It's another Blogiversary! My 6th!
So here we are, 6
years later (and 1,228 posts later) still dealing with our debt. With the exception of the
student loans, we actually have paid off most of the "original" debt,
and then added different debt. But yeah....6 years....still dealing with it.
So here are all the numbers that have been addressed this week:
Retirement loan - $10,052.45
Student Loan - $21,311.57
Credit Card - $10,725.78
Mysti's Car - $3,550.00
G-man's Car - $2,390.00
Medical/Dental - $0.00
We are down $10,942.08 since last blogiversary, $6,554.40 since the first of the year. We are also $28,619.23 from the original number (even though only the student loan is any debt that existed at that time), and $31,972.20 since the official reset in 2012.
Like anything else, you are starry-eyed in the beginning about your hopes and dreams. We were going to have this paid off in 5 years. The original 76k divided by 5 years would have been just over $15,000 a year, or about $1,200 a month. Except we STILL hadn't gotten how interest really would impact things. How easily an emergency (some real, some perceived) derails the plans. We didn't anticipate the number of car repairs or house repairs. How our mind set was so ingrained that it was difficult to let go of it. We just didn't get how HARD it would be to undo damage.
I know this isn't a popular answer, but we want to be able to do STUFF, own STUFF. We want to be able enjoy our lives and not just work to pay the bills. We want to help pay for college and weddings and give more to organizations we believe in.
So everyday we "pay" for our past. Years ago, we pulled equity out of our house, and then the bubble burst and our house was underwater. We finally refinanced in 2011 to a lower interest rate, and added $9k to our mortgage in closing cost and fees. And 2 weeks after, our world fell apart and we had one of the two worst years we have ever had, financially and emotionally. Those 2 refi's on the house has screwed us now with trying to sell because there were other things that didn't change along with it. The 2011 one really didn't do what we thought....adding the $9k did not balance out the "savings" on our monthly mortgage (in the end, it turned out to be less than $100 because they forgot part of our taxes when calculating the escrow).
But finally in 2012....we started to really get it together. Plans we had finally came together, and small traction started. 2014 ushered in the changes we were working for, which included the offer of relocation out of this very expensive state. Alas, that plan hasn't quite come together, but we are working on it.
Even with putting money into the house, a pay cut, an increase in some things (like electric!)....we have still managed to pay off the most we have ever done in one year.
I am not the model of perfection in the getting out of debt game. I have blundered...many times. I will continue to blunder. But I will continue to give you the real numbers, and the real emotions that go with decisions. You don't have to agree with our decision. But remember, you only know the parts of the story I share, and sometimes there really is more to it.
When we did the reset, I stated that 2016 was our year that things were going to drop like flies. Well....I will amend that now....probably will be 2017. But I am not fully ready to give up. I would love to see the grand total around $40,000 by the end of the calendar year. We will see what happens with the house. If we take a loss....all of it is blown out of the water.
And then we will cry. And then we will dust ourselves off and keep going. Thanks for sharing 6 years worth of ramblings with me.