by Hope
Today Jake has officially moved in with his dad, my youngest son, Gymnast. And I have passed off the financial responsibility on to him as well.
Jake moved in with Princess last summer when she got her solo apartment. I insisted on it as a security measure. And frankly, the two boys dogs just were a lot to handle together. All in all it worked out great for everyone.
Princess got some security as she settled in. Gymnast got the rest of the year to get his own place. And I shed some of the responsibility of physical care of another dog.
But I continued to contribute financially to his upkeep. When I bought food, I provided for him. I paid for the annual vet visit. Etc.
Now Gymnast will take on those responsibilities! We are all happy campers about this. Another right of passage for my growing kids completed.
On His Own Insurance
Gymnast made another leap into independence last month. He got his very own car insurance policy. He finished paying his car off in December. We completed the switch in car title while he was in Georgia in January. And then he shopped for insurance.
His monthly premium on the family plan was right at $458 per month. (He has had 3 wrecks since getting his license, including totaling his first car back in 2021.) That made our monthly payment $930 per month. Ouch!
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- Wreck #1 – Gymnast totaled his and Princess shared car in Dec, 2021. He should not have survived this wreck, can came out with air bag burns and scratches. God was watching out for him!
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- Wreck #2 – Gymnast was run off the road by a man in a rage. While there was a witness to the aggressive driver, no charges were filed so Gymnast was held responsible
I covered his insurance payment for the last quarter of 2024. And he used that time wisely to pay off his car. So proud!
Anyways, he shopped around, found full coverage for right at $800 for 6 months and made the switch last month. I am just so freaking proud of him. (All my kids, really.)
So while he had started covering the cost again in January. It does take some of the mental pressure off me to be on his own policy now.
New Insurance Rate
Beauty got her own policy last fall when she purchased a new car. (She was on the family plan as a driver since she drove my car regularly.) Gymnast moved to his own policy this past month. So it’s just Princess and I. And this month is the end of the 6 month policy. I’ve just gotten our new rate for the next 6 months…
$273 monthly payment. I about fell out of my chair when it came through. I know there are lots of factors with insurance. Princess turns 21 this term. Credit score has greatly improved. Clean driving records.
Grateful! Another step to improving my financial future.
Hope is a resourceful and solutions-driven business manager who has spent nearly two decades helping clients streamline their operations and grow their businesses through project management, digital marketing, and tech expertise. Recently transitioning from her role as a single mom of five foster/adoptive children to an empty nester, Hope is navigating the emotional and practical challenges of redefining her life while maintaining her determination to regain financial control and eliminate debt.
Living in a cozy small town in northeast Georgia with her three dogs, Hope cherishes the serenity of the mountains over the bustle of the beach. Though her kids are now finding their footing in the world—pursuing education, careers, and independence—she remains deeply committed to supporting them in this next chapter, even as she faces the bittersweet tug of letting go.
Since joining the Blogging Away Debt community in 2015, Hope has candidly shared her journey of financial ups and downs. Now, with a renewed focus and a clear path ahead, she’s ready to tackle her finances with the same passion and perseverance that she’s brought to her life and career. Through her writing, she continues to inspire others to confront their own financial challenges and strive for a brighter future.
Did you delete your post about your credit card debt going up $9,000 in two months? Couldn’t take the comments? Didn’t want to explain where you spent $9k?
No, I’ve not deleted any posts.
Princess needs to be covering her own insurance, whether that’s paying you for her portion or getting her own policy.
I realize BAD doesn’t agree with my support of my kids. And that’s okay.
I have 2 months left. Then this phase of life will be over.
We are saying your “support of your kids” is doing them a disservice in the long run because due to your poor planning and shortsighted choices, they will have to bail you out of disaster in the future.
I completely understand this perspective. And while I’d love to say you’re wrong. It’s altogether possible.
That is why selling the house and being rid of all my debt is so important to me.
The needs of the house just overwhelm me. I could love somewhere cheaper with less responsibility and be more confident of my ability to care for myself. The right path will open up. I just have to keep going.
Where are you thinking you could live that would be cheaper than a $1000 mortgage payment?
I suspect thinking buying a tiny house with cash flow will be less. She is possibly gnoring all the fees to run water, possible rental fees for land- unless winding up in dad’s backyard- property taxes and such. I have friends in a lower cost area of both an hour from Austin and in Tennessee with tiny homes and it’s more than a grand a month.
Let’s just look at this Hope. You find a 1,000 mortgage a strain, can’t stop using your credit cards, but you will magically be able to cash flow the building of a tiny home.
Why not “cash flow” the normal mortgage and bear down on those credit card bills.
Definitely not ignoring any of the “fees”.
No tiny homes allowed in dad’s backyard or else I would definitely consider that 🙂
There is no magic to it. And it’s not the mortgage so much as the responsibility of an older home that is mostly empty now that the kids are gone.
All this would only happen if my house sells, if it pays off the bulk of my debt and then I spend the next year or two getting a good foundation under me.
Someone asked for my goals…that is it. But it’s a long term plan, not a today plan.
It sounds like gymnast now doesn’t have collision insurance. That means, if he gets in a wreck, there is no payout. There’s no way his insurance policy would be that cheap otherwise. Not having collision insurance does not sound like a good idea for him.
I did ask him about that, especially in light of his 3 wrecks. But he assured me that it is comprehensive coverage. I do know that one of the wrecks is now past the 3 year mark and his credit score is fantastic so that most likely gave him a leg up with the new policy.
Comprehensive is not the same as collision. Please tell me someone knows this.
Comprehensive is for stolen cars or damage beyond control like a windshield/deer incident. BY DEFINITION is not coverage for accidents.
https://www.amfam.com/resources/articles/understanding-insurance/comprehensive-vs-collision-insurance
As much as you financially help your kids (to your own detriment), what is needed now is for you to make sure they are getting what they need. I think you need to actually have your son send you a copy of his declaration page to make sure he has the insurance he thinks he has. I cannot imagine his insurance could be that cheap. Two of my adult (girl) children who are single and on their own insurance pay more than that. They have zero accidents, zero tickets, one is a college grad, and they are girls (cheaper to insure in the teens and twenties). It would behoove you to make sure he has collision and comprehensive and liability. They are different things and he should have all three.
Comprehensive insurance is not collision insurance. I stand by what I said. Hopefully you will look into this.
I mis-spoke…full coverage is what he has. I will double check that when I see him this weekend though, for sure.
Full coverage is not an insurance term. He almost certainly does not have collision insurance. Please look into this!
I’m still flabbergasted by your insurance rates. I just paid $357 for 6 months with Progressive. Two drivers, two cars. One car is older and liability only, but the other is full coverage on a 6-year-old car. I’m surprised we’d have such a huge gap.
I’ve often thought that some of the comments directed at you take a nasty tone, like the first one above. It’s a tribute to your resilience that you just reply calmly. I probably would have stopped writing long ago.
At any rate, I hope things go well with the house.
To be fair, Trying to compare insurance is, I think, made purposely vague. So many variables such as credit score, length with the company, amount of driving, and where you live.
My insurance in a HCOL city is a third of what I paid in a dinky backward town, so I honestly would not be surprised by that. Why that is I’ve no idea. I drive less, but my plan doesn’t take that in to consideration. I’ve never had a wreck so…
Also in rinky-dinky hooterville, the model and year of the car really affected rates. I was always taught to call my insurance agent before getting a different car because you can get a surprise out of nowhere.