Friday, August 24, 2018

Here comes that rainy day feeling again

Earlier this week, I received preliminary word from Chase that my mortgage payment was going up, up, UP! Well, today I saw the actual statement that detailed all the elements of this increase ... and how it could be avoided.

Some of it is an increase in my property taxes. The reason for this is two-fold: my neighborhood has gone up in value (yea!) AND the State of Illinois raised my rate. OK. It is what it is.

But then there's this: my property taxes are paid by Chase from my escrow account. That means Chase can increase the monthly escrow amount deposit. Or I can pay Chase all or part of that increase as a lump sum now. Doing that would reduce my monthly mortgage payment and keep it manageable.

I have accumulated $1480.00 in my "rainy day" emergency fund. I figured I'd use it when my refrigerator or air conditioner craps out, or if there's another special assessment from the condo association.

But, it turns out, rainy days can take different forms. And I'd say this turn of mortgage events constitutes a shower, if not a storm. So I wrote a check for $800 on that emergency fund and sent it to Chase. Now, my monthly payment will go up just $80. I can handle $80.

I still have $680 in my emergency fund. Sears sells a through-the-wall air conditioner like mine $550 and a refrigerator for $450. So I still have enough if one (but not both) fail me.

Adulting is hard. But I'm doing it.

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