In case you missed my post last week, my wife and I are expecting twins in the second quarter of 2014. We are both very excited, and are looking forward to expanding our family. My wife was pretty nervous at the prospect of twins at first, but she seems to have warmed up to the idea. Obviously, the decisions that we make between now and when the babies arrive about spending, saving and what our income situation is going to look like in the future can have huge ramifications in the years to come. We are going to try and have a lot of the things figured out (like child care, if a parent stays home, etc) by late january, so that will give us quite a bit of time to
watch college basketball further plan for the arrival of the children.
We have already started looking at stuff we may need, and I swear this baby industry could be a bigger racket than the wedding industry! How many things can a baby need that isnt food and clothing? All they do is poop and sleep all day!
At any rate, here’s the latest update from the financial side. Some of these savings numbers may change because we’ve made quite a few purchases this month (We bought a roomba, yes, it is awesome – and new cell phones) and there were a few other things that we may end up taking cash out of savings for.
Mortgage $113,099 (-551). Just the normal payment here.
Windows $0 (-1,300) After a $3,000 payment early in november (which we ended up dividing into two payments because we wanted them to come out and finish the work) we have only $1,300 left to pay on this note. We have the cash for this and I’ll call them for a pay off balance (I dont trust these guys at all, and I dont want to short them like $2 and end up paying out the wazoo for it) and send in the last payment for these. We are already noticing lower energy bills and the heat kicking on far less than it used to (though we also insulated our attic this summer as well). So now that this has gone away, H and I are going to have to have a sit down and talk about where we want to focus our energy for a while – which will be handy to do in conjunction with an end of year review. Im sure it’s something my wife has been waiting to do since october.
Great Lakes Loan $ 6,539 (-$169) This got bumped down from 600 per month to 200 per month so that we could focus on the windows and wipe them out before the 0% offer expired (though we probably would have still been fine keeping this at 600). This keeps going down slow and steady, and it would be really nice to have this finished before the new addition(s) get here. It’s possible, but we will figure something out at our end of the year meeting.
Total Debt: $ 119,638 (-$2,020)
I’ve decided to add our savings accounts to the mix. Currently, We have 4, and I have a Roth IRA. Both H and I (s0rt of) expect to get pensions if we stay with our current employers and retire with them. That being said, I’m not really one to trust all that, so we are looking at having a significant nest egg when we do end up retiring. We keep our savings accounts with capital one 360. We’ve used an online bank for over 5 years, and have had no problems with the at all. They pay the best (meager) rates of all the accounts we’ve found, so if you’re interested in getting a bit better rate, sign up with capital one now.
General Purpose $5,571 (+$254) – This savings account acts as our emergency fund right now but once the emergency fund is funded with 4 months of expenses, we will direct these funds toward some other goal. We have a few ideas for this savings account, but not anything concrete yet. In all reality, serious talks about what to do with this probably wont happen until the emergency fund reaches about 12k, so we’ve got some time.
House $1,023 (+$175) – This is the account we kept our house down payment in. Right now, we just add to it monthly and then when we come across something really big (like anenergy efficient washer/dryer) we pull the cash out and purchase it. Most of the house stuff we simply cash flow though.
Emergency Fund $5,601 (+5,050) – This got a huge boost this month thanks to a gift from the in-laws. This will remain our emergency fund, but we may move this money into our savings account for expenses related to when the babies come. The money wont be spent, but it may not stay in this account for the whole time. We are also still contributing money to it.
Vacation $126 (+26) – Savings account for vacations – it grows very slowly at the moment, and when we went to alaska, it was fairly depleted.
Things are still going just OK in this arena. I’m working on a big post about why they are going OK and not great, and hopefully it will help someone. For now, I’m lifting 3 times a week and doing cardio 3 times per week, with 1 day off. I just started the cardio after spending forever looking for a plan, so i’m still getting used to it. I”ll keep you up to date on how it goes.