Anyone else in Mortgage Stress ? 50% Pay ?

[our obsession]

GO APK!!

Hope it goes well mate, hope you still get to have some fun too, an IP and a PPOR, and personal challenges, and there was a great post in here, Rick's I think? You can do this matey... Pat on the back for thus far...cheers.

 

[Ed Barton]

I haven't racked up any cc debt btw. I only just signed up for one a few days ago.

are you getting the card for an emergency? if so give it to your mother. if she's lending you money she obviously knows your financial affairs. let both of you decide if it's an emergency.

 

[Deena]

If I missed it????? You have not answered about the cleaner yet, are they still around?

 

[kathryn d]

are you getting the card for an emergency? if so give it to your mother. if she's lending you money she obviously knows your financial affairs. let both of you decide if it's an emergency.

Hopefully the mother is also being paid interest..even if only a token amount.I'd suggest the rate she would be getting if she still had it in her bank account.

 

[BayView]

I track all my calories and exercise every day on my iphone.

I track all mine in the head harddrive.

Costs nothing, simple; eat not much, eat very well, do a daily run/walk/cycle/swim, drink only water and unsweetened juices.

Given up the soft drinks yet?

There's another expense you can drop (maybe not now 'cause o' the contract, I suspect).

Just yer basic phone that dials numbers and answers calls, and texts would do it.

 

[Dan_p]

Just means that we spend about 3% of our income on cost of living expenses and the 97% left over is invested in property at the moment.
Would not know where else to put the unused money.[/QUOTE]



I am sorry but I can't understand this.

Do you live on cat biscuits?

Do you drive a car, use electricity, use water, do you eat food? use a phone? have internet? have insurance?

To fill up my car is $70, power bills $300 a 1/4 and increasing dramatically soon, groceries $200 for less then half a trolley.

You must be earning some pretty big money.

If you clear $100k a year you will have $3 a year spending, $57 per week.

 

[BayView]

Just means that we spend about 3% of our income on cost of living expenses and the 97% left over is invested in property at the moment.
Would not know where else to put the unused money.

I am sorry but I can't understand this.

Do you live on cat biscuits?

Do you drive a car, use electricity, use water, do you eat food? use a phone? have internet? have insurance?

To fill up my car is $70, power bills $300 a 1/4 and increasing dramatically soon, groceries $200 for less then half a trolley.

You must be earning some pretty big money.

If you clear $100k a year you will have $3 a year spending, $57 per week.

I would say the income is not remotely close to average, and therefore cannot be used by the average folk as a guide in this discussion.

For eg; if you earn $500k nett per year, your eating and fuel and electricity would not really be much more than the average wage earner (unless you go mad with spending in those areas like restaurants every night etc), so after these items, you have a huge amount of expendable income left over to invest/buy toys and so on.

The average wage earner would most likely be in mortgage stress when their total debt commitments reach 50%.

This would be why Banks did not let you borrow more than 35% of your income back in the "normal" times.

 

[Ace in the Hole]

Just means that we spend about 3% of our income on cost of living expenses and the 97% left over is invested in property at the moment.
Would not know where else to put the unused money.

I am sorry but I can't understand this.

Do you live on cat biscuits?
My cats eat cat biscuits and decent quality cat food.
We eat regular food.

Do you drive a car, use electricity, use water, do you eat food? use a phone? have internet? have insurance?
Yes, all these things.

To fill up my car is $70, power bills $300 a 1/4 and increasing dramatically soon, groceries $200 for less then half a trolley.

You must be earning some pretty big money.
More than most, but less than many.

If you clear $100k a year you will have $3 a year spending, $57 per week.

The only explaination is earning high or spending low.
We spend an average amount for a small family I guess, no PPOR mortgage.
Actually, it could be closer to 5%, didn't realise how much child care costs were.

To be honest, out lifestlye doesn't match our income.
Grew up poor and tight and the habit stuck.
We are not stingy or tight now, but don't spend on stuff we don't need.

 

[Dan_p]

The only explaination is earning high or spending low.
We spend an average amount for a small family I guess, no PPOR mortgage.
Actually, it could be closer to 5%, didn't realise how much child care costs were.

To be honest, out lifestlye doesn't match our income.
Grew up poor and tight and the habit stuck.
We are not stingy or tight now, but don't spend on stuff we don't need.[/QUOTE]

I thought it would have to have been a very decent income with good spending habits or forgive me, you were living in prison.

