Home > What good luck, what bad luck

What good luck, what bad luck

September 2nd, 2020 at 03:25 pm

Have you read that kids' book? I think it has another title too. Basically the character has very good luck and very bad luck every other page. I think about that book a lot lately because that's how 2020 feels. Every time something good happens, something terrible cuts short any sense of celebration.

Some of them are smaller things, but some are bigger. I never feel like I can relax for long.

Our youngest kid has had to get two COVID tests, once for a fever and once for a possible exposure at her summer camp. She tested negative both times, thank goodness. (Of course both negative results were shortly followed by some terrible news or event, but they're all starting to run together so I can't remember which they were.)

One really bad piece of news is that NT was laid off from his job last week. Very unexpectedly; it seemed like business was picking up. They'd already given everyone a temporary 20% paycut so it seemed like they were doing what they needed, but apparently they needed to do more. Several other people were laid off too.

He'd been with the company for 13 years, nearly as long as he'd been eligible to work in the U.S. The layoff itself was cold and awful, conducted via Zoom. But at least he's getting 13 weeks of severance pay, which should come in a couple weeks. So we'll be good through the end of the year. Even if I get laid off (which we all thought was much more likely), I'll get the same, so we'll still be good through December.

He's taking some time to clear his mind, do some stuff around the house, and help AS with her business. He isn't actively looking for a job yet but he does have a lead on one from a former coworker, so he's following up on that one.

Although it was obviously VERY unwelcome news, one silver lining is that it didn't happen while we were going through the refi! I'd been holding my breath hoping not to get laid off during it; it never occurred to me to be worried about his job.

So one piece of very good news is that the refi went through, and it ended up being much more beneficial financially to our actual budget than predicted. Here's the real budget impact:

Appraisal (478.00)
Estimated closing costs + wire fee (11,789.72)
Refund after closing costs ended up being much less: $9626.06
No Sept mortgage payment: $3254.50
Escrow refund: $5766.82

So overall, the refi had an immediate benefit to our budget of $6379.66!

Now when it seemed closing costs were ballooning to $16K due to insurance & tax stuff, I had them roll $5K into our new mortgage. If we hadn't done that, the real budget benefit would have been $1379.66. Still pretty great!

And our new mortgage, which we start paying in October, is about $300 less per month than our old one, so the benefit to our budget will continue. We got a 25-year loan, so it doesn't add any time to our payoff schedule either.

Many other good and bad things have happened in our lives and in our community, but those are the biggies in terms of actual impact to our day-to-day life. I'm sure 2020 has many more surprises, nasty and nice, waiting for us.

10 Responses to “What good luck, what bad luck”

  1. East Coast Saver (Wink) Says:

    I'm sorry to hear that NT was laid off. It can be such a shock when that happens. You really have been on a roller coaster! I'm glad you had some highs to balance out the lows a bit.

  2. VS_ozgirl Says:

    2020 has definitely been a mixed bag that’s for sure!!! Our year has gone like yours. DH got laid off, got a good severance package, took a week to relax and then treated looking for a job like work. He was luckily only unemployed for 5 weeks. Hopefully NT will find something soon after having a bit of downtime.

  3. CB in the City Says:

    I am so sorry to hear of NT's job loss. But I'm glad for the refi and its benefit to your budget!

  4. My English Castle Says:

    Oh ceejay, that's tough. But you all have such a good way with money, and I'm so glad the refi went through. Thinking of you!

  5. terri77 Says:

    I’m sorry about the job loss. I hope NT will find an even better job very soon.

  6. MonkeyMama Says:

    Oh no! Sorry to hear of the unexpected job loss. 😞

  7. Amber Says:

    Honestly I’m so over 2020, this has been an exhausting year. I lost four friends this year. I’m so happy your youngest tested negative.
    I’m also sorry about the job loss, I hope the lead pans out.

  8. rob62521 Says:

    Oh, my, that isn't good at all about the layoff, but glad there is a decent severance package. Glad the refi went through to help you save money in the long run. Hope NT finds a great job.

    Glad your youngest's tests came back negative.

    Let's hope for some more good news and no more bad news!

  9. FrugalTexan75 Says:

    I'm sorry about your DHs layoff. Hopefully he finds something soon.

  10. LivingAlmostLarge Says:

    sorry to hear about the layoff. maybe a blessing in disguise

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