Undeniably, 2019 has not been off to a good start for us. In the past nine weeks or so, we have been hit with close to $8,000 of unexpected expenses. Not exactly fun when you are doing your best to pay down debt! Times such as these would likely make even the strongest of us start to feel defeated. Trust me; I’ve had many of those moments. While it is understandable to feel that way, allowing oneself to stay in that mode won’t make things better. And that is precisely why today I am choosing to look at the bigger financial picture!
Although our journey to get out of debt began over two years ago (Jan 1, 2017) this is the first year I have tracked all of our numbers: starting debt (including our mortgage) and both savings and retirement accounts. I’m glad I did so as it does add a level of clarity to our total financial picture. To break it down a little further, here is what I did to help me see things in a more positive light:
I took our total 2019 starting debt, subtracted what we have in our savings accounts, to equal our total debt. I then did this using our current numbers. Although our consumer debt increased as a result of replacing our furnace, our overall debt has still decreased by $450.88. Given the year we’ve had, I’ll take it and call it a win.
Furthermore, in taking a look at our retirement accounts, they are now up by $5,053.11 since the first of the year. Although I do look at these numbers, I don’t factor them when figuring our debt. The money in those accounts is for retirement. Period!
This year we’ve been put through a financial wringer, but in spite of it all, WE WILL KEEP FIGHTING! While a debt reduction of only $450.88 certainly isn’t a lot in nine weeks, as crazy as it might sound, it is enough to make me feel empowered! I don’t call this blog A Dime at a Time for nothing. There are times (this year in particular) where it seems like that is pretty much what we are doing. But that’s ok. We will still get there even if it takes us a little longer to do so.
We don’t count retirement savings, either. Like you said, that’s for retirement, not for paying off debt.
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I feel that is the only way to look at it!
That’s a great way to look at it. Sure, you are off to a slow start this year but like you said, overall you paid down debt some.
Thanks. Taking on more debt was discouraging. I needed to see that in spite of it, we were still making progress.
AMEN……as you know we have had our share of financial “challenges” this year as well. NONE of them were our doing so it would be easy to pout, stamp my foot, cry, and go buy a new TV, couch, and mattress. BUT I’M NOT…..I am taking a piece of your pie and I am looking at things in the long-term and trying to stay positive. It is hard, I mean HARD, but having a blog like yours to read and know I’m not alone helps more than you will EVER know!!!
It has been a rough year for you, too. I refuse to let these challenges steal my future. Happy that I can provide encouragement. This journey is not for the weak!
Honey, you need to take the wins were you find/see them. The month sucks then yes, look at the big picture(like what you’ve paid off the last month, the last year, the whole journey).
Getting debt-free is more of a cha-cha dance than a straight forward line. 8-)))
Thank you for these wise words!
It is the steady pace that wins the race. We will get there. One win at a time.
You got that right! This is not a microwave journey!
Just checking in on you! Haven’t heard from you in awhile. Hope all is going well and Murphy is keeping away.
Awe, thanks! Been busy but am working on posting an update.