KJT13 Posted September 4, 2008 Report Share Posted September 4, 2008 With all the apartment turnover this past weekend in our building (and all the college kids returning to the neighborhood), my girlfriend and I have been talking about next September. We are locked in here through then. We started thinking about towns in the area that would benefit both of us in the long run. It's basically decided that a house is the best option for us at this point. Obviously, with the state of the housing market nationwide, getting mortgages these days and for the near future won't be the easiest thing without a substantial downpayment and good credit. Neither of us have anywhere near a downpayment and even though her credit is (almost) excellent, mine is not. We went through my finances and I am stretched far beyond my means. I have money going in so many different directions it's rediculous. The good thing is, we came up with a budget (pretty damn strict one too) that will allow me to pay off everything but my truck in 11 months. Even after this, I think I can have that paid off at least a year early. I know there will be a few things that could get in the way but with this plan, I know that if something were I could get around it and not extend this plan too long. That being said, the day after we put this budget together, I got a notice that my subscription to SSS.com was to expire. I am now just a member and no longer a supporting member. Also, I had to turn down some prime 13th row Metallica tickets the other day. It kills me because I have seen them every time they have come to the area since 1990. However, the concert is in January so who knows, maybe there will be some overtime or something before then (ehm ehm Xmas). This also means that all mods are off until at least the spring. Quote Link to comment Share on other sites More sharing options...
70chevy03ss Posted September 4, 2008 Report Share Posted September 4, 2008 Wow sorry to here Keith. I have to get myself on a budget as well. I put my credit cards away and worked out a payment plan.. I hope that everything works out for you guys.. I heard that tonite on WAAF they will be playing the new Metallica Cd. 9:00. Also chin up it will get better.. Hope to see you guys sometime at a meet.. :thumbs: Quote Link to comment Share on other sites More sharing options...
Stitches040 Posted September 5, 2008 Report Share Posted September 5, 2008 Congratulations Keith ... Because a you got to do, what you got to do. Getting your finances under control, is priority one. The sooner you realise this, the better off you will be in the long run. It isn't easy working on a budget, and sticking to it. Talk to your landlord. Some may work with you on an early termination to a lease. Doesn't hurt to ask, the worst thing that can happen, is that your excactly where you are now. Yeah the housing market is in a slump. But you will be able to find something. Just don't settle for less, if you know it won't make the grade. Only real bit of advice I have for you is. Pay off your outstanding debt. I don't use my credit card, unless I already have the funds in my checking account. (Not Savings) We are both finacially free. No credit card debt, no college debt, nothing but a truck loan. And that will be paid off early. It sucks, but keep paying the stuff down. And don't buy stuff you really don't need anyways. Just remember, if more then half of the money you pay on living space (rent) is used for storage, there is a problem. You especially, your paying big money every month to store stuff. Hope this helps a bit .... BTW ... Metallica, those guys are going to throw a hip soon anyways ... Quote Link to comment Share on other sites More sharing options...
usabodyguard Posted September 5, 2008 Report Share Posted September 5, 2008 what was the point of this post?? lol... jk man, it will get better... and metallica is a bunch of old farts now anyways... may the money tree send some seeds your way! Quote Link to comment Share on other sites More sharing options...
SSThunder Posted September 5, 2008 Report Share Posted September 5, 2008 Everybody needs a budget. I've got one now but might change it if I buy this duplex in town. My lease is up in 2 months and if I get the duplex 1 renter will pay my mortgage and I will live in the other unit for a year. This will allow me to double my truck payments and pay off the ss in a year or so. I've got great credit but still will have to put a little cash down because of all the bad loan crap and loan market state. The days of getting a loan with no money down are pretty much over thanks to ARM loans and such. Quote Link to comment Share on other sites More sharing options...
cwest94 Posted September 5, 2008 Report Share Posted September 5, 2008 Good for you on getting things paid off, it's a good feeling when you do. I've been paying double payments on student loads for the past few years and I made the last payment last month, now the only thing going out each month is my mortgage and my car payment, thankfully the SS has been paid off for a year and a half. Good luck on the house hunting when that starts and congrats, buying a house is a exciting thing to do and putting money into your own property is much better then flushing it down the crapper on rent. Quote Link to comment Share on other sites More sharing options...
Fireman31 Posted September 5, 2008 Report Share Posted September 5, 2008 Props to you and Emily for getting your finances/priorities in order. You obviously have your sights set on a long term goal/investment, a house. Did you guys ever check out that one house we spoke about last week? I know how it feels to be stretched real thin. Recent cut backs at work caused me to lose 10-15 hours of OT per week, which will result in over a $10-12k pay cut for me this year. I have cut back on some things, and am watching my other finances closely. I was on the fast track to paying my college loans back 5 years early, but that won't happen now....nor will I be able to buy my SSS outright ealier then expected. There is no extra $$$ to put aside for new mods either. This economy sucks, plain and simple. Quote Link to comment Share on other sites More sharing options...
brobradh77 Posted September 5, 2008 Report Share Posted September 5, 2008 Good for you keith...getting your finances in order is always important Quote Link to comment Share on other sites More sharing options...
CoolBlueSS Posted September 5, 2008 Report Share Posted September 5, 2008 We've done the same thing with a budget. It's been the best thing for us to get ahold of our finances. It can be tough, but if you stick to it, hammer out your debts, and stay out of debt you will be much better off in the long run. We're on the plan to become debt free. We don't even want car payments ever again. Just think of what you could do with the money you're paying to others. Proverbs 22:7 The rich rule over the poor, and the borrower is SLAVE to the lender. Don't be a slave to debt. You can do it. Quote Link to comment Share on other sites More sharing options...
Hankg42 Posted September 5, 2008 Report Share Posted September 5, 2008 Sounds like you guys have a solid plan, Keith. Stick to it. It will be for the best in the long run. Quote Link to comment Share on other sites More sharing options...
F1SSS Posted September 5, 2008 Report Share Posted September 5, 2008 Good for you keith...getting your finances in order is always important Quote Link to comment Share on other sites More sharing options...
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