I am contemplating getting a S'mores Frappuccino after work but am already spending money (and calories) at Sizzler and a gift for a friend. Do I really need to spend more? But now I just remembered that they are half off so the money issue isn't a big deal but the calories are.
Off topic, but Sizzler still exists??!!
Yes and the salad bar at the one I went to was terrible.
delawarejen, you had me approving until you said the DP and closing costs would take most of your non retirement savings. As I'm sure you know, houses are expensive and things come up. I get nervous for you not having savings to fall back on. How quickly could you replenish the savings?
Other question- is there any way you could renovate your current house (taking a HELOC or something) and sell it for more money?
I am contemplating getting a S'mores Frappuccino after work but am already spending money (and calories) at Sizzler and a gift for a friend. Do I really need to spend more? But now I just remembered that they are half off so the money issue isn't a big deal but the calories are.
Off topic, but Sizzler still exists??!!
Oh and this was for a mini baby shower type thing for a coworker. She chose Sizzler as the place to go. We all were like, "Are you sure? There's a ton of other options." Nope, she was set on Sizzler.
After that 3-ish hour debate with myself and you guys I got the s'mores frapp at a cost of a whopping $2.50 and an unknown amount of calories (I track in MFP). It's a win. The first Starbucks win ever.
I tried it for the first today, also, and I concur! I bought it at the Target SB using my Target debit so it was $2.13 lol. It had a stronger coffee flavor than the mocha cookie crumble frapp (favorite!), and I don't like coffee but it was still yummy. That bottom fudgey layer was great. I think the marshmallow flavor in my whipped cream could have been stronger, but overall, very good. I will get another in a couple weeks.
kadams767, no thoughts on the affordability, but replacing a car with only 50k miles on it makes me bristle MM-wise. It still has so much life!
Well, no need to worry on the car! During my super exciting Friday night last night, I priced out a new one and even with a $10k or so trade in, the monthly payment was over $600. So, I'm basically denying myself on the car!
Current savings: -Retirement: 2.5x our current income. *We have been saving 30% (+8% match) for retirement until just about 2 months ago when we dropped it down to 10% (+ match) while we saved a little bit more for our DP. -Investments: about $30k set aside for a new card when it's needed (prob in 2yrs)
-Savings/efund will drop to a 3 month efund after we put 15% down on our home in a few weeks.
Monthly income: $8k (would prob drop to 7500 once we put our retirement back up)
Monthly Bills: $4800
Debt: $0
We have very stable jobs. Our monthly income doesn't include our yearly bonus (Me: 14-18%; DH: 20-25%).
Flooring would be done before we moved in and I'm anticipated would cost approx. $7500. My thought would be to do 0% financing ($625/mo) and then pay it off when we get our bonus in the spring.
My only concern is the "what if's" since we're going through a lot of changes right now with the home and our savings hasn't been that low in many years. Although in 8 years of owning a home previously we never had to dip into our efund...but this is a different home so who knows. But I really like the idea of getting rid of the carpet before we move.
delawarejen I think you'd be a good candidate for Suze's "pretend you already own the house" plan. If your current house is paid in full, then you're psychologically used to having some extra money every month. Really price out what the house would cost every month, including insurance and property taxes, and set up a separate savings account that you would transfer that into for a few months. See how it feels. If it's easy, then you're approved, PLUS you already have a savings account ready for house costs! If you catch yourself being short, or not easily parting with that money every month, then you have your answer.
Obviously if the house sells fast, then you're kinda out of luck, but there will be other houses!
AAM2012 I would do it. I agree it's scary with so many changes, and money quickly leaving accounts all at once! But I'm also a sucker for convenience and I can't imagine there being a better time to do new flooring than now before you move in...
It's a risk, but I think you have a plan to get back on track, so approved?
Oh and this was for a mini baby shower type thing for a coworker. She chose Sizzler as the place to go. We all were like, "Are you sure? There's a ton of other options." Nope, she was set on Sizzler.
Post by delawarejen on May 2, 2015 15:50:45 GMT -5
crashgizmo - as soon as I closed on the sale of my old house I'd be done replenishing the savings by that alone. If I somehow couldn't sell the house for any price, I would take a second job in short order and rebuild the savings ASAP. In the meantime I have cut my retirement contributions at work temporarily down to the match and will hold off on my Roth IRA contributions for a few months until the dust settles. That would be $1,500 extra net of taxes per month between the 2 so I can fatten up my savings before closing.
