Monday, September 29, 2008

More reasons why You shouldn't buy....

Check out this article:

http://realestate.msn.com/rentals/Article2.aspx?cp-documentid=8425794&GT1=35000

It is supposed to be written to say why now could be a great time to buy a condo... but read through the lines and it will give you lots of reasons not too...

Hidden Debts...
possibility of having to pay tripple the HOA you sign up for...
15% of places could be in forclosure (and banks don't like to pay HOA fees)...

OUCH!

Sunday, September 28, 2008

Why I'm not buying a house right now

I've been in a sad tired mood all morning... so i decided to run some housing perspective numbers based off the govenments California First time home buyers program... (to depress me more)

Assuming you have no debt, Make 43,000.00 a year
They will give you a 30 year fixed mortage at 7.0% interest. Lets say you pay closing costs and a 3% down payment (just the min)
The maximum price you can afford: $178,264.00

  • Mortage Payment: 1186, Property Taxes: 186, Hazzard insurance: 45, PMI (cause you put 3% down): 126

Monthly Estimate to own your home: $1,543.00

A Before tax income of 43,000.00 divided by 12 months is $3,583.33 a month.

  • Monthly Gross Pay $3,583.33
  • Federal Withholding $547.83
  • Social Security $222.17
  • Medicare $51.96
  • California $128.89
  • CA SDI $28.67

    Net Pay $2,603.81

now lets take that pretty mortage payment, property taxes, etc... out of that new amount. $1,060.81 left lets run the numbers with my budget--- for necessities only and this is for an apartment... not a house...

Groceries (120.00) Laundry (20.00) Water (16.00) Gasoline and car repairs (140) Car insurance (96.00) Electricity (45.00) Cell (55.00) Household (25.00) Fun (50.00)

493.81 left

No savings for emergencies yet, no retirement savings yet... AND NO HOME OWNERS ASSOCIATION DUES!!!!!!! That seems to close to comfort for the average american when HOA's are aroun 200-300 bucks a pop.

Now, lets run my numbers...

Monthly, Come January I should net 2,536.88 A month after taxes, etc (assuming the calculatorI used was right with the state and fed taxes that would come out).

Take out the Mortgage payment (1543.00) and I have 993.88 a month left...

Groceries (120.00) Laundry (20.00) Water (16.00) Gasoline and car repairs (140) Car insurance (96.00) Electricity (45.00) Cell (55.00) Household (25.00) Fun (50.00)

426.88 a month... Throw in a 300 HOA because the only thing I could afford would be a condo with a sell price that low... and i'm down to 126.88 a month. ----No Emergency fund savings, no equake insurance, no monthly retirement savings...

Now I'd have 2 extra paychecks to set aside for retirement -- but not enought to max out a roth mind ya... and yes I would have the option of overtime occassionally... But i'd be one house repair (and yes that would be a fixer upper condo for the price which equals repairs....) from raiding emergency funds.

Now some would be quick to point out the tax perks (like writting off the Interest on the home...) 12,421.11 in the first year alone... which is quiet nice... But i wouldn't see that money until the following year when tax rebate time came around. 126.88 and all the hidden costs of homeownership is NOT enough to swing in on a "deal." Especially when that deal would stop all kinds of retirement saving.

Nope, this gurl is RENTING and saving more money and waiting for 20% DP and a standard 30 year fixed at no more the 5.5% interest WITHOUT buying points... (i could qualify for that easy with the 20% DP). I won't pay PMI.

Sad day...

My grandfather passed away yesterday....

you will be missed Vincent...
you were a good man...
Now smile and rest...

Friday, September 26, 2008

The house search

While the official house search is way down the line (years till purchase)... I'm sad to say that a lot of the places and area's i was looking into have gone off the market... They just don't want have the place sold for what its worth... which is less then they paid...

the average House in this area is around the $400,000.00 price right now... (once 600-700,000.00)

The condo's were going for 250,000.00... (once 375,000.00)

The government says with 3% down and my current income of $40,000 I can afford to finance $174,000.00... but i'll but 20% down to avoid PMI... I wonder if that's really affordable or not...

Im a long way from looking, touring, and buying... but it's interesting to see what THEY think you can afford... lol...

~House down payment fund update~

Right now, my house dp fund is at $4,989.38

If i count the interest that has been gained over the month, it's at 4,995.96---NOT including IGOBanking since they don't post how much your earning along the way.... Which means...


Drum Roll....

I"M CLEARING $5,000.00 this MONTH!!!!!!!

!!!Happy Dance TIME!!!
WOOT WOOT WOOT WOOT WOOT WOOT WOOT WOOT WOOT WOOT WOOT WOOT
Slowly, one step at a time... I will be able to afford a home...

Another paycheck.... and no retro

Retro pay is now up to $728.00 ruffly... More then enough to cover the plane ticket if i ever get to see the cash.... next paycheck hopefully.... (yup, every two weeks i sing the same song over and over again... maybe next time...)

I had a 2 hours of overtime on my paycheck... so that money is sitting around as a buffer to get me through the month (i'm going to buy my halloween costume this month event tho its budgeted for next month cause i got a really good coupon in the mail circular so i'll buy it a week early and save a few bucks! plus i have another birthday party to go to that was mentioned kinda last minuet so extra cash this month will be nice.

My next paycheck will have a bit of overtime on it since i had to stay late to cover the desk after a conference so the second half of the workers could attend it.

