I talked to everyone about the house and we all agreed its bad timeing and that it would be a stretch to afford it... and I also talked with my mom and she is more then willing to let me come back home and stay for a year and a half... RENT FREE because
I'll be able to max out my roth for 2008 and stock away at least $2,000 a month for my downpayment on a condo... And were talking a 2 bedroom condo, not a tiny 500 square foot hole in the wall...
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Reasons for the change:
- I don't have roommates who can afford to move into my current apartment (the downside of being the only one with a real job)
- I don't want to throw away 1200 on a single apartment
- I want to have my own room (i'm at that point in my life where i'm tired of walking over other peoples dirty laundry, lol)
- I have a rent free option and motivation to do it and minimize the amount of time In which i'd need to do it.
- It places me at a good time in the market cycle so I should be able to find something great and in the winter people drop prices on their home a bit even more!
I commend you on coming to this decision, it's a big one. That said I hope you've given it a lot of thought because once you've lived on your own it's hard to move back home. Believe me I know. If I can recommend something please read the book "Boomerang Nation" by Elina Furman. It gives a lot of good information on how to make the transition easier and bearable for everyone. I wish I had read it before I moved back home. Best of luck!
ReplyDeleteBTW, I've been reading your blog for a while now (found it on MSN MBs) and you're doing awesome for being 21, wish I had at that age, though I'm only 4 years older than you! You've inspired me to continue on in my PF journey.
~RM
Is your mom still drinking? I thought that you had cut her off until she got help with that problem.
ReplyDeleteMy mom is attending some AA meetings and my sister (who was a large source of the problem) is now out of the house and living on her own.
ReplyDeleteShe's been sober now for a few months now and is doing really well with it.
This would actually be a positive step in her recovery, as i can be there to help her through some of it and I can make sure she's going to meetings.
(thanks for asking!)
It sounds like a positive situation for you and your mom. I'm sure she's a much different person when she's sober. I'm happy to hear that she's doing better.
ReplyDeleteSince you aren't paying rent, have you discussed other bills? I mean does she expect you to pay any bills other than your car insurance? Does she expect you to buy your own groceries?
Maybe now would be a good time to get your Masters while you have the extra income?
Sometimes, as much as it sucks to moe back in with parents who may not see you as an adult, it can totally be your best option in order to reach future goals.
ReplyDeleteMy husband and I both moved back to our parent's respective homes for 2 years to do exactly what you are doing, saving for retirement and saving for a home.
Good Luck,
Diane
Glad to hear that your mom is doing better and doing some work on herself. Also, that your sister has gotten out on her own.
ReplyDeleteIt is so great that you can move home for awhile and save for a house! I'm looking forward to watching your DP fund grow! $2,000.00 a month! Awesome!