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Started By
Message
I feel like I’ll never get to where I want to be
Posted on 10/28/19 at 7:21 am
Posted on 10/28/19 at 7:21 am
I have a good job as does the wife. We usually gross around 150-170k depending on bonuses and OT. We put 2k a month into savings. Our dream is to buy land and build a house (our forever home). Even tho we’re putting 2k into savings I feel like we’ll never get it. We’re trying to pay our debt down and also have a baby on the way in January. By March we should have enough saved up to either 1) pay off my truck (probably what we’ll do) 2) put down a down payment on some land, 3) continue saving it in a high interest account.
It’s discouraging to think that if I pay my truck off I’ll have to start all over to save up for the land. I understand that’s how life works but man, feels like I’ll spend forever trying to reach a goal that I’ll never obtain. By the time I get enough saved up I’m sure they’ll be a bigger need I’ll have to pay and thus be stuck in the cycle forever.
It’s discouraging to think that if I pay my truck off I’ll have to start all over to save up for the land. I understand that’s how life works but man, feels like I’ll spend forever trying to reach a goal that I’ll never obtain. By the time I get enough saved up I’m sure they’ll be a bigger need I’ll have to pay and thus be stuck in the cycle forever.
15
Posted on 10/28/19 at 7:26 am to GAFF
How’s this land going to pay for your retirement is the question you should be asking yourself. If all your money is going towards this mythical “forever home” how are you going to fund your retirement?
Posted on 10/28/19 at 7:32 am to OleWarSkuleAlum
Wife and I both contribute to our 401k. I also have a pension through work. I understand I could put more to our 401k but at the same time I also want to enjoy life while I’m young (my land).
I know that’s not a popular opinion on here
I know that’s not a popular opinion on here
Posted on 10/28/19 at 7:41 am to GAFF
I'm not saying this is the case for you, but is it possible you are creating more debt than you need to in order to fulfill all your needs? Otherwise, it just seems like you need to figure out what you should sacrifice. What's most important to you? Less debt for financial flexibility or building your dream home sooner? If you don't have high interest on the car loan, then maybe put the money towards building the home. Everyone has varying levels of financial risk comfort. If you both have stable incomes and careers, I don't see a major issue with this unless your truck is not in the best shape.
I don't think it is, honestly. Enjoy your life. You look like you are doing well financially. Even if shite hits the fan, you have the ability to fall back more easily than most.
quote:
I know that’s not a popular opinion on here
I don't think it is, honestly. Enjoy your life. You look like you are doing well financially. Even if shite hits the fan, you have the ability to fall back more easily than most.
This post was edited on 10/28/19 at 7:42 am
Posted on 10/28/19 at 7:43 am to GAFF
You have the pre baby jitters is all Everyone wants to be financially set before they have a baby and truth is you never really are. Take a little of that money you have saved and go on a vacation and relax
Someone else can come along and give you financial advice.
Someone else can come along and give you financial advice.
Posted on 10/28/19 at 7:48 am to GAFF
quote:
I have a good job as does the wife. We usually gross around 150-170k depending on bonuses and OT. We put 2k a month into savings.
I would do an aggressive audit of your spending. Income isn't a real question here - by implication it is the 2 of you with the baby showing up in January (i.e. no other kids?).
That will be the next thing to pull at your discretionary income - preparing for the child's education.
And, where are you living now? Apartment? Renting? I'm not against that (hell, doing it now), but you're not building any equity. If you are in your starter home, don't forget about that equity to pivot to your "forever home".
So, when the truck is paid off are you going to roll it into a new one with a new note or drive it until the wheels fall off?
Posted on 10/28/19 at 8:57 am to GAFF
shite has a way of working out.
Posted on 10/28/19 at 9:11 am to GAFF
You are spending too much money. Go attack your debt hard. Live off the minimum for the next 6 months. Truck will be paid off and baby bills will be paid for too. If you do it right you can start your land fund with a good amount with it.
Posted on 10/28/19 at 9:15 am to Mr.Perfect
NEEDS, or wants? When you list them both realistically, they are drastically different. Your actual list of needs shouldn’t be that long. Live within your means realistically and concentrate on getting debt free. It’s crazy the amount you CAN save once you are debt free. I saved more in my 50’s than the rest of my life. Don’t try to be a baller. Keep it real. You’ll get there.
Posted on 10/28/19 at 9:37 am to GAFF
A little tough love for you brother, what the hell are you complaining about? You have TWO THOUSAND DOLLARS at the end of the month to save?
