We set up a property tax payment plan on our rental property

The property tax payment plan on our rental property

I’ve been getting drilled about our back property taxes on the MMM forum. We owe around $11k on our rental property, and the vast majority of money hippies seem to agree that we need a property tax payment plan. They feel that the property taxes need to take precedent over the credit cards that are growing rapidly. I think they may be right. There is no mortgage on the rental property, and therefore no escrow for taxes. We were always very good with paying it in March of every year, but once our spending got out of hand, we continually delayed the payment of the taxes. One week turned into a month, a month into a year, and then a year turned into three years. So here we are now. Perhaps we should be thankful. In many others towns, the home would have been taken by now. After doing some research,… Read More! »

Our financial situation; Debt, debt, and more debt

Our financial situation; Debt, debt, and more debt

Mr. Money Mustache was right when he said it’s difficult to expose yourself financially to the entire internet. I’ve already done so on the MMM forum so it’s a little easier now, but still nerve wracking. This post will list the details of our financial situation. The good, the bad, and the ugly. Hint: There is very little “good”. It is important to note that this is our “starting” expense report. This does not include the changes we are making in our budget to become a frugal family. We are drastically cutting our food related expenses which currently come out to around $1,700 per month. Our goal is to get it down to around $700 per month. A $1,000 savings. Other expenses, such as the car loan, only have 9 months remaining before it is paid off completely. Once this is paid off we will have an extra $393 per… Read More! »