NOTE: This is a very long and probably boring blog about our current plans and finances. Im mostly writing it to myself just to lay it all out, but would love any comments or opinions on any of the situation. (=
Our good friend Jake is in town this weekend. Jake is a financial guru, kind of. He majored in finances in college and has worked in banks for quite some time. He’s very smart and financially together. He deals mostly with home loans and things of that nature, so he has been giving us advice on our financial situation.
Mr. Gaunt and I are a big cross roads with our life and our money. We are currently living at the top of our means, and we are looking to upgrade our future. Both of us are not great with money, we have both spent the last (5 for me) 10 years acting as if we don’t really need to think about the future and that when the time comes we will figure it out. TIMES UP FOLKS!
-We currently rent an adorable 2 bedroom (1000 sq ft) apartment in Colorado. It’s very nice and upgraded and we love it. However it is WAY too expensive, especially for renting. We have friends that pay as much or a little less that we do on their mortgages. On top of that we have a number of utilities to pay for. And the truth is, we feel like we have almost outgrown this place. With two bedrooms, our second room quadruples as an Office (with 2 desks and computers), A sewing and craft room (I have craft supplies coming out my ears), storage for extra bedding and blow up mattress for guests, storage for things like vacuums, board games, electronic equipment, painting supplies….the list goes on. Its pretty much crammed full of stuff, only organised enough so that I don’t go crazy. It’s so though that its hard to even do projects in there because it makes such a huge mess in the tiny space.
So of course we really want to buy a house. Of course we have no credit or down payment money. And renting a house seems like SUCH a waste. To even find a descent house to rent would put us way over our budget. It’s just not possible.
-We also currently have 2 cars. My car has a car payment…uggg. When my old car seized its engine back in May I went out and got a new (10-year-old) car to replace. Finally sucking it up and paying a car payment. At the time I did it, I really didn’t think I had any other options. Looking back it was a HUGE mistake.
I have spent the last year cancelling all of our extra service. Cable, gym, weight watchers, netflix, etc. I had saved us a little over $200 a month doing this. Well one freak accident and a car payment later and we have no savings anymore.
We also HAD to do some work on Mr. Gaunt’s car, that and the vacation to Washington in July (which I wouldnt take back for the world) completely wiped out our savings. Im talking $0 left. So now we sit living paycheck to paycheck.
So Mr. Gaunt and I have spent the last 3 months trying to convince both of our bosses to let me transfer to his team at work. So we can sell my car and carpool. We finally got the ok, and Friday will be my last day on my team. This is such a relief! So I plan on putting my car up for Sale on Craigslist this week. Hopefully ***FINGERS CROSSED*** I can sell it for about what I owe, and be done with it. There will be challenges to only having one car, but the savings (of almost $300 a month) will be so worth it. It was also make things easier when we move, as we can just tow the other car behind the uhaul.
-The wedding is our next big expense. I get mixed opinions when I talk to people about the wedding and the cost. For Mr. Gaunt and I its important to have a nice wedding for our friends and family to celebrate our union. Many people say “elope, or do it the back yard” but that’s not what we want. I’m sorry. I’m absolutely one of those girls that has dreamed about planning her wedding for years. The whole process is fun and exciting and wonderful! I wouldn’t have it any other way. Of course we don’t really have the money to go big. I’m trying my hardest to be crafty and frugal and make sacrifices in things like location and photographer so the we can keep it in budget (whatever that may be) the wedding wont be big, probably less than 100 guests. We are making all the food and drink and decorations. I plan to get an inexpensive dress and make my own invitations. But it’s still expensive. At this point we are hoping to keep it between $6k-$8k. Which seems like a lot unless you look at the national average of $20k for weddings. We are also taking all the help we can get, be it labor or gifts or whatever anyone wants to contribute. Weddings are a beautiful way for family and friends to come together and celebrate. We want the whole things to be as fun and low stress as possible. Go with the flow.
-And on to moving. We will be moving some time in April (or lease ends at the end of April) we have signed a 6 month lease starting in October. When the time gets closer we will look into the options of transferring our jobs or getting new ones. We really want to move to Olympia, but the most important thing in moving is finding affordable housing, schools, and jobs. Mr. Gaunt is currently looking into/thinking about going to nursing school in the winter of 2011, so we need to find a place where he can do that. And yes we understand that he will have to pay out of state tuition for the first year or so.
Moving fees in generall are going to be high. Renting a uhaul will cost us anywhere from $1500-$2000 to move to another state. YIKES! We are currently trying to decide if it makes more sense to just sell stuff and buy new instead of paying those costs. although things like our bed and couch are not things we want to give up, and they of course are the things that require the large moving trucks. I have even looked in to PODS and things of that nature, also crazy expensive. Our friend in Olympia have offered to let us stay with them for a short while so we can get jobs and look for places, otherwise we will have to rent something long distance.
We are also talking about really drastically downsizing our place of living once we move. Like I said we would love to have a house, but we want to buy one, not rent one. So we need to save money. If we can suck it up and rent a smaller one bedroom apartment for a year or two and save $300-$400 a month on rent then maybe we can get our shit together enough o buy a house. This would mean getting rid of lots of stuff and being ok with having just one bedroom for a while. It even means registering for wedding gifts might need to just be in gift cards so we can save them for when we do get a house. Would our guests be cool with just giving us money/giftcards?
-Mr. Gaunt is also in the works of building his credit. Neither of us have a lick of credit, although I have about $1000 I owe in old fees that I just havent been able to pay off. Which is why we are working on his credit first, I know its important for me too, I just need to pay that money off. Apparently its near impossible to get a credit card when you have no credit. We are working with our bank to get a “good customer” exception letter going to hopefully get a starter credit card. We have also been talking to Jake about our options for IRA’s and such to build some savings, as well as proper ways to use credit cards to help and not hurt you. ITs all just a very long complicated process, and unfortunately as Jake says, we are staring off in a bad economic time. Although there’s no time like the present!
-We are also working a LOT on our painting business. We have had great feedback, lots of email inquiries, and couple sales. We have plans to do a craft fair in October and I’m working my butt off promoting and listing new items. We really hope that this can be some extra income.
We are also looking into extra work. We both worked yesterday for time and half, and are working on Monday for double time. This will add almost 25% more to our paychecks. I also applied for a season position at Pier 1 that I could work in the evenings. We just have to make the sacrifice and work our butts off these days.
So that’s where we are at. I need to once again re work our budget to salvage any money we could be saving. And I want to note that even if we weren’t moving we still need to do this. We need to learn the value of a dollar and the hard work of paying yourself first. Life hands you all sorts of obstacles, and if you really want something you have to know how to get it. The next 2-3 years are going to be some of the hardest and most rewarding years of our lives. These are the years that we will build our future off of. And we thank everyone for their love and support during this time.
TODAYS TO DO LIST:
(I sacrificed a pool party and bbq and a sweet baby boy to get some shit done around here)
-Make dinner plans for the week. Ive been good at making enough dinner to have lunch for the both of us the next day.
-Make pumpkin scones and granola bars
-Finish painting and packaging up painting
-List 2 new items on Etsy
-Research selling my car
-Go through art supplies for garage sale. And the rest of the house.
-Call my mom, and maybe the grandparents too.
-Research housing and moving options.
And because it goes against my religion to post with out pictures: