes Bank. Mukti is being held by the Reserve Bank of India.
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