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The Simple Dollar Morning Roundup: Memorial Day Edition 2comments
Hope you’re enjoying Memorial Day… I spent this weekend on a road trip with my family, so things may be a bit slow around here today. Things will be back to normal tomorrow. Here’s a few personal finance articles to tide you over.
What Percent Of Your Income Do You Spend On Housing Costs? Our housing payments look like they’ll be close to the national average, as based on the chart in this article. (@ money, matter, and more musings)
Wealth Transparency I’m pretty big on being financially transparent with my immediate family (especially my children as they grow older), so I found this article quite interesting. (@ dual income no kids)
When Do You Appreciate Your Money The Most? Honestly, it’s when I put my son to bed at night. After having been deep in debt and in a very tenuous financial position, I now see how important he really is and I’m glad that I have the financial resources to remain stable. (@ my open wallet)
The Simple Dollar Retro: What Can I Do Today To Make Me Rich In The Future? Most people have a hard time getting started with personal finance and frugality because it’s a slow road. To counteract that perception, I made a list of things you can do immediately to put yourself in a better financial position.
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Not counting the extra principal payments I make… I guess I’m doing well at ~17% and that will go down to 11% once my wife returns to work. It does help a lot that I bought before the bubble a smaller house. When interest rates were very low I picked up a very nice 7/1 ARM with the intent of either moving or paying down the principal before the ARM kicked into effect and we are doing quite well in that respect.
I think a more interesting measure would be mortgage principal vs salary.. for that we would be 113% going down to 71% after my wife returns to work.
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Trent: I’m curious about PMI rates these days. Did you put less than 20% down on your new home and if so, do you know yet how much PMI you’ll be paying each month? I’ve heard that PMI rates are going up due to the current high loan default rates.