Psych Central

Go Back   Forums at Psych Central > >



advertisement
Reply
 
Thread Tools Display Modes
Old 09-16-2018, 05:30 PM   #1
Aviza
Poohbah
 
Aviza's Avatar
Aviza has no updates.
 
Member Since: Jan 2013
Location: Midwest
Posts: 1,040
My Mood: Setting a saving goal

5 yr Member
33 hugs
given
PC PoohBah!
Default Setting a saving goal

I'm good with goals, now I'm determined to save money. I redid my budget several times. Figured out where I can cut down, determined in 2 years I will have a good amount saved.

That way I won't have to ask my brother for downpayment money, though I am going to try for a zero down loan. Than I can just do it on my own. That's my hope but we'll have to see how the saving goes. I put together a solid plan starting this month.

In 16 months my brother is paid off, in 10 months my mother is paid off. In 23 months disability is paid back, which I'm not really counting towards my income because my medical will likely go up. Planning is exciting doing is harder. One credit card is super close to being paid off the other is $400 and will take a few months. But I'm not worried about my credit cards too much.

I'll reapply for the zero down loan in March. If I'm not approved I'll go from there. I really want to own my own condo so I don't have to move and can live how I want. I may rent out a room for extra money because I'm definitely getting a 2 bedroom. My daughter will be graduating in two years.
__________________
Son: 14, 12/15/2009 R.I.P.
Daughter: 16
Diagnosis: Bipolar with Psychosis. Latuda 80 mgs.
Roprinole 5 mgs. x3/day
Aviza is offline   Reply With Quote
Hugs from:

advertisement
Old 09-20-2018, 07:29 AM   #2
Rose76
Wise Elder
 
Rose76's Avatar
Rose76 pondering what to do next.
 
Member Since: Mar 2011
Location: USA
Posts: 9,217 (SuperPoster!)
My Mood: Setting a saving goal

5 yr Member
3,956 hugs
given
PC PoohBah!
Default Re: Setting a saving goal

Have you ever rented an apartment? I'm asking if you have any experience living independent of your parents. It sounds to me like that is what you most need to acquire. You need a space to call your own. A rented space can provide that. This condo that you are wishing for would actually belong to the bank, while there is a mortgage. That's really just a more complicated way of renting. Do you currently pay toward your room and board? It sounds like you have been very dependant financially on your family. Weening yourself off of that dependency is what you need to do first.

Congratulations on almost paying off that credit card. Now stop using credit cards, and stop borrowing from family. Borrowing for you has become an addiction. Break it. If you need 23 months to pay back your family and disability, then you can't accumulate savings over the next two years - regardless of what your budget tells you. You are not budgeting. You are fantasizing. Pay mother and brother back ASAP. Then you can save. When you set unrealistic goals, you are not planning. You are daydreaming. That is escapism. In the end, reality cannot be escaped.

Last edited by Rose76; 09-20-2018 at 07:44 AM..
Rose76 is offline   Reply With Quote
Old 09-21-2018, 05:40 AM   #3
Aviza
Poohbah
 
Aviza's Avatar
Aviza has no updates.
 
Member Since: Jan 2013
Location: Midwest
Posts: 1,040
My Mood: Setting a saving goal

5 yr Member
33 hugs
given
PC PoohBah!
Default Re: Setting a saving goal

That's just wrong. You can save while paying bills, you are never without bills and have to learn to work around them. Yes I pay mom rent. My brother loaned me money to buy a car, instead of going through a bank. So he's my car payment. Heck my dad saved all his life he had a mortgage and credit cards and car payments, insurance. But he saved. You are just wrong.
__________________
Son: 14, 12/15/2009 R.I.P.
Daughter: 16
Diagnosis: Bipolar with Psychosis. Latuda 80 mgs.
Roprinole 5 mgs. x3/day
Aviza is offline   Reply With Quote
Old 09-21-2018, 12:17 PM   #4
Rose76
Wise Elder
 
Rose76's Avatar
Rose76 pondering what to do next.
 
Member Since: Mar 2011
Location: USA
Posts: 9,217 (SuperPoster!)
My Mood: Setting a saving goal

5 yr Member
3,956 hugs
given
PC PoohBah!
Default Re: Setting a saving goal

Whatever works for you is the way to go.
Rose76 is offline   Reply With Quote
Old 09-29-2018, 05:31 AM   #5
divine1966
Legendary
 
divine1966's Avatar
divine1966 has no updates.
 
Member Since: Dec 2014
Location: US
Posts: 12,062 (SuperPoster!)
My Mood: Setting a saving goal

3 yr Member
297 hugs
given
PC PoohBah!
Default Re: Setting a saving goal

Is your brother even willing to lend you money? When you borrowed from him before, it caused problems between you two. You still owe him money for the car and you donít even have that car anymore. He might not be interested giving you money for the condo because itís not a necessity.

Are you calculating association fee into monthly payments on a condo? If you canít afford moving out of your moms house, it will impossible to afford mortgage and association fee. Frankly this condo will not be yours. It will belong to the bank as youíll be paying mortgage plus youd be paying your brother for a down payment. It wonít really belong to you anyways. Not for many years.

Why not rent your own place? Why not get subsidized apartment? We are renting (we donít feel like buying honestly even though we make good money) and itís decorared and furnished by us exactly how we want it. So itís very much ďoursĒ. You donít need to get into further debt with bank and brother to have place that looks and feels like yours.

