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Continuing from my last couple of posts regarding the current situation and my personal finance choices, I am considering all options. And I do still have options.

The Major Challenges

Mortgage – I am officially officially one month behind on my mortgage payment this coming week. Per my Googling, I can expect 2-4 months of no mortgage payments to trigger foreclosure, but I am going to call my lender this next week and have a conversation. I do not want to risk foreclosure, so I am exploring options to sell before that.

Auto Insurance – If I can’t pay last month’s auto insurance balance by November 4, our policy will be cancelled. This is my #1 priority this week.

Electricity – If I can’t pay last month’s bill by November 9th, we may be subject to it being cut off. I believe I can make a partial payment and buy a little more time.

Water – I have bought a little more time by making a partial payment, but last notice said I had to be current by November 24th or risk it being cut off.

The Good News

I’ve picked up some extra paying work this coming week. And it could lead to a bigger project, ie a pretty complex website build. Now, I won’t get paid this week, but I will bill this week so that should help with the above.

Options

Depending on my conversation with my mortgage lender, my thought is to give it until the end of this calendar year to see if I can find steady work. If yes, great, I’ll recover and get back on my feet a little at a time.

If not, then putting the house on the market very quickly in the new year will probably be my best bet. Houses are still selling relatively quickly here, and I have a good amount of equity in the house since I got such a good deal on it and have done LOTS of improvements. Alternatively, if I can get caught up enough, I could rent out the extra room and see if that plus some extra work could keep us in the house.

The house is the biggest drain on my funds. The other is bills for Gymnast and he is going to begin contributing now to his bills, that will take some pressure off. (Originally he would take them over completely come January, but he is starting now instead. I don’t know if he will cover everything right now, but he knows the numbers and we are using this weekend to do some research on best options.)

Hope

Hope is a creative, solutions-focused business manager helping clients grow their business and work more efficiently by leveraging expertise in project management, digital marketing, & tech solutions. She’s recently become an empty nester as her 5 foster/adoptive kids have spread their wings. She lives with her 5 dogs in a small town in NE Georgia and prefers the mountains to the beaches any day. She struggles with the travel bug and is doing her best to help each of her kids as their finish schooling and become independent (but it’s hard!) She has run her own consulting company for almost twenty years! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally in a place to really focus on making wise financial decisions.

Car versus House

by Hope

My last post about the current situation stirred up a lot of comments on options. And things I should do. And, of course, lots of discourse over me being unrealistic and wrong.

Here’s the deal. Personal finance is persona for a reason. And while I greatly appreciate constructive criticism and guidance, shaming me for my priorities and choices, well, really?

So let’s clear some things up and share a bit more…

The House

Before I turned 18, I had moved 18 times. And it’s at least double that now. Being “homeless” especially now that it’s just me, does not scare me. I’m well versed in moving around, I do have family and friends who would house me, and if anyone has been around a while, the idea of living in my car is not one I’m opposed to, it’s even one I have considered quite often over the last 5 years as travelling is in my blood. While it’s not something I want to be forced into, the idea is not a terrible one.

I love my house. But moving and travelling is literally in my blood. While it’s not the choice I want to make right now, it doesn’t frighten me.

And frankly, there are lots of options for car camping that excite me. So all the naysayers concerned about what my kids think of me not having the house…well, they have always known it was something I considered post kid raising. And frankly, none of them especially the younger three want to return to this town I live in. They often encourage me to sell and move somewhere…anywhere.

The Car

As for selling my car, it’s paid for, reliable and has almost 100K miles on it. A quick review of KBB.com provided value, puts a private party sell bringing me between $12-15K. (I have a 2018 Honda HRV and I adore it, there is no other car more perfect for me and my lifestyle. Well, other than the Honda Element which they stopped making.)

I’m sorry, the math just isn’t mathing to me to make selling my car that I MUST have for any work since there is no public transportation here. Not to mention Beauty uses the same car to get her to school and work as well.

Insurance

Now insurance is a whole other conversation. And I’m working on it.

Beauty shares my car, lives with, and has to remain on the policy. But she only drives the car once or twice a week and never more than a 15 miles round trip (school days.)

Princess car is in my name and she is in school full time. She and I have worked on her budget over the years since she started college and she is paying for everything herself with the exception of her car insurance. She just cannot take on any more this year. Maybe come the summer…but right now, she has 0 capacity for more work, more expenses. And I will do everything in my power to keep her in school. She will graduate in May, 2025.

Gymnast is going to start handling his own costs. We’ve started the conversations and exploring options. This weekend he will look at what it would cost for him to have his own insurance plan. Since his car is in my name, we are still trying to figure out logistics.

There is no easy answer. I cannot just say “okay, start paying”, when they are just getting on their own feet. Or rather I won’t. I’m sorry if that’s not the answer you would choose, but again…personal finance.