Monday, August 23, 2010

The wind blows in a new direction, finally

For the last year and a half The Bob has been for all intents and purposes unemployed. He did make a few dollars in real estate, but it didn't take off in a way that made it possible for him to make what he was making as a software engineer. We worked our way through the severance, then through the savings. We were looking serious financial crisis straight in the eye. Finally he found a new software job.

This month is the first month where the financial situation will finally take a turn for the good. The first pay check should arrive soon. We switched over to his health insurance coverage, which is significantly less than it was through my work. Cooper's day care costs are going down this month since the older classes cost less than the younger kids classes. And our mortgage is going down.

Back when people thought we were crazy, we got a 5/3 ARM. The original rate for the first 5 years was good, and we figured when we got to the point when it would reset, we could reevaluate the rate and refinance if we needed. The good news was that this month it resets and for once the crappy economy is working in my favor. Mortgage rates are lower than ever. We could let the rate we will have now ride for 3 years, but then it will reset again, and I am fairly sure that unless the world REALLY goes in the crapper, interest rates won't be lower than they are right now. Our lender offers the option of locking in to a fixed rate now if we want, at this nice new low rate. And yes thank you, we do. And it does NOT involve refinancing. So without paying all the refinancing costs, we are going to lock into a new low rate, and save $300 on our mortgage per month.

Even before we get a paycheck for The Bob, we should save almost $900 a month. Now, if we are smart, we will funnel that right back into our savings account, to begin rebuilding that, because there is NOTHING in it right now. Nada. Zippo. Zilch. The universe could not have waited any longer really, to cough up that new job. But I will not spend any time whining about the past 18 or so months. I will be grateful what we have now, and try to plan very carefully for the future.

Now if I could just feel better physically. The throat feels better, but this cold/virus will not let go. I guess it will eventually.


Sam said...

Whew! I am so happy for you. Building up savings again is going to be a great feeling I bet. Congrats!

Jenn @ Juggling Life said...

What great news! And you are being so smart about your savings, too.

BusyDad said...

I was unemployed for 18 months before. If anything, it really helps you get creative in so many ways. Nice to know the tide is turning. Time to go celebrate (after the first check comes, of course!). Congrats!

Anonymous said...

Wise decision, mate.

Chip said...

Ugh.,.. jealous