Okay, so this is a BIG one for me/us as 2016 was a massive financial struggle once I gave up work and the benefit of paid housing. Little did I know what a huge challenge it was going to be to work out housing on our limited income. Now, I am not saying that we/I were not total idiots to move into a crazily priced apartment, but it is a lovely place to live…. π
Along with some other challenges with our money that were a ripple effect of M changing his job in February last year, we have hit the lowest point I have ever reached in my adult financial life. Even saying that I do appreciate and feel fortunate that my idea of “low” is still quite high for some in the world.
Still, my bank account was actually closed in the US due to insufficient funds and negative balance – this account I have had since I was 12…. My US credit cards are in back pay and my school loan payments are also due. We also owe my parents money since they helped us out to pay for my work visa…. :/ On top of this, we barely make our local payments each month sometimes missing them only to have to catch up the following month.
Since I only make enough each week to cover our daily expenses, which is still plenty – and we have learned to spend much less daily – it is hard to cover some of the bills unless M gets paid regularly. During some months it is a challenge to have this consistency; therefore we have struggled.
Therefore, our goal for this year is:
*3 months – pay off all current debt and be caught up with at least 2 months payments ahead
*6 months – have enough cash in the bank to leave the UAE and move elsewhere with enough to make a downpayment on property wherever we end up
*9 months – be generating enough income from our various sources to be able to do the 50:10:20:20 rule (50% for living expenses; 10% for fun; 20% for short-term savings 20% for investment/retirement)
*12 months – have at least one property paid for that brings in income to perhaps pay for another property somewhere along with our continued plan above
Now, I do not know yet how this is going to happen as we are basically dependent on M to bring in the money. We will definitely be moving from our current apartment either in the same building but to a much smaller space within our means OR we will move to a completely new space either within country or out of country. More on that to come as we know more.
So, this is my brutal honesty about our financial situation without going into number details. It has not been an easy road and I have come to some major realizations through it all. While there is no point in having regrets, I do see/understand all that financial wisdom my parents tried to impart upon me years ago about saving, etc. It hit me mostly when a few people shared that they were buying houses since they had saved up enough since being here and I am completely on the other side of that…. I do not regret the travel that I did or the fun that I had, but I do kind of wish someone had managed my money for me! π
I take full responsibility for my life choices and decisions. I know I am at least half to blame for our current situation and I did not come into our marriage with blind eyes regarding M’s situation. I may have been blinded to or denying reality out of love or whatever, but I have faith and hope that this year will be our year to work ourselves out. Also, it gives me some satisfaction to think that once we are out of the mud, it will be due to both of our efforts and something that we have achieved and overcome together – making us stronger and better. Optimism!!!
So, I am sure I will be writing more about this as the year goes on, but here ends our financial goals for this year. Tomorrow we move on to 4. Relationships.
~T π
