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i know you can all be BRUTALLY honest...
... in my continued analysis of my new situation...
i was talking a walk, this morning, and i was thinking about my up-coming divorce and wanting to keep the house.
my mortgage payment is: $2788.64
this is my current income and how it can change:
32hrs/week work: $22979.84 yearly
child support: $168.10 weekly
new seasonal job (can do it every year): about $5000
i did the math: $36721.04
if i ask for an increase to 40 hrs/week at work, and i get it, my income goes to: $42466
dividing this monthy, i get: $3538.83
which overs my mortgage, and leaves me with $750.19
what do you think?
please be brutal, if i need it. i don't want to live a fantasy.
oh, before i forget, i've been applying/hunting for a new job.
thanks for all your support
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Posted 11/7/07 7:23 AM  |
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Long Island Weddings
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leighla
Support Cancer Research
Member since 5/05 16353 total posts
Name:
Lauren
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Re: i know you can all be BRUTALLY honest...
I'm assuming that's take home pay?
Do you have car payments?
What are your electric and gas bills like?
Do you have credit cards?
I think only having $750 a month with a kid is pretty tight.
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| Posted 11/7/07 7:26 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: i know you can all be BRUTALLY honest...
is there a way you can make a studio or one bedroom apartment in your house to rent out?
My cousin got divoreced two years ago & was only able to stay in her big, new house because she has a tenant.
The numbers sound way too tight otherwise. Good luck!
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| Posted 11/7/07 7:35 AM |
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sfp0701
Liam's Mommy!
Member since 1/07 9764 total posts
Name:
Tricia
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Re: i know you can all be BRUTALLY honest...
I think that would be pretty tight. I am so sorry you are going through this. I guess it depends on your other bills, utilities, cc's, cell phone etc... I am so sorry you even have this decision to make. It is just awful. 
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| Posted 11/7/07 7:36 AM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: i know you can all be BRUTALLY honest...
I think that is cutting it WAY too close
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| Posted 11/7/07 7:44 AM |
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JennZ
MY LIFE!!
Member since 8/05 25463 total posts
Name:
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Re: i know you can all be BRUTALLY honest...
Posted by leighla
I'm assuming that's take home pay?
Do you have car payments?
What are your electric and gas bills like?
Do you have credit cards?
I think only having $750 a month with a kid is pretty tight.
I agree, I think you need more of a cushion.
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| Posted 11/7/07 7:47 AM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: i know you can all be BRUTALLY honest...
I think you need more of a cushion as well.
Also, as your income rises, the tax you have to pay increases as well so you may end up actually having less than $750 left over at the end of the month.
Good luck
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| Posted 11/7/07 8:03 AM |
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CAH127
LIF Adult
Member since 7/07 1694 total posts
Name:
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Re: i know you can all be BRUTALLY honest...
So sorry you are going through this. Is there any equity in the house? If so, your husband is going to have to buy you out, split half of what the equity is. Maybe that will add some for you. Good luck.
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| Posted 11/7/07 8:09 AM |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: i know you can all be BRUTALLY honest...
Posted by LisaW
I think that is cutting it WAY too close
ITA....you also have to have some kind of cushion for emergencies especially with a child
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| Posted 11/7/07 8:14 AM |
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JP826
=)
Member since 9/06 10903 total posts
Name:
Me!! All about ME!
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Re: i know you can all be BRUTALLY honest...
Ahhh! Seems very tight!!!!!!!!!!!!!!!! It is sutting it WAYYYY too close.
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| Posted 11/7/07 8:15 AM |
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JTK
my 4 boys!
Member since 6/06 7396 total posts
Name:
Kristi
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Re: i know you can all be BRUTALLY honest...
My mortgage is about the same. But we have a TON of extra bills.. i always heard that if you can't make the payment in 2 weeks pay it is too much!
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| Posted 11/7/07 8:17 AM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: i know you can all be BRUTALLY honest...
Posted by CAH127
So sorry you are going through this. Is there any equity in the house? If so, your husband is going to have to buy you out, split half of what the equity is. Maybe that will add some for you. Good luck.
Actually if she wants to stay in the house she would have to buy him out.
I'm sorry, I think it's way too tight. not to mention, if you are working full time, do you have to pay for day care?
I know that moving is not ideal, but I think that in this situation it would be much better to move than to be constantly stressed about money.
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| Posted 11/7/07 8:17 AM |
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DeniseMarie
<3
Member since 8/07 10682 total posts
Name:
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Re: i know you can all be BRUTALLY honest...
can you refi your house for a lower payment?
Also (and I am not sure how this works) - will he have to pay alimony?
Message edited 11/7/2007 8:23:46 AM.
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| Posted 11/7/07 8:22 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: i know you can all be BRUTALLY honest...
That seems a bit to close for comfort. You aren't leaving a lot of money for other bills and emergencies. You are also relying on child support which can become inconsistant at any time.
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| Posted 11/7/07 8:23 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: i know you can all be BRUTALLY honest...
Posted by CAH127
So sorry you are going through this. Is there any equity in the house? If so, your husband is going to have to buy you out, split half of what the equity is. Maybe that will add some for you. Good luck.
Nope. Other way around. If SHE keeps the house, SHE has to buy her husband out.
