OK, I just have to get something off my chest. If you have read my stuff here for any length of time, you know my continued frustration with my personal finances. Since 2001, when my house was flooded, I have been trying to dig back out of debt and make some progress, but different things keep happening which drag me back down into it. Well, while I'm ecstatically overjoyed to have our new little baby born in October, I'm just struggling to deal with all the damned medical bills that we have had in the last year. Mrs. Astro had a difficult pregnancy, and we had a lot of medical expense last year. On top of that, another of my children has had to be in therapy last year, NONE of which was covered by anything.
What the hell am I supposed to do? I make good money, but it's not enough when not only do I have the debt payments I have to make each month, but I have extra medical expense on top of it all!!!!!
Sorry Dave Ramsey, God just doesn't want me to get out of debt. Maybe it's because I don't tithe. I even stopped the partial tithe I had been making last year when my budget no longer stretched as far as it had. I do not believe that God is going to shower me with money if I give 10% of it to the church when I can't even make it on 100% of my income, much less 90%.
Just Damn It.
8 comments:
It's a tough situation to be in, I know. All I can say is to hang in there, keep working to pay off the debt. Eventually the children will be grown and relieve that portion of the economic burden (ideally; it isn't quite working out that way for me, yet).
In the meantime, have you considered a debt consolidation loan? By combining all your medical and other debts into one lump sum, you can often lower the monthly burden to a manageable level and allow you to re-establish some savings to address those future unexpected medical or other expenses. And depending on the nature of the current debt, you might also end up saving money in the long run with an overall lower interest rate.
The interest rates aren't a problem, it's the balances.
In several years, Mrs. Astro has expressed an interest in becoming a real estate agent. That might help, but of course that timeframe has now been extended thanks to the new baby.
Ah, if only I had some savings to help the kids pay for college. But, no, they will have to work to pay their own way. This is probably a good thing, and I will try to make sure they themselves stay away from debt.
And, if only I had some savings for retirement... at least I have a pension, unless they take it away in the coming years. I'm vested though so they can't take it all away, I think.
sigh...
"The interest rates aren't a problem, it's the balances."
Yeah, that's what I'm talking about; one payment of $500 is better than N payments totalling $700.
The interest rate only really factors in if the rate for the one loan is more than the combined effective rate of the N payments. Then you end up paying more in the long run, but still ease the monthly burden.
If it's a short-term problem, then no biggie -- bite the bullet and struggle through. But I had the impression that this might be more of a long-term issue, since it's been going on for ~12 years.
The problem is that I pay some off, then one or more kids needs a few thousand spent on them for one thing. Then before I can pay that off, another kid needs another couple thousand on something else. Then my old truck breaks down and we bought a new (used) one to replace it. Then a kid needs braces. Then my wife has a difficult pregnancy and a bunch of bills.
See? I'm not a profligate spender or living the high life or anything. I will admit that I lost control of things in 2001-2002, when I had to recover from the flood, and the subsequent move away from Houston and the replacement of a bunch of furniture and stuff. But since 2003, I have earnestly been trying to get out of debt to no avail.
So I can come up with all the debt repayment plans I want to, but shit keeps happening that costs money that I don't have.
I need a second job, I suppose, but that's difficult to do without losing my first job. And as you know, that first job is what provides my benefits which are very important considering things like medical coverage.
I follow you.
Yes, two incomes definitely makes a difference.
5 kids...
In today's incredibly expensive existance, that'll shoot any budget all to hell.
Imagine what college will cost they they are ready to go.
Bob, yes, it has been and continues to be very difficult. How I wish I had made smarter decisions in my 20s. For example, I wish I had not become an engineer, but instead got into finance or something that would have been much more lucrative. I have to say though that in my 20s I didn't have the right personality or mindset for that kind of work. I have never been greedy, and have never wanted to be "rich" but comfortable.
Our kids know that Daddy won't be able to help pay for any college. There's a community college right up the road, and there are several inexpensive options for state school available. Beyond that, they are going to have to pay for it themselves, WITHOUT DEBT. I am certainly going to teach them that lesson: DO NOT GET INTO F**KING DEBT!!!!
Huh. Same crowded boat we are in.
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