If my dad had it his way....

[ScrimpAndSave]

I'm getting married in Sept. 2009. My dad thinks my fiance and I should live with him and pay very low rent until 2 years after we are married.

He thinks we should aggressively save...it would look something like this. The number in parenthesis is the amount that we would need to save each month.

Month Projected
Month Projected
June 2008 $2,735 ($800)
July 2008 $3,535 ($800)
August 2008 $4,335 ($800)
September 2008 $5,235 ($2000)
October 2008 $7,335 ($2000)
November 2008 $9,335 ($2000)
December 2008 $11,335 ($2000)
January 2009 $13,335 ($2000)
February 2009 $15,335 ($2000)
March 2009 $17,335 ($2000)
April 2009 $19,335 ($2000)
May 2009 $21,335 ($2000)
June 2009 $23,335 ($2000)
July 2009 $25,335 ($2000)
August 2009 $27,335 ($2000)
September 2009 $29,335 ($2000)
October 2009 $31,335 ($2000)
November 2009 $33,335 ($2000)
December 2009 $35,335 ($3000)
January 2010 $38,335 ($3000)
February 2010 $41,335 ($3000)
March 2010 $44,335 ($3000)
April 2010 $47,335 ($3000)
May 2010 $50,335 ($3000)
June 2010 $53,335 ($3000)
July 2010 $56,335 ($3000)
August 2010 $59,335 ($3000)
September 2010 $62,335 ($3000)
October 2010 $65,335 ($3000)
November 2010 $68,335 ($3000)
December 2010 $71,335 ($3000)
January 2011 $74,335 ($3000)
February 2011 $77,335 ($3000)
March 2011 $80,335 ($3000)
April 2011 $83,335 ($3000)
May 2011 $86,335 ($3000)
June 2011 $89,335 ($3000)
July 2011 $92,335 ($3000)
August 2011 $95,335 ($3000)
September 2011 $98,335 ($3000)
October 2011 $101,335 ($3000)
November 2011 $104,335 ($3000)
December 2011 $107,335 ($3000)


So...we should have around $100,000...and the range we are going to look into buying would be $275,000. This of course isn't all my savings. I have a separate account of my wedding savings...which should be at the capacity that I need it to be by the end of the summer...which is why I just from $400 to $1000 in September 2008. I also have another "car account" where $25 a pay goes into it...and there are 26 pays a year. Also, my salary will go from $50,296 to $75,849 by the end of this saving period...so maybe I can save more? No idea. I counted my fiances contributions starting in January 2010..which is when I made it jump from $2000 a month to $3000 a month.


BUT I STILL WANT TO BUY NOW!

Haha. I'm so itchy to get out of my house.

[moneybags]

If I had that offer and got along with my FIL, I would definitely do it! There is no better opportunity to get a jump start on your financial future.

[Caoineag]

As someone who has always been independent, I can understand not wanting to live with your father. That said, that is a nice chunk of change to be able to save up. Could you maybe stay with him long enough to get a 20% down payment and then jump ship? That way you don't have to stay the whole time but you do get out on the right foot.

[DebbieL]

I don't recommend living in your dad's house with a new husband. I really think you should be on your own (whether it's to buy or rent). I think your dad has other reasons for wanting you there Saving money is great, but no amount of savings will make me move back into my mom and dad's house (and we get along good by the way). You need to be on your own I think.

[maat55]

There is nothing wrong with families living together, until, they can't get along. While we were having our house built, we lived a month with my wifes sister, not good, but then we moved in with my brother for three months and hated to leave. It all depends.

[DebbieL]

It just isn't a good idea IMO. There's nothing "wrong" with it. I've done it, and I DON'T recommend it - and we get along. I still think it's not the best thing for a new marriage no matter how well they get along.

[Joan.of.the.Arch]

The second floor of my house was added after WWII when the daughter's husband returned from Europe. Daughter and husband got the second floor, parents and older brother the first floor. Many houses in the area have "mother-in-law" apartments in the basement. They are walkout basements with an entry on the front of the house under the high balcony-like front porch. I think often the in-laws were the original home owners and they moved to the basement apartment so that one of the married kids and their spouse and kids would live upstairs. These are mostly very small houses. Some neighborhood lots houses have a second house where family lived.

