Post # 1
Seriously, Bees. We just can’t seem to get ahead and it’s so discouraging.
We bought a house in November of last year and used all of our savings for the down payment. Of course, we knew it wasn’t a good idea to use ALL of our savings, but we needed to in order to close. We got a great deal on the house since it’s a “fixer-upper” and figured we’d do a little bit at a time, but we didn’t count on things literally falling apart so quickly. Our shower is disintegrating and last night, an entire wall started leaking in our living room.
On top of this, we’re both trying to pay down our debt – two car payments, two credit card balances from being young and stupid, student loans and now a mortgage.
I’m just so worn out and overwhelmed. We both work full time and I’m getting ready to go back to school next month so I can’t get a second job. He’s trying to get a second job at the moment but nothing yet.
We were hoping to TTC sometime next year (were originally planning this year) but I think we’ll have to push it back yet again.
People keep telling us that things will get better and the first few years of marriage are always hard and you’ll be broke but it’ll turn around. I’m feeling blue because I just don’t see an end in sight!
I’m not really looking for any advice… just needed to get it out 🙁
Post # 3
When it rains, it pours. Once you save up a little money, something would come up. Hang in there though, things will get better.
Post # 4
Yikes. Sorry things suck so much. On the bright side, I think you can improve things if you can make a strict budget and stick to it! You said you don’t want advice so I won’t say more than that. I hope things get better!
Post # 5
@goldfish2308: @tallierand: thanks ladies! It’s just always something. Advice is definitely welcome. Just needed to get it out and get some virtual hugs!
Post # 6
Not here to give advice, just wanted to say I’m in the we need more money boat too, and it sucks! 🙁
Post # 7
They say money can’t buy happiness, but it sure doesn’t hurt. Keep your head up though! I’m on a super tight budget (aka I’m broke), and when I plan out my budget each month I just don’t know how I can possibly do it. But somehow it always works out. Being broke sucks. A lot. But I think things will get better.
Post # 8
@MrsTillerResq: Consider consolidating your debt into one affordable payment. Did you have a home inspection? There is no real recourse, but it should have outlined what was wrong with your house so you could have an idea of how much work/money would be involved to bringing it up to your standards. If you skipped this step or used a crappy inspector, I would definitely recommend finding a better one next time.
Do as many of the repairs yourself as you can (FI renos all our properties from top to bottom), but don’t do something unless you actuall know how or you risk making it worse. Cut out the small things – buying coffee, going out for lunch at work, etc. Those small things add up and can help pay for stuff you do need.
Post # 9
I can commiserate. We’ve had fixer-uppers. If it’s available somewhere watch “Money Pit”. I think Tom Hanks and Shelly Long starred in it. Sendng virtual hugs. Hang in there!
Post # 10
@MrsTillerResq: Will your homeowner’s insurance help cover the cost of the leak? We had flooding in our house just after our wedding (literally the monday after our wedding) which caused around $10k in damage. Luckily, we got some help from our insurance policy. Also, depending on the APR/balance of your credit cards, you might end up saving money/paying things off faster with a home equity loan for debt consolidation. Hopefully things will start getting better for you and your husband, and good luck on his job hunt.
Post # 11
@Kit_Kath: Amen to that!
@MrsPanda99: We did have a home inspection but they didn’t find any leaks or anything and no mention of the shower issue. DH is pretty handy so he’s been doing repairs here and there but with the water damage last night, I think we might have to call in a professional just to take a look at it. I’ve been good about cutting out small things, but need to stop eating lunch out so much. Embarrasingly, we don’t even have money for groceries right now :o/
@housebee: I thought about our homeowners policy but I don’t think it includes flood, plus our premium would increase exponentially if we did file a claim. I don’t think it did a crazy amount of damage… I hope not anyway. We considered a home equity loan but since we just bought the house in November, we don’t really have any equity in our home just yet.
Post # 12
@MrsTillerResq: Just for referrence, our policy went up by $62/yr after filing our claim (we use statefarm), however if your policy doesn’t cover water damage and it isn’t severe there’s not much point in filing a claim. Depending on how much you put down on your home, I think most banks will let you borrow up to 80% of your home’s value (including the first mortgage). You could also look into a personal loan from a credit union (large banks don’t seem to have good % rates on these), I know my husband’s credit union offers personal loans at 4.99%. I would definitely look into different options (i.e. negotiating down debt, filing taxes differently, etc) and hopefully you can find something that works for you guys.
Post # 13
Why did you and your husband buy a house that you couldn’t afford? I am not trying to be snarky; I genuinely do not understand. I hope you are not offended. Wouldn’t it have made more sense to waut until you could actually afford a mortgage and repairs?
I thought it might be useful to offer a different perspective. It is best to live within your means so that you do not have to be stressed out.
Post # 14
We’re trying to pay down debt, save for our wedding, a mortgage, and a baby, and it seems like every other day there is some other pop up expense to pay for. I can’t tell you how many times I’ve fixed my car in the past year, and it’s not even old. I hate the damn thing. It never ends, does it?! I’m sorry you’re going through it too. It sucks!!
Post # 15
@creativeplannertobee: Love that movie!! I also will never buy a “fixer-upper” because of this movie, and the fact that FI is NOT handy what-so-ever and the things that need to be fixed will be broken forever.
Post # 16
Every person I know who has bought a fixer-upper has had catastrauphic issues almost immediately.
Emptying one’s savings to “get a great deal” on a home that is also a fixer upper is setting yourself up for failure. The very nature of a fixer upper in that you can expect to pour a ton of money into repairs….thus you need a cash cushion for that.
I’m not trying to lecture you, OP, but am trying to make it clear to other posters that may be considering the same type of home purchase – literally 100% of the people I know who have done this have spend tens of thousands on repairs in their first year, and it was ALWAYS way more than they were expecting based on the inspection before buying.