Get Into a House or Buy a Newer Car?

[craftymissbeth]

How much daycare experience do you have? Maybe you could get a job in a center while you're still figuring things out.

[craftymissbeth]

Also, in you OP you said you were looking for a used car for "$17k-$25k, $2k of that for down payment".

IME, you can get a reliable used car for $2000. You just have to know where to look. If your concern is going somewhere with your child then on days you need to take him somewhere you can swap cars with your husband.

To put it bluntly: you sound like a young wife/mom who is digging herself into a deep hole. Trust us... many of us have been at that point at one point or another. My best advice: *stop spending*. If your credit cards are maxed, that means you literally cannot afford to buy whatever it is you bought with that "money".

[Checkinkids.com]

Our experience

My wife and I had a similar situation, not quite 14k in cc, but substantial debt. First - stop using the cc. Pay it off as quick as possible, even if you need to sell some stuff. If one of the houses you are looking at renting allows you to have a daycare, I'd put that before a car for sure. When we were in debt and finally got a house, we started the daycare and only needed to drive about once or twice a week - to the grocery store. We didn't do anything but watch kids (we had 12 full timers) and we were able to get ahead in less than a year. Sometimes the temptation for a new car is hard to overcome - but you have to ask your self if you really HAVE to have a new car. If you are planning on watching kids for some income, then a new car might be a secondary concern.

[Crazy8]

I'm in the neither camp too - no newer car, no house right now. Spend your next $10 on the Total Money Makeover book by Dave Ramsey. Read it cover to cover and then change your attitude on everything you "need". Look in the mirror, stop making reasons/excuses why this won't work or that won't work and get serious about getting out of debt. Make a bare bones budget and stick to it. Will it be easy?? Absolutely not. Will it be worth it?? Absolutely.

Learn the laws/regulations for doing daycare where you live and if you truly can not watch a child in your current home maybe you can find someone who will allow you to bring your baby as you watch their child in their home - look for nanny positions instead of daycare clients. A home daycare is not some glamorous earn money while staying home doing nothing kind of job. You get kids, you lose kids. You will be so much less stressed if you are not in financial turmoil when you start.

Good luck.

[Blackcat31]

My wife and I had a similar situation, not quite 14k in cc, but substantial debt. First - stop using the cc. Pay it off as quick as possible, even if you need to sell some stuff. If one of the houses you are looking at renting allows you to have a daycare, I'd put that before a car for sure. When we were in debt and finally got a house, we started the daycare and only needed to drive about once or twice a week - to the grocery store. We didn't do anything but watch kids (we had 12 full timers) and we were able to get ahead in less than a year. Sometimes the temptation for a new car is hard to overcome - but you have to ask your self if you really HAVE to have a new car. If you are planning on watching kids for some income, then a new car might be a secondary concern.

I agree with this. Often times deciphering between what things are "wants" and what are "needs" is difficult.

Wanting a newer car is NOT the same as NEEDING one.

[Thriftylady]

I agree on the car thing. I had real clunckers for a lot of years. And I drove my kids in them, I had to didn't have another option. We got by just didn't go far. When we moved to Ohio in 2006, I gave my van to a needy family. It wouldn't have made the trip, it was that bad. We drove hubby's better truck here and shared a vehicle for awhile. No, I don't feel bad about giving a crappy van to a poor family it was better than the nothing they had before. In 2007 when I got a job here, I found my 2001 taurus in good shape and paid $8000 on it. Yes, I did it on payments but paid extra every month and paid it off in 18 months. Still driving it now, I wrecked it in a blizzard this last winter and it has a dent and the trunk is a bear to shut but it isn't worth the cost to fix it properly. It has needed some new parts lately, but my son does them for me if not I would take them to the vo tech school to get done. It isn't new, starting to look pretty bad, but I take as good of care of it as I can and it is still reliable. Just had to put an $80 part in it last week but still cheaper than getting something newer and then having to keep full coverage insurance on it because I have a loan.

[Silly Songs]

I agree with the person who said to look for a job in a center. You will get a discounted or free rate for your baby, plus you can too work, do your job and come home without worrying about the children you watch until the next day. You also mentioned you graduated from college. What did you get a degree for ? As in, what was your major ? I don't know where you live, but usually the unemployment office has job listings. Perhaps you can contact a temp agency and see what is available. It sounds like you want to stay home with your baby, but you may need to get a full time job for awhile. Good luck .