Getting Out of Debt in NOVEMBER! - Page 2

[Milk8shake]

I'm working over Christmas too, we don't have any major plans, so I might as well get the good penalty rates while I can.  It's not that fun to be working, and it will be really quiet and boring at work, but oh well!

We'll still decorate, and do Christmas lunch with the family.  Aside from that, just try and catch up with friends in the down time.

[sarafi]

Love the updates!

We are in the process of buying our first house!!!! Crazy, we are buying in Germany so are dealing with the exchange rates, strange fees, etc. so I am completely stressed out about the whole thing. Not to mention my crazy separate savings accounts are not easily accessible (on purpose) so I am trying to make sure I have enough in my temporary account to cashflow all the fees that will be coming in.

Christmas: We have not lived with our "stuff" for almost a year now, so I plan on giving the kids a big group gift (play stands, already purchased) and calling it good. My family is in fits about this and calling me Scrooge, but I could care less--the kids will be thrilled to see their old toys right around Christmas time, and I think that will be more than enough. 

Unfortunately, we have also accrued even more debt since moving  A truly huge amount, mostly our new car but also two separate private loans. So we will have four large loans, including the house loan and we have been debt free for years--I am officially rejoining this thread!

Debt 1--290,000 House loan 3.8% interest

Debt 2--38,000 Car Loan 2.8% interest

Debt 3--10,000 Private Loan (will be paid by 9/2012) 0% interest

Debt 4--20,000 Private Loan (would like to pay by 9/2012) 3% interest

We are able to pre-pay our mortgage 5% per year and plan on doing so. This account is almost funded for payment in the beginning of 2013 (first year we can pre-pay) so I will hold that there for emergency or hopefully to just pre-pay.

My plan is to pay Debt 4 by sending in checks of $3000, as soon as I can save that amount and by paying $500 monthly to the debt. I will have to aggressively save and pay this to reach the goal of having both Debt 3&4 paid next September, but if we do we will have so much more wiggle room freed up. I think I will join the no-spend thread also, but really my options will be limited as I will have two small children and no car at home and am not much of an Internet shopper (we buy needed things 2-3 times a year, but I have no patience for shopping via the web so luckily that will probably not be my downfall)

[sarafi]

Not ten minutes after I posted my status, the bank called to state we need $10,000 more than I had understood they wanted as a security deposit! Frick-frackity language barrier. Yikes, that changes almost all my plans :-( We are still going ahead with the house, but will need a new goal for debt, as there is just no way to pay it back in time now.

[eirual]

Oy!

Is this international move a long-term thing?

It seems you're handling it well, it will just mean some flexibility in pay-back dates. That's an ambitious goal, but certainly doable, especially if this move benefits you financially in the long-term.

Good Luck!! :)

[sarafi]

Originally Posted by eirual 

Oy!

Is this international move a long-term thing?

It seems you're handling it well, it will just mean some flexibility in pay-back dates. That's an ambitious goal, but certainly doable, especially if this move benefits you financially in the long-term.

Good Luck!! :)

We plan to be here for ten years, so yes long term. The house is only financed for ten years, so it will be paid off by then and we will move somewhere else and start over again. I am thinking Italy, but we have ten years to decide :-) I really love that we get to live so many places and travel so much. Feeling very lucky.

We just had our *final* housing inspection, and brought a real housing inspector (this is not normal in Germany). After a ten minute scream fest with the seller he let the inspector in --legally he had to, but he was NOT happy about it. Assuming everything checks out with the inspector, our financing is moving along and we may actually own a house at the end of next week.

And that will be when the real budgeting starts :-)