Wednesday, June 8, 2016

Budgeting, planning and dreaming

I'm sure trying to count some chickens before they are hatched is a waste of time, but I did come up with a tentative budget for July (which I needed to do anyway, as I always make a budget at least a month out) and August, with the assumption we close on Jul 28th, as scheduled. I will have to make my main mortgage payment on July 15th, but will not have to make the HELOC payment that would be due 8/1.

My 7/15 (paid twice a month) budget is even looking better already. No $100 to DD and car insurance reducing by $43, as DD will pay her part. I also just canceled Netflix, which was just going up $2 a month anyway starting with my next billing.  Almost $900 left over to go towards moving expenses or paying off some things I charged (lots of getting house ready to sell/seller expenses).

My 7/31 paycheck is where it really starts to look good. No HELOC payment of $830. I'm not sure on our Comcast billing. It looks like, from my most recent billing it's about a half a month in advance. This bill due at end of June was for June 13-July 12, so by canceling the end of July, I'll probably owe a prorated half a month.  I'll still have electricity to pay for July, due later in August, but they should be small bills since it will be middle of summer. DD will pay that months health insurance premium for herself, saving me another $120. Almost $2200 leftover and that's with budgeting giving our friends $250 to park a camper trailer at their house for August. I'm sure they won't want to take it, but we'll make them.

The 8/15 check leaves me will $2100 leftover. Again, I'm sure we will have lots of out of pocket expenses related to the new place. Getting electricity hooked up and phone service (which the internet will also be through). There is electricity to the property, I just know it costs to get it hooked up and going. The other site work (well and septic) on the property will be covered in our construction loan. We might have to put some of our stuff in a storage unit, so maybe another $100 or so a month temporarily.

My 8/31 paycheck leaves me will $2800 leftover. Not sure if I will have payments started yet on the construction loan. I think you usually get 30-45 days before first payments starts on a new loan. So, I'm budgeting for a mid-September payment, but not a huge one, as by then the only funds that would have been distributed out of the construction loan would be for the land, the site work and shop. Maybe a $400 payment that first month.

This will go on for several months, obviously as it will take that long for the house to be built. We only plan to stay at our friends place until our shop is built and we can move our stuff in there and move our camper trailer onto the property and start living there. We'll have washer dryer hook up in the shop and can put our set in there, so we have a way to do laundry. Should not be any more than 2 months at friends place. We plan to use some of this extra money to pay cash for our new appliances, rather than include them in the mortgage loan. Whatever we can manage to save will either go towards adding to the down payment, or paying out of pocket for some of the construction costs. Probably not as much towards that, though, as I will have some furniture I'd like to get, too. We'll need beds for the guest rooms and at minimum a new chair for the living room. Our current recliner just recently decided to start busting springs up inside the seat. We probably won't even take it with us now. The guest beds aren't a must at move in, but if I can save the money for them while our expenses are lower, I might as well do it then, while I have the extra money. I plan to try and find used bed frames and buy the mattresses new. Nothing too expensive, they will just be for occasional guests. Pretty much all my furnishings and decorations I am going to shop thrift stores and craigslist. I also have a few things I'd like DH to make for me, that should really save money. I would like him to make me a farmhouse table, something like this one. I could probably sell my current table for the $110 it costs to build this one!

and a big square coffee table, like this one. I must like it because I see I pinned it twice! and again, I can sell my current coffee and end table for probably the cost to build a new one.

I also saved the old big rectangle piece of mirror from our bath remodel a couple of years ago. I want him to make a frame for it, something like this.  Shouldn't be too hard, I wouldn't think. I can use it over an entry way table or in one of the bathrooms.

I'm sure he could make all 3 of these for less than one item would cost to buy finished.

As you can see, my home will definitely have a rustic, farmhouse feel to it.

Now, if I could just hear back from my mortgage lady........seems like we are always waiting on someone. First it was the builder, who FINALLY got us the cost breakdown over the weekend, which I sent that and the house plans first thing Monday morning to our mortgage lady. Of course, now she is out of office and not available to get anything started, of course. But apparently she was back in the office yesterday, because my boss, who also uses her for her real estate rental mortgages, said she heard back from her yesterday, so you'd think she could at least shoot me an email, letting me know when she'll be able to start on my stuff. It's all so frustrating.  

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