I just wanted to pop in and say Merry Christmas and Happy Holidays to my lovely blog readers and friends.  Mr. Money and I are celebrating Christmas with my side of the family this year.  I couldn’t be happier!  I’ve got all my presents together and am ready to hand them out.  I hope you all have a wonderful, very merry Christmas!

Posted under Personal

In the summer of 2004, Mr. Money and I were living in Colorado, working on a ranch breeding miniature horses. We were having the time of our lives living in the wilderness, but I couldn’t help but get these nagging feelings that we weren’t on a good financial path. We weren’t saving for retirement, we didn’t have health insurance, we were unable to buy a house, and I knew that this wasn’t something we could do for the rest of our lives. Not to mention, we were contract labor, which ultimately meant we were responsible for our own taxes.

We decided we wanted to do something with our lives that would provide stability, so our decision was for Mr. Money to return to college to complete a degree. He chose culinary arts, so we researched a few schools and decided that it would be better to move across the country to go to school and live for a couple years. Not only was the school a little cheaper, but the cost of living was a lot less, and we were much closer to my family (a 5.5 hour drive versus 24 hours). In hindsight, I would have stayed in Colorado because of how homesick we always are, but that’s the beauty of looking back.

Going back to school meant we had to take out student loans, and over the course of two years, we found ourselves over $36,000 in debt. The thought of paying back that much money made me sick to my stomach. I was confident that Mr. Money’s career would make it worth it, and I had been promoted to office manager of a bank in March of 2007, so I wasn’t as worried about it. Mr. Money found a job in the culinary field at an upscale restaurant, but it was an hourly wage, and sometimes less than 40 hours a week. After getting promoted and longing for stability, I decided we should settle down here and buy our first house. Our rent had increased to $700 a month and that was the last straw.

Working in the financial industry, I figured that our debt to income probably wouldn’t be in line for the amount we wanted to be preapproved for, so I took money out of savings to pay off two student loans so that we’d be better candidates. As of today, we’ve paid off approximately $30,000 in student loans, leaving $6,850 left. I can’t wait until we are rid of that debt.

As of today, we’ve got our first mortgage debt, second mortgage debt (we did an 80/15/5 when we bought the house), the car loan, and student loan. We are contributing to my 401k and saving money each month. I think we’re in a pretty stable financial situation, and I’m really proud of what we have and how we got here.

We’ll keep paying off debt and living below our means and see where that gets us. I’m excited to see where we’re at in 5 years!

Do you have a financial story? I’d love to read it!

Posted under My Debt Reduction, Personal, Save Your Money

I’ve been having a bad couple of weeks.  First I find out there’s a good possibility I’m going to lose my job, and with that comes losing my health insurance. I am a little stressed and I’m worrying a lot about money right now and what the heck I am going to do about health insurance. I’m going to sign up through my current employer, but I’m really sweating what I’m going to do if I lose my job because I have to have health insurance.  But not only am I worrying about those two big things, I’m also worrying that I’m not saving enough money and paying off debt fast enough.  I read all these blogs and it seems like everyone else is saving more than me and paying off debt faster than I am.  We’re doing the best we can right now, and in all actuality I think we’re doing well, but I can’t help but doubt whether or not we’re doing the right thing.  This leads me to believe something important that I not only need to talk the talk, but walk the walk as well.

I need to stop comparing myself to others.  Not everyone can pay off all their debt in a year.  Everyone can’t have a year’s worth of emergency fund, save tons of money for retirement, and plan everything.  Things happen that we can’t control.  When I start something, I go all in.  It’s all or nothing in my books.  I started knitting; I have tons of needles and yarn.  I started making soap; I’ve got many different oils.  I started home renovation, and now I have my living room torn apart, walls primed and trim painted.  I get antsy when I don’t have anything to do.  I want things done, and I want them done now!

I get this way with paying off debt and saving.  I want all of our debt gone now.  I want to be mortgage free, student loan free, car loan free, and living comfortably with $$$$$ in the bank. I want it all right now.  I need to sit back, relax, and realize that I am making progress, I’m doing the best I can, and that’s all I can do.  I need to stop comparing us to others because: 1. their income versus our income is different, and 2. the debt we’re paying off is different too.  I need to realize that this is not a race.  Hopefully I’ll calm down a lot soon!

Do you find yourself comparing your financial situation to others?

Posted under Personal