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Reply to "Dual income families, what is your HHI?"

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[quote=Anonymous][quote]

Not able to refi and not able to sell. We bought a fixer-upper and decided to invest the money we made from selling our condo (during the bubble thanfully) to make it liveable. 100% financing and IO loans. We haven't invested in an appraisal but real estate agents we talk to think that we probably could not hope to sell for much more than we bought in for. We are in a great location, but our financing deal sucks. Refinancing appears to involve PMI and only add to our principal without lowering our payment much. Might make sense if we were committed to staying forever, which we are not. It wasn't supposed to be this way. I think a lot of people would sympathize. I'm thinking we should put efforts towards putting more towards our mortgage each month (more austere living) or just wait out the market. Then there is paying for grad school. I'm loathe to add even more debt. What to do? The car is a done deal. I don't think there is much we can do about that. What to do? There is a lot about our house that still needs to be done to make it "amazing". [/quote]

Okay, once your kids are out of daycare and in public PS/PK, you can cut down that 28k of expenses to something much less (you'll probably need aftercare, but its less). But I'd put that toward retirement.

Austere living--such a relative concept. For one family it is not going on a vacation or having sushi only once a month, for others it is only buying clothes at the thrift store or rice and beans again or not turning on the heat.  But I do manage my money online and am always shocked at how much we spend on lunches and coffees out during the week. So look at easy things to cut out of your budget. I actually buy most of my clothes from a thrift store or  filenes. I have never spent more than 40 dollars on a bag. I get pedicures maybe 3x/year.

as for your house/fixer upper. I say that our house is the house of the future and always will be! Seriously, while there is a TON we could do to make our house nicer, we are only doing the minimum to make it liveable.  Because I've stopped worrying about it as a 'show piece' and just want it to be comfortable. So we have a shitty kitchen with bookshelves full of pasta boxes and soups since we have no cabinet space. We have tiny bathrooms and we had to buy giant and ugly Ikea wardrobes since we have no closets. Sometimes I look at the crate and barrel perfect houses and look at our place and sigh, but it is not that important--we have decent space, its clean, and we make it a warm place for entertaining by being good hosts (and serving lots of wine).  [/quote]

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