It is great you got yourself into a position like you are now and kept your good habits, that's what I am aiming for, however I can't help but to eat out with family, that's our vice.

 

[Dan_p]

I liken my weight loss along the same lines as my financial affairs. With weight loss you have to be really ready to do it and it took me 3 attempts to lose the weight in the past 5 years. I didn't have the mindset to do it until this last attempt. I summoned the determination to lose the weight and I'll use the same principles to take action and manage my financial affairs. I know I have been all talk for the past 6 months and haven't taken the action. I'm ready now to tackle this head on. I've decided to stick around living at my place and take that loan from my parents.

Hi,

Don't worry too much about your out eating habits relapsing, you are probably slightly addicted in the same way a beer lover loves beer or a gambler loves to gamble so a relapse is normal. The main thing is you are heading in the right direction. (nobody is perfect)

Just push through this time, it will get better. You are doing well with a ppor and ip (I dont know your age, I am assuming in your twenties?) do whatever you can to hold onto these two properties and you will be rewarded in the future.

If you need extra cash, sell some stuff lying around on ebay. I used to do this and that grew into a small business that my partner runs as a sideline and is terrific for cashflow now. Another option which would be good is to re-valuate your properties and use some of the equity in your offset account to give you some breathing space. Remember this will probably be the hardest time of your investing portfolio so stick in there.

In a couple of years time you will look back at this time and feel a sense of achievement. You are in a good position, just get the money under control.

I have a 31 year old sister who is paying $400 a week on rent and does not earn a great deal. Personally I cant see it getting any easier for her as rent will always go up, she will struggle to save for a deposit for her first place and her income will not go up by lots. You are in a much better position to take control of your life, just ride the storm, do whatever it takes to hold those two properties and you will go well.

 

[Rixter]

=

I thought it would have to have been a very decent income with good spending habits or forgive me, you were living in prison.

Prisoners get paid to be in prison, up to $70 per week, and they have ALL their living costs paid for. That includes medical costs and they jump ahead of the law abiding battlers on the wait lists too.

If it wasnt so serious it would be a joke!

 

[DJBarnstar]

If I missed it????? You have not answered about the cleaner yet, are they still around?

I don't understand why you need a cleaner for a bedsit?

 

[Alex P Keaton]

An update!

I haven't bought 1 takeaway in 2 weeks now. I'm so proud of myself. I have been going to woolies buying homebrand this and that. Have cooked my own meals. Same goes for toiletries. Oh yeah and as I was going out the door at 9pm the chickens were reduced from $11 to $7. I was able to get 3 dinners out of that one bbq chicken and a few lunches! cool hey. One example. I'm making a huge saving buying the wholemeal homebrand. They are $1.50 compared to the abbotts $3.50.

I managed to score a job as a boundary umpire last Saturday. Filled in for someone. I really enjoyed the boundary umpiring!! I got a great workout (omg soooo much running) and I got paid lol awesome. I'll definately be doing it next season! It will form part of my fitness program. I'm keeping in touch to see if more work comes up.

I'm looking into working at handing out/collecting census forms although (is it safe for a female to walk door to door? im not sure. Maybe I could take pepper spray) I am also applying for work at events likes sporting/concerts.

Things are going well!

 

[Alex P Keaton]

Hi,

Don't worry too much about your out eating habits relapsing, you are probably slightly addicted in the same way a beer lover loves beer or a gambler loves to gamble so a relapse is normal. The main thing is you are heading in the right direction. (nobody is perfect)

Just push through this time, it will get better. You are doing well with a ppor and ip (I dont know your age, I am assuming in your twenties?) do whatever you can to hold onto these two properties and you will be rewarded in the future.

If you need extra cash, sell some stuff lying around on ebay. I used to do this and that grew into a small business that my partner runs as a sideline and is terrific for cashflow now. Another option which would be good is to re-valuate your properties and use some of the equity in your offset account to give you some breathing space. Remember this will probably be the hardest time of your investing portfolio so stick in there.

In a couple of years time you will look back at this time and feel a sense of achievement. You are in a good position, just get the money under control.

I have a 31 year old sister who is paying $400 a week on rent and does not earn a great deal. Personally I cant see it getting any easier for her as rent will always go up, she will struggle to save for a deposit for her first place and her income will not go up by lots. You are in a much better position to take control of your life, just ride the storm, do whatever it takes to hold those two properties and you will go well.

