Aug 17 2012

Misc. financial updates

1. We’re not renewing our home warranty after all. While true, it could save us a ton of money if we needed to file a claim in the coming year…we just decided to self-insure. It could be that we don’t have any major repairs for a few years, and if that’s the case then our premium would be a waste.

Also, there’s no guarantee that they would cover the repair or replacement. So far, I’ve been impressed with the company but you just never know. Shane pointed out that we could regret either decision — if we renew and have no claims, we might regret spending the money to renew. And if we don’t renew and have a big expense, we might regret not having the warranty.

There’s no way to know the future. In the end, we’re opting to just save up for repairs ourselves. Let’s hope this is the right call!

I’m transferring that $429 premium we would have needed to pay to an earmarked savings account for house repairs, and we’ll make a plan to regularly fund that account.

2. Still not sure about our health insurance. Good grief. I think that’s all I can say here about that, but we’re working on getting it squared away.

3. Still working on our mortgage refinance. Waiting to submit Shane’s paystubs to the lender, and then we should be able to close.

Kind of a boring update, no? No real news. Just kind of hanging out waiting for things to happen. It could be worse!

2 Responses to “Misc. financial updates”

  1. We didn’t renew ours and it worked out well for us. Hopefully nothing breaks!

  2. No news is good news right? When we were faced with that decision we opted not to renew as well – even though we had used the home warranty twice, it was still a better decision to not renew. I think repairs over the years versus renewing the warranty for the past 6 years are about equal right now, although when plumbing issues came up on Christmas Eve it might have been better to have the warranty. It is a gamble either way I think.

    We are in the waiting period to refi to. We are going to a 20-year mortgage. Our payment will be the same, but we will cut 10 years and $75K in interest. I am very excited about this! I feel like when we are able to pay extra it will make a much bigger difference than if we were to pay extra on a 30-year loan. I might be wrong, but it feels like we will make more progress this way.

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Hey! I'm Kacie, wife to Shane and mother to Jonathan (7), Vivienne (5) and Amelia (2) . I write about my family's finance: how we save money, improve our spending, and plan for the future.

I hope I can inspire and encourage you to improve your situation. See disclosure.

I'm adopting a much slower-paced posting schedule, and treating this as a hobby blog now.

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