We Have a Number

Jordan and I had a great conversation with my great aunt this weekend about....MONEY.

We showed her the market analysis that was completed on her house and then showed her what we thought a fair market price would be based on the information the real estate agent guy showed us (about $300,000K on the open market - if her home was ready to be sold).

As there is an expectation that my great aunt will leave her home the way it is when she sells which is NOT move in ready.  Renovations would be required as would a lot of cleaning to get rid of the smoke, we started with a range of $250,000 - $275,000, we talked about what Jordan and I could afford and what my great aunt was expecting in terms of the sale of the house.  My Great Aunt told us that the range we were thinking of was the same range she was thinking of.  She suggested a number in between, so $262,500.

She asked us if we could make that work, and we said it would.  We asked her if it was enough money for her to either buy a small condo for herself, or to give her enough money for rent in an assisted living place (she's exploring options right now).  She said that it was absolutely plenty.  She has three healthy pensions as well as a variety of personal savings - she doesn't need the money.

Throughout the entire conversation, I sat next to my Aunt and Jordan sat across from us.  It was important that we didn't overwhelm her by our posture/eagerness.  As  hard as it was, I didn't talk throughout the whole conversation and questions to engage my Aunt.  

Jordan and I went in the conversation knowing that if my Great Aunt wanted over $300,000 or so - it probably would have been a deal breaker - because although her home is in a very desirable neighborhood, you can get a brand new townhouse for about $350,000.  If that was the case, we were fully prepared to still help her on her search for her next home when she's ready and help clean up her place (as best we could w/out investing our own cash) to get it ready to sell.  I think knowing that we didn't HAVE to come out of the conversation with a price or a deal, really made it easier to have a great conversation - and, it wound up working out, because we do have a price.

So, we know what the price will be, what we don't have is a set timeline but we are looking at a range of 8-18 months.

Camping Costs

So last night we had a family conversation about how we were going to pay for the week of having a cabin on a beach.  A few of us had made some assumptions and didn't ask enough questions (namely me), which is fine because my family is a great one to learn in.

While money isn't talked about, as a general rule, I should have known to ask how we were going to pay for everything.

We wound up counting tent days as half as a cabin day (so Jordan and I sleeping in a tent and my cousin and her friend outside wouldn't pay as much  as our mom's and grandma sleeping in the cabin).  It is fair however; for us to chip in some because we're using the amenities of the cabin (like the shower, the kitchen, the bathroom...etc.)

Food on the other hand we figured should just be divided up based on the total number of days each person has stayed.

I won't get into allll the details, but we wound up talking about it for a solid hour or so.  Jordan excused himself outside, I think in part because it's my family - but also because he shy's from heavy money conversations in general.

At the end, Jordan and I wound up contributing $100 for the total cabin bill of $980 and $80 for groceries (which, so far is exactly our 'fair' share).  There might be more groceries that we wind up buying - but we'll handle that when we run out of food.  If we want more booze (which I think we might) that's up to each group of people to handle.

Money - Taboo

The comment by Frugal Dreamer , on my post called Conversations About Money, got me thinking:

"I've always been bothered how money is such a taboo subject for most - it's cool you could relate to your boss like that!"

Why is money such a taboo? I beleive that has been written about a LOT, I thought about answering the question - what can we do to change it?

Well as PF bloggers, I beleive that we have already started knocking down the Money Taboo barriers. Seomthing in us, something in our upbrining or what we've experienced (nature? nature?, im inclined to believe nuture) - has elimited money as a taboo of ours.

I am going to try to have at least one conversation about money each week. The conversation should be with someone who I wouldn't ordinarily speak with about money. When I'm successfull, I'll post about it and let you know how it's going.

Coversations about Money

So I just had the coolest conversation with my boss, ever!

He uses the Jars.

He made a comment about my open toe shoes, which we are not allowed to wear at work because it’s a health & safety concern. I said something about ‘it’s not in the budget this month’ but that I would work it in soon.

That little tidbit of sharing had him launching into what he and his wife do to manage their finances.

He said that he and wife have used the mason jars for a great number of years. They’ve since moved on to just tracking their expenses via an excel spreadsheet, but the principals are the same. They weren’t in crazy debt – and the reason for that, is they have always managed their money, tracked their spending, had goals – and met them!

I told him that I had actually just started on the ‘magic jars’ (he hadn’t heard of Gail Vaz Oxlade!), last pay day, and so far so good!

He said the great benefit, is when both you and your partner (*cough *cough, Jordan) are on the same page with them. He also said, make sure you’ve got a bit of fun money in there too!

It just felt good to know someone else who uses them, and who it works for (b/c TV people aren’t real?... )