Posted in debt, family, finance, mommy, money, savings, Uncategorized

debt journey update:2

ok so i completely blew it this month, i somehow missed an entire student loan payment when i created the budget, i have a medical bill i HAVE to pay , so i put it on forbearance for one month. This will cost us more over the life of the loan on interest BUT with the plan were using the snowball method hopefully we wont even see that. Even tho i put the forbearance in place to make sure were ready to pay next month, i am still making a payment next week on to that loan, it is not the ENTIRE amount but it will keep us from being continually behind.

we have made the major savings withdrawl to pay for school today. and completed our grocery shopping for the month. I determined to cut or grocery bill in more than half, as if youve been following, you will know that we went over last week. Previously we were spending well over 1k/month at hte grocery, this month i budgeted just $450. We had all the necessary items that needed purchased all at the same time BUT even with that (Bulk costco run for DIAPERS, WIPES, TOILET PAPER, and DOG FOOD), we are still at just over $450. i did some serious meal planning and meh meals, but i do not see a need to go back to the store this month. The only thing i am concerned about is that my children have devoured the bread at an alarming rate, tbd if i will need more of that before the end of the month for breakfasts, or maybe it will be pancakes every day at the of the month.

Again in my last post i let you all know how hubs seems to not get what a BUDGET is, and is still spending willy nilly. We are not serious drinkers but do like to entertain and this i have come to realize has been costing US quite a bit as apparently our friends are bums. They have no shame drinking all of our alcohol and bringing none of their own. So this month i told hubs im giving up the alcohol purchases, i will still have an occasional drink (maybe) idk im trying to live healthier anyways so maybe the cost savings will just be enough. BC of this i have let everyone know were not providing alcohol. well hubs still went out an got the bottle services… not thrilled as this came out of savings and now were having a serious talk about it. Like i said were not really drinkers so for such a large portion of money every month to come out for this is, well pissing me off (pardon my french). Any tips for getting hubs to stop swiping the card? I know he works very hard and i dont want him to feel like he cannot spend, but im also kinda feeling like he doesnt really care if we pay on these debts forever. Im like in less than 5 years we will have X amount more a month not including raises and bonuses. ARgggg marriage is so much about compromise and discussion.

Lastly, in my last update i shared our savings strategy, since then i have talked to financial counselors and we are seriously considering putting the college savings for the kids into CDs to grow the interest at 2.55% annually. which is QUITE a bit more than our .09% its currently in. since its the long term savings and we have no plans for it for like 15 years this seems like the route we will be taking. In addition to this we are investing in municipal bonds with a smaller portion of our savings. Diversify.

This is a new avenue and one we (I) am becoming very excited about. its starting small and building from that.

Lastly>>> MOVING seems to be even more likely given my husbands job. I am torn between taking on a larger debt in a mortgage, but being in a ‘nice’ neighborhood or taking on less possibly paying cash (out of equity of current home) but living much smaller… with 4 kids and a large dog this seems like it will be a huge adjustment. I know renovation has been working good for us in the past but it is SOOOO much work, is it worth it? idk kind of a toss up right now. hubs doesnt want to consider a smaller house but given the freedom from debt i am having a hard time thinking that another big home will be in our best interest.

with 4 small kids i feel a smaller home where they share rooms or where we split rooms in 2 (mini rooms) would be a good idea, i am an advocate for the outdoors and how it improves mood and happiness. if we have a smaller home in a temperate climate we can live more outdoors? ok well enough rambling now youre all caught up to speed. check back for more progress on our journey.

Author:

I am a work at home momma doing the best I can! Some days are pretty messy but others are so wonderfully beautiful I couldn’t ask for more! Our family has embarked on a debt reduction plan, that includes Meh meals and paying higher amounts down on our loans! recently I have become more devoted to spending time in the word of God, and can honestly say without a doubt things are improving every day! The peace and calm that settles on me when I settle in to study or tune in to the Christian station on the radio, has rubbed off on my children as well! I am not a bottomless pit of patience but since turning to God I can say that my patience and understanding of problems has grown in ways I didn’t know possible.

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