Once again....we tried and failed. No move for us. While this is disappointing in itself, the larger impact is looming. The cost of living here just outpaces our income. No raises coming.
We can't afford to live here. Mortgage (and taxes) and utilities are supposed to be no more than 30% of your income. Counting utilities as electric, oil, water, then we are at 47%. The mortgage alone is 37% of our take home. Dumb us. We took the equity out of the house 3 yrs ago to pay off debt...then ran up more debt. Couple this with an above average interest rate. And rising cost of gas and oil. And here we are.
The oil price is going to go up about 50% in the next budget year. We can't afford that. I am getting scared that we are going to have to sell the house. We are current on the mortgage, but not sure how we can pay off debt without some drastic changes.
We are so royally screwed. I might have to find a way to go back to work full time. Of course that poses some child care challenges....especially with an Autistic child with a feeding tube.
No idea how to do this.
Whoa, that's a whole lot of reality right there. I'm sorry your move didn't work out.
ReplyDeleteYou know, if you do have to sell your house, SO WHAT? Will you and G still love each other? Yes. Will the kids be pains in the behind while adjusting to a new (rental) home? Yes. SO WHAT? SO WHAT I SAY! If you have to sell your house now and live like no one else, so that later you can live like no one else, then do it!
You sound like the cost of living in your home is crippling your budget and that isn't going to get any easier when oil costs go up as you said. If you already drained the equity out of your house anyway, then you're not actually gaining anything by going further in debt to pay for the utilities to live there, you know what I mean? Especially with the retirement loan to pay back . . .
Why don't you find out how cheaply you could live if you were in a rental property? Explore apartments and townhomes and single family homes. Some apartment complexes where I live even include free heat! Can you imagine how awesome that would be?
There is a woman blogger who is kind of radical, and I don't agree with all of her choices, but she and her hubby and 3 wee kids live in a tiny 500 square foot apartment in Maine. I am not suggesting you do that, but I am trying to fill your head with ideas of what could be, of what the possibilities are. Could you guys get along in 1,000 square feet? Many 2 bedroom apartments are that size, and even have 2 full baths. Remember that other folks in other countries (including urban centers in europe and asia) don't dream of the sort of square footage that you and I have in our garages!
Be of good cheer. You have choices to make; you are not royally screwed unless you decide to do nothing. I hope this is helpful or at least thought provoking!
Oy, don't know what to say, except I am so sorry.
ReplyDeleteI am wondering what your thoughts are on the comment above?
Have you considered meeting with one of Dave Ramsey's ELPs? (Endorsed local providers). You can look them up on his website; fill out a form and they will contact you. No strings or obligations. Having another set of eyes looking at for your best interest might help emotionally, and even practically.
I hope it all works out, keep us posted.