Yikes. Here it is February 6, and I have yet to give an update. Being without internet for the past two days didn’t help, but I also know that for accountability I should have posted something before today. Anyhow, here are our current stats:
Citi $3,075 was $3,600
Visa $8,105.29 was $8,276.42
Discover $6,180 (sigh) was zero
I won’t do the math. While we decreased two of our accounts, sadly we added another big debt. At least we can say the reason was for a need and not a want. In spite of the way it sounds, I’m not justifying. The harsh reality is that we should have been better prepared, but we weren’t. It also makes this journey to get out of debt all the more important. We will get there. We are still far better off than we were two years ago.
On a more positive note, our savings is now at $3,034.54. As I’ve mentioned before, should we need to pull from this account to pay off Citi before the balance transfer rate expires, we will.
Another very positive note is that our retirement accounts are up by $4,089 since the first of the year. Tracking retirement savings isn’t something I’ve been doing on this journey, although I do look over our statements to make sure we are at least going in the right direction! Seeing the change is motivating and makes me want to contribute far more than we currently are. For now, we are only doing the minimum to get the company match.
In other news, our weather has been crazy. We had a terrible ice storm that shut most everything down for two days. We lost power, and some areas are still not restored. Heading our way tomorrow is another storm, this one is supposed to bring 8-15 inches of the white stuff. What is alarming is that the heaviest snowfall names my neck of the woods. Snow is one thing. Snow on top of ice, well, that is an entirely different story. If you don’t hear from me, I’m likely without power or internet. Meanwhile, I need to work on getting prepared!
Stay safe. Seems winter finally got here but i hope it leaves quickly.
I think by February, most of us are tired of winter.
The numbers: it’s only a temporary setback. You’ll be racing ahead again before you know it. Your furnace experience has prompted us to put more money into the home emergency fund.
When the power goes out, do your pipes freeze? Gosh, I hope not.
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So true about the numbers. Please do take a lesson from us. When Murphy visits, it is better to have a bigger emergency fund.
As for power and pipes freezing, without heat, they potentially could. This is where our wood stove comes in very handy. If we lose power, at least we still have heat.
I think one of the best things about personal finance blogs are how much they help other people – I know that your experiences speak to me and do help me to make better choices and for that, I will be forever grateful!!!! It isn’t fun to blog about having to shell out $6.300 on a furnace, but it is life and makes us all remember anything can happen at anytime, so we HAVE to be prepared. We are working on it….slowly but surely. It is the 6th day of February and we have had – count em – 6 NO SPEND DAYS!!!! I honestly don’t think we have ever done that before. We have a long way to be before our no-spend February is over, but we are off to a good start.
I can’t even imagine that weather – we are in the 30’s first thing in the morning and high 40’s low 50’s in the afternoon and my kids are “freezing to death”…..I’ll send them your way so they can see what freezing really feels like 🙂
I’m obviously not a financial expert, but I do hope others can learn from my mistakes. Emergencies can (and will) happen. Far better to be prepared, even if it slows the snowball.
You are rocking this no spend February! I commend you! Think of the extra $ you’ll have to snowball/save. Makes it all worthwhile. As for your weather, I sure wish you could send some sunshine my way. I’d even be happy with 40 degrees!
Don’t be discouraged! It is just a setback. You are much further ahead than you were last year due to the sale of the trailer. That was HUGE! This… is just a blip. Just square up your shoulders and button down. You can do this. And I echo Sue’s comment. Reading other personal finance blogs helps and inspires me so much. That should be the ultimate goal for all PF bloggers. I know it is mine. Love you!
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Thanks for your words of encouragement. I agree with your sentiment about personal finance blogs. It helps tremendously to know we are not alone on this journey. So much can be learned from those who have already won the battle and also those who are still fighting. Like you, it is one of the very reasons I started blogging. We will do this, no matter the setbacks that come our way.
You will be done before you know it and this will have been a little hill compared to the mountain you climbed. Stay warm.
Thanks! I’m eager to reach the end our this journey!
My daughter paid her last student debt off last week. 25 and debt free. I wish I could have said the same thing. Hoping she learned from my mistakes and from my hard work to correct them. So proud of her.
Congrats! Changing the family tree! You must be so proud!
Next month will be better than this month. A house in cold climates must have heat and now you have piece of mind for the future years.
I hope so!
Should be just a temporary setback! Best of wishes and stay warm!
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Thanks!