out of the hole
It was Boston Gal, I think, who told me that it generally takes someone about six months to get back to where they were before they bought a house.
Well here I am, six months after I bought my house, and my June net worth is finally back to the same level of progress that I was at before I bought the house. I am investing in my IRA again. It’s great.
That said, I’m doing half the stuff I feel like I should be doing. I’m finally starting to spend money on some things I want for myself and for the house. Spending a lot. A lot. I still have the medical bills, which I’m paying on a payment plan so that I can have cash flow for the other stuff I’m trying to do. I think I’m finally at the point where I’m done with binging and starving when it comes to spending. I’m trying creative use of all the things I’ve learned to get this far so that I can have a better quality of life without sacrificing long-term goals in the process.
It’s an adjustment. It’s a little scary. A lot of times I feel like I’m messing up. But I’m continually learning.
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Hi Sistah Ant,
Wow – you are doing really well to be back at your pre-house purchase Net Worth point at just six months! Maybe it is just me, but I feel like it takes 2 years to really bounce back from a home purchase.
If my experience holds true, you may find yourself back sliding a bit in the coming 18 months. If you find things cropping up that make you feel like “two steps forward, one step back” during that time don’t feel too badly.
For me the first year of ownership is about getting used to how the costs of the home fluctuate over the seasons and shaking out the seasonal bugs of the home. You find the hot and cold spots of the home, things that you want to fix or change. Some projects you tackle right away that first year – others you wait until the second. Meanwhile you get that first unexpected large tax bill or the big water bill after reseeding the grass or get hit with a big fuel bill, etc., etc.
Maybe it takes me two years because I tend to buy older properties that require more fixing and replacing of things like appliances, etc. Or maybe I am just slow
But if you can beat me in this I am very pleased. It is always nice to have someone disprove one of my financial maximums in such a positive way!
Thanks for the encouragement, Boston Gal! Just so you don’t think I’m a prodigy, a lot has changed in the week since July 1st – I’m probably going to slide backwards for a few months before I make any more progress! I have lots of projects to do on the house, and quite a bit of decorating I’d like to do too…