Lately, DH and I have been discussing our financial situation…which isn’t HORRIBLE…but definitely isn’t GREAT either. We “own” our home…but that just means we have a big fat mortgage. As a matter of fact, as a result of a poor decision when we first moved into it (7 years ago) we also have a second mortgage, :rolleyes: . Additionally, we bought a new minivan last year when we had our third child. While a different/bigger vehicle was warranted. a “new” one was not…however, we fell for the salesman’s line about how when it comes to minivans, you’re probably better off buying new because you’ll drive it forever, etc. Yeah, we’re kind of suckers that way…but we did get a decent loan on that (only 4.5% APR) and only 60 months, so the principal has been paid down quickly. I also have an outrageous balance of student loans and simply thank God every day that the interest rate was locked in at 3.5% and it’s a payment I could handle for the most part.
Anyway, we have kind of come to the conclusion that it might be the smartest move to sell our house, pay off the mortgages and as much of the van’s loan as we can, settle into a small apartment with the girls for 12 - 24 months and sock our money away (which will become much easier once we do not have a car payment anymore) so we can buy a new home “the right way”…and to us that means having a 20% down payment. We figure if we have the discipline to save up for a 20% down payment, then we are ready to handle a house again.
These decisions have been hard to come to. I met with my priest this morning. He asked about why my oldest isn’t in the Catholic school there…of course, as I stated our reasons that we came to regarding why we keep her in her public school…they sounded much more shallow (IMO) as I said them to him than they had to us when we first formed our opinion. The school is a wonderful Catholic school where all children do an age appropriate amount of adoration each week and I see the projects out when I take my daughter to the Sunday school classes…Catholicism is weaved into all the subject. Anyway, we are now considering an apartment complex close to our parish and seeing about putting her in school there (she’ll be in 1st grade). But, no matter what, we must sell our house before anything can materialize…and our current residence is about 10-12 miles away from the parish/school.
Another problem is…until we sell the house, we will be unable to contribute the amount of money necessary to cover education for our family at the school (the Parish has it set up…a certain %-age of tithe … maybe it is 7%???) and the family pays no tuition, no matter the number of children in the school.
I’m ashamed to say that DH and I do make a middle class income (together), but due to our debts, there is usually not much left after each paycheck and we care for our children’s needs. Yes, we overextended ourselves and now we are hoping to get ourselves out by selling our house…but until that happens, the bills are still there to be paid…
So, I am considering still calling the principal (a sister) to have us take a look at the school and perhaps discuss our options. But we may not be able to actually enroll our daughter until January and maybe not until the next school year (when she is in 2nd grade).
Does anyone have any words of encouragement or advice for me? Has anyone ever been in this situation? It has taken quite a bit of growth on my part to come to the conclusion of what we have to do…and DH is coming around, too…I’m trying not to spend too much time feeling ashamed and just focus on what needs to be done. Our house is in a growing area and is probably one of the smallest in the subdivision…but we have cared for it well and hope to get a good settlement out of it.