SmorgasBoard

[FrugalRican]

Thanks for reminding me why I want to rent for the rest of my life :/

[MarineVietVet]

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FrugalRican wrote:

Thanks for reminding me why I want to rent for the rest of my life :/

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Don't get me wrong. I've never had any regrets owning my own home. The upside is far greater than the occasional downside.

[Booner72]

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IOBA wrote:

Lol - had a conversation with son about signing a College Contract.  He balked and flat out refused to even consider a contract.

But this is related to this thread becuase he is a drain on my finances (while in school) and it's a **bleep** load of money!   (Puns intention!).

In the contract, he has to submit a weekly expense sheet that shows three different categories.

1.  How he spent his money.

2.  What expenses he has coming up for the next week.

3.  How much is in the reserve fund.   

I'll design the sheet to have a running tally on the side so he can track how much life really costs.

No expense sheet turned in, then no money.   

In MY budget, I have x amount set aside for his college life, twice a month.   I was going to let him manage it but decided that I am not going to do that without some accountability.  

This is not an exact science yet, but it gives you an idea.  I think the full $500 will go into the reserve fund, and just pull out money on a weekly basis to put into his checking account.

So, I put aside $1000 for the month.   One payment on the 15th, one on the 30th.

Week one (January 1-7) he needs $100 for food.   

Week two (January 8-14) he needs $25 for food.

$500 allocated, $125 needed, $375 goes into reserve fund.

Week three (Janaury 15-21) he needs $35 for internet & cell phone.

Week four (Janaury 22-28) he needs $15 for food.

Week five (January 29-February 4) he needs $250 for rent & food.

$500 allocated, $300 needed, $200 goes into the reserve fund.

A reserve fund is built up for the tuition hits, unexpected fees, and that oh so very expensive year abroad.    Sadly, my son does not think that far ahead and he thinks a year abroad will cost about the same as a year at his home base.

As for my personal budget, I do set aside money into a reserve fund too for maintenance (human, auto, and residence).     It's not much, but it's a little every payday.

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IOBA - you are about the best budgeter and money manager I have ever "known."  I cringe when I read your posts (the one about the saving for 100K and this one, especially) because I just will NEVER be that fiscally responsible.    When I win the "big one", I will be sure to contact you to be my personal money manager - just send me a hefty monthly allotment and you take care of the rest! 

[IOBA]

Booner72 - well, you will need to fill out the weekly expense form!    AND turn it in.  

Seriously, I would LOVE to do that!   Manage your money.   Help you budget.   I am tough, but flexible.  

[Booner72]

Not enough money to manage right now, but soon, when I get it!    Thanks!

[webhopper]

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MarineVietVet wrote:

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webhopper wrote:

I wanted to post this experience to help other out and to make sure that people are aware that there can be unseen issues which can cost you big money later on. We spent 4k on these repairs!

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The day of closing on a house is not the day the expenses stop. It's only the beginning! 

I've owned homes for almost 40 years and learned long ago that there will always be some type of maintenance or repair needed.

I'm afraid there are many first time home buyers who have blinders on when it comes to this.

Edited for another lazy typo.

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Lucky for me, with both of my houses, I bought way less house than the bank told me I could afford...  neither me nor Joey wanted to be house poor with this new house... so, we'll be able to pay these expenses off fairly fast with what we are saving by not buying what the bank suggested we could "afford"

I think the banks want consumers to stay broke and poor!