Frugal chicos journal - ERE in The Basque Country

Where are you and where are you going?
take2
Posts: 317
Joined: Wed Jan 09, 2019 8:32 am

Re: Frugal chicos journal - ERE in Spain

Post by take2 »

Frugalchicos wrote:
Wed Feb 10, 2021 9:25 am
...in the meantime, to quote my father in law, players gotta play.
Your father in law sounds awesome. Good luck, and seeing as how you’ve decided I would second @Ego’s suggestion of writing letters to your future self. 4 years can be a blink or endless depending on your situation and mindset.

I would suggest you don’t just live for the future but make the most of your life in Chicago whilst you can. Goes without saying on this forum but that obviously doesn’t mean needing to spend a lot, just enjoying your time.

2Birds1Stone
Posts: 1596
Joined: Thu Nov 19, 2015 11:20 am
Location: Earth

Re: Frugal chicos journal - ERE in Spain

Post by 2Birds1Stone »

Are you planning on renting out the condo during your absence? Asking for a friend ;)

Frugalchicos
Posts: 658
Joined: Wed Apr 19, 2017 9:23 pm
Contact:

Re: Frugal chicos journal - ERE in Spain

Post by Frugalchicos »

@anesde
Thanks. Yes, I actually re-read this journal often to remember feelings or how my mindset was at certain points during these last years.

You are very right. We know it is going to be challenging espcially because of the long winters, but we will try our best to take advantage of the situation and have fun with all the friends we have there.

@2Birds1Stone
My sister will probably live there rent free. She will take care of costs like HOA, insurance and her utilities. She will also rent the parking spot for like 80E/month.

Frugalchicos
Posts: 658
Joined: Wed Apr 19, 2017 9:23 pm
Contact:

Re: Frugal chicos journal - ERE in Spain

Post by Frugalchicos »

It is about time for a monthly update

FEBRUARY INCOME –$9,756
OTHER INCOME:
- EBAY SALES: $721
- SURFBOARDS: $842
- CAR SALE: $8,184
TOTAL INCOME: $19,503

FEBRUARY EXPENSES – $772 USD - The expenses below are in Euros, we do the conversion of the total into USD. THIS MONTH IS A LITTLE TRICKY - EXPLAINED BELOW
Car annual insurance: $0
Gas (Car): 0 - bye bye car
Groceries: $295.45
Cellphones: $20
Internet: $0
Misc./Entertainment: $325.12 - Includes a couple of meals out with Chica, car annual inspection, a $100 down Parka (spoiler alert for where we are moving), medicine, etc...

We saved 96.04% of our income.

OTHER EXPENSES RELATED TO HOUSE AND PARKING SPOT PURCHASE: $30,412 - We are counting the value of the parking spot and kitchen as home equity. Separating these expenses from our monthly expenses since they are one-time expenses and do not represent future average expenses. - Architect: $786
- Taxes: $2050
- HOA: $30
- Kitchen: $8,362.91
- Purchase Parking Spot: $18,723
- Notary: $460.18

CURRENT ASSETS: $677,943 ($56,478 increase from last month)
Cash savings: $72,972
Investments: $472,723
HOUSE EQUITY: $132,248

ACHIEVEMENTS/HAPPENINGS THIS MONTH:
- Big news. Chica accepted an offer from her current company back in Chicago with a 24% salary increase plus bonus, this year might be $10K. She also gets to keep all the fun stuff like 4 week vacation, 401K, insurance etc...
- Chica and mini have tickets for March 29 and I have one for April 7th. We will travel to Arizona and spend time with chica's parents for a while until we figure out our housing in Chicago. I will also start applying for jobs from AZ. We are quite excited for the opportunity and the change of scenery. We forecast we will have a NW of close to 1M in investments in the next 4 years with a house and parking spot payed off when we come back to The Basque Country to ERE. Impressive set up in our opinion.
- It seems that I might not even have to give my two weeks notice at work since it seems my company will not need me after this month.
- I sold the surfboards and car for almost the same price we payed for them. Great lease.
- Chica's parents gifted us 30K. We used them to max out our 401Ks for 2020 and purchased a parking spot right behind our condo. The parking spot is already rented for 80E/month. We cover the cost of the HOA for the condo and garage with that money and keep another extra 15E/month.
- We already figured out the details for the construction of the condo. Floors, kitchen, doors, windows, paint, etc.. We wanted to have everything figured out before leaving.

