Here it what caught my EYE.
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Originally Posted by logicchallenged
I am a changed person and am now obsessed with saving for college, retirement, etc. and this large house is the last thing that I want. The wife and kids are happy; the schools are good, etc. And my wife says no way to moving again.
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You may have changed your mind but it sounds like the other family members want to do whatever it takes to tough it out, and not be uprooted again.
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Originally Posted by logicchallenged
Wife is stay at home with three kids (9, 7, and 6).
It seems we are spending every penny. The only place to cut back is the mortgage. My burning obsession is to downsize. The extra money would really be a boon for college savings. Plus I would like to get closer to my job cutting commuting costs.
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Is the only place to cut back the mortgage? You should post a line by line budget and others here will be more than happy to cut out the fat. Does college have to be a priority right now? Your children can apply for scholarships, grants and loans you will not be given money for retirement. What kind of cars do you drive? Cutting commuting costs maybe as little as swapping your vehicle for a more energy efficient one.
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Originally Posted by logicchallenged
I need a financial makeover and is downsizing the home and mortgage part of the plan or am I still logically challenged? I feel that if we could knock about 600/month off the mortgage then it would be a good move, although very painful. My wife says it’s crazy. Stay put and don't waste money on realtors, closing, etc. Her quote, and she is absolutely right is “you moved us three years ago, now suck it up and live with it". I want to save every penny I can for the kids and retirement and starting with the house seems to be a good move, although difficult. Or is 600/month not worth it? I am a reformed saver and long for our old mortgage and modest 1900 square foot house. With the kids all in school now, DW hints at working part time etc. She says this money can help with savings. I say yea it would help but 600/month is almost like a 12K/year part time job.
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I think you should start the financial makeover with a reality check of your household budget, not a huge change like selling a home when your family is fighting that discussion tooth and nail.
Your wife could go back to work while the kids are in school, or when you are home so you can watch the children. Depending on what she does it may have other benefits, such as additional retirement matching in a 401K, better health insurance ect, which would bring your budget down or increase savings where you want to be saving. Don't rule that out, it maybe the biggest/best idea.
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Originally Posted by logicchallenged
Any thoughts, questions, and advice would be most appreciated. Help!
The housing slump hasn't hit us too bad, but I do know I would never get 569K for our house. !
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I hear you don’t want to lose the money, but at the same time that is what you think your only option is. My suggestion is post a monthly budget. And good luck.
