January 7th, 2013 
Jessica 
We’re a week into the new year, so I think it’s time for an update on our financial goals.
Currently we owe:
- $24,053.46 to Sallie Mae (4.5 Interest Rate)
- $108,193.73 to Wells Fargo Home Mortgage (4.125 Interest Rate)
- $132,247.19 Total
If you do the math, we’ve paid off $558.06 in the last 5 months.
I know this looks extremely depressing at first glance, but the reason that our debt reduction has been so slow is that we refinanced our house at the end of September 2012. So our Mortgage’s interest rate went down (from 6.25 to 4.125) but our mortgage debt increased.
On the upside, we’ve paid off another $2,089.13 on our Sallie Mae loan since July 2012!
What are your financial goals, and how are you accomplishing them?
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My goals are to (i) fully contribute to the HSA account (pre-tax), (ii) reduce our mortgage by $20,000, (iii) make a plan for rehabbing our kitchen ourselves and with cash: possible new cabinets, new flooring, paint, lights, backsplash, countertops, and finally (iv) re-roof the house and garage this summer using cash and our own labor.
If we get all these things done, we’ll be sitting pretty at least until….2014! hahaha
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