Update on my finances

As you might have guessed, this house buying has landed me in a damning situation in the short term of my financial well being. What is happening with the $2,670 of debt that I still have. What about the car? What about the down payment, where is that coming from? So let me spill it all out. First, let me make a statement.

I am very lucky.

My parents are completely behind me on this. And with their support, I am able to fend off just about every doubt and road block with remarkable ease. So… details.

Things my parents will support me with:
- Car payment
- Down payment for house

Things that I will have to take care of on my own:
- CC debt
- Mortgage
- Closing costs
- Utilities
- Taxes and Insurance for house, car
- Furnishing (I basically have no furniture right now, YIKES!)

As you can see, their support is reserved for one time items. (The car payment is at 0%) Which is great because it makes it very easy for me to add an item to my debt called “Accounts Payable” without any crazy formulas. Is it disturbing to me that I suddenly owe something in the range of $70,000 to my parents? Absolutely. But I think I am good for it. Plus, although they worked hard for this money, they have lots more and I believe they feel this is a better place to put their money than most. (not in terms of returns, but emotionally :) And of course, I will pay them back with as much interest as I can muster in 10 years.

I will probably set up a system as soon as I figure out what my monthly expenses will actually be. Hard to guess that, though I will try.

Next Action Steps:
- Pay off last credit card entirely with next paycheck, will drink to it and let you know (I can’t believe this is 2 weeks away!!)
- Maintain low credit card / money use, it’s amazing what a paycheck can do to debt when you don’t have new expenses to pay!
- Move 10K of savings into a bank account for closing costs, and to dent the down payment a bit
- Hope everything goes as planned