Monday, February 20, 2017

Planning ahead: short term saving goal # 1: moving to a real estate purchase


Image: https://www.ezperdiem.com/images/moving-expenses-101.png

Post divorce has found me moving 3 times now, since 2012. I've pretty much got this down on the cheap. My move here cost me under $800, so no complaints. My PT and OT issues have increased, however, so I anticipate that this will rise as I will pay to have my boxes moved as well. I will downsize whenever I do move, which is my custom; there is always a pile amassed of "I refuse to take this with me" along with some items that I may* try to sell off. (I did do a big purge for this last move). Those items alone can be schlepped over to a thrift shop for donation.



https://www.unclecu.org/blog/wp-content/uploads/2015/06/Beyond-Your-Mortgage-640x567.png


As I get ready to preview possible homes and get a feel for what different home sizes can offer, I am actively saving an additional $10,000 to cover closing costs, moving costs and incidentals. An initial call with a bank representative gave me come costs to consider, should I go with them (I have actually already identified more affordable alternatives), giving me a ball park figure to work with. Padding it a bit, $10,000 seems like a safe bet.

How to now come up with $10,000:


1-I aim to sell off what we won't move with us, when feasible

2-I'm slashing everywhere I can from our modest household budget, and saving everywhere I can. The pantry/freezer cleanout continues for the next few months.

3-My second income stream will be the bulk of the monies needed to be amassed over the next few months. When I started collecting my full wage severance, I intentionally went to living on a projected retirement budget, which means that I amassed 12 months of living expenses needed, over a 6 month period of time. My last check is at the end of this month. I receive the second income stream at the end of every month.

4- Since I already have 6 months in my account, that last, aforementioned paycheck, coupled with my second income stream will be stuffed into savings.

5-I continue applying for jobs. Should I obtain a job, all takehome wages are earmarked to savings. The goal of my working is to gain access to a good medical insurance plan and to amass some savings.

 I am confident that I can raise it by May, even though I may not move in the end, the monies will be set aside in my forever home budget and be available when needed.

2 comments:

Unknown said...

Screaming important post for anyone.

Busy Bee said...

Great planning!