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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Our current situation - trying to be frugal, cut costs
Forget about if you have unexpected repair bills, the way you've "budgeted" you pretty much have nothing to spend on a gallon of paint or new picture to hang, not to mention holiday gifts, a gift if you're invited to a party or event, if the price of gas goes up, going out to dinner or a movie - just living life. "Owning" a house is not worth it. Why push to own something if it's going to strip you of the ability to have a life.
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Posted 10/26/15 8:57 PM  |
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TheDivineMrsM
2 girls 4 me!
Member since 8/08 7878 total posts
Name:
Mama mama mama....
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Re: Our current situation - trying to be frugal, cut costs
Oy. Here we go.
As they say on City Data... can we all agree to stop feeding the troll?
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| Posted 10/26/15 9:54 PM |
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Paramount
Sweet!
Member since 7/12 4287 total posts
Name:
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Our current situation - trying to be frugal, cut costs
Sjg. You cannot afford a house. You do not make enough money. If you were to buy a house you would not hand money at ALL for anything. You will
Loose the house. You don't have money left over in case the toilet breaks. Or you have a water leak.
You can't afford a house.
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| Posted 10/26/15 9:57 PM |
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SJG23
LIF Infant
Member since 1/15 87 total posts
Name:
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Re: Our current situation - trying to be frugal, cut costs
I don't believe that's the case. We have over 100k in savings. And I am really frugal about saving money etc. so you can think as you wish. If we get low enough taxes and have a low mortgage we can do it. We are going to try.
Anyway my post was about frugal living. I know we can change our loans much such as car and mortgage etc, but I am looking to see what people do when it comes to living more frugal.
Also in my second job I make 400-800 a month extra.
You're telling me that won't help us? I don't agree with that. So let's say 800 a month that's 4600 a month that we bring home. Most people get by on less and live in homes in the price range we are looking at.
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| Posted 10/26/15 10:09 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Our current situation - trying to be frugal, cut costs
The list of bills you posted are as low as possible, unless you are willing to cut phones and cable. Or I would ditch the car payments and buy cash cars. And then you need to save each mo th for a car replacement fund too. You also didn't factor in water bill, house maintenance, if you are looking in areas with no sewers cesspool maintenance, and the other list of necessities I posted earlier. Do you plan on having children? Full time daycare will be at least $1200 per month....do you plan on working two jobs forever?
I know you won't listen to any of the above but I felt the need to type it anyway. If I were you I would take the money your parents have given you and move to a lower cost of living area and buy a house in cash.
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| Posted 10/27/15 6:22 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: Our current situation - trying to be frugal, cut costs
Posted by SJG23
I don't believe that's the case. We have over 100k in savings. And I am really frugal about saving money etc. so you can think as you wish. If we get low enough taxes and have a low mortgage we can do it. We are going to try.
Anyway my post was about frugal living. I know we can change our loans much such as car and mortgage etc, but I am looking to see what people do when it comes to living more frugal.
Also in my second job I make 400-800 a month extra.
You're telling me that won't help us? I don't agree with that. So let's say 800 a month that's 4600 a month that we bring home. Most people get by on less and live in homes in the price range we are looking at.
Yes but did you actually SAVE this money, as it seems you get a lot handed to you.
Also, just because other people are living in these homes, doesn't mean they're affording them. They could have mountains of cc debt.
Message edited 10/27/2015 6:35:02 AM.
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| Posted 10/27/15 6:34 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: Our current situation - trying to be frugal, cut costs
Posted by SJG23
Retirement money: when our parents pass and we need to sell their homes. That can also be savings.
This is disgusting.
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| Posted 10/27/15 6:35 AM |
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MichLiz213
Life is Good!
Member since 7/07 7979 total posts
Name:
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Re: Our current situation - trying to be frugal, cut costs
Posted by TheLucille2
Posted by MichLiz213
Posted by SJG23
Retirement money: when our parents pass and we need to sell their homes. That can also be savings.
This is extremely risky to rely upon. If something happens where they wind up in a nursing home or assisted living, payment comes from their assets, which includes the house.
Exactly. Not to mention the fact that it's sh!tty of you.
That too.
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| Posted 10/27/15 8:03 AM |
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Re: Our current situation - trying to be frugal, cut costs
Since you seem to have it all figured out, I don't really understand what you're seeking here.
As for retirement, you are taking a huge risk. My grandmother lived to be 94 and my dad (gladly) helped her financially as she outlived her money. Your parents could live to be in their 90s which would likely put you into retirement age. You should never count on an inheritance, any money expert would tell you that.
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| Posted 10/27/15 8:03 AM |
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SJG23
LIF Infant
Member since 1/15 87 total posts
Name:
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Re: Our current situation - trying to be frugal, cut costs
Posted by MegZee
The list of bills you posted are as low as possible, unless you are willing to cut phones and cable. Or I would ditch the car payments and buy cash cars. And then you need to save each mo th for a car replacement fund too. You also didn't factor in water bill, house maintenance, if you are looking in areas with no sewers cesspool maintenance, and the other list of necessities I posted earlier. Do you plan on having children? Full time daycare will be at least $1200 per month....do you plan on working two jobs forever?
I know you won't listen to any of the above but I felt the need to type it anyway. If I were you I would take the money your parents have given you and move to a lower cost of living area and buy a house in cash.
Originally we were going to live far out east. Our parents wanted us to live closer and help with child care to help us. That was very kind of them.
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| Posted 10/27/15 8:23 AM |
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SJG23
LIF Infant
Member since 1/15 87 total posts
Name:
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Re: Our current situation - trying to be frugal, cut costs
Posted by Katareen
Posted by SJG23
Retirement money: when our parents pass and we need to sell their homes. That can also be savings.
