The Ebb and Flow of Debt Reduction
I feel like I’m in a pretty weird place right now, but an assuredly common one as well. I’ve been going all out at our debt reduction for almost a year now. It’s been our first priority when considering any and all financial decisions, and I’ve been very committed to eliminating all of our non-mortgage debt as soon as possible. We’ve weathered several setbacks, yet kept our eyes on the prize and eliminated all of our credit card debt as well as making significant progress on my spouse’s student loan.
But now I’m almost at a (temporary) standstill. Uncertainty about a number of things, including possible expensive repairs to our home as well as my own health have caused me to pull back on the aggressive debt reduction stance and re-evaluate our savings plan as well. As of right now, our electrical system is performing as it should, and the tests I’ve had so far as far as my health have all come back fine. But I know there will be expenses looming as far as both those things go - more tests for me, and an inevitable board replacement for the electrical system of the house - if not now, then someday soon. Add to that the possibility of traveling to a world championship in a few weeks and my financial focus feels anything but straightforward.
Such is the ebb and flow of the debt reduction journey. Sometimes it feels like there’s nothing else but debt reduction to think about, and things roll along like a freight train. Nothing can stand in my way, and our progress feels unstoppable. And then there are the times, like now, where it feels like I need to be cautious and reserved and hold back, even if I want to move forward, until things become more clear. It is, for me, a very frustrating place to be, for patience is not at all my strong suit. When I decide I want something done, I want it done yesterday. But here I sit, biding my time, and trying to figure out exactly what to do next.
As much as the lull in debt reduction frustrates me, I know there is a high just around the corner where I’ll be knocking debt down again faster than I ever imagined. I just have to have the patience and perseverance to get there.
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June 10th, 2008 at 7:52 am
It’s okay not to be a cheetah
Seriously, even if just talking about your health issues, there is nothing like a health scare popping up, all financial aspects aside, to remind us that we’re here to LIVE.
Letting your focus shift for a little while is not a bad thing. You’re doing an amazing job getting out of debt. Life happens too.
June 10th, 2008 at 8:25 am
Is it just me or does it feel like I’ve read this exact post 5 times in the last month?
June 10th, 2008 at 8:40 am
Here or in the world?
The blog is about me, and that’s where I am, so therefore that’s what I’m working through. I can’t just track the highs and I haven’t found the answer. Yet.
June 10th, 2008 at 9:32 am
It’s called life…there will always be the unexpected and navigating those twists and turns will make you stronger and much more appreciative of what you do have.
June 10th, 2008 at 9:44 am
I think I understand what you’re feeling.
I had been saving like mad to re-side our house when my husband informs me that he might want to paint it instead! I’m still saving, but I feel at a stand-still.
I have a “Plan A” in my head of using the money for the new siding. Then, I have a “Plan B” in my head of other home improvement projects to pay for if we end up painting the house instead. I hate not knowing!!!
June 10th, 2008 at 11:51 am
It is frustrating…both debt-reduction and saving (really the same thing) take TIME….which requires patience and the ability to plod along, one foot in front of the other, even when the mountain top doesn’t seem any closer. I find it boring and hard to do, too. And slowing down only makes the trip longer.
But personally, I applaud your willingness to reconsider and rework your debt reduction plan in the face of real-life…well, realities. I think you’ll find that having set aside money to cover these expenses (even if it slows down a bit the clearing of the student loans) will make you feel safer and more in control.
Best of luck. (P.S. Go to the championship.)
June 10th, 2008 at 2:05 pm
Kind of like a plateau in dieting…. Just hang in there! If your gut-feeling is to hang on to the cash a bit longer, then just put it somewhere safe. If you don’t need it for those ‘biggies’ on your list, then afterwards put it against the debt.
Give yourself a guilt-free month if you need to
Give yourself a break - sounds like you need one - and then you will be more refreshed to get back on track. You know your track record on debt reduction is remarkable - and you know you’ll be right back on track after this ‘time-out’.
It’s ok - that’s life! Best wishes!
June 10th, 2008 at 2:19 pm
I’m like you, I want it done yesterday. Sometimes I feel stuck in my own debt reduction plan, feeling that I should have more paid off than what I have now. But, things come up like $2000 transmission repair (so there went the money saved up for the washer and dryer), or you decide to get married in two months and want to pay for it in cash (like my husband and I decided this past March). Stuff happens, events come up. One day we’ll be on the other side of it, where we control the money, instead of the money controlling us.
June 10th, 2008 at 2:47 pm
These highs and lows *do* iron out over the course of the years. It seems like the first few years of working a budget, every possible expense scenario occurs. Eventually, you’ll have your emergency medical, emergency home repair, emergency travel and emergency car repair funds built up to the point where when these expenses occur, you won’t notice them as much. It’s all part of the growth process.
June 10th, 2008 at 3:29 pm
Hang in there! You should be proud of yourself for everything you’ve accomplished this far. To echo the other posters comments; life happens budgeted or not. Don’t beat yourself up for things you can’t control.
Best Wishes.
June 10th, 2008 at 11:45 pm
Glad your tooth stuff has gone well and hope you just keep feeling better and better. I have mentioned before that my experience has been similar. I think that for me anyway, I could keep some things at bay for a while and then things couldn’t be put off longer and there has definitely been some fatigue for me on the debt reduction fever. I was wondering if maybe this is an opportunity for you to learn a different lesson. Is there something out of this that you can focus on that’s more positive and/or maybe important for you? I don’t know exactly what I’m getting at but it seems like there are other lessons to learn than ‘don’t ever get in debt again’ so maybe you can figure out a way to find that so that it doesn’t feel so negative.
Hope you can find a way to go to your competition. I think that learning to LIVE within the context of financial decisions is one of those lessons I’m talking about. It’s a hard balance but moderation in all things becomes a clearer goal for me with each passing year.
You’re doing great!