Downturn Survival & Planning

Cherokee_Cruiser

Well-Known Member
Just sold my car and did a cash back refi on my house. I figured it was better to just go ahead and get some cash I can take with me when I hit the poor house. I somehow managed to make money on my car, so that's good. Fire sale at my house. As is, we can go exactly 12 months without jobs before we go broke, without touching retirement. I hope it doesn't come to that.

I loved my car. Focus ST with ST3 package. RIP.

My wife works in the corporate office of a large jewelry store chain. She will likely be out of her job faster than me.

Maybe this will be a good thing. It will teach me to appreciate things more and not take things for granted.
Damn. Nice car. I’m sorry for what you are going through, but you are making the right moves.
 

CoffeeIcePapers

Well-Hung Member
Damn. Nice car. I’m sorry for what you are going through, but you are making the right moves.
Yeah, I mean, it's just a car. It was fun to drive, but I had been thinking about getting rid of it anyways. It was a 2016 and only had 18k miles. I barely drove it. I have other priorities right now. I was able to get 2k in equity out of it and not have a payment, insurance, or maintenance. It was a no brainer.

With that said, it's a sobering reality that things are going to get way worse before they get better.
 

knot4u

Repeat Offender
I'm in the middle of a refinance of the house I bought 20 years ago so I can settle my divorce, the loan has been approved but things are moving very slowly now. My little shack is a 2 bedroom, 1 bath 900 sq ft house with a 1 car garage built in 1954 on a 4200 sq ft lot, I bought it for $145K in 2000, it was just appraised at $540K. I'm not sure how this crisis will effect real estate values. The rent for a studio apartment in my area is more than my current mortgage payment, even with the increase from the refinance it's cheaper than the rent for a 1 bedroom apartment. My house is a large part of my exit from California / retirement plan. Just have to wait and see.
I'm sad, my refinance has been halted, the banks have pretty much stopped doing business at my level. It leaves me in a very undesirable spot. The ex and I signed an agreement that allowed me to keep my house but she would get a six figure check and walk away. Despite my best efforts to meet the terms of our agreement the rug was pulled out from underneath me this morning. She can negate our agreement based on the fact that she hasn't received her agreed compensation. I have no legal means to stop her from taking things back into court and forcing me to sell the house in a time of great uncertainty. Oh well, it was a good run.
 

A80TRACON

Well-Known Member
I'm sad, my refinance has been halted, the banks have pretty much stopped doing business at my level. It leaves me in a very undesirable spot. The ex and I signed an agreement that allowed me to keep my house but she would get a six figure check and walk away. Despite my best efforts to meet the terms of our agreement the rug was pulled out from underneath me this morning. She can negate our agreement based on the fact that she hasn't received her agreed compensation. I have no legal means to stop her from taking things back into court and forcing me to sell the house in a time of great uncertainty. Oh well, it was a good run.
I'm very sorry, keep the faith.
 

wayway8

Well-Known Member
Hey guys. Wondering if any of you kind folk could please recommend a good expense tracking app that you might use. Features such as...

-One that my wife can have on her phone and also on mine that updates in real time.
-Happy to pay a one off fee for no adds and not an ongoing subscription.
-Enter income.
-Subcategories for different expenses.
-Simple.
-Can use in any country.

Basically I want to find out exactly what my monthly expenditure is to make a plan.

Thanks so much guys.
I use YNAB (YouNeedABudget). It's not free, but it meets all of your requirements. We've been using it for years. It has reduced a lot of money stress.
 

Screaming_Emu

Joe Conventional
Just sold my car and did a cash back refi on my house. I figured it was better to just go ahead and get some cash I can take with me when I hit the poor house. I somehow managed to make money on my car, so that's good. Fire sale at my house. As is, we can go exactly 12 months without jobs before we go broke, without touching retirement. I hope it doesn't come to that.

I loved my car. Focus ST with ST3 package. RIP.

My wife works in the corporate office of a large jewelry store chain. She will likely be out of her job faster than me.

Maybe this will be a good thing. It will teach me to appreciate things more and not take things for granted.
Heres hoping that it’s not as bad as you expected and can get something even more fun on the other side!
 

A Life Aloft

Well-Known Member
I'm sad, my refinance has been halted, the banks have pretty much stopped doing business at my level. It leaves me in a very undesirable spot. The ex and I signed an agreement that allowed me to keep my house but she would get a six figure check and walk away. Despite my best efforts to meet the terms of our agreement the rug was pulled out from underneath me this morning. She can negate our agreement based on the fact that she hasn't received her agreed compensation. I have no legal means to stop her from taking things back into court and forcing me to sell the house in a time of great uncertainty. Oh well, it was a good run.
Have you contacted any mortgage refinance companies???? Worth a shot. Really sorry. I hope you can make this work.
 

CoffeeIcePapers

Well-Hung Member
Heres hoping that it’s not as bad as you expected and can get something even more fun on the other side!
I think I'm done with cars. My wife still has one, but it doesn't make much financial sense and probably won't for a while.

Besides, I can rent through Turo when I get an itch. Thanks for the kind words.
 

texas_pilot

Well-Known Member
Figured a thread on financial sense and budgeting is in order although pilots seem to have an inherent sixth sense of cheapness. Probably a good time to recall those dirt bag CFI or freight dawg days. I realize not everyone has six months of savings or access to liquidity so a little prudent planning could be in order.

Ideas to start cutting back or saving:

- Comb though your recent spending, look for things to cut out - focus on the essentials
- Look for magazine or online subscriptions to cut
- Be cognizant of auto-renewing services/organizations/apps/gaming that you could do without for awhile
- Dust off your old MP3 collection and cut Spotify
- Still have cable? Ditch it!
- TV services, how many streaming services do you really need?
- Cook more but don’t forget about occasional takeout from your fav local restaurant to support them and your sanity
- If you have student loans reduce to the minimum payments if you’ve been paying ahead
- Refinance debt/mortgage/student loans if possible/applicable
- If you have 0% financing through a retailer's card (Best Buy, Apple, Tire Center, Local Adult Superstore, etc.) and have been paying ahead, stretch it out to the max term to save cash now
- Look around the house/garage for stuff to sell for a little extra $$$
- Get rid of car payments. Sell it, lease takeover, etc. get something cheaper
- Extra bedroom? Get some roommates
- Cancel your season ski pass for next year (crying)

And of course extra income, inventory your skills and connections in case you might need it. Lay the ground work early to get ahead.

We are making some small adjustments for now to be prudent and identifying areas that we can cut further if things really go south. While we are prepared for something like this, it makes sense to get ahead now and plan for the worst. No harm in cutting spending in the short term as you can always add things back in.

Be smart, take care of each other and please share your ideas as I'm sure there are many more.
Side gigs during free time, Windshield Repair, I favor Delta Kits has free training can turn great revenue.
Amazing and fun.
Confirmed bidet fan. Might finally be time for one at home.
A month 'behind the curve' already.
Good luck, I'm thinking.
 
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