Hey! My debt snowball melted
Our debt snowball melted. I’m not exactly sure when it happened, but I do know why. I guess it started melting around the the time we began looking for a new home and placing ours on the market. Our finances are in a bit of chaos right. A controlled chaos mind you, but chaos none the less.
What melted our debt snowball
A number of things have very quickly melted our debt snowball:
- Our old home not selling. This caused us to take on not only two mortgage payments, but dual expenses as well. Including 2 power bills and dual property taxes. Property taxes on our old home are due this month.
- Repairs on our old home. In order to get our home in sellable condition, we had to make about $20,000 in repairs. This included repainting the interior and exterior, having the chimney rebuilt, new carpet, and a number of other repairs. We ended up using a home equity line to pay for most of this, but I minimized that to the extent I could.
- Moving. While not a huge expense, we did pay someone to move us. We also had to buy boxes and packing supplies and rent a U-Haul trailer. A number of other little expenses crop up as well when you move and we had to cover those.
- Murphy. As Dave Ramsey likes to say, Murphy has moved in a few times as well. I recently broke my finger which has caused us to incur some unplanned medical expenses. I’ve had to drive back to the city we lived in every week and will continue to do so until the end of December, another unexpected expense. To top things off, my wife was in a minor accident on Monday that damaged her vehicle, so we’ll need to get that fixed, along with a few repairs on both of our vehicles.
- Christmas. Of course the holiday season is here as well, and even though we have a Christmas fund, there are always little extra expenses that come up such as: higher grocery expenses, replacing lights an decorations as needed, Christmas cards, etc., etc.
I’m sure I’m missing a few things as well. Financially, the last few months have just been crazy. Now with that said, we’ve stayed mostly in budget and where we haven’t, our emergency fund was used. We’ve even been able to refund it every case. I just haven’t been able to get caught up enough to get that debt snowball started again.
Right after the first of the year though, it’s restarting. I’ll start with a small one, and once we either get our old house sold our rented, I’ll add that in as well.
Don’t be discouraged
Why am I telling you all of this? Many people start the debt pay-off process and due to life situations have to slowdown or stop altogether for a while. That’s what has happened to us. It’s perfectly normal and doesn’t mean I am no longer on my path to be debt free, it just means my plans have been slowed a little. A few bumps in the road if you will.
When these bumps happen in your life, don’t get discouraged, just adjust your spending and your budget. Stay focused on the long term goal, and get back to it as soon as you are able. That is what I’m doing.
Life isn’t perfect, we aren’t perfect, and neither is your debt snowball. Has your debt snowball melted? Just make another once it snows again.
Photo by: akeg