Are you being realistic? Maybe talk to a financial planner?
divine1966 is offline   Reply With Quote
Hugs from:
Old 09-29-2018, 08:17 PM   #6
Quarter life
Elder...and a bit Older
Community Liaison
 
Quarter life's Avatar
Quarter life Is Very Angry
 
Member Since: Nov 2013
Location: My Own Orbit
Posts: 6,360 (SuperPoster!)
My Mood: Setting a saving goal

5 yr Member
500 hugs
given
PC PoohBah!
Default Re: Setting a saving goal

Working toward a soft place to land financially is most definitely a worthwhile goal.....And an absolutely beautiful feeling when achieved. Starting with the tough stuff small is a prudent way to go IMO. Making a lists of needs and wants will put your current finances into perspective....it's easy...everything on the want list takes a back seat. Even our need list can be whittled down, it's amazing what we can live without when we can see the end picture.

Many years ago I had nothing...not even a place to live. However I started working on small goals, and kept building on them. Some weeks I could only afford to save $2... But I made a rule that I must put something aside into savings every week...no matter how small.

I also learned early that credit cards are the bank's way of telling you that you can't afford something ....get rid of them....you can get yourself a low interest card for emergencies later down the track. Meeting our obligations and paying off debt isn't fun...but factoring in these financial anchors early into our long term goal will relieve stress and allow for a more realistic outcome.

Nothing worthwhile is easy...and it can take some time to start seeing long term results. But that homeless destitute girl that I once was now owns her second home and is 100% debt free. She still makes wants and needs lists, and saves her loose change...as she knows too well it feels like to have nothing.

I support your efforts 100% Aviza...just keep chipping away with the long term goal in mind...you will get there.
__________________
The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."
Quarter life is offline   Reply With Quote
Old 10-01-2018, 08:08 AM   #7
rechu
Member
rechu has no updates.
 
Member Since: Apr 2016
Location: Somewhere in South America
Posts: 261
2 yr Member
24 hugs
given
Default Re: Setting a saving goal

I agree with Quarter Life, that it is important to consistently put something away, even if it isn't much. I don't know if it there is any way to set up some sort of automatic transfer to a savings or investment account, that might make it easier. When I was making a lot less than I am now, I still managed to set something aside every month.



For me, getting out of debt was my first priority and I have been debt free for about 8 years now. It is a great feeling.


These days I am able to save about 1/4 of my take-home income from my regular job as well as some freelance income I have. Not having any debt means that we have more money available to save and we also consider saving a priority. What I do, is, as soon as I get paid, I transfer that 1/4 into savings-, I have an emergency savings account, mutual funds, stocks and a retirement savings account and split it among those.


I would say to sit down and figure out how much you can realistically put away every month. Then, as soon as you get paid, transfer it into whatever type of account you decide to use for savings. I think some sort of emergency fund would be the most important place to start. That way, after a while, you won't have to turn to credit cards if an unexpected expense like a car repair comes up.
rechu is offline   Reply With Quote
Old 10-04-2018, 07:42 PM   #8
Aviza
Poohbah
 
Aviza's Avatar
Aviza has no updates.
 
Member Since: Jan 2013
Location: Midwest
Posts: 1,040
My Mood: Setting a saving goal

5 yr Member
33 hugs
given
PC PoohBah!
Default Re: Setting a saving goal

I use credit cards for some songwriting expenses and lifelock. Otherwise I'm taking money from every check for savings. I get two checks from work and one from SSD. The last two paychecks were higher so I could save more. The month just started but I'm tightening my belt.

I have rented on my own twice before. My brother has said if i stay living with mom he'll use our inheritance to buy me a place after she's died. But he want me living with her because we both are happier having company.
__________________
Son: 14, 12/15/2009 R.I.P.
Daughter: 16
Diagnosis: Bipolar with Psychosis. Latuda 80 mgs.
Roprinole 5 mgs. x3/day
Aviza is offline   Reply With Quote
"Thanks for this!" says:
Old 10-07-2018, 08:00 PM   #9
Aviza
Poohbah
 
Aviza's Avatar
Aviza has no updates.
 
Member Since: Jan 2013
Location: Midwest
Posts: 1,040
My Mood: Setting a saving goal

5 yr Member
33 hugs
given
PC PoohBah!
Default Re: Setting a saving goal

I'm so proud I really have a good savings going now. So excited. My credit score went up 5 points and I have a nice start to my savings account. Now to keep it up.
__________________
Son: 14, 12/15/2009 R.I.P.
Daughter: 16
Diagnosis: Bipolar with Psychosis. Latuda 80 mgs.
Roprinole 5 mgs. x3/day
Aviza is offline   Reply With Quote
"Thanks for this!" says:
Old 10-07-2018, 09:09 PM   #10
Rose76
Wise Elder
 
Rose76's Avatar
Rose76 pondering what to do next.
 
Member Since: Mar 2011
Location: USA
Posts: 9,217 (SuperPoster!)
My Mood: Setting a saving goal

5 yr Member
3,956 hugs
given
PC PoohBah!
Default Re: Setting a saving goal

Make sure you're not charging things on credit cards so that you can put money into your savings account. That would be just fooling yourself.
Rose76 is offline   Reply With Quote
Hugs from:
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 09:13 PM.


Powered by vBulletin® — Copyright © 2000 - 2018, Jelsoft Enterprises Ltd.



advertisement

 

The material on this site is for informational purposes only, and is not a substitute for medical advice,
diagnosis or treatment provided by a qualified health care provider.
Always consult your doctor or mental health professional before trying anything you read here.

 

HomeAbout UsContact UsPrivacy PolicyTerms of UseDisclaimer
Forums HomeCommunity GuidelinesHelp


 
Helplines and Lifelines