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Trying to Prioritize

March 12th, 2010 at 03:19 pm

For so long I've been in this crazy debt elimination mode, I can't handle going into savings mode for the baby. That 7,000 I talked about last post? I'm down to 4,700 since I HAD to pay of the last of T's student loans. That felt like such an achievement. I believe he had approximately 12k when he started paying them off. Unfortunately he doesn't have the degree to make it all seem worth it. He left school after a year to start working full time when he decided he hated electrical engineering. He's now going to community college part-time for his mechanical eng degree but at least we're paying for all that with cash.

ANYWAY, it was a big weight off my shoulders once the last of his loans were gone. If only I hadn't gotten into that car accident a couple months ago, we wouldn't have this car debt hanging over my head. I want so badly to pay this off as well, but I know I should keep with the savings for my 6 month baby vacation Smile. I'm thinking I'll do a compromise (with myself.. haha, I'm weird.) and put 5k towards the car, leaving the balance at around 3k and then use all the other money for my 6 month leave. We should have enough to reasonably and comfortably do this. Then once my 6 months are up, I think they'll only be a 1500 balance and I should be able to pay that off within a month or two. We could ALMOST ALMOST ALMOST pay off the car and have enough for my leave, but we'd be living insanely cheap and that wouldn't be accounting for much emergency money. It's soo tempting, but the thought of having to use a credit card in the case of emergency is enough to not make me want to do it. Oh well.

As far as baby news: Just had my 8 wk ultrasound and saw the fuzzy lookin' lima bean!! And got to hear a heartbeat!! So cool!!!

Posted in Uncategorized | 3 Comments »

3 Responses to “Trying to Prioritize”

  1. Jerry Says:
    March 12th, 2010 at 03:27 pm 1268407678
    1268407678

    It sounds like you have a good plan to lead to progress on things... was there no insurance available to pay for the car accident?
    Jerry

  2. CB in the City Says:
    March 12th, 2010 at 04:03 pm 1268409786
    1268409786

    It hurts to pay off school debt that didn't result in anything, I know. Years ago, I spent a year working for a teaching certificate, only to find out during my student teaching experience that I HATED it! I had basically charged all my tuition, etc. on credit cards, so that was the beginning of my debt spiral. Thank goodness that's all over now!

    Just wanted to let you know you're not the only ones that wasted money on education. Live and learn, huh?

  3. LittleMsMom Says:
    March 12th, 2010 at 05:49 pm 1268416191
    1268416191

    You posted when you bought the car that you went with lower monthly payments incase a baby would enter the picture. Also you posted at the time that you bought the new car that the old one was about to need major work, so dont beat your self up over things you have no control. Would you be beating yourself up now IF instead of the car accident the car finally wore out the next day and you replaced it?

    Be strong now you have to deside if you still want the safety net you created or not.

    Another way to look at is like this not having the car payment or maybe just refinancing what is left of the car loan over a longer period if necessary could be looked at as a safety net.

    Is there any way to find extra income to help payoff the car earlier?

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