The money side of this project, and the life change, isn’t what I would call “Something to be desired”.
How to pay for everything
To make the long story short We are in $33,000 of debt.
To be completely honest, I have worked really hard on getting good credit over the last 8 years. I have worked over 40 hours per week towards my career as a Software Engineer & Marketing Manager. The long days and endless work are really starting to affect me.
It’s time for some change.
I got a Signature Loan
So with a fairly decent tax return, and some money from savings. We were able to buy the bus itself. We decided it would be best if we could just buy everything else to go along with it, at the same time. So, I got a signature loan for about $20,000.
This was just about the right amount to add all of the stuff we wanted into the bus. The most expensive being the Power System. We have a Sure Power, Generator, & Solar. To do this right is many thousands. The generator itself was $1,000 +/-
We will sort of save money.
I know I haven’t given you many number yet. Here they are:
We 9 months ago, we were paying $950 per month for rent. Now we are paying $650 for rent, in a much better place 🙂 But, I have commute about an hour or more to work and then back again. With our SUV, this eats up about $400 per month in gas. And another $150 per month in tires, since I get them every 6 to 9 months now.
The loan for the Bus Conversion is about $600 per month. If we can find a place closer to work (for now), and a space rent of $350, we will be in the same place financially, as 9 months ago. Sort of, that is. Now we will own the home we live in (A bus sure, but a home none the less).
Debt, good lord, DEBT!
We have some debt. Other than the Bus conversion, too. We have two wonderful kids, and it turns out, if you have expensive insurance when you have kids. It is even more expensive to deliver them, than if you were on state aid.
Each of our kids cost us around $5,000 to $8,000 to have. And that
isn’t including the cost of the monthly premium at $900 per month.
To recover from this unexpected cost I got a consolidation loan, and rolled a car into it too. However gave the car to my little sister, so she would have a reliable vehicle for college. We also have the Car loan for our SUV (2011 Mazda CX-9) which is an amazingly comfortable vehicle 🙂 this is about $12,000 at time of writing.
Totaling up the Debt.
- Marcus Loan: $11,000
- MaxAuto Loan: $12,000
- Upgrade Loan: $20,000
So, due to this, my credit is a little worse now, lol. But, we are not in a terrible place. We have $33,000 +/- in Debt, and we essentially own our home. But unfortunately, need to pay more often than not, to park it.
It’s no bed of roses, when we look at the dollars.