Poor Anonymous is going to keep cloaked once he/she/it reads this post.
In response to my last post, where I mentioned that my rental house needs a new roof this summer, anonymous perkily commented, " If you can save $1,000 a month, you will have the money in a few months."
Say what? Are we on the same planet?
If I could save $1000 a month, I would be out of debt in the next couple of years.
But it took everything I had to put $1300 against my debt during May--including my car payment and my minimum payments. Whether I can manage that feat again in the next few months remains to be seen.
Let's face it. The roof will have to be financed. I have $318 in what is supposed to be my $1000 baby emergency fund. I'll have, maybe, $500, by the time I have to pay for the roof.
Like the van last December, getting a roof is both necessary and expensive. I will get a deal of sorts because my tenant's father does roofing and my tenant has made no secret that he'd like to buy the house one day. I'll get a deal and Dad will do a good job for his kid. But he won't do it for free, or even for $500.
OK--end of rant.
But please--it doesn't help to tell me that if I'd just save $1000 a month, I'd be OK!!
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Contact Grace: Gracefulretire@aol.com
Getting a late start on retirement saving and debt reduction in middle age with a middle class income.
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Contact Grace: Gracefulretire@aol.com
About Me
- Grace.
- I'm 63, a single mom, getting a late start on my retirement. Travel along as I reduce debt, increase savings and get myself situated for retirement one of these days.
Personal Finance and Retirement Blogs I Read
- A Gai Shan Life
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- Always the Planner
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- Beach Girl's Budget Blog
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- Boxcar Kids
- Buck$omeboomer's Financial Path to Retirement
- Cents To Save
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- Frugal Texas Gal
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- Life Doesn't Begin at Retirement
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- Towards Retirement With Debt
- What Fresh Hell Is This? A Winsome Look at Life after 50
- Yes, I Am Cheap
8 comments:
Crap. A new roof is really expensive. I hope ours lasts another couple of years....
If it's not the house it's the kids...when is it going to be our turn, Grace???? sigh.
Some of us realize that saving $1000 a month is a BIG deal. Doing it for several months is a near impossibilty. Don't let it get to you.
Different anonymous here...
But maybe that anonymous meant to put only 300-odd towards debt and put the 1K you had been putting towards debt in savings instead?
Personally I'm not sure that makes much sense unless the debt you're paying down is lower interest than the debt you'd be taking on to finance the new roof. I also don't know when you need the new roof by, but if it's a while from now, the money you weren't putting towards debt would be earning the bad kind of debt interest and not a whole lot of good interest in short term savings.
Man it sure will feel nice to have that debt dead and gone-- then you *will* be able to just put 1000 away for additional retirement or emergency fund savings every month. (And that $300 odd can go to additional spending or whatever the heck you want because you'll have earned it.)
Once you knew the roof was going to have to be replaced in the near future, you should have started setting aside money. If not $1,000a month, then $200. Or whatever Grace can squeeze out of the budget. Try telling the kids and grandkids "no." It's a word they need to start hearing from you. Get them used to the idea that mom/grandma is not going to buy them much of anything beyond the most basic necessities until the roof is replaced and you are out of debt.
It sounds to me like the $1,351 is what you pay off on the existing debt when you aren't forced to go into more debt. Or did you pay extra on something this month? Any money that you are paying extra should go to the emergency fund and once that's funded, then you should decide how to split that extra money between paying down debt and saving up for the roof.
Can the roof go another winter, maybe with some inexpensive patching? The more you save up, the less you will have to borrow. Set your mind to the goal, Grace, and don't let unnecessary spending and your padded payroll keep you from achieving your goal.
Unfortunately, the roof isn't going to wait. It's already leaking. But the house is 900 square feet and all on one level, so I'm keeping my fingers crossed that it won't be anywhere near the $10,000 it cost me ten years ago to roof my current residence.
MasterPo is going to have to replace the roof this year too. Can't complain too much though. It lasted several more years than the inspector recommended it would.
Might as well do a few other odds and ends while the roof is open too. No sense ripping up a new roof again in a few years.
ps- MasterPo Agrees with Frances.
I suggest that you multitask: While saving $1,000 a month for a few months, why not work on a cure for cancer and bring about peace in our lifetime?
Okay, that was a little sarcastic. Sorry.
I think you already know what you have to do. Nobody *likes* financing major home repairs. Sometimes it's just necessary.
Thank you Donna for making me laugh. I'm pretty close on the cancer cure, but dang, this world peace stuff is harder than it looks!
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