Thursday, September 25, 2008

Back from Texas...

It took some planning, but I was able to keep my spending cash to $60.00 for the week i was there (including train and food). Goodies bought at the airport on the other hand were a little high, but still in a good range.

I got my car serviced-- woot! and it looks like i'll stay afloat this month and be able to add a few dollars to the plane ticket fund.... Hopefully soon i'll be able to replace the money with the retro pay from my work... (maybe i'll have that pretty good news on tomorrows paycheck...)

either way I got around $35.00 for the rest of the month (part of which is going into my gas tank to get me through to the begining of next month) ---this is from the rest of the overtime money i set aside for my car maint. WOOT for it being cheaper then i thought! ***happy dance***

and it looks like i'll be able to fund another kiva loan when the check comes in in a couple of days!!! yeah!!!! (any country suggestions???)

and in continuing the good news.... I think the house DP fund is going to squeek past 5,000 this month! WOOT WOOT WOOT

(and i missed my boyfriend terribly while i was gone... I've decided never to travel without him... lol)

Wednesday, September 17, 2008

Update on Kiva Loan Number one

Atim Irene's Group in Uganda (Activity: Medical Clinic)
You Loaned:$25.00
Newly Repaid:$4.16
Total Repaid So Far:$16.66 (66.64% of your loan)


Wahoo! It looks like when i get back from Texas that i'll be able to fund another loan on KIVA!!! Any country ideas or general areas???


Monday, September 15, 2008

Stock market lows...

In the 2 years i've had my Roth... I've lost $641.00

I have 2,600 waiting in an account to buy shares with for the rest of the year... (well 2500 since today was the day my automatic buy of $100.00 went through...)

this means that out of the money i've paid to it already... i've lost 641.00

9,000 -2600 =6400 invested... and i've lost 641.00

I've lost 10%

yet I bough $100.00 worth of shares today... and i'll continue to slowly buy the rest of the $2,500.00

You have to buy when its low and hold it... and it might keep dropping, but i'm going to keep buying. (after this year though, i'm stopping the automatic buys and i'll buy on my own a little every week since i'm saving for my roth with just my extra checks and my tax refund...)

But to agree with Krystal at one of my favorite blogs (http://krystalatwork.blogspot.com/)..... Ouch! Today hurt....

Saturday, September 13, 2008

gearing up for texas

Sorry for the lack of content on the site. My grandfather has been really ill and i've been bouncing between phone calls with family members I don't want to talk to and trying to find out if he's okay.

Luckily, it looks like he will pull through...

Now if only i could find the time to start packing for texas....

Kiva update loan number 2

Eal Nub in Cambodia (Activity: Fish Selling)

You Loaned:$25.00

Newly Repaid:$1.56

Total Repaid So Far:$3.12 (12.48% of your loan)

Friday, September 12, 2008

I talked to my boss about that review of mine....

and He said he was sorry that it took so long, but its finally been sent over to City Hall.

Which mean that when i get back from Vacation, I may see that money on my paycheck... if not, it will probably be on the next one.

phew!

Pay day!

House downpayment: $4,589.68!

retro pay is now up to: $652.96.............

But i did get my holiday pay (an extra 125.29) which will go to pay for my car check up... any extra will go to the plane ticket. I'm going to talk with my boss about my review today.

Sunday, September 7, 2008

This is a pricy month for me

I have my Texas trip... (and a plane ticket i'm still trying to put the fund back that I borrowed...)

  • The boyfriends birthday...
  • his mom's birthday...
  • his dad's birthday...
  • my "aunts" birthday...
  • my roommates birthday...
I have to go look at bridesmaid dresses on tuesday.... (the mani-pedi trip got cancelled... his sister realised it was my BOYFRIENDS birthday that day.... i'm just glad she has some sense right now.)

plus we add in the little shopping i did earlier in the week to slowly update the wardrobe... It will be a miracle if i cross the 5,000.00 mark on my house downpayment fund...

If only that retro pay and my raise would get processed through... if it hasn't happened after my vacation, then i'm going to mention it to my boss again. I gave it to him compleated on APRIL 20th.... my review was due on May 20th... He's had the darn thing finished for 4 months already.... when i come back from my vacation it will be 5 months that he has had it, 4 months that its late....

oh well... se la vie (or however you spell that)

Friday, September 5, 2008

Another day... another dollar.... and a mini shopping spree

I figure if the worst thing I do in a day is spell bored "board" then its a good day... (but thanks for the few people who pointed it out... yes, i seldom proof read my posts... i don't get too "bored" to do that, lol)

I interviewed on Tuesday for another position at work... actually the same position I have now, just at a different cite with better hours and a nice enviornment.... ****here's hoping I get it****

Do to said possible job change, i did a mini shopping treat (aka-- buying some business casual clothes just incase... and also more age appropriate then tee-shirts and jeans). Hopefully I get the job... I already know what i'll wear on day one if i get it... (i love redish burgandy)....

I also bought and made my BF his birthday present, got a card for his mothers birthday... so now i need to get a card for his, his dad's, and start getting my texas packing off by tracking down that carry on suitecase i'm borrowing. (i'm gonna live out of a carry on for 6 days.... since i'm changing flights to make the trip cheaper, i'm not trusting my baggage to the attendents... my sister's luggage was lost only a few weeks ago--- but at least they found it.)

Hopefully this will be a good financial month. =)