Hello!
Terribly sorry that I missed posting this last week, but as I posted on the blog’s Instagram, our daughter got sick that night. Little did we know, it was the start of a week-long stomach virus. Joy.
Thankfully, she’s on the mend, and I can get back to writing!
This is a tough post for me to write. I feel like sharing my numbers puts our struggle out there, which could be encouraging for people in the same boat. I also feel like it’s embarrassing. How could we let things drag on and on? Why have some of our numbers gone up, even after we said that we were done with debt? Maybe our commitment hasn’t been strong enough.
Scratch that. Our commitment definitely hasn’t been strong enough. Each month, we claim that “next month is going to be the month we get our act together,” and then we find ourselves in this same situation month after month after month. So, maybe by sharing our numbers and having monthly progress checks, we will be encouraged to do better since we know that people are following our journey (and not just reading about vague statements and abstract debts).
Enough stalling. Let’s get to it.
The debt names are going to be a little vague because even though I’m putting our lives out there, I don’t want to share everything.
| Debt Name | Balance as of 10/01/18 |
|---|---|
| Personal Loan 1 | $120 |
| Hospital Bill 1 | $742 |
| Personal Loan 2 | $1,000 |
| Hospital Bill 2 | $1,315 |
| Credit Line 1 | $1,468 |
| Hospital Bill 3 | $1,506 |
| Credit Line 2 | $1,815 |
| Car Balance 1 (no longer have this car) | $5,261 |
| Car Balance 2 (no longer have this car) | $5,743 |
| Car Balance 3 | $14,500 |
| Student Loan Group A | $16,082 |
| Student Loan Group B | $28,586 |
| Grand Total | $78,138 |
This does not include our mortgage. This is just what it will take to get out of Baby Step 2.
Honestly, we’ve been tiptoeing around the numbers for so long, that I didn’t realize how high they had gotten. Plus, we’ve been spending money on unnecessary things, so our bank account is a mess right now. I guess the first step in solving a huge problem is admitting there is a problem, and as you can see from the numbers above, there is definitely a problem.
What are our next steps? Well, besides curling up in a little ball and crying, I think the next step is to firmly commit to no more debt ever. Never. Ever. The next step is for us to get caught up on our four walls. Then, we will start working on replenishing our Beginner Emergency Fund of $1,000.
This has been a draining post to write. It’s hard to admit what a mess we’ve gotten ourselves into. I know that we’re not alone, and that provides some comfort, but it’s difficult to stand at the bottom of a $78,000 mountain, especially when your household income is below that number by several thousand dollars, and know that this is going to be a process of at least three years (if we keep making our current incomes). Although this has been tough, it does provide perspective and a good starting line for us. I hope that anyone who is on this journey with us will share where they stand. If you’ve conquered the debt dragon, please share tips and motivation! I definitely need them after writing this post!!
Debt Free McKees 