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Posts tagged with: unexpected expenses

Weekly Debt Update #11- Unexpected Expenses and Overreactions

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Hey Everybody!

So this past Sunday, as I was getting ready to go to the gym, I was searching for a water bottle in our attic (which is finished) I noticed something I’ve never noticed before- water damage. Ugh! Just on the eve of GF’s and my get-away, I had to find this.

What I noticed was bubbling and stained paint on the ceiling and sure enough, when I touched it the drywall was moist (not soaked, thankfully). Check out what it looks like:

Roof Leak

Now, it looks like the previous owners had some issues with this too as it’s fairly evident its been patched in before, but we were told it was fixed. Like I said- I’ve never noticed it before. The attic isn’t a place I venture too often (maybe once or twice a month) but I know I would have noticed it before had it been there. I’m thinking (and hoping) the reason is from ice damming on the roof from over the winter (which was notoriously bad this year). Hustad Companies says “These ice dams not only pose a threat of significant damage to the roof, decking, interior walls, ceilings and floors, but they are also an indication that there is a problem with the roof. The ice on the roofs only just melted 3 or so weeks ago, so this is my feeling. I’ll start removing the drywall and insulation to make sure there isn’t any mold growth in the meantime. I’m hoping if it’s from ice dams, then I should be able to mitigate future issues (by shoveling the roof) until I’m out of debt and have significant savings to have it all fixed (think 2 more winters). If it’s worse, well, I don’t know. I have $1,200 in my slush fund to see if I can have patching done to the roof to buy me some time. If worse comes to worse, I can stop my debt payoff and build my savings. Thankfully, since my expenses are so low, I can bring my savings up fairly rapidly- about $5,000 in 2 months. Here’s hoping for the best!

I also want to share a problem that I have.

For some reason or another, and it doesn’t happen too often: I overreact. Like badly overreact. I can only count on one hand the number of times I’ve gone overboard in my whole life, but for some reason, this roof leak deal sent me over the edge. Let me walk you through what happened and my thought process of the whole ordeal:

  1. I wake up at 7:30AM as GF is leaving for work. I make coffee, peruse the internet and putz around the house for a little while until I feel like going to the gym, at about 9:30.
  2. I get my gym bag ready but realize I don’t have a water bottle. I can’t find one any where else in the house, so I decide to check the attic.
  3. I open the door to the attic, and look up to notice a water stain on the ceiling. I touch it and feel that it’s damp. I also peel away some of the paint.
  4. So do I analyze the situation in a thoughtful and engineer-like manner? No, of course not.
  5. My mind instantly dives into the worst case scenario- I have to replace the whole roof.
  6. How much is it going to cost is the next thing I think of. My mind settles on $5,000.
  7. How am I going to get this money? Cut every and all expenses in my life, therefore I can have it saved up in roughly 6 weeks. My past couple weeks of easing the debt payoff pace is for naught. I decide I have to cancel anything and everything I’ve (and we’ve) planned, including our B&B stay this weekend.
  8. I next think of how to increase my income- back to the part-time gig deal. I can bring in an extra couple hundred dollars a month.
  9. What if the damage is so significant that the houses structure is permanently damaged beyond repair? Throw in an extra $5,000

OK, so mind you this all takes place within a matter of, at the most, 2 minutes. I spent the next hour pacing the house and cleaning and getting my heart rate up (better than a workout!). GF gets home not long after and I tell her the whole story, including steps 1 thru 9. Her response: you’re overreacting.

Even in the face of confrontation, I was certain I was right: the roof needed replaced, the structure of our house was unstable, and I resented ever buying the place. It took a long discussion, a few examples, and some fresh air to finally bring it home: I overreact, and when it happens, I overreact bad. And now a couple days later, it doesn’t seem so bad. I’ll check it out more in the next couple of days and analyze the situation from there.

When an unexpected expense comes up, how do you react?

Here’s where I stand with my debt payoff:

Loan NameInterest RateOriginal Balance- May '09Current BalanceTotal Paid Off
Sallie Mae 015.25$27,837.24$24,119.47$3,717.77
Sallie Mae 024.75$22,197.02$18,924.45$3,272.57
Sallie Mae 037.75$20,692.10$0.00
$20,692.10
Sallie Mae 045.75$10,350.18$7,498.52$2,851.66
Sallie Mae 055.25$6,096.03$3,009.63
$3,086.40
Sallie Mae 06 and 074.75$6,415.09$0.00$6,415.09
Sallie Mae- DOE 015.25$5,000.00$0.00$5,000.00
Sallie Mae- DOE 025.25$3,000.00$0.00$3,000.00
AES6.8$9,000.00$0.00$9,000.00
TOTALS$110,587.66$53,552.07$57,035.59

Hope everybody has a great week!


Completely Blown Up

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My budget is completely blown for this month and probably next as well.  Why you ask?

The house needs to be painted, and power washed, landscaping cleaned up and prettied up, two inside doors need replacing, and the list goes on and on and on.  I mean, like 20 things that need to be done around here that I cannot do.  While my dad said he would take care of getting the house ready to sale once I moved out, I don’t feel right leaving him with that.  It’s our mess (it’s not really a mess, just day to day living and things you do to sell a house) and we should be responsible for it.  So I’m doing my best to get most of it done before we move out.  So when he comes into town a week later…voila, it’s ready to go on the market.  At least that’s my goal!

So while I hoped to put up a new monthly budget either this week or next, well, it’s going to have to wait at least a couple more weeks so I can get this housework done.  All but minimum debt payments are on hold until we move out.

Now the bright side…my “deal” for moving into the apartment is that I get October free and 1/2 of November free.  So hopefully, I will catch right back up with my momentum, not to mention all the monies from the sale of stuff and we will be on track or maybe *crossing fingers a little ahead.

Look for a new proposed budget closer to move date.  I did get the “average” utility costs from the apartment management so I can plan that way.

 


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