We celebrated our 3-year debt free anniversary recently. We spent those years building our emergency fund, replacing a vehicle, and buying two trailers (bought one, sold it, replaced it). We traveled. We had fun. When you have two working adults and no debt, it’s amazing how quickly you can do those things.
We committed last December to tackle our mortgage. At the time, our mortgage was $320,000. It’s a Beast but it seemed doable looking at what we were able to accomplish in such a short time the previous years.
Life changed. The construction work we thought my husband would have didn’t materialize and the part time night job went to pay other things.
There isn’t a lot to throw at the Beast and it’s hard to stay motivated.
I was supposed to get a promotion and a raise in June. We’d been holding on to hope we’d be able to start throwing larger chunks then but thanks to the coronavirus, it’s not happening (for now anyway).
We’ve paid the Beast down to $311,800 but it’s nowhere near where we hoped to be at this point and we’ve slammed on the brakes on extra payments since my job is unstable. Adding to the pile, my parents had an emergency plumbing problem they couldn’t possibly afford to fix. My dad had his income reduced by 50%. We covered the cost of the parts and materials and my husband did the work. When they asked how much the parts cost, we told them $100 (my parents would NEVER accept $0 as an answer). They have no idea it wasn’t anywhere near $100. Considering how much they watch my kids, we consider it cashing in on a lot of IOU’s we’ve written them over the years.
The Beast won’t be getting smaller for months.
There is some good news coming from this. I’m gaining perspective. I’ve paid off my debt (TWICE) and I felt a little judgmental of those who couldn’t do it. I mean really, what’s the big deal?!?! Spend less than you make! But as we start to tackle this huge Beast and it feels like I’m gaining zero traction, I’m understanding why people give up. I’m understanding the lack of motivation. The frustration. With a huge debt to income ratio, it’s a hard mountain to climb.
I refuse to quit…but I’m tired right now. Sometimes, you’re going to get tired.