Day 44~Undying Optimism

I found out today that my partner may be getting laid off from his job, due to the recent events in Japan affecting his work here.  That will mean that he will not be able to give me child support for an indefinite period of time.  That’s a big deal.  It’s a good thing I just moved into a big, expensive, fancy house.  :~l

I’m not one to sit around and wait for things to go wrong though.  I’ve created a game plan to be able to stay on top of the finances for the next few months, until the rental season gets better in this area.  Then I’ll relax a bit knowing that there is a surplus of people wanting into the area.  Right now, that isn’t the case.

To top things off, both of my tenants are moving out within the next few weeks.

On the bright side, at least I will be able to get in and paint their rooms.  lol  Yeah.  Today, I’m having a tougher time thinking of the bright side.  I’m a little nervous, although I still strongly believe that things will come together and I will come out on top.

Undying optimism.  Thank God I have that!

Actually, although I’m nervous, I’m kind of excited about the idea of my boyfriend being off for a few months.  My dream is for him to find work in this area so that he can live here with us.  He’s the father of my kids, and we all want him home.  I know we will have our struggles in the beginning as we figure everything out financially, but it’s a window of opportunity for us to be together working on this goal.  : )  Even if it’s hard, I’ll take it!

Day 25~Swallowing My Pride

I love the advice people give based on their experiences; especially when they go against their own word!  Today, I am finding myself knee deep in a situation that is most likely going to force me to go outside of my own ‘No Spending Money For a Year Game’.  When I signed the lease for the other house, I hadn’t looked at all of the factors.

I knew the bus schedule is different since we’re moving into another area; but I’ve just found out that my tenants will not be able to catch the bus and get to school on time.  I thought the buses at least had the same running schedule.  This is a BIG problem.

Now, I have to get a car before renting out the additional room which will pay for it.  However, if I do things proactively and efficiently, my finances will be very close to what they would be if I did it the other way around.  In the meantime, I just stepped back and looked at the unrealistic time schedule I put on myself.  Why do I do these things??

Three answers came to me instantly while I was typing that question.  This is my reasoning:

1. I create plans to achieve a higher quality of living for my family AND realize that pushing out of my comfort zone is necessary to achieve my goals.

2. I love the excitement and change; as well as, the personal and spiritual growth associated with the changes and learning.

3. I’m determined to grow and learn from my mistakes, so I don’t repeat them.

Here’s what I’ve learned from this situation:

• Look at things from other people’s perspectives and run the scenarios on how they will be affected.
• Have the details worked out BEFORE handing over the money.  I’ve already paid first and last, so I can’t back out now.
• When things get too stressful, slow down.  Sometimes I have to slow down, adjust my energy, and do something I enjoy.  It helps me refocus on my goals, clarify my priorities, and reenergize my soul.  In turn, I become way more effective at accomplishing the tasks which will get me to where I want to be.
• Take responsibility:  Even when things seem overwhelming, and people are upset because of a decision I’ve made, I have to be understanding, collaborative and proactive.  I have to brainstorm and find solutions that work for everyone, and then get to work putting them into action.  Admit mistakes and be receptive to others’ ideas.
• Communication is SO important.  Everyone involved is a team.  Keep people in the loop.
• SET REALISTIC SCHEDULES–Leave room for unexpected events (like needing to get a car).

Here are the things I’ve done so far to ensure my cash flow remains positive:

• I’ve already posted ads on the internet for room rentals at my new place, although we’re not moved in yet.
• I’ve created a schedule of what I need to do and when it needs to be done.
• I’ve started recruiting help from friends and family.  I’ll host a ‘Thank You barbeque’ for them when we’re all moved in.

Here are the things I’m doing today to achieve my goals:

• I’m running all of my financials again to see how much I can comfortably spend on a car.
• I’m writing a short proposal that I’ll use when dealing with used car dealerships.  I like to be prepared because I’m a better negotiator when I have everything at my fingertips.  I also don’t want to be taken advantage of.
• I’m going to find and rent a car.  So many cars sitting around; I’m sure someone will rent a decent one to me.
• I’m patching holes in the walls at the new place and preparing them for painting.
• I’m taking pictures of the condition of our new rental home so that I have records of how things are when we move in.
• And if I’m not exhausted by the end of the day, I’ll be packing some more boxes.  : )

I hope you also have a super saving and productive day today!!

Princess PW

Day 24~Feeling The Pressure!

Eek! I am starting to feel the pressure of all of the changes happening in my life. A few things are on my mind, and need to be sorted out ASAP. I don’t have a lot of time left.

I need to get a car. I need to get the other house painted. I need to get furniture for the other house (living room and one bedroom). I need to find one other decent tenant to rent the other bedroom; and all by the end of the month. Not to mention the fact that I need to work my a#$ off this week for the project I’m doing for the not-for-profit group AND I have little people with me who ALWAYS get into things.  I also still need to pack the house and move in for next weekend!  WOW!

The funny part is that I’m doing all of this without spending. LOL Like I said before, I love challenges.  Sometimes, I laugh at the situations I get myself into, because I know there is always an end to the challenges.  So, I don’t stress too much.

Here are my ideas about the problems I’m facing right now and how they relate to time and/or money:

1. How to get the house painted:  The landlord has a small budget for paint, but I will have to do almost all of the painting in the 2700 square foot house.  I’m good, but not fast.  So, I need to choose the most important rooms and start with them.  They will be the living room, and two of the tenants bedrooms.