Edit: forgot to answer the 2nd question. Generally these renovations are not something people can live through. It's not cosmetic - it's usually a full gut down to the studs, new windows, new electric, new plumbing, etc. I have no interest in getting involved in that kind of project. Many people will not work within the city limits, and I've had nightmares just trying to get standard work done.
my3bears - good points, thank you. I plan to do just that.
Slight addition - I called my mother for her thoughts. (She previously lived in an adjoining neighborhood so she knows the area well, plus I wouldn't move forward if she hated the house). She made multiple suggestions, from us buying together, to her paying rent, to her gifting me money for the down payment with the idea that it's basically prepaid rent. I'm not really comfortable with the idea of buying together (since I'm not her only heir), but the other 2 ideas might work. I know her financial situation and none of these would be a hardship to her.
At any rate, the realtor's out of town so I'm looking at the place tomorrow evening.
You are approved my3bears! And sorry about everything you and your husband went through
delawarejen, is there a specific reason you want to move since you weren't expecting to buy? Your note about the renovations make sense. I would definitely pursue the option of a gift from your mom for DP if she is up for it. Let us know how you like the place today!
AAM2012 I would totally do it. Redoing floors after you move in is going to be a beast. We scraped our ceilings before we moved in and it was totally worth it.
Post by delawarejen on May 3, 2015 11:57:41 GMT -5
konapoppy - Sorry, forgot the backstory. My mother currently lives out west, where she moved a few years ago with my stepfather (one of my stepbrothers lives nearby). She was widowed last fall, she doesn't really want to continue living alone, but she also doesn't want to live year-round with my stepbrother's family (she's done that before). Her lease is up in a few months. She wants to live with me on the East Coast most of the year to be near our family (while spending summers in MT with stepbrother's family), but doesn't want to live in my current house. We both wanted to move to the area she lived in before she moved west, and we weren't sure about renting an apartment for a year or buying now.
konapoppy - thanks! Honestly re: DH, it was the first thing I thought of when I heard about Sheryl Sandberg's husband dying suddenly in his sleep. DH had the stroke in his sleep. We were lucky the clot was either small and/or dissolved before doing permanent damage. He was 32 at the time and skinny, healthy, etc. Apparently it's genetic. I am so sad about Sheryl Sandberg's husband, they were such a team.
AAM2012 - approved, assuming that monthly budget is the new budget based on the new house. It would make so much more sense to do the flooring before you move in.
delawarejen - I don't know. Is this townhouse really unique to the area you want to live in? Can I get personal and ask why you're living in a paid off house that you have no desire to renovate? Was this your original plan or did you inherit the property? Could you rent it out?
Post by delawarejen on May 3, 2015 22:13:07 GMT -5
@notquiteblushing - the tl;dr is that I didn't expect the house to deteriorate as it has. I simply bit off more than I could handle 14 years ago (when it already needed a remodel), and I've felt trapped for years. I'm not cut out to own an old house that's been poorly maintained for decades - I don't know people to fix it up, and I don't want to live in a construction zone. Combine that with the increase in crime in my city (a kid was shot in the head 250 feet from my front door in January, for example), and I'm just done. I have no interest in being a landlord either.
I ended up putting in an offer on the new place tonight, with a request to close mid-June. Tomorrow I'll start working on the plans for this place.
@notquiteblushing - the tl;dr is that I didn't expect the house to deteriorate as it has. I simply bit off more than I could handle 14 years ago (when it already needed a remodel), and I've felt trapped for years. I'm not cut out to own an old house that's been poorly maintained for decades - I don't know people to fix it up, and I don't want to live in a construction zone. Combine that with the increase in crime in my city (a kid was shot in the head 250 feet from my front door in January, for example), and I'm just done. I have no interest in being a landlord either.
I ended up putting in an offer on the new place tonight, with a request to close mid-June. Tomorrow I'll start working on the plans for this place.
That house seems stressful for you. Good luck with the offer! It sounds like you have a couple of contingency plans with your mom's offer to help and a possible second job so I hope it all works out and you are happy in a new place.