I have prepared our post baby delivery finances and things don't look good. Between the loss of income and the addition of roommate daycare costs, we will not make these $ 1,200 in debt payments every month.
In fact, for a while, we will only make the minimum levels for student loans. At best we can hope for a killer tax refund next year to pay off the remaining debt, otherwise … we will be in this minimum payment boat for a while and it is difficult not to feel overwhelmed by a sudden loss of airspeed.
Since we both had good wage increases this year, we will probably have to wait two years for further revenue increases.
I worked myself in a pleasant emotional tizzy until I thought I must be more optimistic so I sat down and wrote a list.
Thank you, we do not have cars or credit card debt. These payments would sink us.
I thank my husband will graduate in a few days before the baby is born. No more tuition payments!!!
Thank you, we have a healthy Emergency Fund and savings account. I sleep a little better with them.
Thank you, we have some household items to sell after helping someone move. We will probably be able to buy all necessary children's furniture with the cash. Otherwise, I don't know how we would take.
And I am grateful for my family. If we cannot afford food, I know that my mother and grandmother have always something good cooking. We should never starve.
I am with you. I feel depressed and overwhelmed and my list made me feel a little better but I am certainly no Pollyanna.
I guess we just have to work through it.
Posted by BEK's 4 April 2011 at 5: 00 AM in general personal finance, keeping motivated | 15 Comments»You can skip to the end and leave a response. Pinging is not allowed.
Original debt: $ 38, 495.86Added debt: $ 1, 781.50Total debt: $ 40, 277.36Paid: $ 31, 928.65Remaining: $ 8, 348.71Cash savings: $ 2,700.00distributed onAuto Loan 1: $ 0.00credit Card: $ 0.00 Student loans: $ 8, 348.71Auto loan 2: $ 0.00vet loans: $ 0.00
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