Monday, February 20, 2017

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


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.

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.


Unknown said...

Screaming important post for anyone.

Busy Bee said...

Great planning!