On another note, we had (mostly me) a pretty ugly conversation with my mom about her errand attitude and how much she has changed during the last year after her divorce. Not only she didn't accept the feedback but she actually brought some thoughts up about myself and my sister. Based on that conversation, Chica's opportunity and my contract ending, we thought that the best decision was getting out asap. Not hard feelings. I think she just needs time for herself and space.

It is time for a new chapter in our lives. We will do the best we can to have fun, enjoy and achieve our goals.

Image
Last edited by Frugalchicos on Fri Mar 12, 2021 2:50 am, edited 2 times in total.

Smashter
Posts: 541
Joined: Sat Nov 12, 2016 8:05 am
Location: Midwest USA

Re: Frugal chicos journal - ERE in Spain

Post by Smashter »

Sounds like a great plan! I think it's great that you are so focused on your goals and that you're willing to make big changes to pursue your dreams.

Sorry about the conversation with your mom, I've had my share of those and they are never fun.

sky
Posts: 1726
Joined: Tue Jan 04, 2011 2:20 am

Re: Frugal chicos journal - ERE in Spain

Post by sky »

Its good to keep moving. Stay lean.

Nicolino
Posts: 60
Joined: Thu Dec 06, 2018 6:16 am

Re: Frugal chicos journal - ERE in Spain

Post by Nicolino »

Sounds exciting, if everything goes according to plan, you guys have a future with lots of optionality!

Frugalchicos
Posts: 658
Joined: Wed Apr 19, 2017 9:23 pm
Contact:

Re: Frugal chicos journal - ERE in Spain

Post by Frugalchicos »

Thanks @Ego for the idea

The next words are basically a letter for my future Chicago resident self:

You left The Basque Country because of the following reasons:
- Pursuing an amazing opportunity
- Ambition = not settling for mediocrity
- Desire to achieve your ERE goal/dream
- Opportunity to have more future options during ERE
- Lack of opportunities in The Basque Country. Job market is garbage and a post covid recession will come (actually, economy here kind of always is in recession).
- Expectation vs Reality: friends and family relationships are not as imagined
- The Basque Country will always be here for you and I bet things will not change much
- Covid. It did ruin the social aspect of Spanish lifestyle

How you will motivate yourself in Chicago:
- Enjoy the given opportunity to achieve an amazing goal/dream
- Have fun with Chica and mini thorough the whole year. No matter the season.
- Educate mini the best way I can
- Find a job in a company where colleagues are nice and dynamic, work is exciting and benefits are good. Pay is not the most important thing at the moment. Covering expenses is enough.
- Run, run and run. Perhaps prepare for another half marathon
- Go to the gym, exercise. Get back to top shape
- Make a good group of friends that don't need money to have fun
- Read at least one book a month
- Design and enjoy the plan of ERE
- Find a lucrative hobby. Fixing computers, cellphones, selling clothes on eBay...

On another note but stuff that I have in mind related to this transition:
- I want to leave things wrapped up before leaving. Construction of our condo, store our things, etc...
- I would like to rebalance our portfolio to a more conservative one. We currently are sitting at a 90% - 10%. I would like to gradually get to 65-35% by 2025. However, we would have a 13K tax implication for 2021...it kind of hurts to be honest.

Western Red Cedar
Posts: 1205
Joined: Tue Sep 01, 2020 2:15 pm

Re: Frugal chicos journal - ERE in Spain

Post by Western Red Cedar »

I finally had an opportunity to catch up on this journal. I tend to get a little intimidated by journals with 20+ pages, but those are some of the best ones. So much great stuff in here. Lovely hearing about how you approach finances and goals with Frugalchica. Also great to hear about life in Northern Spain. It is an amazing country and a place where DW and I want to spend more time in upcoming years.

Wishing you the best on your move back to Chicago!

Frugalchicos
Posts: 658
Joined: Wed Apr 19, 2017 9:23 pm
Contact:

Re: Frugal chicos journal - ERE in Spain

Post by Frugalchicos »

@WRC

Thank you so much! - You keep taking those beautiful pics of landscapes too :)

Let me know if you ever need any tips about The Basque Country

Frugalchicos
Posts: 658
Joined: Wed Apr 19, 2017 9:23 pm
Contact:

Re: Frugal chicos journal - ERE in Spain

Post by Frugalchicos »

I quit today. My last day at work will be on March 31st. Boarding to AZ on April 7th.

Already applied for a few jobs in Chicago that look good and really match my profile. Hopefully, something good pans out and we start with the right foot in Chicago.