Even assuming that's take home pay and not gross pay, that's cutting it WAY too close, IMHO. You owe it to yourself and your child to be financially stable. You can't be stable in that situation. Think about all your other bills... Then what do you do when you have an emergency? What do save?
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| Posted 11/7/07 8:33 AM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: i know you can all be BRUTALLY honest...
I think that's waaayyyyy too close. We spend about $100 on groceries a week (for two of us), so $400 a month, $25 in gas a week, so $100 a month, so with gas and groceries equaling $500 that leaves you with $200 for gas, electric, cable, phone, car insurance, and any other emergencies. Our cable/phone/internet alone is $150 a month, so if you're like us, you'd have $50 left for gas and electric and your car insurance! Our car insurance is $100 a month per car. Even if you spend a bit less on groceries, I just don't think the numbers add up to enough.
Message edited 11/7/2007 8:52:46 AM.
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| Posted 11/7/07 8:37 AM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: i know you can all be BRUTALLY honest...
Posted by heartbroken-wife
... in my continued analysis of my new situation...
i was talking a walk, this morning, and i was thinking about my up-coming divorce and wanting to keep the house.
my mortgage payment is: $2788.64
this is my current income and how it can change:
32hrs/week work: $22979.84 yearly
child support: $168.10 weekly
new seasonal job (can do it every year): about $5000
i did the math: $36721.04
if i ask for an increase to 40 hrs/week at work, and i get it, my income goes to: $42466
dividing this monthy, i get: $3538.83
which overs my mortgage, and leaves me with $750.19
what do you think?
please be brutal, if i need it. i don't want to live a fantasy.
oh, before i forget, i've been applying/hunting for a new job.
thanks for all your support
So is the number $36721.04 based on you being approved for 40 hours a week at work? Or your current hours along with the seasonal income? Weren't you having issues at your current job--do you think they will approve this to give you more money? These are all take-home pay numbers, right? Are you and your son covered under your health insurance now, or are you going to have to pay more to cover you both for health?
What about looking at condos or townhomes in the area that may be cheaper but your son can still stay in his school?
Message edited 11/7/2007 8:53:30 AM.
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| Posted 11/7/07 8:39 AM |
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Phyl
R.I.P. Sweet Mia ♥
Member since 5/06 28918 total posts
Name:
The Mystical Azzhorse! ™
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Re: i know you can all be BRUTALLY honest...
Are your property taxes included in your mortgage payment also?
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| Posted 11/7/07 9:12 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: i know you can all be BRUTALLY honest...
Posted by Phyl
Are your property taxes included in your mortgage payment also?
Whether they are or they aren't, I stil don't think she can comfortably afford this house and all her bills. Honestly, I don't think she can even pay all her bills on her income.
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| Posted 11/7/07 9:15 AM |
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BabyAvocado
Happy New Year
Member since 5/05 17334 total posts
Name:
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Re: i know you can all be BRUTALLY honest...
I think $750 is too tight.
I think if you can rent out part of the house that might be your best case scenario.
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| Posted 11/7/07 9:24 AM |
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mooshyboo
So Blessed!
Member since 11/07 6297 total posts
Name:
Christine
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Re: i know you can all be BRUTALLY honest...
You don't want to cut yourself to close ~ have to anticipate if there is a house issue etc....good luck!
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| Posted 11/7/07 9:28 AM |
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Gertyrae
Peace out Homies!
Member since 5/05 20046 total posts
Name:
Gerty ®
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Re: i know you can all be BRUTALLY honest...
$750 is way too tight...you should have at least $2000 left over for bills, food, car, insurance, etc.
You might be better off having your DH buy you out and then buying a small condo or co-op outright. This way your income would just go towards bills, taxes, etc.
Even if you can't buy something outright, your payments would be way lower.
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| Posted 11/7/07 9:31 AM |
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anonttcer
BOOOO for fall!
Member since 7/06 10082 total posts
Name:
Meaning a NON ttcer!
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Re: i know you can all be BRUTALLY honest...
I agree- that is not enough.
I could never pay my mortgage either without my hubby- and vice versa.
The sad reality is - on Long Island- you generally need 2 salaries to support a decent sized mortgage.
Plus you always want money for emergencies....
I wouldn't do it.
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| Posted 11/7/07 9:34 AM |
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LadyMaravilla
Fall Is Here
Member since 5/05 12023 total posts
Name:
Sonia
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Re: i know you can all be BRUTALLY honest...
Posted by BabyAvocado
I think $750 is too tight.
I think if you can rent out part of the house that might be your best case scenario.
I totally agree! How about renting part of the house for extra income.
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| Posted 11/7/07 9:41 AM |
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CAH127
LIF Adult
Member since 7/07 1694 total posts
Name:
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Re: i know you can all be BRUTALLY honest...
Posted by lululu
Posted by CAH127
So sorry you are going through this. Is there any equity in the house? If so, your husband is going to have to buy you out, split half of what the equity is. Maybe that will add some for you. Good luck.
Actually if she wants to stay in the house she would have to buy him out.
I'm sorry, I think it's way too tight. not to mention, if you are working full time, do you have to pay for day care?
I know that moving is not ideal, but I think that in this situation it would be much better to move than to be constantly stressed about money.
Oh boy...not sure where my head was, but I got it mixed up. That is right, she would have to buy him out, which would make it even harder.
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| Posted 11/7/07 9:44 AM |
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