The Waiting Is The Hardest Part
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| Tue, 06-17-2008 - 6:34pm |
Long story short: I owe about $25,000 in student loans, $4,000 in credit card debt, and am slowly chipping away. But, not really getting anywhere. Oh, and my husband and I also have a mortgage. We have decent jobs but the mortgage and large debt repayment is starting to kill me. I'm not sure what to do - we also owe my parents $15,000 for our apartment, but they have said if it takes us 10 years to pay them back they are ok with that. Part of the "problem" which is really the solution, is that I have cut up the cards to stop the endless cycle of charge, pay off, charge, pay off.
I find that when I get my cheques, after all my debt is paid, I am left with just enough for necessities, with a little left over. I try to put it on debt as much as possible, but I just feel like I'm spinning my wheels. Honestly, for the most part we are ok as long as we keep our debt on track, but I've been totally derailed in the past month.
Little things here and there like a cat vet appointment, a dental appointment that wasn't covered, even 8 birthdays and special events in two months that we cheaped out on in some areas and just sent a card. Even this weekend, it's my ailing grandma's 85th birthday, so by the time I pay to take the bus over to see her, the ferry fee, and the restaurant fee (it's just tea, so shouldn't be too bad) there goes another $150. I can't get out of it, one is the guilt because I hardly ever see her, and two is that I'll never hear the end of it from family if I don't go.
I am in the process of getting a second job because the constant stomach aches and feeling like it's never enough are starting to irritate me more than I think working the extra hours will. I used to teach ESL so I will go back to that a few nights a week.
I know it's bad to cash out an RRSP, but I started paying into mine last year, and I am in dire straits this month. If I don't cash out that $850, I will not be able to cover my mortgage payment for this month. So, on June 2nd I called about cashing out the RRSP, had to go into the bank and do it, waited a week and a half for a cheque that never came (he said it would take 3-5 days). He told me to call back on the Friday, did that, he was out of the office until today. So, today he called my work and told me oh, they have to launch an "investigation" that will take one week to see if the cheque was cashed by someone else. If it wasn't, they will stop payment on it and re-send me another one. If it was, they will have to figure that out before they can re-issue me the cheque. I'm almost in tears. The one thing that was going to save my butt this month, of course derailed by the payment going missing. So...I guess I will see what I can cobble together with my husbands cheque, the amount remaining in the mortgage accounts, and???? I could scream right now.

Hello Welcome to the board. I looked at your information and you didn't fill in any of it. I am kind of guessing that you might be down under but I really don't know. First I
Thank you so much for responding...you make a lot of good points. I do feel better today, I think it was just the instant reaction of hearing that I won't get that cheque for at least a week or two. In a way, this might be what I need to actually make changes. I am really good with budgeting in the sense that not a lot goes to coffees, or meals out or whatever, but you are right that even a dollar here or a dollar there can be saved and go on debt.
Yes, rather than dwell on the amount, I am going to pick one credit card to put all my extra effort into. Then it will feel like I'm making progress. Although I really don't want to work extra hours, I'm going to make at least a one month commitment of trying to do a few hours a week of ESL tutoring. That extra $30-$40 per week will let me pay 2 credit card bills at least for this month.
I also told myself that just because the RRSP cash didn't arrive on time, doesn't mean it isn't coming! It is still arriving! So, I talked to my husband last night, and he can cover a few hundred of the mortgage payment until that cheque comes through, and the rest will have to come from a credit card - which I hate to do but we can pay off the whole amount when we get the RRSP cheque.
Again, thanks...I have a long ways to go but I think if I work towards these changes, it will get easier.