I have decided to start blogging about our financial mess and struggles so that I can hopefully look back and see how far I have come (hopefully ahead of the game with our home paid off). Never in a million years did I think that my husband and I would regress financially the way we have since Oct. of 2009. My husband is in construction and right now with the state of the economy noone is risking opening a new business and the banks are not handing out loans the way they were (which is why our country is in this mess in the first place). My husband has taken a $1,200 loss in income A MONTH! I have had to sell my car back to the dealership (at a $2,000 loss) we bought it from and I now drive one that was my daughters with over 100,000 miles on it. I quit paying 3 credit cards and settled on one of them. I have two more to go but cannot even begin that now. We owe our parents $5,000 for getting us out of those two obligations. The worst thing of all and this is totally OUR fault is we have a first and second mortgage with the second one used as a loan consolidation. Together they total $2,020.00 dollars our other expenses amount to $2,000.00 a month inc. gas and groceries. That is what we make a month down to the last penny. We have 7 years to pay these loans off and we will be mortgage free. I am praying every night that we reach that goal.
Oh the Mess We are In
August 12th, 2010 at 02:37 pm
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We never had cash lying around either.
This year we decided to start saving toward an emergency fund.
In this economy an emergency fund is a must.
August 13th, 2010 at 11:53 pm 1281743635
August 14th, 2010 at 12:44 am 1281746659