It Could Definitely Be Better - But It Also Could Be Worse
Every time I read another headline about the current state of the economy I immediately, in my head, sigh and think “Why didn’t we get going on the debt-free path more seriously years ago? We could be in a much better position right now and not be so worried!”. The idea that we could be weathering whatever economic storms are ahead with no debt, with a healthy emergency fund… those ideas really entice me. And then I think about the fact that we still have about $10000 in non-mortgage debt, an over $100000 mortgage, and very little emergency savings, and I get irritated at myself all over again. All around us, jobs keep disappearing, salary increases are non-existent, and in my own financial life, my sources of alternative income have steadily become fewer and farther between. The debt-free road is shorter for us than it was, but increasingly steeper as well.
But what I forget sometimes is that there may be a “better” time for things like this to happen, but there is also most certainly a worse time. The current economic turmoil (which, will, eventually pass) could have happened when we first seriously committed to our debt-free journey. We’d have been $25000 more in debt and with even less of an emergency fund to show for it. Or this could be happening when we still had over $12000 in credit card debt and zero assets to speak of. Or during the time my spouse was out of work due to a company-wide layoff at his former employer. We personally thought times were bad then, but they weren’t what they are now on a global or country-wide scale.
There will always be a “better” time to handle setbacks and uncertainty in the world and in our own lives, but there is also a “worse” time. And today, being my currently introspective self, I am grateful for it not being a worse time. And resolved to continue down the path of it being a “better” time next time. One penny or snowflake at a time.
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February 13th, 2009 at 3:09 pm
I have much the same sort of irritation that I’m not farther along my road, as well, but you’re right. So I try to be mindful of the progress thus far and be grateful for what we have now.
February 13th, 2009 at 3:11 pm
Even if you were in a better position then you are right now, you would still probably want to be in an even better one. We have no debt except our mortgage, but still I fret about our emergency fund and wish that we had a large one in case my husband gets laid off.
February 13th, 2009 at 6:19 pm
Hind sight is 20/20…
I think Lainey said it best when she said “Even if you were in a better position then you are right now, you would still probably want to be in an even better one.” So true… The only way not have any regrets is to live your present life in a way that will adhere to your future standards and that is pretty much impossible for most of us.
I run the “should’ve, could’ve, would’ve” scenarios in my head a lot too - sometimes it makes for a nice escape from reality. You’re completely right when you say that things “could be worse” though and that’s the way I choose to look at it as well. I’m happy with my life now, so I most have done something right during the time leading up to now.
February 13th, 2009 at 6:56 pm
The important thing is that you’re being proactive about it. I know too many people that aren’t doing anything at all, just throwing their hands up and resigning themselves to fate. You should be patting yourself on the back for starting and sticking to it for so long, even through these rough times. Just think, next time something like this happens you’ll be completely financially prepared.
February 13th, 2009 at 7:44 pm
You know, after several years of repetitive job losses in my Hubby’s field–we are not debt free. however-we own a house without a mortgage–albeit one we are ‘working on’ and haven’t moved into yet. And we are NOT acruing any more debt at all. We don’t use credit for ANYthing.
In the long run I hope to be debt free as well as mortgage free–and I think– that will be good nuf.
February 14th, 2009 at 3:04 pm
I think it’s good to keep this mantra in mind.
As two people with chronic illnesses, my husband and I experience a heck of a lot of financial setbacks. But we’re still making our way through.
All this could have come at a much worse time. He wasn’t laid off until a month before the wedding, which actually gave him time to really recuperate from various illnesses before the big day. That was a nice bonus. And his boss gave him a wonderful severance gift of $5,000 which helped us pay off a few bills.
Then between my income and his unemployment, we paid off his student loans this fall. We’re still working on credit card debt, but we’re plugging away.
And if he had been unemployed at any other point, he would have gotten fewer benefits, probably. But now there’s a good chance we’ll get a bit of a reprieve, as the stimulus bill may extend his benefits and give us a bit more breathing room.
Meanwhile, he has actually had time to get his health better under control and give us a realistic assessment of what kind of base level we can best hope for.
If it had happened at any other time, I think things would have been much worse. I guess it’s reassuring that sometimes the timing really does seem to work out — even if the actual events aren’t always ideal.
February 14th, 2009 at 9:38 pm
The progress that you made so far you should really serve you well, though. Since you’ve retired your several of your loans, the minimum amounts you need to pay to keep current with your bills should be much less…a help should anything happen to your income.
You should be proud of all you have accomplished so far. And I’m sure you will keep moving forward, even if the path is a little steeper.
February 15th, 2009 at 9:13 am
I agree with the previous post that hindsight is 20/20. There are many things that when we moved to MD from WA 2 years ago I wish we would have taken our time on. Big decisions like expensive furniture was just purchased because we had to sit on something, the kids wanted to watch tv, and the books on the floor never works out. Hindsight being what it is…we have now sold that couch for less than what we paid because it doesn’t fit into our new house and much much more. Keep up the good work. Be mindful of the present and the path will become clearer.
February 15th, 2009 at 11:14 pm
My Grandma always said “Better days are coming!” I have to believe that. Thanks for your post.
February 16th, 2009 at 12:10 pm
This is a fantistic line of thinking… it could be either of those things and that tells me - if I view this continium as a ladder - that I’m glad I’ve climbed the rungs that I have climbed but I’m also mindful of those yet to be climbed. In that way it reinforces our diligence, which is never a bad thing!
February 17th, 2009 at 7:45 am
I can totally relate. I eventually had to stop going there because it was like torturing myself. Just be happy you started when you did and keep on going.
It is hard to think wow- imagine where I could be if…