Yep I'll get through this. I'll hold on. The 2nd job will also take some pressure off.

Talking about selling stuff on ebay. I have a bunch of bootleg cds that I bought when I was young and foolish haha. I might look into selling them. Thanks for the idea!! People are always willing to buy, especially if they ar hardcore fans.

 

[wylie]

If you mean the CDs are illegal copies, I wouldn't risk trying to sell them on ebay. Someone will report you and that could be messy.

We are all waiting to hear that you have given up your cleaning lady. You aren't answering. Does that mean you still have her? I'd be ditching her. I'm probably sounding like your mother now .

 

[our obsession]

I haven't bought 1 takeaway in 2 weeks now. I'm so proud of myself. I have been going to woolies buying homebrand this and that. Have cooked my own meals. Same goes for toiletries. Oh yeah and as I was going out the door at 9pm the chickens were reduced from $11 to $7. I was able to get 3 dinners out of that one bbq chicken and a few lunches! cool hey. One example. I'm making a huge saving buying the wholemeal homebrand. They are $1.50 compared to the abbotts $3.50.

I managed to score a job as a boundary umpire last Saturday. Filled in for someone. I really enjoyed the boundary umpiring!! I got a great workout (omg soooo much running) and I got paid lol awesome. I'll definately be doing it next season! It will form part of my fitness program. I'm keeping in touch to see if more work comes up.

I'm looking into working at handing out/collecting census forms although (is it safe for a female to walk door to door? im not sure. Maybe I could take pepper spray) I am also applying for work at events likes sporting/concerts.

Things are going well!

Good on you matey, and you sound like you have a skip in the step-fun too. Excellent on the umpiring btw!

Just talking to the census people, (that cover heaps and heaps of K's around these parts, people on their own)-just watch the dogs mate. Is the only caution they have for others. Kinda like the posty hazard.

Actually brilliant on the events work too, that could be serious paid fun. Love it.

 

[RumpledElf]

We are all waiting to hear that you have given up your cleaning lady. You aren't answering. Does that mean you still have her?

I noticed that too

I wouldn't mind a cleaning lady. But then we have a 3br house with 5 people in it not a bedsit with 1 and one member of the house can fling mashed pumpkin a surprising distance.

Not long till we can rent this place out, at least. The construction loan is quietly gathering interest while we are waiting, since we don't have to start paying it until we get the keys. New house is all built but we don't have it yet. I have furniture to sell on ebay or garage sale off if the place doesn't rent furnished, have no idea how we're going to work that one, I guess we'll just find out.

 

[Ed Barton]

I haven't bought 1 takeaway in 2 weeks now. I'm so proud of myself. I have been going to woolies buying homebrand this and that. Have cooked my own meals. Same goes for toiletries. Oh yeah and as I was going out the door at 9pm the chickens were reduced from $11 to $7. I was able to get 3 dinners out of that one bbq chicken and a few lunches! cool hey. One example. I'm making a huge saving buying the wholemeal homebrand. They are $1.50 compared to the abbotts $3.50.

I managed to score a job as a boundary umpire last Saturday. Filled in for someone. I really enjoyed the boundary umpiring!! I got a great workout (omg soooo much running) and I got paid lol awesome. I'll definately be doing it next season! It will form part of my fitness program. I'm keeping in touch to see if more work comes up.

I'm looking into working at handing out/collecting census forms although (is it safe for a female to walk door to door? im not sure. Maybe I could take pepper spray) I am also applying for work at events likes sporting/concerts.

Things are going well!

sounds like you are dying rather than living.

 

[Ed Barton]

If you mean the CDs are illegal copies, I wouldn't risk trying to sell them on ebay. Someone will report you and that could be messy.

We are all waiting to hear that you have given up your cleaning lady. You aren't answering. Does that mean you still have her? I'd be ditching her. I'm probably sounding like your mother now .

have a look at the clock. its on the screen in the right hand bottom corner, it's called the task bar. we can all download our own bootleg copies if we want. why would i pay for an illegal copy from you when i can get it on pirate bay?

 

[Ausprop]

sounds like you are dying rather than living.

its exactly why the D&G brigade waat house prices to fall and is a prime example of when high house prices inflict misery on the population. Unfortunately you can only cut back so far, then somethung else must give. Note that banks in this country also sap out a disproportional % of GDP

if prices are going to be fla tfor 10 years you woul dbe better to rent, get your life back and invest slowly into something else.