[DebbieL]

If it's a completely separate suite I can see it working a little better. You have your own entrance, kitchen, etc. In my city there are tons of those. Many houses are chopped up into suites (mostly illegal ones) because nobody can afford the stupid prices so they all have mortgage helpers.

[sakigt]

$100k is nothing to joke about.

But I hate all or nothing solutions.

Why not stay there, for say, 6 months? According to your chart:

March 2010 $44,335 ($3000)

That will give you time to recover from the wedding, not stress during the holidays and allow you 20% down.

[savingmama]

ScrimpandSave-
You talk about what your dad wants, and what you want, but you never say what your fiance wants. I was curious, because honestly if he isn't o.k. with living with your dad, it's a no brainer. And honestly, I don't think you would be happy living with your dad two more years, especially if you were married, since you are already itching to go. Maybe what you should be doing is working on convincing your dad to let you get a dog now, and if he consents, then that could give you more time to stay with your dad, at least before you get married. And like someone mentioned it doesn't have to be two years or nothing. Just take it month by month. Good luck and congratulations on your upcoming wedding!

[ScrimpAndSave]

Thanks savingmama!

My fiance basically says, "I don't care whether we get the house now or not...".

He gets along well with my father and we enjoy our family dinners together with him and outings too. He's very easy going.

Total catch.

[LivingAlmostLarge]

Depends on how long you are going to live there? I wouldn't do it.

[ScrimpAndSave]

Here is a more complete run down:


Salary

Month
Projected Savings
$42,298 July 1st 2008 $2,735 ($800)
$42,298 August 1st 2008 $3,535 ($800)
$42,298 September 1st 2008 $4,335 ($800)
$48,696 October 1st 2008 $5,135 ($2000)
$48,696 November 1st 2008 $7,135 ($2000)
$48,696 December 1st 2008 $9,135 ($2000)
$48,696 January 2nd 2009 $11,135 ($2000)
$50,298 February 1st 2009 $13,135 ($2000)
$50,298 March 1st 2009 $15,135 ($2000)
$50,298 April 1st 2009 $17,135 ($2000)
$50,298 May 1st 2009 $19,135 ($2000)
$50,298 June 1st 2009 $21,135 ($2000)
$50,298 July 1st 2009 $23,135 ($2000)
$50,298 August 1st 2009 $25,135 ($2000)
$50,298 September 1st 2009 $27,135 ($2000)
$57,725 October 1st 2009 $29,135 ($2000)
$57,725 November 1st 2009 $31,135 ($2000)
$57,725 December 1st 2009 $33,135 ($2000)
$57,725 January 1st 2010 $35,135 ($3000)
$57,725 February 1st 2010 $38,135 ($3000)
$57,725 March 1st 2010 $41,135 ($3000)
$57,725 April 1st 2010 $44,135 ($3000)
$57,725 May 1st 2010 $47,135 ($3000)
$57,725 June 1st 2010 $50,135 ($3000)
$57,725 July 1st 2010 $53,135 ($3000)
$57,725 August 1st 2010 $56,135 ($3000)
$57,725 September 1st 2010 $59,135 ($3000)
$67,232 October 1st 2010 $62,135 ($3000)
$67,232 November 1st 2010 $65,135 ($3000)
$67,232 December 1st 2010 $68,135 ($3000)
$67,232 January 1st 2011 $71,135 ($3000)
$67,232 February 1st 2011 $74,135 ($3000)
$67,232 March 1st 2011 $77,135 ($3000)
$67,232 April 1st 2011 $80,135 ($3000)
$67,232 May 1st 2011 $83,135 ($3000)
$67,232 June 1st 2011 $86,135 ($3000)
$67,232 July 1st 2011 $89,135 ($3000)
$67,232 August 1st 2011 $92,135 ($3000)
$67,232 September 1st 2011 $95,135 ($3000)
$75,849 October 1st 2011 $98,135 ($3000)
$75,849 November 1st 2011 $101,135 ($3000)
$75,849 December 1st 2011 $104,135 ($3000)