DH and I finally sat down and worked out a budget. We calcuated that we could be able to pay off my student loan by the end of this year and my car loan by this time next year. That would only leave the mortgage for debt. We're planning on having another baby soon (anyday if we get a mircale, next summer we're start fertility treatments again) and then toying with the idea of DH being a SAHD. Sounds great right?
Well, my mom was diagnosed with cancer 2 months ago and just passed away 2 weeks ago today.
: I'm heartbroken beyond words and grieving is harder than I could have ever imagined. Aside from the loss of my mom, my dad's financial picture is somewhat grim. My parents were upper middle class and had no problems financing things they wanted. They have a 15 year fixed mortgage payment of over $3500/mo, a $500 car payment, a $450 HELOC, and a couple other smaller consumer loans. This is all in addition to regular monthly expenses. My mom made slightly more than my dad. My parents didn't pay very close attention to their money. They always had enough to do the things they wanted to do and that was good enough for them. Unfortunately, it turns out that my mom had much less life insurnace than she thought - almost $100,000 less. We still haven't even gotten the death certificate and can't even begin to claim the life insurance or her retirement without it. My dad asked me to help him get his finances sorted out since I'm Captain Anal. We all really want him to be able to keep the house since every square inch of it is my mom plus it's a great investment for his retirement (gorgeous water view, wonderful neighborhood, etc.). With a little help, things would be tight but he could probably make it.
To help lighten his load, I paid for all my mom's funeral expenses (don't worry, my mom was a bargain shopper and taught me well - it was the most beautiful, frugal service ever!). I also offered to pay off the student loans that they took out to help pay for room and board for my sister and I when we went to college the first time. I'm also paying many of his monthly expenses until the life insurance money comes through. It took a lot of convincing to get him to let me do this much - it's not like he's taking advantage of me. My parents were always there for me and my sister, for anything and everything; it's time for me to return the favor. I'm also going to quietly pay down the principal on another consumer loan that he won't have enough life ins money to pay off in full.
I'm doing all this using the extra money we were paying towards our own debt and some savings. It's not affecting the quality of life for my own family and we'll still have some savings for our own emergencies. I really want to help my dad out, I'm just bummed that my own debt is holding steady for a while. I just don't see any other way for him to survive.
I just needed to vent. I figured here was a good place since so many of you understand my burning desire to get myself out of debt!
Well, my mom was diagnosed with cancer 2 months ago and just passed away 2 weeks ago today.
: I'm heartbroken beyond words and grieving is harder than I could have ever imagined. Aside from the loss of my mom, my dad's financial picture is somewhat grim. My parents were upper middle class and had no problems financing things they wanted. They have a 15 year fixed mortgage payment of over $3500/mo, a $500 car payment, a $450 HELOC, and a couple other smaller consumer loans. This is all in addition to regular monthly expenses. My mom made slightly more than my dad. My parents didn't pay very close attention to their money. They always had enough to do the things they wanted to do and that was good enough for them. Unfortunately, it turns out that my mom had much less life insurnace than she thought - almost $100,000 less. We still haven't even gotten the death certificate and can't even begin to claim the life insurance or her retirement without it. My dad asked me to help him get his finances sorted out since I'm Captain Anal. We all really want him to be able to keep the house since every square inch of it is my mom plus it's a great investment for his retirement (gorgeous water view, wonderful neighborhood, etc.). With a little help, things would be tight but he could probably make it.To help lighten his load, I paid for all my mom's funeral expenses (don't worry, my mom was a bargain shopper and taught me well - it was the most beautiful, frugal service ever!). I also offered to pay off the student loans that they took out to help pay for room and board for my sister and I when we went to college the first time. I'm also paying many of his monthly expenses until the life insurance money comes through. It took a lot of convincing to get him to let me do this much - it's not like he's taking advantage of me. My parents were always there for me and my sister, for anything and everything; it's time for me to return the favor. I'm also going to quietly pay down the principal on another consumer loan that he won't have enough life ins money to pay off in full.
I'm doing all this using the extra money we were paying towards our own debt and some savings. It's not affecting the quality of life for my own family and we'll still have some savings for our own emergencies. I really want to help my dad out, I'm just bummed that my own debt is holding steady for a while. I just don't see any other way for him to survive.
I just needed to vent. I figured here was a good place since so many of you understand my burning desire to get myself out of debt!
I'm so sorry for your loss.
: Everyone kept treating me like I was putting them out for trying to track down the key to my dad's livlihood. At least now it has been found and we're supposed to get it by the end of the week. I'm glad to hear the turn around time for the money is reasonable. Unfortunately, my parents turned down the death protection on the mortgage.
As soon as the dust settles, my dad is going to have new documents drafted. I totally agree with you. It sounds morbid but it makes life so much easier for the surviving family when you have all your ducks in a row before you pass. My parents were on the right track, they just didn't pay close enough attention to their finances.
