The cash we were using towards the difference between the car loan and the final price was sent to the retirement loan. Since the retirement loan payment will become the car payment, we decided to try and get rid of this as soon as possible. Right now it will be the beginning of January, but I am going to TRY and kill it by the end of December.
We had to transfer some money from our EF to the new checking account at the credit union for a short period of time. The CU will autodebit the car payment from the checking account, and until the direct deposit starts with the next payperiod, we needed to make sure we had enough in there to cover the Dec 15 payment. Once we have enough in the checking account to cover the car (it will take a few months because we are one pay check off from where it was supposed to be), that money will go right back to the EF.
As I have said previously...the remainder of this year is more about survival and reset than paying down debt. We really need to let the dust settle and see where we are. We have a tentative budget for January, which will have the retirement loan paid off, the new medical FSA reimbursements, and hopefully a small cost of living increase.
On the positive side:
- The student loan is going down now that it is out of deferment.
- Lending Club gets paid at the end of the week, so that will go down as well (which will bring us to 44% paid off).
So there they are.....the new numbers. One other note....I removed the progress bars. They depressed me.
Maybe this will be your turnaround year. Last year I was right where you are now. I could barely fight off the depression at seeing "no progress" for yet another whole YEAR. I didn't know that the light was just around the corner. I'm still nervous and afraid that next year I may see this year as just a temporary reprieve and it'll be back to the same-old. But I have to be brave and go forward, just like you are doing.
ReplyDeleteConcentrate on your bright spots - like, as I mentioned before - at least you have a retirement account. Many people don't have that. And you've got a great car now, right?
Oh yeah, and we don't live on one cut-up Cheerio per day, either. A lot of that is just made-up and exaggerated. I've learned to just not comment when I see tales of living on $1-worth of food per day or some other such Rx for malnutrition.
Well, here is to a new year filled with peace and stability. Just keep pluggin away. You are trying and that is way more than some people.
ReplyDeleteSo you did not make the progress you want, neither did I. But I will keep going and so will you. We will win the fight. How could you make progress with the car going down every other week! ow you have a great car, Yippee!
ReplyDeleteDitto Theresa. She said it well. Wishing you a 2012 filled with peace, stability, & financial victories!
ReplyDeleteAlthough you spent more money that you had planned for this year, the positive side is that the extra money spent was not on frivolous/unnecessary purchases. I look at my numbers and they're not getting any smaller, and unfortunate for me, it's still due to irresponsible spending :(
ReplyDeleteUnfortunately, I won't see as much progress in 2011 as I wanted either. But no one gave me a crystal ball in early January to know what was coming down the pike. We just have to hang in there and do what we can with what we've got. At least you have already laid out your budget for January.
ReplyDeleteIt is what it is indeed...and it's all about that so important "reset" on January 1st when we can all once again rise from the ashes of our financial ruins. There is always fresh hope and new beginnings on Jan. 1st - I'm really looking forward to it.
ReplyDeleteI feel your pain Mysti. My Murphy Fund cannot get traction.
ReplyDeleteMysti...I was thinking about you and this post on my way to work this morning...if you hadn't worked so hard the past 2 years on your debt your number would be well over 100k right now. You are doing awesome and you inspire me to keep moving along my own get out of debt path. Thank you.
ReplyDeleteThank you all for your kind words. I don't feel like I am doing all I can, but don't know what else I can do!
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