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Post-mortgage savings plan

March 28th, 2016 at 02:10 pm

Thanks for all the advice, guys. Dh and I talked about it and we are going to transfer the money to pay off the mortgage from savings, then we'll pay ourselves back.

I started the transfer, and when the money arrives in the checking account, I'll call the bank and ask for the pay off amount. Squee! (I'm allowed to squee here, right?)

Now, of course, I have a plan to put all that money and more back into the savings account. We should be able to put $1,100 per paycheck into savings. I'm being conservative, so some checks it may be more. And, when the state tax refund comes, we'll put that right into savings, too.

Once the money is back in savings, I'm going to keep putting the same amount in every week, and we can maybe finally finally start inching forward on some of the goals we've put on hold while we were paying off the house. Like money in DH's Roth IRA, and a bigger EF.

In other news,

We're still doing 'low spend', which actually has worked out very well. If we keep taking $300 cash out every week for expenses, and using only that, we'll be in great shape.

It hasn't been hard to keep up this month, so I bet we can keep going like this for a while. $300 seems to be enough for groceries, kid expenses, eating out, etc.

4 Responses to “Post-mortgage savings plan”

  1. Petunia 100 Says:

    Absolutely you are allowed to squee. Congrats. Smile

  2. Jenn Says:

    That is sooo exciting! You're in good shape.

  3. Ima saver Says:

    Yeah! I am so happy for you!!

  4. FrugalTexan75 Says:

    Definitely an allowable SQUEEE moment. Smile

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