by Tricia
I thought September would be a rough month, and I am right. As much as I’d like to pay off some debt right now, I can’t. There’s no wiggle room. Zip. Zero. Nada. I’ve been at this long enough to know that there are these lulls. It doesn’t make it any easier, though.
Part of me is wondering if I should take a little bit from our savings account to knock our debt below the $8K mark to have some progress with our debt. If we didn’t have an estimated tax payment to make this month we could have made it under $8K. I’m really thankful we have the money to make that payment, though.
We still haven’t had a garage sale yet, but hopefully we can soon before it gets too cold. I have sold a few things here and there and have made about $70. We aren’t touching that money because it will be our change money for our garage sale. I may also try listing a couple things on eBay that I know will sell. We’ll see.
Our business is making a small amount of money right now, but we aren’t paying ourselves yet. I’d like to get the bank account built up a little bit more before we do that.
I’ll think about it for a few days. I just may pull some money out of our savings to give a little debt reduction “boost.” I feel pretty “blah” right now.
I’m glad your business is pulling in some cash! I know you want to keep many details under wraps, but I’m always interested in censored updates! 🙂
Sorry to hear you’re feeling blah. I think it’s about that time: summer’s over and the days are going to start getting shorter. So I think it’s a good idea to do a little something to keep your spirits up.
My husband and I are about to finish off his student loans — they should be gone by the end of the month. Then we can focus on the credit card debt. That has been keeping our spirits pretty high this past month or so.
I wouldn’t touch that savings account if I were you. Just pay the minimum (which if it’s still a 0% will go towards the balance) and you’ve just lowered your debt some more.
I once used reserves to pay something off some HELOC and then we had an emergency with our cat. It was then I truly regretted using the money.
I’m in the same boat, Tricia… But Ben’s advice is a good reminder – I’m really, really wanting my Credit Card debt below $10,000 this month, and it doesn’t look like it will make it unless I pull a little from savings, but I don’t know that it would be worth it if I had to turn around and pay for an emergency with the credit card.
I have that exact same issue right now! What is it with this month?!
Admittedly, my financial goals are somewhat aggressive right now since I’m focusing on both building my EF and greatly reducing debt at the same time. I pretty much have to watch every cent in order to make my goal each month. I’ve been doing great though – all year long – until September came along and kicked my butt all over the place!
Needless to say… My goal for this month isn’t going to happen. It won’t even be close. The debt reduction part will be ok, but the EF is going to go hungry.
I know what we need to do though – its the only thing we can do… Get back up, brush yourself off, give September the middle-finger, and start focusing on how bad you’re going to beat up on October.
I think if it will give you the boost you need, mentally, take $100 from savings and lower that debt. $100 isn’t that much to reduce your savings by, and you will drop your debt to under $8,400. You are in the home stretch – and I think you can afford to do it. PLUS – if you commit to putting some stuff on ebay and having a garage sale in the next month, put $100 of the proceeds back into savings and use the rest to pay towards debt. I got agressive last fall and sold a bunch of dishes and some clothes and other knick knacks on ebay, I sold several books, dvd’s and cd’s on amazon, and held a garage sale. All total I made between $800-1000 doing so. It really does add up fast.
Don’t feel bad because you’re doing something about your situation. And you obviously have the determination and the discipline to keep plugging away. Having a website is proof. And so is holding on to that $70. Other would have that money burning a hole in their pocket, but not you.
Evelyn Guzman
Debt Challenger
I wonder if September will be a rough month for everyone. We’re short on bill money because our electric bill was more than I thought it would be. Sometimes I hate money. It can be very evil.
I just started reading your blog (read it all in about 3 days) and I had my September in July and August. Mainly due to me not working as many hours (slow period for our company). Now that the hours are ramping up again, I’m hoping we can put a dent into our debt. Your blog has inspired me to really get into gear and start budgeting big time! I even went and purchased Quicken 2009 because of your suggestions. I’m LOVING it.
Keep your head high it will get better! You have so much to be proud of! 🙂
Even if you did manage to knock it below $8K, then you’d still be looking to kill the debt “just a little bit more…” so I would also leave it where it is. The debt will still be there in a month’s time.
Hang in there!
You are not alone in having a hard time getting debts paid down. (I’m on straight commission and until the market turns around, I’m living on bare bones.)
One suggestion on the garage sale – plan for the elements – rain, etc. My sister recently had a sale in the Midwest and she was not prepared for rain and wind.
Evelyn’s got it right – you have determination!
Good luck! I know it is stressful! This month has been hard for us too! Where does all the money go?
Just look at your progress so far! You have done amazingly well. And while I don’t think that it is great to have the attitude that ‘debt will always be there’.
I think that the suggestions offered so far seem to be pretty good. Nothing is quite as nice as cash in the bank. Congrats on the new business, I think that this is a great way to divert energy into positive cash flow. Good luck with your continued debt payoff –you’re really in striking distance now!
Wow. I haven’t checked your blog in a while and I’m really impressed with your progress. You’ve paid over $11,000 in credit card debt since last year and I think that’s amazing! Please keep it up. You are an inspiration.
I would leave the savings intact or put a very small amount towards your debt. Its nice to continually see progress but as you’ve noted there are times when you simply have a lull. You never know you might be able to organize a garage sale and the stuff on ebay sells. If that happens I would use that money to pay down debt rather than pulling it from your savings.
Keep your chin up – you’re almost there. September might be a rough month but you never know October might be a great one!