Twerk Up a Lounge and Get Your Legs on Fire

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Feeling pretty good so far. My wife and I have been working gung ho to get out of debt since January of this year. In 9 months we've paid off over $5,000 in debt and saved up $1000 in case of emergency. After that we still owed around $10,000 on our van, needed to buy a 2nd car, and needed to pay off around $2,000 in back taxes that we just realized we had.

We got our 2nd car, so now that's out of the way. We've got the van down to a little over $7,000, and I just upped my payment to further that along. And my wife is working on the back taxes with her paycheck. If all goes well, we'll be debt free by late Spring for the first time since getting married 11 years ago!

Then it's on to saving for a house. We're debating on whether to save for a home loan or to just keep saving for around 10-12 years and pay cash (hoping for around $100,000, not expecting the current low economy to still be the way it is by then) and not worry about interest.

It'd be pretty amazing to own a home at 45 years old without any debt after getting a late start on it. As of this past January we had zero savings and were struggling to pay rent and buy food.

Not bad for a couple of uneducated parents with two kids making less than $60,000 combined income :up: And now that my wife's gone back to school and should graduate in a year, that time table might be moved up. Fortunately, we've qualified for grants. So all she's been paying for are books.
Its always been my policy to do things without getting a loan whenever possible, but with a mortgage that isn't always possible. My husband and I saved up a nice chunk of change and then shopped for a loan. Having a nice fat deposit makes it easier to finance the rest and get a sweet rate at the same time. You may want to consider doing that middle way like we did. :)
 
Its always been my policy to do things without getting a loan whenever possible, but with a mortgage that isn't always possible. My husband and I saved up a nice chunk of change and then shopped for a loan. Having a nice fat deposit makes it easier to finance the rest and get a sweet rate at the same time. You may want to consider doing that middle way like we did. :)

That's likely what we'll end up doing. We moved in with my mom in December to help try to save her house (she was seriously behind and our rent keeps her afloat) and took advantage of the opportunity to do this. While it will never happen, it's crazy to think that if we could manage to continue living here for another 6-7 years, we could save somewhere around $100,000. That'd buy us a house with cash and leave us around $10,000-$20,000 for continued savings. Then we'd be 38 years old with no house payment.

Sadly, I just don't think my mom will be able to save the house we're currently in and we'll have to move much sooner than that. Also, we're already getting fidgety in the basement. My mom would like us to live with her forever, but as adults, it gets tight. But I figure the longer we try to make it work, the better our future will be.

So I figure we'll probably stick with Mom for as long as we're able and just continue to save. Once we get around $20,000 saved up, we'll start talking about whether to get a loan or to keep saving.

I'm not very good at this stuff, having never been taught how to manage money, but would it be better to get a loan and a house now while the economy's down (thus, paying interest for 20 or so years), or just save up for another 10-12 years and pay cash? It'll likely be a higher cost for the house, but no interest. I have no idea how to gage that sort of thing.
 
I'm not very good at this stuff, having never been taught how to manage money, but would it be better to get a loan and a house now while the economy's down (thus, paying interest for 20 or so years), or just save up for another 10-12 years and pay cash? It'll likely be a higher cost for the house, but no interest. I have no idea how to gage that sort of thing.

i think i made a thread about that a while back because i too haven't been taught that and it was a good way to discuss financials with others. if i can find it, i will bump it
 
That's likely what we'll end up doing. We moved in with my mom in December to help try to save her house (she was seriously behind and our rent keeps her afloat) and took advantage of the opportunity to do this. While it will never happen, it's crazy to think that if we could manage to continue living here for another 6-7 years, we could save somewhere around $100,000. That'd buy us a house with cash and leave us around $10,000-$20,000 for continued savings. Then we'd be 38 years old with no house payment.

Sadly, I just don't think my mom will be able to save the house we're currently in and we'll have to move much sooner than that. Also, we're already getting fidgety in the basement. My mom would like us to live with her forever, but as adults, it gets tight. But I figure the longer we try to make it work, the better our future will be.

