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Jessee
LIF Adult
Member since 3/06 1260 total posts
Name:
Jessee
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Message edited 6/21/2006 2:54:52 PM.
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Posted 6/19/06 11:44 PM  |
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maryg
LIF Infant
Member since 5/06 196 total posts
Name:
Mary
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Re: When all is said and done...
I am in closing and our budget is down to the wire. Yes we also estimate high on cost of food, electricity etc. But after everything, just a few hundred. But I also will still have savings after closing about 20K. My husband is the only one who works so I guess our back-up plan is me getting a back-up job. 
Maybe all this doesn't sound all that wonderful but my sil and bil budgets down to $20 savings per week. And I mean they literally only have $20 left each week.  That's budgetting down to the wire.
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| Posted 6/19/06 11:51 PM |
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Jessee
LIF Adult
Member since 3/06 1260 total posts
Name:
Jessee
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Re: When all is said and done...
That makes me feel a smidgen better 
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| Posted 6/19/06 11:55 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: When all is said and done...
Do you mean like savings AND spending money? I have a budget for everything. Right now, ours savings is going towards paying off my dd's communion-lol! As soon as the new year comes, we will be able to start saving that again.
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| Posted 6/20/06 8:06 AM |
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Diana1215
Living on a prayer!!!
Member since 10/05 29450 total posts
Name:
Diana
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Re: When all is said and done...
We still have a really nice savings account and money locked up that we can't touch. As for the money left over each month it's really hard to say. Probably about a couple of hundred.
It is scarier to think about buying a house than actually buying one. There is just such a great feeling to come home to your own home.
As long as you buy something within your means you should be fine!
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| Posted 6/20/06 8:14 AM |
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KLSbear
LIF Adult
Member since 1/06 1908 total posts
Name:
Karen
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Re: When all is said and done...
Posted by Jessee
How much $$ do you have left at the end of the month? My father keeps telling me not to panic about "savings" b/c the savings are in the house, but every time I work out the numbers, and see that after all the bills, loans, insurance, $$ for entertainment and credit cards - there will be barely anything left to hideaway We estimated high on bills just to give ourselves a cushion - but still, it's SCARY
We're able to put a substantial amount away each month but we're frugal in our entertainment spending, and other than our mortgage we have no loans - well past student loans and cars are both paid off. In your list above I see entertainment, loans and credit cards - if you're carrying a balance on the credit cards and you have loans other than the mortgage those would be areas to pay down ASAP then start putting that same amount into savings, and seriously look at the entertainment budget - cut back there and put it into savings, even if it's just a little each week having a cusion will really help. Right off you may not be able to save alot, but it's worth finding a way to do so - you'll be glad you have a cushion if an appliance stops working or you need to replace anything major, not to mention those things you just want to fix up and improve.
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| Posted 6/20/06 8:23 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: When all is said and done...
If you have other debt besides your mortgage consider consolidating them into your mortgage if you didn't close yet. If your home appraises for more than your mortgage than you may be able to do that and get the write off. Your credit card interest payments are not tax deductible but your mortgage interest is.
We also don't have alot left over for savings. We are now forcing ourselves to take the money out of the bank each month automatically and doing with less.
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| Posted 6/20/06 9:35 AM |
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Eva Luna
Be kind...life's hard!
Member since 8/05 4750 total posts
Name:
God, bless & heal my DH, JenG's DH Rob & DebG
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Re: When all is said and done...
We don't have a lot either. DH is trying to consolidate all our debt (it's not a lot, but with a little left over monthly, it ties up our money) so that we could actually see all the money we make. When all the bills are consolidated, we should have about $1500 each month free...right now we have about $300. Yes, I was "generous" with the gas, food, misc. expenses but it's still a lot! 
But I have to say...we lived on LESS money in NY and rented...so no complaints here!! We thank God we actually own a home!!
It's worth it!!
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| Posted 6/20/06 9:37 AM |
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raken40
soooo in love:)
Member since 5/05 4369 total posts
Name:
Karen
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Re: When all is said and done...
when we closed on our house we figured we'd have about $500 left to spend per month..I know its not a lot, but thats just about what would've been left after all our bills,gas,food, etc...
Well, since we closed in august, our taxes went up about $150/month because they were giving us a tax discount that we werent entitled to!!!! Talk about shocker! Nobody knew anything about that!
So, yeah, we dont have much spending money...especially this month, between birthdays,anniversaries,parties,etc..forget it, we are broke 
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| Posted 6/20/06 9:47 AM |
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Jessee
LIF Adult
Member since 3/06 1260 total posts
Name:
Jessee
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Re: When all is said and done...
Thanks for your feedback - I do feel better. I know there are things we can cut back on, but figured it best to calculate them in so if we have a wedding to go to or something like that, it doesn't kill us. I only allotted about $150 a month for "entertainment" meaning dinner out - we're not needing to do dinner out every Saturday night, just once a month is fine by me. Quite honestly, I look forward to dinners at home in our new house!
As far as debt, thankfully there isn't much. No credit card debt - just a small college loan that should go away soon, and a small loan DH has which should be finished with soon.
We def. plan to have a small "savings" set aside for the emergency situations but I wanted to make sure we weren't cutting it too tight each month - and it doesn't sound like we are.
Thanks!
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| Posted 6/20/06 10:33 AM |
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