I’ll have to get someone to look after my kids while I paint; or find a way to keep them out of the paint.  It’s my youngest I’m worried about.  She still eats paint.  And the carpets in the house are almost all white, so I am paranoid about her spilling it.

I may rent a paint sprayer, and learn how to use it because an entire house is a lot to paint if I don’t have much time.

As for the costs, I’ll have to barter babysitting services with another mother so that I don’t have to pay for childcare.  I’ll watch her kids in return later.  The paint and supplies will be paid for by my landlord.

2. How to get furniture for the living room and bedroom: I haven’t gotten this one figured out yet.  I want to have a nice house that flows, and attracts and keeps tenants (because that is my main source of income).  It’s not quite yard sale time yet.  I have $25 of ‘unexpected income’ that I am allowed to spend, but $10 of that is going to go towards transportation.  That only leaves me with $15.

So, the only way I can purchase the furniture is if I find another source of income to cover it.  That’s where the additional tenant comes in.  My dilemma is that I need nice furniture asap to be able to rent to another tenant.  I have some cash on hand that I could put forth for this AS LONG AS it comes back almost right away.  But, I need to make sure I find a suitable tenant too.  I don’t want to necessarily take the first person who comes along.

I’ll be spending some time today looking at used furniture ads on Kijiji and Craigslist.  If it’s something that’s easily paintable, that’s an extra bonus.  If it already matches, and no painting is required, even better.

3. How to get a car: I drove by a few used car lots yesterday and had a crazy, but very possible idea.  I just need to talk to some car lot owners or managers.  I need a car for four months only.  They have a lot of cars just sitting in their lots.  I don’t do a lot of driving, and have a perfect driving record.  Why don’t I just ask around and see who’s interested in partnering up for a short term lease?  At least they can make a little money off of the car and still sell it in the summer.  There won’t be many kilometers put on and it will be maintained well over the four months.  Why not?  It’s worth asking.

Renting the additional room will pay for the car for the four months.  And then when I no longer need it, the money from the tenant will be added to my monthly cashflow.

Wow!  One thing I love about blogging is that it helps me sort my thoughts!  I was feeling so pressured a few minutes ago about money and rushing.  And now, I feel only rushed and less concerned about the money part.  I just created a kind of roadmap for me to follow regarding the house, car, money, and tenants.  I feel SO much better!

So, I’ll look around for furniture right now and later today, gather paints and supplies, and find childcare.

I’ll go paint the house, and move in the furniture I find so I can take pictures and post for tenants.  Then, I’ll finish packing and move the rest of the furniture.  I’ll borrow a car throughout the week to drive around and ask car lots about the possibility of a short term lease.  There are lots of cars, and lots of lots; so someone is bound to rent one to me.  And I will make sure I have a tenant before I sign onto any car deal.  : )

Time to leave for my adventure!!  Bye for now!

Princess PW

Day 22~Where Am I??

One of the things that differentiates me from a good majority of others, is that I always know where I stand financially.  On any given day, I know almost exactly how much money is flowing in and out of my hands and accounts.  I sit down regularly just to make sure my estimated numbers are accurate.  I pay my bills almost always on time.  And when they’re not on time, it’s because I’ve planned it that way for some reason.  Most bills are set up on autopay, so I never have to pay late penalties.

Some of you may also do all of this, but it’s surprising how many people don’t.  Many would ‘prefer not to know’ what is happening with their money.  I find that strange and highly uncomfortable.  I like to know where I stand at all times.  It helps me sleep soundly at night.

Just to be safe, I also review my bank account statements regularly and call the bank right away if I have any questions or notice anything unusual.  I used to just read my statements sporatically until one day, I deposited a cheque into my account and then couldn’t get my money out of my account.  Grrrr!   My account was frozen.  Luckily, the nice ATM machine told me to call the bank and gave me the phone number.

It turned out I actually had my debit card suspended because someone got access to the numbers from a gas station pay at the pump.  I was pretty ticked about this because I deposited a cheque and didn’t have any cash on hand, or money in other accounts.  It took a few days to get everything straightened out and my bank account was frozen in the process.  Since then, I always have a backup source for cash and an extra, separate bank account, in case anything like that ever happens again.  I didn’t enjoy not being able to access my own money.

In addition to knowing what my current financial picture looks like, I always have a plan for where I want to go next financially.  Recently, I’ve been focused on paying off debts; studying investments and real estate; and renting rooms for extra income.  This allows me to be able to pay my debts and invest in affordable opportunities that make sense to me.

I’ve made it a personal law that I will only live somewhere if I can make enough money from renting a portion of the house to cover nearly all of my costs.  And because of this, the money that I would be paying toward rent or a mortgage, can go toward paying off my debts and investing in other items.  This principle has allowed my family to move from a cramped, shoebox of a house to a large, ritzy house in a nice neighbourhood.

Now, I’m not going to say that my finances are wonderful (yet).  But, they are well on their way.  Almost every choice I make affects my finances and my family.  So, I make sure that every choice I make is a step forward; instead of a step back.  My financial picture must always stay the same or improve.  That’s the criteria for me to move ahead with any decision.

Bye for Now!!

Princess PW