My father has without prior notice decided to leave our family and join a temple and become a monk. He wants me (20), my mom (53) and my sister (26) to live on our own without his help. We are left with around $1500 in the bank account.
He was the breadwinner for the house. My mother is mentally ill and cannot work or do finances. She has never done any finances. My sister works part time at a restaurant and is going to graduate this year and is leaving to another state to be with her boyfriend in July, and is not interested in doing finances either. I have never done finances in my life or budgeted, but now that dad is leaving, I have to be the primary one who has to deal with what is to come.
What are my first steps to making sure that this household does not completely fall apart?
Currently we have these assets:
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a fully-paid house worth ~$300k that we are living in, which we are renting the basement out for $900 a month
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a fully paid condo worth ~$120k, which we are renting out for $1100 a month
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a fully paid house worth ~$110k, which we are renting out for $850 a month.
My sister and I have paid-off used cars, but we are also left with a new car which payments are $440/month.
Currently, I am going to an art college for an illustration degree. My dad paid for the incoming Winter Quarter already but we are responsible for all future payments. With scholarships and loans, each quarter costs $5900 and I have ~10 quarters left. I am going to meet with financial aid and update my current circumstances to see if I can get any more scholarships, and am currently re-evaluating college. Dad has instructed us to liquidate the condo so I can finish college and so we can have some money for the next few years.
Thank you for any responses and advice.
Submitted January 03, 2017 at 05:53PM by nailpolishnoir http://ift.tt/2j25M26
