Managing as an adult.
Posted 04-08-2009 at 02:50:54 PM by childofsolitude
I've decided to use this blog to track my spending since tomorrow I'll be signing papers to put in an offer on a condo my sister and I will be buying together. I work parttime 20-30 hours a week (although now it's closer to 25-30 because hours are picking up) and have a strict budget. Here's what I estimate my monthly bills to be:
Mortgage-190.30
Condo Fees-150
Insurance-15
Taxes-58
Electric-60
Water-15
Security-30
Trash-9
Phone-120
Groceries-224
Toiletries/Personal Buys-20
Going Out-40
Cable-30
Internet-20
Car Insurance-120
Gas-60
At the end of every month, I'll have around 225 dollars (maybe more) leftover from my paychecks. It doesn't sound like much but in the long run, it'll be better for me. I'll gain some independence and if I can sell the condo for at least double what I paid in 5 years (it's actually worth triple what I paid since it was a short sale), I'll be making a good chunk of money. After all is said and done, I personally will have put $5000 down plus about 1400 for closing costs. I then need to buy furniture and other stuff for the condo. I plan on doing some yard sale shopping, Craigslist, and Walmart for some of the cheaper stuff (like end tables and stools). I have personally put a limit of $1000 (so $2000 total including what my sister is paying) for furniture and other stuff like that. This is what I need to buy in terms of furniture:
Washer/Dryer
Bedroom Furniture (I only need a headboard and night stand since I have a mattress and a desk and I'll be using a wall mount for my TV and I have a good size closet)
2 stools for the kitchen counter
Couches (a full size and recliner)
TV
Coffee Table
TV entertainment center
Dining Room set
We already have a refrigerator, stove, and dishwasher and my parents have a few things they're allowing us to take (like bathroom stuff, curtains, towels, and some items for the kitchen).
So like I said, I'm signing papers tomorrow. Then I have to wait 3 weeks to 2 months for the bank to approve it. In that time, I'll be buying furniture and other things for the house and I'll be posting about it here.
Mortgage-190.30
Condo Fees-150
Insurance-15
Taxes-58
Electric-60
Water-15
Security-30
Trash-9
Phone-120
Groceries-224
Toiletries/Personal Buys-20
Going Out-40
Cable-30
Internet-20
Car Insurance-120
Gas-60
At the end of every month, I'll have around 225 dollars (maybe more) leftover from my paychecks. It doesn't sound like much but in the long run, it'll be better for me. I'll gain some independence and if I can sell the condo for at least double what I paid in 5 years (it's actually worth triple what I paid since it was a short sale), I'll be making a good chunk of money. After all is said and done, I personally will have put $5000 down plus about 1400 for closing costs. I then need to buy furniture and other stuff for the condo. I plan on doing some yard sale shopping, Craigslist, and Walmart for some of the cheaper stuff (like end tables and stools). I have personally put a limit of $1000 (so $2000 total including what my sister is paying) for furniture and other stuff like that. This is what I need to buy in terms of furniture:
Washer/Dryer
Bedroom Furniture (I only need a headboard and night stand since I have a mattress and a desk and I'll be using a wall mount for my TV and I have a good size closet)
2 stools for the kitchen counter
Couches (a full size and recliner)
TV
Coffee Table
TV entertainment center
Dining Room set
We already have a refrigerator, stove, and dishwasher and my parents have a few things they're allowing us to take (like bathroom stuff, curtains, towels, and some items for the kitchen).
So like I said, I'm signing papers tomorrow. Then I have to wait 3 weeks to 2 months for the bank to approve it. In that time, I'll be buying furniture and other things for the house and I'll be posting about it here.
Total Comments 3
Comments
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I applaud you for writing down a budget but there are few things that I think you need to re-evaluate. I'm basing this on what happened after hubby and I bought our home two years ago.
Groceries~I think those are a little high. My monthly budget for two people is around $150.
Insurance~I'm not sure what state you are in but condos typically can have some high insurance/condo fees. Your condo fees could also go up if there are higher numbers of people not paying their fees. The bills still have to get paid but with fewer people paying, the more you will pay.
Move-in costs~What are you going to do to get the place ready to move in? Paint, steam cleaning carpet, light fixtures, leaky faucets, etc. To paint our interior and do some basic cleaning/maintenance set us back around $1500 (our house is only 1140 sq feet and was in good shape).
$2000 total for furniture, appliances and TV seems really low to me. A good washer/dryer is worth the money. Your clothes last longer, get cleaner, use less water and use less detergent. Outlet appliance centers are great places to find these. We purchased our set for $1400 but it was with all the bells and whistles. A decent set would have cost us $800 including delivery/installation. I would be very hesitant to buy a any appliance/tv from craigslist. Buying from the store you will at least get a one-year warranty just in case.
Not trying to wear on you but would just like to pass on from what we learned when we became homeowners. It's hard. There is always something to fix or change.Posted 04-08-2009 at 03:50:52 PM by Mrs.Reese
- Thanks for your advice Mrs. Reese.
Groceries-224 per month is the max we're willing to pay and this also includes toilet paper, paper towel, cleaning supplies, and other things like that.
Insurance-The amount listed is what was quoted for me by the man who runs the condos as well as what was told (not by me) to the mortgage broker.
Move in costs-We don't need to paint the interier because it is already painted with colors we like and the previous owners left paint in case of touch ups. We don't have carpet in the condo (only tile and hard wood) and the only other minor things are being taken care of by the previous owners. If there's something we overlooked, hopefully the inspector will catch it.
The washer/dryer will be bought off of my parents so we're able to pay $200 for both. The rest of the furniture can be bought at Walmart and yard sales. We're pretty simple and don't need extravagant looking furniture. I definitely think we can do it with the money we've budgeted.
Thanks again for the advice!Posted 04-08-2009 at 04:20:42 PM by childofsolitude - congratulations! I remember buying my place...and the other comment is correct- it's amazing what all needs to be repaired/maintained! But you're doing much better than I did..I had no budget at all and am just now looking at a budget as being helpful instead of restricting!
200 bucks for a w/d you know is pretty good; otherwise I'd stick with an outlet center- my coworker saved big bucks on hers-it had one scratch on it but she saved over 40% off the price..probably more knowing her since she's pretty savvy with the coupons and bargains!
Anyways, enjoy your new home!Posted 04-10-2009 at 09:39:00 PM by quilt938
