Jun 3
Planning my finances
I have been crunching numbers to see if I can afford to buy a house. If I was frugal I might just be able to afford a small house. An apartment would be a lot more realistic, but probably wouldn’t allow my cat. (I need to investigate that a bit more). Last year I spent just under 25% of my income on accommodation, if I bought a house that’d rise to almost 70%. There would also be extra costs such as water, rates, and insurance. I’d also be without the income from the interest on the deposit … something which really knocked what were previously looking like quite reasonable numbers. Now I need to start living as if I was on the budget and see just how hard it is.
Or I could buy a house truck.
June 3rd, 2008 at Tuesday, 10:15 pm
Why are you spending more money on beer when you have a mortgage?
June 3rd, 2008 at Tuesday, 10:53 pm
The reason the Food/beer category goes up from 8% to 11-12% is I hope to identify more of my expenses. So I took most of the unidentified Cash expenses and split them over Food, Transport and Holidays which is where the cash normally gets spent.
Edited: now I understand the question.
June 3rd, 2008 at Tuesday, 10:57 pm
BTW: my sister points out that it doesn’t make sense to have savings and a mortgage. If I bought an apartment I’d pay it off quicker, but for the same 15 year term as the house it’d be 35% of my income.
June 4th, 2008 at Wednesday, 8:13 am
“Why are you spending more money on beer when you have a mortgage?”
He needs something to dull the shock of having a mortgage.
June 4th, 2008 at Wednesday, 8:29 am
@Dave:If you’re getting more interest on savings than you are paying on the loan then it makes sense to keep as much money in savings as possible. But if that’s true, you’re on to something big, what’s your secret?
June 4th, 2008 at Wednesday, 4:05 pm
Oliver will like this place for 450K – http://www.realestate.co.nz/814042
June 5th, 2008 at Thursday, 2:35 pm
Alas, I still get daily new real-estate notifications. Check-out these places ; – )
http://www.realestate.co.nz/814894
http://www.realestate.co.nz/814922
http://www.realestate.co.nz/815103
June 11th, 2008 at Wednesday, 7:57 am
@Michelle… I wish I had such a secret
June 11th, 2008 at Wednesday, 6:02 pm
Thanks for the suggestions, just spotted them, Akismet thought they were spam