wedding/honey moon/house down payment

[Magic Johnson]

It has been covered well enough here, but it is worth saying one more time, do not take ownership of the time share. When you say you don't know what type it is, is akin to picking up a snake and saying the same thing. Even if it isn't poisonous, it will still bite!

I don't like the red flags of getting engaged so quickly. Contradictory, I dislike the red flags of waiting so long to get married even more. It seems like you want this long engagement to make sure you both are doing the right thing getting married. You should have made that decision before you asked and she should have decided before saying yes. My personal opinion would be to either get married before the honeymoon, or break the engagement now and date until your certain you want to get married.

And to be clear, if you're not married, it isn't a honeymoon, it's a vacation with your fiance.

Also it's a nice thought that her aunt and uncle are providing this opportunity, but it isn't like they are her parents or yours. Problems come up and plans fall through. Personally I would abandon the trip to the aunt's timeshare completely.

It’s my aunt, not hers.

[Magic Johnson]

You have said that you are broke but saving $200 per month, but you aven't said how her finaces are or if she is working or anything...Have a small wedding, do a staycation as a honeymoon and save for a house...I know people say that you are moving fast but at at that age many do...they know what they want and they do it...we know a lot about you but not about her finances...good luck

She teaches HS math and science at a small public school. She’s also broke. We make quite a couple.

[Magic Johnson]

I got my fist paycheck from my after-hours part-time job. It was for $233.11. This morning I wrote a check for $233.11 and sent it to the IRS. I took $100 in cash out of my checking account, and I have $373.67 left in checking, and I get paid a week from Monday. So, I have $140.56 to get through (plus the $100 in my wallet). I have about half a tank of gas, so that’s about $75. I have a lot of groceries, and I’ll have to go to the laundromat on Tuesday ($15), and I’m going to take my mom, dad, and fiancé out for dinner for Mother’s Day. That will probably be more than $50, so I won’t fill up on gas until pay day. I still have $1,000 in savings if I have an emergency.

I’ve never thought this stuff through with this kind of detail before in my life. That’s not true. I remember thinking exactly like this when I had $14 in my wallet when I was 11. Why do so many people think adulthood should be different?

[Magic Johnson]

I completely forgot about my appointment Tuesday with the estate planning attorney. One hour, probably $200-$250. Will have to go on a 0% APR until next April credit card.

[mumof2]

She teaches HS math and science at a small public school. She’s also broke. We make quite a couple.

I think you guys should have a date night each week just to discuss finances and do this every week that you are married just so you are both going in the right direction, so many things you can to save money each week from menu planning, coupons, bartering etc.....it is a little different in australia than the US and we tend to follow the barefoot investor more for our financial advice....but this is one thing he discusses and it really helps everyone to be on the same page...just a thought...good luck with the wedding...

[Magic Johnson]

My sister wants to sell me her house for $50K. It would probably require at least $50K in upgrades/additions for my fiancé and me to live there. It’s about 1100 sq ft, and it’s a family home. Some distant relatives built it in the 1930s, my great grandparents lived there in the 60s and 70s. My grandparents inherited it, and rented it out in the 80s, then moved there in the late 90s, my parents inherited it about a dozen years ago, deeded it to my sister, and she’s been living there since. She plans to move soon, and she asked me if I wanted to buy it this morning, and my fiancé and I will look at it on May 21. My fiancé and I already talked about it (my sister has been dropping hints), and my fiancé is interested in living there with me. The house is in the town where I currently live.

I asked my sis about a land contract. My sis and fiancé aren’t very familiar with LC’s, I am. I’m thinking a 15 or 20 year LC.

My fiancé and I have $250 saved for a down payment. I know 20% is preferred. It will cost me $500 to break my apartment lease if broken before October 30, 2022. My fiancé has no lease to break. She lives with her 80 year old father.

What say you, Saving Advice?

[Magic Johnson]

Sis said no to the LC. Everything else is true.

[james.hendrickson]

Whats the house worth?

[disneysteve]

How are you possibly going to buy a 50K house, do the necessary renovations, pay to break your lease, and still afford to live when you’ve got a grand total of $250 to work with?

Your entire situation is a mess and with every new post you make, your story gets even worse. You need to stop the bleeding, stop every penny of unnecessary spending, earn every extra dollar you can, and start digging yourselves out of the deep hole you’re in.

So no, I don’t think you should be buying a house right now. You’re broke. The last thing you need is another huge expense and a ton of new debt.

[Magic Johnson]

A guy I went to HS with is a local realtor who I trust. He drove by it, and said $85K.

But the house is a mess inside. Major upgrades are needed.

[Magic Johnson]

How are you possibly going to buy a 50K house, do the necessary renovations, pay to break your lease, and still afford to live when you’ve got a grand total of $250 to work with?

Your entire situation is a mess and with every new post you make, your story gets even worse. You need to stop the bleeding, stop every penny of unnecessary spending, earn every extra dollar you can, and start digging yourselves out of the deep hole you’re in.

So no, I don’t think you should be buying a house right now. You’re broke. The last thing you need is another huge expense and a ton of new debt.

But I pay rent anyway, and there would be two of us to cover bills, and we would stop saving for vacation, and divert that all to house.

[james.hendrickson]

Maybe Disneysteve is right, why add another variable to the equation? Why not just get a couple of your debts paid off first?

[disneysteve]

But I pay rent anyway, and there would be two of us to cover bills, and we would stop saving for vacation, and divert that all to house.

And when your heater breaks, you call the landlord and they fix it. In a house, YOU pay for that repair.

You should not buy a house first and then start saving for it. You need to save up that 20% down payment and a 6-month EF and then buy the house.

[Magic Johnson]

Because I think she plans on moving out in the short term, and I’d like to keep the house in the family for pride reasons. Not all decisions are strictly financial.

I realize this is a Saving Advice forum, but I need to make decisions in the real world that include emotions, and things of that nature.

[disneysteve]

I realize this is a Saving Advice forum, but I need to make decisions in the real world that include emotions, and things of that nature.

I understand that, but you asked the question in a financial forum. Financially, there’s no possible way you should buy that house. It’s going to bury you, and you’re already underground.

Can you even qualify for a mortgage? If you do, what about the funds for renovations? Where will that 50K come from (and if you think it’s 50K in reality it’s probably 75K or more).