Archive for December, 2007

Finals Week

Thursday, December 6th, 2007

OK, yesterday I had two tests, and it sucked.  I studied the “wrong” things for my organic chem test…so it looks like I will be retaking organic chemistry over the summer for a better grade.  I just didn’t have any wiggle room and I don’t think my lab grade can salvage much.  I do still have the comprehensive final on Tuesday…and if each of the section tests were too much information to study for, the final is going to be a nightmare to study for!  And I still have one more lab report due.

The physics test last night seemed too easy, which worries me since I just don’t think like a physics geek should.  To think I started the semester out with an A in that class…now I’ll be happy with a by-the-skin-of-my-teeth B if I get very lucky!  That final is Monday night.

So if I don’t post for about a week, y’all will know I fried my few remaining brain cells on Finals Week!  Wish me luck, cuz I sure need it…

Battle of the Truck Note

Sunday, December 2nd, 2007

Friday I spent some time doing battle about the truck note (auto loan for non-Southerners) but not with hubby:  Hubby is now completely sold on the idea of paying that note off.  No, I was battling with hubby’s credit union, the noteholders.

We’ve been paying extra, AKA the “debt snowball” method, and for some strange reason they have been applying the extra as advance payments.  The main problem with this is the note is drawn up to not be allowed to be more than 90 days ahead of schedule, so twice now they have moved our due date “so proper amounts of principle and interest can be applied to the loan,” according to the letters they sent.  My  interpretation: “We don’t like you paying extra because that reduces the amount of interest we can make off of you.”  I would expect this kind of behavior from a bank, not a credit union!

So I got onto their web-based live chat help on Friday trying to find out how to get our extra payments applied towards principle instead of being counted as paying ahead.  The first customer service rep had me really going: she kept contradicting herself, and after about 45 minutes I finally got transferred to another rep who made sense and didn’t sound like she was just repeating things in a script.  Meanwhile I was talking to hubby on the phone to let him know what was going on.

The short version of the answer is we need to mark extra payments as “for principle only” because their computer system doesn’t have the sense programmed into it to recognize that extra payments should automatically go towards principle instead of being applied towards the next payment.  She was also kind enough to send a note to the payment processing department so they notated the current extra payment as “for principle only.”  I am happy to report it actually happened that way!

I guess the moral of this little chat and phone-based adventure is that they are just not used to handling someone who wants to pay a note down as quick as possible.  My theory is they are used to people paying LATE or letting the truck note go on and on and on forever - or at least for all 60 months as it was originally drawn up.  So our case has pointed out a little glitch in their program: how it really handles extra payments versus how it *should* handle extra payments.  I can guarantee y’all I will take great pains to include in all capital letters in the memo field of my checks “FOR PRINCIPLE ONLY” from now on!

Those of y’all who are making extra payments on vehicle notes should probably take a close look at just how those extra payments are being broken down: Are they going 100% towards principle, or is their computer program advancing your due date and still charging interest?

The Army Gives, and the Army Takes

Saturday, December 1st, 2007

OK, I’ve been a bit scarce these past two weeks since hubby got home from Korea, but I did warn y’all LOL  Time for a little catch-up with how things have been going.  Since hubby is now home, I have been able to see for myself just how much has sunk in from our email and messenger conversations vs. being able to talk to him face-to-face, and WOW is there a big difference.

Let’ws use the Army travel pay as the shining example: the day before hubby left Korea he had the wonderful experience of Army paperwork (nothing new to either of us) but he was told to just check the boxes and if he was supposed to receive travel pay then he would get it; if not he wouldn’t.  Well, whoever told him that must not have been in the Army very long!  The day he left Korea, the Army deposited $1756 into his account as travel pay for him plus a dependant, since many soldiers do marry in Korea and often to local civilians.

Fast forward to yesterday (friday) and hubby receives a letter from DFAS (Defense Finance something-something)  saying he was NOT supposed to get $1756, he was only supposed to get about $200 as travel pay.  Since the money is already paid, they don’t pull it back out but instead deduct it from his future pay either in one lump sum or through monthly payments that you work out with DFAS.  Hubby was totally freaked out.

I’m not sweating it at all, though!  We didn’t spend the entire amount like most soldiers do, so we still have about $1500 of it…which is what is owed back to the government.  If we wanted to, we could probably pay this back in one lump sum, except for the way we have his pay set up.  I told him we could do it in three months, but he is still nto comfortable with that, so we decided on four months to pay it back.

Now, why am I not freaked out about owing our “favorite uncle” that much money?  Because I have been working on this whole budgeting idea since this past January and feel very comfortable with it now.  Our bill money won’t be affected by this at all…just the amount we pay extra on the truck note. 

Hubby hasn’t been concerned with our “home budget” as I refer to the household expenses, but he is very concerned with how it affects his separate budget.  So this morning over my third cup of coffee I sat down with him and our “high-tech” dry erase board budget, and broke down for him how we can manage to pay the government back with no adverse effect on our ability to pay our bills.  Then I went a step farther and broke out and wrote down his separate budget for him, to show him just how easy it will be to get through this little DFAS accounting SNAFU.  He’s much more relaxed about this now.

Hubby has made a few interesting observations this morning: he says listening to Dave Ramsey and being told through email and messenger is NOT the same as sitting down with me and a dry erase marker and board.  The numbers on the board are much more real, and much more personal.  He also said how happy he has been that I took an active role in our finances, even when he really didn’t understand my objectives with it.  He also hints that he may be well on his way towards a little bit of that “Financial Peace” Dave Ramsey talks about! 

Even if he doesn’t want to watch the Dave Ramsey FPU videos with me (yes, I took advantage of the FPU Online offer for veterans … as if I wouldn’t!).  Even if he doesn’t want to listen to the Dave Ramsey Show on the radio every weekday like I do.  So those of y’all who still struggle with a reluctant spouse at home, give what I did this morning a try: grab a piece of paper and pencil, or a dry erase board and marker, and go over things, and allow them to dream a little.  It worked for me today!