Thursday, July 26, 2012
My Life Summarized in a Few Movies
I normally don't change my stand on something but I'm at a crossroad. I have always thought that it was best to do everything possible to pay off your mortgage. Anything from washing out baggies to reusing dental floss, OK I'm kidding on the dental floss but save your pennies to pay down your debt. We have done everything that we were supposed to. We pay cash for our cars, we have no credit card debt(I'm not counting the appliances cuz it shouldn't be much longer!) and every extra penny has gone to the house. We have given up a lot. Well given up a lot compared to many-we don't eat out, we don't buy new things and we don't waste.
I have been going through our bills again. Mind you I keep an eye on everything daily/weekly/monthly. We don't have a lot of bills but it brings joy to my heart to get the ones that we do have, down even farther. I wanted to get our car insurance down which I could by switching home owners. That would save $300/yr. Plus Anna had an accident and it will be off our record in Sept. so that will save another $200. Which in turn brought me to our mortgage. And then to my current state of turmoil. We could refinance and save $100 to $200 a month. But we have lost so much in equity that we would be back to paying PMI which would probably be $50 a month. So it would depend on how much we would save as to whether or not we do it.
And that brought me to a very sad thought, our town is getting to be so bad that there is no way we could retire here. Den says we would get to live Gran Torino. Everyone complains about where they live but we are having a terrible time with gangs. There has been quite a few robberies and a high speed chase just down the road. I give the police credit, they are fighting the good fight but we are all losing. There was a 40 person gang fight down the road about a year ago. One gang member hit another gang member in the high school parking lot at the kid's school. Sad. These kids are ending their lives before they even start.
So that brings me back to my original thought, is it wise to pay down a home that is losing value and that we won't be able to stay? I'm really starting to think that we should save the money in a savings account. I can't believe that this is even a thought with us. Things must be bad.
My life is a string of sad movies!
What do you think,