How old are you? What other debt do you have outside of this truck? How expensive is this land you want to buy? How much is your truck note?
Put some parameters on it for us or you're just here to whine. You better be 45, with 100k in student loan debt, 25k in credit cards, and three other kids with the way you're talking. Based on the information we have, you are better off than almost everybody on the planet. Nut up.
I'm sorry to be a dick, but I fail to see the problem.
How old are you? What other debt do you have outside of this truck? How expensive is this land you want to buy? How much is your truck note?
Put some parameters on it for us or you're just here to whine. You better be 45, with 100k in student loan debt, 25k in credit cards, and three other kids with the way you're talking. Based on the information we have, you are better off than almost everybody on the planet. Nut up.
I'm sorry to be a dick, but I fail to see the problem.
Posted on 10/28/19 at 10:02 am to GAFF
How long have you been putting 2K into savings? How much do you owe on your truck? Any other debt?
How old are you? First kid?
If it's your first kid, your life (and your goals) are gonna change real quick. Kids are always more expensive than you think they will be. That will knock down your ability to save money, at least for a while. And it may change what you want, right now. Land is great... but are you gonna want to spend time each weekend working the land, or spend time with the kid?
Your income is good. saving 2K a month is good, and maybe you overpaid for a truck. You probably go out to eat too much (that new kid will help on that one). All in all, it sounds like you are doing well. You are young... trust me... you seem to be doing better than most young people. Keep on keeping on.
How old are you? First kid?
If it's your first kid, your life (and your goals) are gonna change real quick. Kids are always more expensive than you think they will be. That will knock down your ability to save money, at least for a while. And it may change what you want, right now. Land is great... but are you gonna want to spend time each weekend working the land, or spend time with the kid?
Your income is good. saving 2K a month is good, and maybe you overpaid for a truck. You probably go out to eat too much (that new kid will help on that one). All in all, it sounds like you are doing well. You are young... trust me... you seem to be doing better than most young people. Keep on keeping on.
Posted on 10/28/19 at 10:30 am to UpstairsComputer
quote:
is it possible you are creating more debt than you need to in order to fulfill all your needs
We pay all bills with our checking and never use our credit cards.
quote:
where are you living now
We are in our first home
quote:
when the truck is paid off are you going to roll it into a new one with a new note or drive it until the wheels fall off?
I’m driving it until the wheels fall off. We’re doing the same thing with my wife’s vehicle but I’m afraid we might outgrow it before that happens when more kids come.
quote:
How old are you? What other debt do you have outside of this truck? How expensive is this land you want to buy? How much is your truck note?
32, wife is 28. Other debt is they house, a travel trailer, wife’s student loans, and wife’s car currently (paid off at end of year). The rest goes to utilities. Land is 67k. Truck note is $580, total note is 24kish.
This post was edited on 10/28/19 at 10:33 am
Posted on 10/28/19 at 10:55 am to GAFF
quote:
Other debt is they house, a travel trailer, wife’s student loans, and wife’s car currently (paid off at end of year). The rest goes to utilities. Land is 67k. Truck note is $580, total note is 24kish.
How many times a year do you use that camper?
Posted on 10/28/19 at 11:07 am to GAFF
Sell the camper. Go tent-camp on your land (if it's rural).
Ruthlessly audit your household spending: if you haven't gotten rid of cable, do it now. Look at your cell phone plans, car insurance, and ANY recurring bills you pay each month: stop any/all "auto" delivery of stuff via Amazon.
Really sit down and figure out where you can trim the fat from your budget. We fritter away most of our money in $10s and $20s, not in $1000s. Figure out how much you're spending in food & entertainment; explore some ways to eat well and have fun but spend far less money doing so.
Ruthlessly audit your household spending: if you haven't gotten rid of cable, do it now. Look at your cell phone plans, car insurance, and ANY recurring bills you pay each month: stop any/all "auto" delivery of stuff via Amazon.
Really sit down and figure out where you can trim the fat from your budget. We fritter away most of our money in $10s and $20s, not in $1000s. Figure out how much you're spending in food & entertainment; explore some ways to eat well and have fun but spend far less money doing so.
Posted on 10/28/19 at 11:17 am to thegreatboudini
quote:
How many times a year do you use that camper?
It’s for work so pretty regular. I’m in the field 75% of the time. Company gives me a per diem rate when I’m required to be in the field so it’s not necessary a drawback except for the 25% of time I’m home.
