Discipline is Key!

In November, we opened two Christmas Club accounts, one for me and one for my wife.  Initially, Charlean was able to add an extra paycheck to her new Christmas Club account, and I was able to add over $200 within the first month. Christmas Club is a Savings Account PenAir offers that earns dividends as you save throughout the year! Our goal is to save $1,200 annually in my Christmas Club and $600 annually in my wife’s Christmas Club.  Ultimately, we will save the money we deposit in our new accounts by limiting spending and the number of times a week we eat out.

When it comes to debts, both the truck and unsecured loans are due in January 2024. We are excited to report that we are a full payment ahead of schedule.  I also learned how to manage our Mastercard® Rewards on PenAir’s Digital Banking App this month, which makes managing our progress so convenient.

When we met with our NOW Coach, we discussed whether refinancing the RAM truck would be beneficial. It turns out it is not.  The current rate is 4.49%; however, the refinance rate would be closer to 6.49%, and payments would increase by over $40 a month.  At this time, the RAM will stay as is.  We will continue to increase payments on the unsecured loan to pay it down faster.

I also started the volunteer modules with Baptist Hospital in November, and I will have these completed by the end of the month.  My background check for Baptist has been completed, and the modules are the last piece needed to begin volunteering at the new Baptist Hospital location.