So I (30F) and my partner (29M), are idiots and bought a house thinking we can afford it. Technically we can pay our bills but it's tight and I wish we got something for less so our cushion was greater.
I'm looking for advice on what to do, I'm leaning towards a second job for me, if he gets one then it'll potentially get roped into the custody order for my SS. Anyways, looking to see if there's anything to do here to help wrangle our finances, or suggestions of part time jobs to do during the night.
Here are our facts:
-i make $95k a year as a manufacturing engineer. - he makes $60k a year in the factory. -house loan is $290k with a 5.7% rate so $2.2k for mortgage a month. Bought in 2022. Zillow says it's zestimate is $360k now. Other house expenses are around $500 a month for utilities. Taxes and insurance are escrow -daycare for my 4 year old is $1.2k a month. Potentially it could stop in August 2025 when she starts kindergarten or it could go until 2026 if she doesn't start - the cutoff is 5 days before her birthday. -~$15k in debt from personal loans - no student debt, car is paid off (edited to add, mine is but his is not) -i have credit cards but stopped using them a year ago but still have about $5k leftover to pay down. -have $100k in 401k
Selling the house and downsizing has crossed our minds, unfortunately our town has had a giant boom bc it's an university town so if we try to get a smaller house itll be around the same monthly price since prices and rates have jumped. Anything under $300k is almost non-existent. And we cannot move out of the county unless we give up custody of my Step son which we are not willing to do.
Neither of us are creatives with a hobby we can monotize unfortunately.
Thoughts on how to tackle this? I would like to pay down the debt and start saving and ideally take a vacation while my 4 year old is still a child. I have tried to make budgets and I never seem to do it right to be effective.
Thank you!
Submitted September 30, 2024 at 05:10PM by throwawayxxx12309876 https://ift.tt/ZfCaKtv