Excited for the next chapter of our lives.

rube
Posts: 883
Joined: Tue Oct 02, 2012 7:54 pm
Location: Europe (NL)

Re: Frugal chicos journal - ERE in Spain

Post by rube »

Things are moving fast Frugalchicos!
I am impressed by the, at least for us, quick and drastic changes you are able and willing to make. Good luck with the next steps.

We're actually considering to spend, if possible with covid-19 of course, a few weeks in Spain and a few weeks in Portugal for our summer holiday. Would you be able to give some tips? And would you recommend to visit Bardenas Reales in July/august? We have our own car and thinking of using Airbnb or alike. We mostly want to see nature, typical local villages and relax (but no crowded beaches).

Frugalchicos
Posts: 658
Joined: Wed Apr 19, 2017 9:23 pm
Contact:

Re: Frugal chicos journal - ERE in Spain

Post by Frugalchicos »

@Rube

Thanks for the note. In regards to Spain, there are many places that are beautiful and very different from each other. I can recommend Galicia (best seafood you can have, and super cheap), Asturias and its cider, specially Llanes, Gijon, Lastres and Oviedo. Cantabria also has amazing little towns and not populous beaches. The Basque Country is a gem (both the Spanish and French sides). Then, you can always head down to the Mediterranean and visit Barcelona, Valencia and Alicante (much more crowded though). The south is also pretty with some cool places like Cordoba, Granada, Sevilla, Cadiz and Marbella. I personally would stay away from the center of the country, unless you really want to visit Madrid, Salamanca or Toledo.

I don't know very well Portugal, but I loved Lisbon. Amazing city with a lot of history. I found it very dynamic, picturesque and its people are wonderful. Very cheap and good food too. I can recommend a great airbnb there. I also heard great things about Oporto.

Airbnb in Spain and Portugal is considerably cheaper than in the US. In fact, you can also find beautiful hotels and rural houses for very modest prices.

Bardenas are amazing, but it gets super hot in the summer. Perhaps, you can stay in Pamplona and go to the Bardenas early in the morning to avoid high temperatures. Valle del Baztan, Elizondo and Olite are also super pretty. My last name actually comes from that area of Navarra, so I keep a little corner of my heart for it.

A perfect trip could be driving down from NL through the west coast of France, stop in Biarritz or Bayonne. Cross the border and visit San Sebastian, Bilbao (my hometown) and head west through Cantabria, Asturias and Galicia. Stop and visit any of the places I mentioned above. Then cross the border from Galicia to Portugal. I bet you would enjoy it.

rube
Posts: 883
Joined: Tue Oct 02, 2012 7:54 pm
Location: Europe (NL)

Re: Frugal chicos journal - ERE in Spain

Post by rube »

Thanks Frugalchicos for all these great tips! We'll look sure into these tips and places when determining our trip.

Frugalchicos
Posts: 658
Joined: Wed Apr 19, 2017 9:23 pm
Contact:

Re: Frugal chicos journal - ERE in Spain

Post by Frugalchicos »

Job hunting has been a little crazy (in the sense of things moving super fast). I applied for a job I liked last week, got a call for an interview right away and a week later got the job! I will be working for a Fortune 500. Salary is good, more than enough to cover expenses (we will be a more than 200K household), great health and benefits package. Another important thing is that for now, work will be remote, allowing me to work from anywhere in the US. When we have to go back to the office, offices are located downtown, so no need at all of buying a car (that's a massive win for me).

God Bless the American job market! :)

take2
Posts: 317
Joined: Wed Jan 09, 2019 8:32 am

Re: Frugal chicos journal - ERE in Spain

Post by take2 »

Congrats!

Western Red Cedar
Posts: 1205
Joined: Tue Sep 01, 2020 2:15 pm

Re: Frugal chicos journal - ERE in Spain

Post by Western Red Cedar »

That's great - congratulations! I suspect you may be at your goal earlier than you think with all of that firepower.

Frugalchicos
Posts: 658
Joined: Wed Apr 19, 2017 9:23 pm
Contact:

Re: Frugal chicos journal - ERE in Spain

Post by Frugalchicos »

@WRD & Anesde

Thanks guys! We are very excited for the future!

Nicolino
Posts: 60
Joined: Thu Dec 06, 2018 6:16 am

Re: Frugal chicos journal - ERE in Spain

Post by Nicolino »

Great news, it´s gonna be a great experience!

theanimal
Posts: 2627
Joined: Fri Jan 25, 2013 10:05 pm
Location: AK
Contact:

Re: Frugal chicos journal - ERE in Spain

Post by theanimal »

Congratulations! That's great to hear.

Post Reply