So I figure we'll probably stick with Mom for as long as we're able and just continue to save. Once we get around $20,000 saved up, we'll start talking about whether to get a loan or to keep saving.

I'm not very good at this stuff, having never been taught how to manage money, but would it be better to get a loan and a house now while the economy's down (thus, paying interest for 20 or so years), or just save up for another 10-12 years and pay cash? It'll likely be a higher cost for the house, but no interest. I have no idea how to gage that sort of thing.
Really the most important thing is know just how can afford. Our mortgage was low because we chose not to overspend. That way if something happens like you get injured and have to go on disability for a while you can handle the cut in pay. Plus if your payment is low enough you can double up and pay off faster, meanwhile having the option of dropping down in case you can't afford to make that extra payment. By doing this, we paid off in 11 years. Granted, we bought before the market went crazy, I doubt you'll find a place as cheaply as we did over 20 years ago. Just make sure you know what you are getting into, and get the house well inspected before you buy so you don't have too many nasty surprises down the road.
 
The thing about buying a house at say $200,000 is depending how much you put down say 20%, you'd technically owe $160,000 but if you get a 30 year mortgage with interest, you'd technically could pay an extra $140,000 on top of that with interest.

We are doing that. But we've been paying off a little extra and after 3 years of paying, we knocked off 7 months off the back end of our mortgage. When all is said and done, we could knock off 5 years. Which would of saved us a little bit of money.
 
The thing about buying a house at say $200,000 is depending how much you put down say 20%, you'd technically owe $160,000 but if you get a 30 year mortgage with interest, you'd technically could pay an extra $140,000 on top of that with interest.

We are doing that. But we've been paying off a little extra and after 3 years of paying, we knocked off 7 months off the back end of our mortgage. When all is said and done, we could knock off 5 years. Which would of saved us a little bit of money.
Having the extra wiggle room of making a double payment or not as you wish is a big helper. Never max out or count on overtime to get the job done. It's handy to have a month or two expenses worth in reserve in case of trouble. The majority of foreclosures in the crash were caused by injury and illness from what I understand because people had a payment that wasn't realistic to begin with. You gotta be smart about it and don't let the bank convince you you can afford more than you actually can.
 
Pretend this place is Twitter, okay? Like 140 characters or less? Yeah. I'm supposed to be a moderator. Make this easy for me, people.
 
So we should make multiple posts if we go over 140 characters?
 
I write novels for fun. 140 characters doesn't work for me.
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Outside of this post that is.
 
I'm kind of a blabbermouth myself. :p
 
And I thought you were going to break out a ruler and rap our knuckles or sumpthin'. :p
 
psh whatever. it was a combined effort with a big drop kick leg drop for the final straw



i aint worried bout that little boy

You can't even gets your Hulks right. This once again proves that you're a bad person. I can't dig that.....sucka.
 
You can't even gets your Hulks right. This once again proves that you're a bad person. I can't dig that.....sucka.

Hulkamania is but a single grain of sand in the desert that is Macho Madness. Yessir, hmmm, oh yes. The cream will rise to the top! I'm an alligator yes; the beat goes on the beat goes on. Alligators are scaley and so are dragons. Unbelievable time distortions, I tell you space is the place!
 
:huh::wow::barf::facepalm::wall::doh:

I could only express that in emoticons.
 
Hulkamania is but a single grain of sand in the desert that is Macho Madness. Yessir, hmmm, oh yes. The cream will rise to the top! I'm an alligator yes; the beat goes on the beat goes on. Alligators are scaley and so are dragons. Unbelievable time distortions, I tell you space is the place!

stone-cold-what-o.gif
 
No, I got it, it just still made me feel things I haven't felt since I was borderline hospital sick.
 
i think i wanna do this for halloween

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1ttw5x.jpg
 
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