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The Sad Truth and a Lot of Hope

November 5th, 2006 at 10:30 pm

Thanks everyone for the welcome, it's encouraging! Smile Someone mentioned getting used to living on one income -- that is actually where I am hoping to head in order to be able to live some of our dreams (more later in this entry).

I sat down this morning and added up how much we owe:
Student Loans 36,850
Mortgage 96,111

The sad part is our mortgage is currently 40% of our take home pay (from 20% earlier). I thought about refinancing, but it's really not worth it, since we are able to handle the mortgage (it's a 15 year mortgage) and cover all of our living expenses.

The good news is no credit card debt and no auto loans. I've also found a few ways to decrease our spending, so for the next month, I am going to focus on:
Not eating out, especially because I really like to cook.
Saving $150 in our emergency fund.
Paying off $150 of student loans.

As I mentioned earlier, I am hoping to use the extra money from my future job to fund my big goals in life:
To travel
To have our current house paid off within 5 years
To move to a more rural area (always a dream of mine to live somewhere I was surrounded by trees and could have a large garden)
To help fund and participate (timewise) in an organization that will help individuals achieve thier life dreams

Posted in Monthly Debt Assessment (i.e. PROGRESS!) | 3 Comments »

3 Responses to “The Sad Truth and a Lot of Hope”

  1. baselle Says:
    November 6th, 2006 at 12:09 am 1162771781
    1162771781

    Look on the bright side - it sounds like your mortgage is a 15 yr fixed. If that's the case, the fixed part means you're in a much better position than someone who took out an ARM - you'll actually be paying off the house.

  2. PRICEPLUS Says:
    November 6th, 2006 at 06:31 pm 1162837886
    1162837886

    Sometimes bills and financial worries feel like a mountain on the shoulders! Baselle makes a good point about your mortgage though! You can and will succeed in getting where you need to go! Make your plan and stick to it! Make changes when and if you have to do so! Keep up the good work!Smile

  3. quippymcflippy Says:
    November 8th, 2006 at 04:28 pm 1163003280
    1163003280

    I just picked the positives out of those numbers as well. Big Grin
    Buckling down (OK down right buckling over) with debt right NOW will save you big time LATER. I think it is easier to make those spending changes when you have the security of knowing it really is taking you somewhere.

    Good job and I look forward to checking in on your posts!

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