October was a challenge!
Life: I’ll try my best to keep my summary brief! As of right now, Hub plans to return to work next week. I left this entirely up to him as only he can determine how he feels. The surgeon said 1-4 weeks, and this would put him at two weeks post-op. I have been spending more time working my FBA business (more on this in another post) and am seeing some positives in that area. The last two days of October, however, were not kind as I dealt with a nasty migraine. Thankfully that is now gone, and I can get back to life!
Bills: By the grace of God, we have managed to stay afloat! While our emergency fund is now pretty much gone, we have met our monthly obligations. As for our debt, where does one even start? I have again not tallied these up. Given that we are now waiting for the medical bills to arrive, our overall number will climb. As mentioned in a previous post, the hospital did give us a payment plan for Hub’s surgery. We do yet expect bills from the initial clinic visit (which also included an x-ray), and then there is the ultrasound from the hospital and most likely the radiologist. They all seem to want a piece of the pie. Based on our max out-of-pocket/deductible with our insurance company, my best guess is that we may see $4K or so of an increase. Sigh.
Goals Start rebuilding our emergency fund and save for our roofing issues. Other than getting a roofer lined up for next Spring, we won’t know what we are facing for cost until they see what is going on. Thankfully still no more leaks, but this isn’t something we can ignore. Looking at a target date of May 1st, we have six months in which to save. Why May 1st? Winters are very long in our area! We are setting a goal to have a combined emergency/roof fund of $12,000 saved over the next six months. Hopefully, we won’t have any other emergencies come up. Another goal is to know the exact numbers on our debt.
Plans: Stop our debt snowball. Admittedly, we went to paying only the minimums with Hubs requiring surgery. Rounding up will still happen though as I like clean numbers! The balance transfers we have done over the past few months have significantly decreased the minimums due each month. Yes, the debts still need to be paid but getting the emergency/roof fund in place now must be the top priority. The sooner we accomplish that goal, the sooner we can resume our snowball. As for knowing our total debt owed, I will do a complete update by the end of the year. By then we should have most, if not all, of the hospital bills. If not, I’ll use what we have received and adjust the following month. It seems hard to believe that the end of the year is coming upon us so quickly.
Reflections: We survived another very tough month! A year ago things would have been far worse. We also see firsthand the need to have a much larger emergency fund and will take action to put this in place. Doing so will slow down paying off our debt, but we will both feel better having a more substantial cushion. Once we know what the heck is going on with our roof, we will be revisiting how much to have, etc. Life happens, and there are times that even the best laid out plans will need to change to accommodate the changes. What won’t change is our resolve to get out of debt, no matter what life throws at us!
I like your goals and plans because they sound very well thought out and logical. Haha, I know what you mean about “clean numbers.” I’m the same way!:-)
I hope they are! I find if I put it in writing, we have a far better chance of accomplishing what we set out to do. As the saying goes, if you aim at nothing, you’ll hit it every time. Now we have something to aim for.
Keep plugging away! Any chance your home insurance can cover any of the roof?
I’m doubting it would, but hey, it never hurts to ask. Although the roof still looks good (architectural shingles), whoever put the roof on obviously missed doing something right. We still feel it is likely an issue with improper flashing around the two upstairs clearstory windows from which our living room roof butts up against. Fingers crossed that a roofer can match up the shingles and limit the repair and replacement to this section as we’ve seen no other signs of problems elsewhere.
Even though life happens and budgets and plans have to change, you’ve still got yourself a great foundation now! Keep working on it!
OneFamily recently posted…The month in review
I agree! We have certainly changed our ways! I refuse to be discouraged.
Lucy, just wanted to say that I am still rooting for you and your hubby to keep the faith and stay on your course of being debt free. Yes, you had some setbacks this month, but I think you are handling things the best you can under the circumstances. Keep plugging away, and don’t give up hope. I am sure it will all be ok in time, just hang in there.
Thank you, Chris. Your words of encouragement mean a lot!
Paying off debt is a cha cha rather than a waltz. Two steps forward, one step back. Remember the long game. It will help you keep going.
Sluggy recently posted…Income & Spending Report…..October Update
I agree that a 1000.00 emergency fund is not enough any more. I too will up my fund as soon as I get a couple more bills paid off. I have to get rid of the studio loan and the house loan. Until then the balance will stay at $1000.00. I know this surgery has been a set back but think of how far you have come. You can do this and so can I.
I’m glad your hubby is feeling better! I echo the comments of the other readers- you can best this debt thing! I love your positive attitude about the struggles of debt payoff.
Thank you. The past two months have really put us to the test but we are bound and determined to see this through.
I can relate to starting over with the emergency fund. I’m somewhat in the same position. I may be needing to use the emergency fund to help pay for a deposit for a place to live.
Rhitter94 recently posted…On New Beginnings
It hurts, but emergencies are the reason we have this fund. I am so eager to get this accomplished and start snowballing debt again!
Lucy recently posted…An update on life, bills, goals, plans and reflections
Amen sister!
Rhitter94 recently posted…On Being Just Freaking Tired
I am much worried about our bills because it is over form my house hold expenses. How can i control our expenses.
Thanks
I am far from a financial expert, but in my opinion, the best place to start is by writing down what you owe and what you earn. It will give you a clearer picture of your next step. Another thing is to learn everything you can about personal finance. Best of luck to you.