My salary over the next few years...

[ScrimpAndSave]

I'm a 3rd year teacher and we just signed a new contract. I just got my masters (graduated last Saturday) and will be moving on the pay scale over the next few years...Masters +15 credits...then Masters + 30...and then Masters + 45 credits. After that, I would have to have a doctorate completed...but it would only be about $2,500 more a year granted to me.

Anyway - I just figured out what my salary will look like over the next few years...

(This goes by school year: Aug. 31-Sept. 1)

2008-2009: $48,696
2009-2010: $57,725
2010-2011: $67,232
2011-2012: $75,849
2012-2013 $84,894

On to of that, each year, I make $2500 for a special program that I run at school. This summer, I was asked to runa prek program and I will make a total of $4000 for it...and I really hope that I am able to continue the program each summer!

I currently make $42,029 base and then the extra $2,500. I have about $5,000 in savings, $3,362 in an annuity and $400 in a Roth IRA (just started it).

I am looking to buy a home in Dec. 2010 (I will be making $57,725 + $2,500). I have been going around with a realtor and looking at houses now because I am so impatient....but I guess it is best to wait since my salary is on the rise.



::::tired of living at home even though I know I am fortunate I have the opportunity::::

[Joan.of.the.Arch]

I'm not surprised you've been looking with a real estate agent already. Putting this together with your previous posts, I see you chomping at the bit to get out and buy a home, despite not knowing how much pay your future husband will make or even where he will be employed. When you first posted, you were excited about how well you could do by continuing to live with your father for a couple of years and indicated that you all would get along just fine. Just a short time later, you can't wait to get out.

I think you feel yourself to be on the brink of major change in your life and you are eager to just get going with the changes. Chompin' at the bit. Now bridle yourself. Rein yourself in. (~That is to impress the horse people we have in theses forums today.~) Keep the numbers before you on all these big decisions because I think you are probably wanting to act really fast. You just might let your heart get ahead of your head if you aren't careful. What is FH thinking about all this?

[SnoopyCool]

Congratulations on graduation!

Have you been prequalified? I didn't shop until I knew exactly what I could get (and we did not get all the bank thought we could, of course).

[gamecock43]

As one of the 'fellow horse people' we have on the forum today LOL I am right there with you chompin at the bit to get going with life. Living in limbo is terrible, and you just achieved such an accomplishment by graduating you want something to show for your hard work.
Congrats on the masters degree, I just got one of those in May myself . Congrats on your future life. Take your time. Life is a marathon, but keep us updated.
I'm chompin at the bit to buy too, but inside I'm really a snail.

[ScrimpAndSave]

My FH thinks its fine...but he is happy either way...living with my father or getting a house now. I am only assuming my salary...not his. At least I am tenured and just in case he doesn't have a job immediately, I would want something that was affordable for me.

I don't know what is smarter...is it possible I would build more equity in the home over a span of 5 years? Or can I save more in 5 years living at home?

I don't know. I save about $1500 per month...some of that goes to my FH while he is in school to help him pay his rent/utilities and food. I only really started to seriously save in February.

I would love for us to have our own home...and I think it is good that I am seeing places with a realtor. She's good too...not pushy...and brings out things that she doesn't like about places, "busy street...lots of work needed in bathroom...the area will not build equity as well as other areas...".


If anything, it is a great learning experience and I am really figuring out what I want in a house. I had no idea beforehand.

[ScrimpAndSave]

Also, I have been prequalified. I just have the modest amount of $130,000. I was approved.

Around here - that gets you a decent half of a double/twin/rowhome build circa 1920.

The more I look at houses....the more I don't think we are going to end up buying. If my FH and I live with my dad for even a year after we are married...we could probably buy a home that we could stay in forever. We don't plan on having children (I know people scoff at that, but I truly do not want any)...so we may not need all the room.

[LuxLiving]

I'm with Joan on this one. You were JUST saying how you could hold out and it would be awesome. What happened to that line of thinking?

To me, the FH is the thing...

If you buy now without his input both in picking and in the financing? Perhaps it'll likely always feel like YOUR house to him.

If you buy now with his input in picking? And God forbid, something should happen and the marriage does not come about? It'll always feel like HIS house to you. That you picked the house w/the big garage (stereotype I know) because he wanted it, you on the other hand would have gone w/the house with the cute turreted music room.

If you buy without his income included in the buying process you might get angry one day and throw it up in his face.

He could do likewise and say, 'we could've bought more house if you'd of just waited'.

Ehhh, not so good!

Careful, careful here. I'd proceed with caution.

I know, I know, you are eager to get started. Educate yourself, sure. But IMHO, you'd both be better off saving your money for the larger down payment and get into the TOGETHER one time buying your 'forever' house situation you'll be in a bit later.

[ScrimpAndSave]

Thankfully, my fiance and I totally agree on what we want...so that isn't really an issue. My fiance is home from law school this summer and we have been looking at houses together.

The more I look - the more I am assuming I will not buy now. I am just going to keep educating myself and keep an eye out. There is a possibility that our forever home will show up in our price range...but maybe need a lot of work.

Thanks all!

I'm excited...but I am in no rush.

[tripods68]

Congrats by the way.

Have you thought about renting for a while, kinda test the market?

[ScrimpAndSave]

I thought about it...but I feel like we would be wasting money. I rent for $400 plus some utilities to live at home...we couldn't rent for under $1000 not including utilities.