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Here's the situation when my mom passed two months ago she left me her house free and clear and no leans against it. Totally paid off. at the time I am not working been dealing with trying to get my head on straight and get some much needed things done around here to sell the house. My wife is working but only part time at the moment she looking for something full time and as am I.
In the beginning we were just going to take care of the little things that needed to be done put the house on the market & move back North. We took a step back and realized that IF we stayed here a year we could save up a good big of money before we headed back.
We totaled all our monthly bills and without having to pay rent/mortgage everything comes up to roughly
$450.00 a month. While the jobs down in this area don't pay very much we should still be able to save one paycheck for the next year. Give or take around 15Kish. No, we didn't take into account gas, food, because that can change.
Granted things happen but knock on wood this could be a good start before we had back up North.
Could we be missing anything? I know it's possible to lose a job someone gets sick, etc. We're playing the odds & are hoping that none of that happens.
Property taxes, school taxes, insurance on the house, umbrella policy... did you include those expenses?
Property taxes have already been paid as well as insurance on the house for this year. Everything is set up in a trust so none of that comes out of our pocket. So none of that will affect our income.
Utilities, house maintenance, health care premiums, etc. really come to only $450 a month? Would you mind sharing your budget with us?
At the moment we don't have health care. House maintenance is like gas, food it can change. Again all this really depends if nothing badly goes wrong. We don't have a car payment I would suspect that most here do. We understand that our cars needs things from time to time. The house is in really great shape so unless something goes wrong then I would suspect we will be able to pull this off.
Well if you find a job here, why not stay in this location for bit longer or permanently? Many low COL area pay less salary but eventually everything is a wash
and get some much needed things done around here to sell the house..
Won't you need $$ for this? I understand it could probably be a lot of elbow grease, but I usually find myself at the local home improvement store at least 2X a week pickup up some sort of supplies or tools I need for home maintainence.
First, my sympathies on your loss. It can be life changing to have a parent pass away.
More details would be helpful -- what sorts of "savings" are we really talking about? Is this just cash to be spent later? Money earmarked for some known future goal is rather different than really investing funds for the longer term retirement or even eventual costs of having kids, sending them to school etc...
Amassing $15,000 is nothing to sneeze at, but if you are not doing anything toward a future that will be more valuable to employers it is hard to say this is really going to "help you get ahead". Don't get me wrong, it is smart to have a cushion, and I imagine that even if mom was in poor health there is some shock associated with her loss, but don't let that emotion lead to do something emotional. Maybe it makes sense to think of this as your new home...
What about the longer term resolution of the estate? Will you sell the home? How much will that net? Where "up north" do you intend to relocate? What sorts of longer term goals / plans are feasible?
It sounds like it might be a good time for you or your wife to go back to school, while your living costs are so low.
Looking at my monthly budget, my bills other than food and gas are about $450 a month but that food and gas is a killer...I spend about $600 a month on food and at least $150 on gas. We could probably eat more cheaply but we like decent food.
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I know it's possible to lose a job someone gets sick, etc. We're playing the odds & are hoping that none of that happens.
