Taking a Tax Holiday for Back to School

When I was young, summers seemed longer and more care free.  We got out of school at the beginning of June and went back to school right after Labor Day.  These days the summers don’t seem as long and they are always so jammed packed with activities and things to do, that, in the blink of an eye, it is over.  These days as I prepare for my son to return to school, (the first week of August, mind you) I of course need to make the dreaded trip to the store to shop for all the supplies and clothing he will need to start the school year.  What I find interesting this year is that, in 16 states, back to school shopping is now considered a holiday, from sales tax that is.  Living in a state that is not celebrating this wondrous holiday, I am having a hard time getting into the spirit of it.  Why do these few states get the luxury while the rest of us have to suffer the whole shopping experience with our children, as well as have to pay the sales tax on top of it.  Don’t get me wrong, I love my son, but there are only so many hours in a day and only so many tantrums, eye rolls, “whatever’s”, and “I don’t care’s” a person can take.  I think the Back to School Tax Holiday should be a national holiday that we, as parents, should have the privilege, nay right, to celebrate every year.  Now, who in Congress do I have to contact to get this rolling.  

The PMI Truth

         So, you have found the perfect home and have calculated what your monthly payment will cost based upon the sale price.  You talk to the lender, ready to sign the papers and the lender mentions those tiny little letters that many don’t even think about, PMI, or principle mortgage insurance.  Your lender may require mortgage insurance, because if you default on your loan, the lender will still get paid by the insurance on your loan. When looking for your perfect home and determining what you can afford for a payment, you need to consider this.  When your down payment is less than 20%, on conventional loans, and on all FHA loans, you will need to pay an insurance premium on the loan when the loan is taken out and the PMI monthly payments.  When you take a loan out the lender will charge 1.75% of the loan at closing.  This amount does not come out of your pocket, instead, it is added to the balance of the loan.  Then, when you make your monthly payments, you will be charged 1.35% of the loan.  This means if you have a loan of $200,000, your monthly PMI will be $270.00.  Unlike in the past, when the PMI could be removed once you have 20% equity or after seven years, now, the PMI monthly payments remain in place for the life of the loan.  However, once you have 20% equity in your house you can refinance to remove the PMI.  This is just something to keep in mind when purchasing a home.  Happy house hunting!

Quality not Quantity

When I was in college, many years ago, I would often procrastinate on my written assignments because I was often overwhelmed.  Always the perfectionist, I would hem and haw over every line until it was just right.   It wasn’t until my junior year, when I had a professor who made me look at things in a different way.  On the first day, she told us that in her class, an assignment is never done, it is just due.  In other words, do the best you can in the amount of time you have, and you can always improve upon it later.  She also said to not say things in 10 sentences when you can get your point across in a few really well written sentences with key words and phrases.  Her advice really hit home and I have kind of adopted it in many other aspects of my life from cooking dinner every night, party planning, job assignments, laundry, and even home improvement projects. 

            Whether you are you are roasting a chicken or redecorating a living room, the same rules apply to both and you don’t need to stress.  Set a due date (or time) and do the most you can in that allotted time.  Pick a few key accent pieces that make a statement to freshen up a room rather than holding up the whole project because you can’t find the exact piece of artwork to go over the mantle.  If you don’t have time to paint a whole room, just do an accent wall.  You are looking for quality not quantity.  There is nothing stopping you from going back and changing and improving upon it at a later date.  All you need to remember is nothing in life is ever done, it’s just due.  

Happy Independence Day

         

           When I think of the 4^th of July, I think of the backyard barbeque with all of the neighbors and family over.  Everyone bringing a great dish to share and the kids are all playing in the yard or swimming in the pool.  We are grilling hamburgers and hotdogs, maybe some chicken or ribs.  Of course, you can’t forget about watching the many fireworks displays throughout the area.  One problem, we don’t have a grill.  When we moved from our last house, our old faithful grill just didn’t survive the trip and now all we have is a tiny hibachi we use when we go camping.  So, this 4^th there will be no grilling, no neighbors and family coming over, and no kids playing or swimming; at least not at our house.  It really makes us think, should we just buy a grill or should we bite the bullet and install an outdoor kitchen? 

            When trying to decide which way to go, there are many things to consider.  What kind of space do you have in your yard and what will fit in that space?  You also need weigh the costs.  There are a variety of grills out there that will fit into anyone’s budget, but putting in a full outdoor kitchen can be very pricey.  Besides the cost of equipment, cabinets, and countertops, you will probably have to run gas, electricity and water out to it.  What if you get a new job and have to move? You can’t take the outdoor kitchen with you as easily as a grill. However, a full outdoor kitchen can add a lot value to your home, while a grill, not so much.  Well, we certainly have a lot to think about for next year.  This year, we will go to our friends’ house and catch the fireworks from there.  Now the other problem we need to deal with, no pool.  What to do, what to do?