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Back to Basics

This month was back to the basics.  We were going to see how setting up the budget went.  Part of their homework was to set one night a month to work on the budget, this was going to be set for every month.

This month they had to review their spending and create a budget that they can live by.  The spending logs were to track the info that was needed for making it.  They did set the evening and put a budget together and started using it but they were not using the spending logs – Natalia told me “but I use debit for everything” This is not the same, sure debit creates a record of what you spent but it does not make you aware of what you are spending.

I must admit, these two are doing great, they are on top of their spending, only have student loan debt and are saving between $1300-$1500 per month.

The evening took an unexpected turn, there is an apartment for sale in the building that they found month one, it even has the same layout as the drawing they did.  It has most of the things on the must have list.

Financial they are ready, they have their down payment and they are saving more then enough each month to take on the extra expenses.  They will be spending about $300 more each month when they factor in Strata and property tax.

So….. They have put in an offer, it has been accepted and now we go through the steps need in getting a mortgage, doing the due diligence on the building and basically getting all our ducks in a row.

I will update everyone next week to see where we are…..

 

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