This is disgusting.
Think what you want. Both our parents have homes that will be left to their children. One is a million dollar home. We may very well just live in it down the road since it will be paid off.
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| Posted 10/27/15 8:24 AM |
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MichLiz213
Life is Good!
Member since 7/07 7979 total posts
Name:
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Re: Our current situation - trying to be frugal, cut costs
Posted by SJG23
Posted by Katareen
Posted by SJG23
Retirement money: when our parents pass and we need to sell their homes. That can also be savings.
This is disgusting.
Think what you want. Both our parents have homes that will be left to their children. One is a million dollar home. We may very well just live in it down the road since it will be paid off.
Again, not a guarantee if they have health problems down the road.
Why ask for advice on the Internet if you're not going to take it into consideration? Either buy a house or don't. Go into financial ruin or prove us all wrong. But by repeating the same questions and then telling people their wrong is a waste of your time. Don't ask if you don't want opinions.
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| Posted 10/27/15 8:37 AM |
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luvbuffet
LIF Adult
Member since 7/10 6470 total posts
Name:
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Re: Our current situation - trying to be frugal, cut costs
taxes go up. good luck
buy a condo/co op and see how you can handle that before buying a house. baby steps.
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| Posted 10/27/15 9:05 AM |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: Our current situation - trying to be frugal, cut costs
It's great that you have $100,000 in the bank for a down payment, but if your total MONTHLY income cannot support the monthly carrying costs of the house and all of your bills (plus extra for a nest egg), you cant actually afford to buy a house. This is exactly why people default on their mortgages.
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| Posted 10/27/15 9:25 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: Our current situation - trying to be frugal, cut costs
Posted by SJG23
Posted by Katareen
Posted by SJG23
Retirement money: when our parents pass and we need to sell their homes. That can also be savings.
This is disgusting.
Think what you want. Both our parents have homes that will be left to their children. One is a million dollar home. We may very well just live in it down the road since it will be paid off.
So why don't you just ask mommy and daddy to buy you a house right now?
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| Posted 10/27/15 9:31 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: Our current situation - trying to be frugal, cut costs
Posted by HomeIsWithU
It's great that you have $100,000 in the bank for a down payment, but if your total MONTHLY income cannot support the monthly carrying costs of the house and all of your bills (plus extra for a nest egg), you cant actually afford to buy a house. This is exactly why people default on their mortgages.
Don't be silly, he's bringing in $1400/mo!!!
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| Posted 10/27/15 9:32 AM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: Our current situation - trying to be frugal, cut costs
Posted by SJG23
Posted by Katareen
Posted by SJG23
Retirement money: when our parents pass and we need to sell their homes. That can also be savings.
This is disgusting.
Think what you want. Both our parents have homes that will be left to their children. One is a million dollar home. We may very well just live in it down the road since it will be paid off.
why are you even here?
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| Posted 10/27/15 9:45 AM |
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SusiBee
. . . . .
Member since 3/09 8268 total posts
Name:
S
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Our current situation - trying to be frugal, cut costs
Why do you ask so many questions and then don't listen to the answers ?
It is positively infuriating, especially since you pop up every few months or so.
Message edited 10/27/2015 11:53:58 AM.
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| Posted 10/27/15 9:47 AM |
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Millie3
LIF Adult
Member since 7/13 1280 total posts
Name:
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Re: Our current situation - trying to be frugal, cut costs
Can you live with parents for a few years to save more money? With your income, you should keep saving and try to buy cash.
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| Posted 10/27/15 10:50 AM |
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Pomegranate5
LIF Adult
Member since 2/11 4798 total posts
Name:
Pomegranate5
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Re: Our current situation - trying to be frugal, cut costs
Posted by SJG23
Retirement money: when our parents pass and we need to sell their homes. That can also be savings.
Yuck. This is appalling. 
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| Posted 10/27/15 11:07 AM |
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Our current situation - trying to be frugal, cut costs
If you have to work a second job to get a home... You can't afford a home
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| Posted 10/27/15 12:22 PM |
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Our current situation - trying to be frugal, cut costs
Someone correct me if I'm wrong but .... A ton of gift money from mommy and daddy isn't really taken into account because it's not income.. It's a gift. Correct?
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| Posted 10/27/15 12:23 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: Our current situation - trying to be frugal, cut costs
Posted by EatingMyVeggies
Someone correct me if I'm wrong but .... A ton of gift money from mommy and daddy isn't really taken into account because it's not income.. It's a gift. Correct?
They consider cash and securities in your bank account as well as your income potential. Your downpayment is factored in only in so far as how much you will have to finance and carry on a monthly basis. Ops problem is that he will not be able to carry the home plus everything else required to own and maintain a home. He could likely afford the mortgage, but not the taxes. That is his issue that he does not seem to grasp.
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| Posted 10/27/15 12:59 PM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Our current situation - trying to be frugal, cut costs
Your $105K insavings will be spent VERY quickly if you have to keep dipping into it for living expenses (and you will have to with the numbers you've posted)
And if you are counting on eventually living in your parent's million dollar house, how much are the taxes? Probably way more than you can afford. And have you looked at the cost of maintaining a house like that - again, you will not be able to afford living there, even if it is given to you out right.
Your financial plan is not sound in any way. There is very little you can cut from your current expenses, if anything. And most of your expenses will INCREASE with time and home ownership, so things will only get tighter. Looks like a very poor decision to purchase a house at this point.
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| Posted 10/27/15 2:15 PM |
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hotelcalie
LIF Adult
Member since 12/05 1392 total posts
Name:
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Re: Our current situation - trying to be frugal, cut costs
My head hurts after reading this post 
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| Posted 10/29/15 2:39 PM |
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