Posted on 10/28/19 at 11:31 am to hungryone
quote:
if you haven't gotten rid of cable, do it now. Look at your cell phone plans, car insurance, and ANY recurring bills you pay each month: stop any/all "auto" delivery of stuff via Amazon.
I’ve done this. My wife’s no where near as frugal as I am but we compromised. She gets a set amount a month to do whatever with. We could save more if she would get on board but the amount she gets isn’t extravagant and she never asks for more. We’ve cut the cord and share services with our family members (we pay for Netflix, sister pays for Prime, etc). Cellphone is lowest plan without going to prepaid (which I considered) but I also took over my moms plan to help out when my dad died. None of us have an iPhone older than the 7. Constantly pricing insurance plans and actually changed a few months back. Eating out could be scaled back and grocery bills are high because the wife insist on eating healthy but other than that I try to watch what we spend.
Posted on 10/28/19 at 11:33 am to GAFF
Audit your spending. You're almost guaranteed to find leaks. Consider online grocery shopping instead of going to the store. I have found that I spend 20-30% less.
I take the last week of the year and call every "vendor" I have. Insurance, electricity, internet, cell phone etc. and negotiate lower pricing for the upcoming year and make sure that I am getting the best deal.
Last year, I had two iPhones and was paying $170 a month through AT&T. I went to Verizon, and started a business plan under my home consulting business and I am paying $85. I also went from 2 to 3 unlimited lines.
There's stuff out there like that.
I take the last week of the year and call every "vendor" I have. Insurance, electricity, internet, cell phone etc. and negotiate lower pricing for the upcoming year and make sure that I am getting the best deal.
Last year, I had two iPhones and was paying $170 a month through AT&T. I went to Verizon, and started a business plan under my home consulting business and I am paying $85. I also went from 2 to 3 unlimited lines.
There's stuff out there like that.
Posted on 10/28/19 at 12:05 pm to GAFF
Ok, now there's some meat on this bone. I agree with a previous poster, it seems like you may have a little baby stress because this does not sound bad in any way. You're young and have to establish some of these things first before moving on to the "I have a ton of money" phase. Everybody does it, apparently some on here eat beans & rice and rice & beans everyday, but it sounds like you've got that covered.
What's your childcare situation going to be? I would assume you've worked that out...
What's the balance and payment for each of these?
67k doesn't seem terribly expensive for land...
Give us all the info and there are a bunch of people on this board that can spell it out for you.
What's your childcare situation going to be? I would assume you've worked that out...
quote:
Other debt is they house, a travel trailer, wife’s student loans and wife’s car currently
What's the balance and payment for each of these?
67k doesn't seem terribly expensive for land...
Give us all the info and there are a bunch of people on this board that can spell it out for you.
Posted on 10/28/19 at 12:15 pm to GAFF
quote:
Other debt is they house, a travel trailer, wife’s student loans,
What are the numbers on these?
quote:
I’m driving it until the wheels fall off. We’re doing the same thing with my wife’s vehicle but I’m afraid we might outgrow it before that happens when more kids come.
That's good... Define "outgrow" though. As expensive as your truck sounds, surely you can fit a couple of kids in the back row. Your wife's car can probably fit at least two car seats.
Unless you have this baby soon and have twins in 2021... this will probably work itself out in the long run (the wheels will fall off around the time you have more kids and need more space).
quote:
Truck note is $580
Unless it's for 4 years or less, this was probably a mistake. Driving it until the wheels fall off will help mitigate some of this mistake, so that's good.
What's your health insurance situation like?
Posted on 10/28/19 at 1:59 pm to GAFF
You guys makes a boat load of money. You could be saving it or spending a lot of it. It depends on the lifestyle you want. Everyone has already posted good responses on 1)Track your spending to see if you truly are spending on what you want to spend on right now. 2) Determine what is a want and what is a need.
It usually is a spending problems and folks tend to buy the latest gadgets or cars to keep up with the joneses, etc.
There is no point in just having land and saying 'I now have land'. Trust me, it gets old quick and you'll want to build something on it which takes a shite ton more money. I would focus on saving up for what yall really want and don't purchase until you have the funds. Either that or get more into debt. Gotta choose
It usually is a spending problems and folks tend to buy the latest gadgets or cars to keep up with the joneses, etc.
There is no point in just having land and saying 'I now have land'. Trust me, it gets old quick and you'll want to build something on it which takes a shite ton more money. I would focus on saving up for what yall really want and don't purchase until you have the funds. Either that or get more into debt. Gotta choose
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