fbpx
:::: MENU ::::

Browsing posts in: :)

Proud Mama Moment – Generous Kids

by

Ever since History Buff began working full time, he began showing up every once in a while with a little something for Princess and I. Now that Beautician (decided on a nick name for my new foster daughter) moved in, he began including her. Last night he came in and gave each of the girls a $5 bill. It’s just a small sign of his generous heart.

We all went to lunch this week at the local restaurant. First time in ages, we’ve all been out to eat at a sit down restaurant. I presented my 3 kids (Gymnast is still in Texas) with a challenge. I asked them to remember all the help they have gotten in their lives from their extended family and people in our village.

And then I pulled an old spaghetti jar out of my purse that I had Beautician paint previously. I super glued the top of the jar and had History Buff cut a slit in it for me.

Will You Help Someone Else?

You see Beautician has not been able to get her drivers license (or even her permit,) but she will turn 18 later this year. She and I have been chatting off and on over the weeks she has been here, I have encouraged her to begin saving for her first car. Without a car there’s not much she will be able to do when she graduates next year as there is no public transportation here.  (Right now, the four of us get her to and from work every day. And we will tackle the school year when it gets here.)

She has committed to saving money from every paycheck for a car…and we decided this sealed jar was the ideal way to do that. (She can’t open a savings account either until she turns 18.)

I presented the jar to the kids at lunch and asked them to become Beautician’s extended family. I asked that contribute to the car savings when they find themselves with spare change or extra cash. She had no idea what I was going to do and she broke down in tears. Each of the kids quickly chimed in their commitment to help. They were very quick to remember and share the many times people have contributed to their growth and financial successes.

It was funny how the kids all said “did mom give you the whole ‘pay yourself a car payment….’ speech?” and so much more that they have heard from me for years.

Let’s Fill the Jar

We are determined that by the time she is ready to get her license, she will have the cash to purchase a decent cash car  and have some money toward car insurance. And it will be a treat to watch her bust her jar open when it comes time!

As soon as we returned from lunch, all 3 children ran to begin contributing. I do believe we are going to need some additional jars by the end of this! History Buff and Sea Cadet both added their loose change savings to her jar. (She started with $100 from her check.)

Watching my kids immediately pitch in to support another made this mother super proud and showed Beautician that she is so loved and valued.

 

 

Our Debt-to-Income Ratio Reality Check

by

 

Our Debt-to-Income Ratio Reality Check

We gained another reason to hate our debt this week: a little something called the debt-to-income ratio.

With the pandemic easing up, we’re back to actively looking for a home. I had never stopped looking online, but we knew we had to wait until we were working again.

Two weeks ago we walked through a modest house we loved. It wasn’t perfect, but it was right by our business in a nice neighborhood. Plus, there was room for a hammock and a garden. We had a really good feeling about it.

This house first went on the market in March just as the quarantine was ramping up. They hadn’t seen much action on it for two months, so the price was slashed twice. It just all felt meant to be.

Bumpable Buyers

We made an offer, contingent on selling our home, and they accepted. However, they made us “bumpable buyers,” meaning if another buyer came along that could make a non-contingent offer, we could get the boot. I really wasn’t worried about it though. Surely we’d sell our house quick and it would all work out, right?

Wellll, three days later, before we even had a chance to get our house on the market, two more people made cash offers for this house on the same day. It was nuts. Our contract gave us 48 hours to come up with a better offer.

Ah! We were so disappointed. No offers for months, and then basically three within a couple days??

As we tried to brainstorm how we could keep it, we contacted our lender. He helped us with our first home loan six years ago and he was helping us again. I kept thinking, “Surely he can help us think of something.” We could even see on the IRS site that our tax return would soon arrive (ta-da!), and we thought it could be used as a small down payment.

Oh, young and naive us…

Our Reality Check

He said due to our debt-to-income ratio, he couldn’t offer us a loan before we sold our house. Essentially we could have two mortgages at once, and with all our student loan debt, that made our DTI too high and us too risky.

Those friggin’ student loans are the gift that keeps on giving.

We weren’t able to find a solution, so we lost that house. We are still pretty crushed. It had just all felt so right. Our house is now on the market, and we’re looking and looking for our next home. That other house is now the one that got away, and it’s set the bar for us.

I have to say, though, that this week has put our disappointment in perspective. It’s been a heavy one for our whole country. As sad as I was to have to change course, I know there are bigger, more important problems out there. So we’ll continue our house hunt, hope our house sells, and pray for greater peace, understanding, and respect in our communities.