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Decision Made – I’m Not Selling

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I wanted to settle the great debate that has been raging in my head for the last, almost year, since my devastating job loss. I have no plans to sell my home. Holding on to this home is what I want to do.

You all have given me some fantastic advice as I struggled with this thought the last several months as things became so hard financially.

Brief Recap

I currently live in and own a 1100 square foot, brick home in a tiny little town in Northeast Georgia at the base of the Smokey Mountains. I love tiny town living. And I have poured tons of blood, sweat, and tears into remodeling this home to make it perfect for me (and my dogs.) This is the first home I ever bought completely on my own.

Hope's home

My home (pics 2022)

When I lost a really great and loved corporate job a year and a half ago, I hoped to jump right into a similar role. To date, I have not even come close to finding a new full time job despite 100s of applications. But I have been blessed with several part time jobs and some project work. But things have gotten really, really tight and scary at times.

I am just now getting back on my feet after about 4 months of almost losing everything. And selling my home and moving to a larger market became a true debate.

Decision Made

But I have decided to no longer entertain the thought of selling the house. There are lots of reasons but here are the highlights that tipped the scale.

  1. Chances of me qualifying for another home purchase are slim to none in the nearby (ie several years) future due to my debt load and the trouble I’m having finding a full time job.
  2. This is the perfect retirement/grow old in house for me and my lifestyle. So even if I move away for work at some juncture temporarily, having this home to come back to in my old age seems perfect. It’s one story, has great bones, and after almost 7 years now I know all the quirks and needs which is very comforting for me. (And the rental market here is HOT so I would have no problem renting it out should I move away for a while.)
  3. The cost of living is so low. I have known for a long time, like decades now, that I never want to be house poor. I don’t think I could find a house for this cost in this condition nearly anywhere. (I paid $90,000 for this home 2 1/2 year ago.) Once I get out of my consumer debt, I could afford life here relatively easily.
  4. I wasn’t able to give my kids housing stability growing up due to a number of circumstances. But holding on to this house which is the longest any of us (including me) has lived anywhere, gives us all some sort of roots. Something I never had and I desperately wanted for my kids. It may not be much, but that means something to me. And it gives them somewhere to come home to, should they ever need too.

Content

Having this decision made ahead of the new year gives me an immense sense of peace and contentment. One less thing to distract me as I work my way back and forward to a new life.

Also, good news, that I will share more of in the new year, as of today, my mortgage is paid through February 1 (so I am one month ahead now) and I have paid over 1/2 of the payment due then! Woot, woot!

 

Affordable Holiday Festivities and Changes at Work

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Happy holidays! I hope everyone enjoyed their celebrations this week. My partner and I did things differently this year to keep our holiday festivities affordable and low-effort. Instead of doing a big Christmas dinner spread with a roast and sides, we decided to make fondue. 

All we had to buy were some vegetables for dipping and a block of fontina cheese, which was about $20 altogether. It probably wasn’t the healthiest dinner, but it was a nice treat for Christmas. Fondue felt special enough to to be an affordable alternative to the traditional, expensive holiday feast. Plus, we were happy to avoid spending hours in the kitchen. We used the time we regained to play board games and watch movies, so we had a very relaxing holiday. 

NYE Savings

For New Year’s Eve, we typically make finger foods and watch the ball drop at home. I just went to the store today to restock a few staples and grab ingredients for our NYE appetizers. I only spent $30 because I had a $15 gift card from a recent promotion at my grocery store. Plus, I used two $6 off coupons that Cabot kindly sent us because we didn’t enjoy one of their products. I highly suggest emailing or writing to companies to let them know about your experience with their brand (whether positive or negative), because they’ll often send you coupons in return. 

Because of my Cabot coupons and a BOGO50 sale, I was able to get some fancy horseradish and herb cheddar cheeses for $1 each. We’re planning to do a cheese board with those and make some vegetable burger sliders, potato skins, and corn blini with avocado for NYE. 

I’m allergic to alcohol, so we don’t get any bubbly or ovepriced sparkling juices. We also avoid the cheesy disposable hats and glasses that will just end up in the landfill after the holiday. We don’t really do anything for New Year’s Day besides watching the Rose Parade, which helps us save money as well.

What did you do for Christmas this year and what are your New Year’s plans? Have you been able to stick to your holiday budget and find ways to cut costs? 

Changes at Partner’s Work

My partner has recently learned about some changes at work that might affect our financial plans in 2024. In the sales industry, promotions are often based on factors like how much you’ve grown your territory, increased your sales and profitability, and similar metrics. My partner gained a lot of new customers this year, so we thought there may be a promotion coming, but it looks like that probably won’t happen this year. There’s a new metric that the sales team is being judged on for promotions that’s really hard to hit, so very few people are getting promoted according to my partner’s boss.

Bonuses Will Be Harder to Earn

Plus, there are going to be some changes to the bonus structure that will make it harder for my partner to get good bonuses. We don’t budget based off of that money and weren’t counting on it. However, it’s always nice to be able to put extra money in savings or pay off some mortgage principal with bonus payments. Although these changes are a bit disappointing, my partner is still happy at work overall and not looking for a new role any time soon.

Finance experts often recommend job hopping for raises and promotions, but there aren’t a ton of good employment options in our area because it’s pretty rural. Many employees at my partner’s company has been there for decades because it’s generally a good place to work. They get solid benefits and annual cost of living increases, which seems rare these days. My partner might be able to get higher pay by looking for a remote role, but it’s not something we’re planning on exploring any time soon. Right now we’re just grateful that we have stable employment in this uncertain economy.

Have you experienced any financial changes recently that could affect your plans and goals in the new year?

Read More 

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