Doing something...I posted once on my Financial Progress in 2008, but this is my first 2009 post, other than my personal stash update a few weeks ago. I don't know why so many people gave Chrystal a hard time or had so many questions about her post on saving, but I'm going to be one to praise, not doubt. Here's what we've done.
Last fall, we barely had our emergency fund in place, and were working on the debt snowball. My husband still has a part time job, in addition to a full time job, but since he works in oil and gas manufacturing, we've decided to kick up our EF savings, which temporarily suspended debt snowball payments. I have also taken a part time job, and am selling on Craigslist.
The good news is that as of today, drumroll please, we have just over $6K now tucked away in our EF, with another $296 in the envelope for a new dishwasher, which recently quit.
Hubby's boss called the sales staff in one day, and he had the sinking feeling that there were lay-offs coming. So did everyone else in the group. Instead, he announced that they would be getting their bonus checks early. I'm glad his boss called the meeting that way, because it made us realize we shouldn't buy a second vehicle right now, if there's even a suspicion that a lay-off might be looming. We've been here before...
So, for the moment, we have a large EF, and we're going back to work on the debt snowball. Since I'm bringing in about $400 a month, and his second job averages $300 a month, we're right at $1000 a month on the debt snowball from irregular sources, not including what we can scratch from his regular income. That's not too bad.
We also will be estimating our taxes for 2009 and possibly changing our withholdings. Since his bonus was taxed at 38%, and we're in the 22% bracket, we can probably change our w-4 and squeeze a little more out of the paychecks. But, I'll need a calculator to figure that, and maybe another cup of coffee. LOL
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7 comments:
Great, encouraging post, Tammy. We all can and must do more to get our lives in order. The Bible does say "owe no man, except to love him". How much better The Church (God's Body) would be if we had all adhered to that advice from the beginning.
Susan
P.S. You're doing a fantastic job!
Susan
Good job on your EF! I wish ours was going up instead of down. But with the new garage and dental work that we just had to pay for...at least we're getting a good tax return so that will get us back to where we were.
Manuela
That's fantastic! We, too, decided we needed to start stashing away for a car or other emergencies. It's amazing how fast it grows! We are working on paying our house off right now, too. I just sat down to my amortization schedule this evening. It looks like it might be possible to have it paid off in a little over two years. Two years ago, none of this seemed possible for us. Our outgo exceeded our income.
I really feel it's the principle of stepping out in obedience to what God is calling you to do and He gives His grace and blessing and it always goes better than you dreamed.
Shannon
Thank you, everyone for your encouragement! It's been a long haul to get to this point, but it's been worth it. I'm looking forward to doing my debt free call!
God is so good! I'm clapping for you over here...and giving Him praise for leading you! He is faithful!
Hooray!
I love the photo you used on this post. Did you take it yourself or get it somewhere? I might borrow it some time if you don't mind. :-) ~Kim B.
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