Wednesday, July 6, 2011

Uncouth

Forgive me, I know it is uncouth to speak of money and finances, in front of friends.  However I'd like to take this moment to bask in our bank account.

Please, before I continue let me point out, we are in no way wealthy or really even well off.  What I'm about to confide in you have come from just under two years of determination and sacrifice.

October 2009 after being inspired by "Your Money or Your Life", and by my husband getting a promotion, I decided we were going to get out of debt... completely out of debt and the sooner the better.  We had two types of debt, school loans and consumer.  The school loans I knew we'd have until we didn't have anymore, but I could do something about the consumer loans.  The CL were a combination moving expenses, wedding expenses, and a car - the majority was the car, about 75% - luckily I can say that very little to none of our CL was just a racked up credit card of "just because I NEED it" purchases.

So here's my moment... currently in our bank account we have more money saved than the total of the CL two years ago and we have about three months left until we have no CL at all.

That's right in two years - with job changes, moving cross-country, purchasing a second car and baby - we will have managed to not only pay off our CL, but save an equal amount of money.

Currently I'm basking in the glow of my bank account and damn proud.

Let me reiterate - this was not accomplished without sacrifice and the majority of the money we saved was due to our current living arrangements with my parents - but it can be done and once you've cleared those debts and realized how much extra work went into it it'll be that much hard to "just spend" in the future.

Now I feel like we're that much more on our feet and prepared for the future - student loans will continue to be paid off, daycare costs will go down with age and our paychecks will get larger.  We might not have everything we want, but we have what we need.

Now to continue to plan for the future - the biggest hurdle is home buying.  We live in an area that is not cheap - what my parents paid for their first new duplex in this area almost 20 years ago will get you a rather cruddy condo and being that Iowa is a mainly rural state the cheap country housing is often negated by fuel costs.  Even if we get to follow thru with my desire to purchase my parents home when they retire there's still a large chunk to be saved.

So there's still a long ways to go and sometimes I wish I could throw in my fiscal responsibility towel along with my caution into the wind and go out and purchase the first house I love even if I can't afford a good down payment or if they mortgage will make me house poor for twenty years.  But for now I feel proud and accomplished and who knows what tomorrow will bring.

6 comments:

  1. Congratulations! We went through that several years ago too. Ours centered around health costs. It's such a good feeling to put it behind you, isn't it?

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  2. Feels so good and now I just feel more prepared for things that will arise in the future - not to mention we're already working towards things like a retirement fund for us and an education/training fund for the Little Bear.
    We might not be keeping up in the Joneses, but if it's a race I think we'll be the guy in the back that bursts through at the last minute and wins. =D

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  3. Congratulations! So good for you!

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  4. Congratulations!

    Hubby and I are about to make a very big leap in order to get our finances straight .. a jump clear to the other side of the world. Wish we could have done it with a promotion for him .. but they're not willing to give him enough, and he's not willing to keep working for less than he's worth.

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  5. Thank you! It's good to see the results of the hard work, career changes and living situation compromise actually getting us closer to our goals. We have about half of what I'd like to have for down payment and such on a house!

    Wow, that's is a big leap. I've known some folks who've worked in South Korea and loved - apparently they're hosting an upcoming Olympics now, that'll make for a great time to be in the county!

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  6. [...] Bill Paying – Here you can read about how we’re almost out of consumer related debt, except for those pesky [...]

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