I don’t buy expensive coffee, drink the cheap stuff at work
All clothes second hand
Bring lunch 4/5 days usually 5/5
One $3k vacation a year
Make what should be a very comfortable living $116k gross between spouse and I.
Any raise is eaten up by inflation, increased student loan payment, health insurance increases or property taxes;
I’ve run the snowball debt calculation and have my plan; I’m in year 2 of what appears to be 6 to pay it off.
Student Loans $65k; 67 months left on PSLF, current monthly pmt $495
Own house; $154k left on mortgage, 3.875% 18 years left
$41,500 on HELOC at 5.25%
Property taxes increasing about 5- 8% per year
Two cars, $6k with $341 pmt and $4k with $252 pmt both to be paid off in mid-late 2020.
Insurance $283/mo 3 drivers
Saving $400/mo for retirement
Savings account 10% of take home
to cover debts, I’m dipping into savings.
It took 2 years to get $40k cc debt consolidated to home line of credit. There is hardly enough to cover all living expenses and meet debt payments without draining what I saved in prior month.
Any new debt puts me in a panic - new beds, vet bills, etc
Seems to be a “special occasion” every month.
“Being aggressive” about paying off debt only means a month or earlier to be debt free on a half decade timeline and I sacrifice quality of life in service to by debt masters.
Am I overreacting? Do I need to STFU until the car loans are paid off? Why do I feel like I’m drowning?
Submitted December 29, 2018 at 07:34AM by tomhomas http://bit.ly/2TeYt9p
