I had been waiting for my financial situation to improve, and it has. We re-financed the house which will save us $300 per month, and am saving over $1000 a quarter by getting rid of supplemental insurance and joining a medical sharing organization. We make too much to qualify for any discount on Obummercare, and not enough to afford the full freight, even on the cheapest plan. Anyway, starting today, I began an automatic monthly donation to Tunnel To Towers. They ask for $11 a month, but I went up to $20. I also included the optional extra dollar to cover the processing fee for a total of $21. They give you the option to honor or memorialize someone on your donation, so I memorialized the LT from my former fire department that died in the line of duty in 1990. I was right there that night it happened and have never forgotten.
My wife has been instructed to call them if I die in the line of duty to get the house paid off.
Take the money you save and use it to pay off principal. Refinancing is great if you need to, but it does start the 15/30 clock all over again.
ReplyDeleteJust found your blog from Phil
That's the plan. Take out a 30 but pay like a 15 or 20. If we need the extra money for an emergency, we just make the normal payment. We have never taken sny loan to term.
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