Feeling pensive

iVillage Member
Registered: 06-25-2006
Feeling pensive
16
Tue, 02-17-2009 - 11:31am

I am finding it hard to be motivated today. I am a bit distracted by the state of our finances right now. We will be able to pay down some of our credit card debt ($4,000 out of $20,000) with our tax refund but not as much as I had hoped. To be honest I am not sure what our best plan is for paying down the rest of it since our budget is literally to the dime every month. I know it will work itself out in time; it always does. Till then it will be snowflaking small flakes where we can.


The bigger concern is that sooner or later we are going to need a new car; it is just a matter of which one is going to die first. In order to take on a new car payment we will almost certainly have to defer one of our student loans. Again, I am not sure what the best approach is but I have faith that it will work out. Absolute worst case scenario is we can live with one car. It makes getting to work a hassle for me; but a doable hassle.


Are we living a little above our means right now? We were but it comes with buying a house I suppose. Should we have kept our credit spending a little more in check? Of course, especially around eating out I am sure. I guess this is our way of feeling the economic downturn, and now it is time for us to love our new home, stay in more and save everywhere we can. We are both very lucky to have our jobs and I do feel glad that we have some money in savings. It’s not a lot but it helps me sleep at night.


So nothing drastic, nothing major just life...one day at a time....


The good news? It is sunny out and I can see the grass (and not snow) at the field across the street from my office!)

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iVillage Member
Registered: 01-30-1999
In reply to: smoochdog
Tue, 02-17-2009 - 11:53am

I'm feeling the same about so many things in my life too. The reality that I have to make changes is hitting me hard. Wish I had done more of it last year but oh well.


We can do this! we can make better choices!


Michelle

iVillage Member
Registered: 10-01-2008
In reply to: smoochdog
Tue, 02-17-2009 - 12:46pm

Can I join this club today?

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 08-24-2007
In reply to: smoochdog
Tue, 02-17-2009 - 1:13pm

Hi Smoochdog,


I'm in the same boat as you.

Kate


empty purse

iVillage Member
Registered: 11-14-2008
In reply to: smoochdog
Tue, 02-17-2009 - 1:21pm

I feel like this sometimes too. I know I have done well with everything in the last year but life happens. We will need two car upgrades, in fact one upgrade and one new one(or somewhat new) in the next 5 years. The upgrade we are saving for the other we are not. We want to build a new house in 5 years too. The one we are in is very old and it is a dream of mine to have a new house(it will not be huge or fancy, just new). Once my debt is paid off, that money goes towards a down payment and maybe a bit towards his student loans to snowflake them. That is why i feel like I am stuck, and can't move on until the rest of MY debt is gone. Oh yeah, then there is college money for kids and retirement. Uhhhg. It seems like there is not enough time, and not enough money!! And the goals I set..........I would like to have house and cars paid off by the time I retire as well. I struggle with what to pick, because I know I can't do it all. I am starting to think the kids might have to get student loans. I will help when I can(put some away) but I am not paying the shot. All I can do is help them in the sense of teaching them to budget and use their money wisely.



iVillage Member
Registered: 01-23-2007
In reply to: smoochdog
Tue, 02-17-2009 - 2:03pm

Hey Michelle:

I've been pensive lately too and not really motivated. We did get $1600 from our tax refund, but $500 quickly went to DD's college as a down payment. I want to get out of debt before we have to start paying for college, but I have to be realistic: it isn't going to happen. The best I can do with debt repayment is November as a pay off date and now we know we'll have to start making college payments in June, so the debt will still be there into 2010.

I'm also wondering if I should slow down on debt repayment and focus on building up a 3-6 month efund. I'm pretty well guaranteed that I'll be employed until June and even then, I think my pay would continue through the summer. I'll know in May if I'm getting a contract for next year or not. Once I get that, I'll feel better; but, what if I don't? I shouldn't feel this way; but, I do. Every year, I don't feel quite safe until I get that contract.

Then there are the cars. Both of them are paid for, but I really can't afford a car payment when one or the other goes. I'm sure we're on borrowed time with the car I drive. That's the kind of stuff I've been thinking about.

At least the sun is shining and the snow is melting.

Hope you're feeling a little better.
Dee









iVillage Member
Registered: 06-25-2006
In reply to: smoochdog
Tue, 02-17-2009 - 2:14pm

Hi Dee,


For me having $5,000 - 6,000 in our savings is key to me sleeping at night. When you mention an efund is that savings? For me it is money I would use/have used in the past for things like a new toilet, new brakes on the car, an emergency plane ticket to fly to a funeral, etc. I would also use it to help pay bills if DH or I were to lose our job (although with the cost of licing where we are it would only last about 2 months!).


Paying down debt is important to me but making sure I have some back up and feel "safe" is key to my sanity. I deal with anxiety and depression both of which are directly triggered by feeling lost and overwhelmed when I become overwhelmed with not being able to pay bills!


I see you have a efund ticker so you are on the right track! One penny at a time...... *wink*

iVillage Member
Registered: 06-25-2006
In reply to: smoochdog
Tue, 02-17-2009 - 2:17pm

Hi Norma,


I will be thinking of you and hoping that your meeting goes well and

iVillage Member
Registered: 09-07-2003
In reply to: smoochdog
Tue, 02-17-2009 - 4:48pm

You are definitely NOT alone!

Teresa
http://www.affordingpickles.blogspot.com

iVillage Member
Registered: 08-24-2007
In reply to: smoochdog
Tue, 02-17-2009 - 6:01pm

Wow, Teresa, that was so well said and so true!

Kate


empty purse

iVillage Member
Registered: 04-12-2007
In reply to: smoochdog
Tue, 02-17-2009 - 7:35pm

Kate,


You have done such a GREAT job on reducing your debt.

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