Inside: Setting monthly goals is important when you’re paying down debt. Peek at the steps we’re taking each month to get closer to freedom from debt.
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August was a rough month for bills, but then again so was September. I’m starting to think we’ve entered a new normal. Or, probably, that I need to review our spending and make sure there aren’t leaks. After all, crushing your spending for 20 straight months isn’t easy. It’s only natural that we’d lose some of our speed.
What we really need is a little victory in our debt fight! Today’s the day we check in and see how that’s going this month, along with the other goals we’ve set for our family.
Inside: With everything going wrong, it probably seems like the perfect time to give up and just stay in debt forever. Learn why that instinct is exactly WRONG.
Paying off debt is like riding a roller coaster. I mean, sure, it has its ups and downs. But the analogy goes deeper than that.
I’m talking about the anticipation of the ride. (That mix of excitement and dread!) Once you’re on the ride, you can’t always see what’s coming ahead. There’s a lot of screaming (maybe it’s joy, maybe it’s regret). And at the end, you’re happy to get your feet back on solid ground.
Let’s not talk about the people who excitedly get in line to ride it again.
Inside: Ready to pay off debt, but not sure where to start? Let’s look at your options!
Medium Sized Family readers, give a welcome to Jacob from Dollar Diligence! He’s going to give us his perspective on debt today.
A few years ago, I paid off $25,000 of student loan debt in just 15 months. This was a HUGE feat for me and I am so glad that I did it. If I did not, I would still be living in the minimum payment world with a payoff future date of 10 or more years from now. Not what I wanted.
When it comes to debt, whether you have student loans, credit cards, or even an auto loan, you want to make sure that YOU choose what debt is paid off first. If you do not choose, then your money will not be allocated properly and you will remain in debt for longer than you needed to be, which means wasted money in interest payments.
You know how Dave Ramsey tells you that Murphy will move in when you try to pay off debt? Boy, is he right! July was a tough month emotionally when it came to debt. But August was a doozy for bills!
With an eighth grader joining marching band this year, we were introduced to high school sized fees. Remember back when you couldn’t wait for the kids to leave diapers and formula because you would save so much money? Well it’s kinda like that all over again.
So we used one of our nice chunks of debt money to cover those bills instead. But we didn’t go into debt to cover these bills. And it didn’t leave us without food on our table. It simply backed our debt free date a little further down the calendar.
Inside: You must learn how to stop worrying about money, because life is so much more than hiding behind your current circumstances.
The cart was nearly full as I turned down the last aisle at the grocery store. I eyeballed the foods I had selected to feed our family, which were always carefully chosen to keep our budget down. But prices had been rising steadily for months. In fact, the cost of food seemed higher this trip than they were just a week ago.
Gas prices were through the roof and everyone I knew was struggling in one way or another. There was a recession. Plus I had just quit my job, lowering our income just as our third child was born. The timing wasn’t perfect.
As I pushed the cart along, I couldn’t help but wonder if the cost of food would continue to climb until we’d find ourselves unable to feed our small family. A terrible feeling washed over me, and I frantically dug through my purse, looking for my phone. As I called my sister, I knew I was having a heart attack.
I think it was the open window that did it.
My daughter and I were sitting down to play cards. (She’s becoming quite the card player at the age of 7. We may have a card shark on our hands!) It was a pretty hot day, so we were spending the afternoon inside.
We aren’t real big on air conditioning here. Our old drafty house doesn’t usually get too hot, so an open window or two is good enough for me and the kids.
But since Hubby spends his day in an air conditioned building and then rides home in an air conditioned car, the house doesn’t feel cozy to him when he finally gets home. So I try to turn on our window units and close up the house a little before he leaves the office.
On this day, I started the air and then did some chores. When I sat down to play cards and noticed that the window was still open, I closed my eyes and let out a big sigh.
Money was floating right out the window, and I had no one to blame but myself.