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The ebb and tide of debt payment

May 6th, 2008 at 12:31 pm

Right now, I'm in a funk. I have a nasty cold, it's midterms, I'm working 60 hrs a week, and my house is trashed. I barely care about paying bills let alone saving money. So, I thought I would write a list to try to inspire me to get rid off it.
1) Current debt load is way too much. The minimum payments are only a couple of hundreds dollar less than my mortgage payments. Freeing up that much money would mean fully funded roth-iras for my husband and I.
2) I need my job and income level to survive. Getting rid of this would let me go part time without any stress.
3) What I owe is over a years net pay for me. Yup, I'll have worked over 2080 hrs to pay for my stuff.
On the plus side, my debt hasn't all been bad, nor the getting it.
1) A large part of it is to get my mommy dream car... V6, brand new picked out by me, sunroof, oh yeah.
2) A lot of it was to put in a yard and fence our acreage. Which is seriously improving my enjoyment of my house and property. My husband and I just don't have the time to do everything ourselves. The money I spent on that stuff has saved many fights and given us free time together.
3) 2k of it came from suddenly having to take a trip for a grandparents funeral. It was a convenience to just put it on a credit card, but somethings are worth more than money.
4)It's all at low interest rates, and nothing is unmanageable with our pay.

Well, only 5 hrs left before I go home. Lunch is over!

2 Responses to “The ebb and tide of debt payment”

  1. merch Says:

    Wow!!! 40% of you debt is your car. It sounds like you are just having a tough week. You mention you work 60 hours a week and just are surviving.

    Are you on abudget? If not, it will help find where your money is bleeding. Another thing to think about is giving yourself an end time. If I don't see some traction in the next 6 months, I'll sell my car. It might help you to focus and just keep moving.

    Once you start seeing things move in the rght direction, your position doesn't look as hopeless.

    Good luck and focus.

  2. ironicone Says:

    Ooops. Should have clarified. 95% of the time I work 40 hrs a week. I'm currently in a mandated 60 hrs a week schedule for one month. The extra 80 hrs of overtime this month will give me an extra 3k towards debt. I "survive" just fine on 40, including 18% to my 401k.
    I only take home approximately 2.1k a month of my 50k salary because I put away a lot in healthcare, retirement and dependent stuff..
    The above post was because I was trying to talk myself out of a funk. My end time is ~2 years, less if cut back on retirement. This isn't counting my guaranteed raises for the next 3 yrs (4 dollars a year) or my daycare reduction costs that will happen when my daughter starts school.
    Thank you for your tips!
    Amber

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