Comments on: Dealing With Financial Setbacks http://frugaldad.com/2009/12/18/dealing-with-financial-setbacks/ Money Saving Insights: Coupons, Smart Spending and Promotional Codes Mon, 13 Feb 2012 04:37:44 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Aaron Nigelfeld http://frugaldad.com/2009/12/18/dealing-with-financial-setbacks/#comment-37591 Aaron Nigelfeld Sat, 06 Feb 2010 17:03:06 +0000 http://frugaldad.com/?p=4283#comment-37591 My experience with budgeting has taught me that we need to plan for “emergencies.” My point here is that there are different types of emergencies. A true emergency is something totally unanticipated, something that comes out of the blue. We need money put aside to deal with something like that. Months like this one full of holidays and a little more expensive I tend to over spend and if something happens I may need more money. My experience with budgeting has taught me that we need to plan for “emergencies.”
My point here is that there are different types of emergencies. A true emergency is something totally unanticipated, something that comes out of the blue. We need money put aside to deal with something like that.
Months like this one full of holidays and a little more expensive I tend to over spend and if something happens I may need more money.

]]> By: –› What are Your New Year’s Resolutions? http://frugaldad.com/2009/12/18/dealing-with-financial-setbacks/#comment-36123 –› What are Your New Year’s Resolutions? Thu, 07 Jan 2010 13:32:03 +0000 http://frugaldad.com/?p=4283#comment-36123 [...] Dealing With Financial Setbacks [...] [...] Dealing With Financial Setbacks [...]

]]> By: Chris http://frugaldad.com/2009/12/18/dealing-with-financial-setbacks/#comment-36055 Chris Tue, 05 Jan 2010 23:24:37 +0000 http://frugaldad.com/?p=4283#comment-36055 Foxie@CarsxGirl - Does that mean you will be completely debt free by April? If so, congratulations will be in order! I remember being a slave to the banks quite a few years ago with $35K in credit card debt from a business I tried to start. And now, being debt free except for the mortgage, I'm able to make the comparison between the burden of debt and the freedom I have now. That alone is enough to make me never want to be in debt again. Ever! :) Foxie@CarsxGirl – Does that mean you will be completely debt free by April? If so, congratulations will be in order!

I remember being a slave to the banks quite a few years ago with $35K in credit card debt from a business I tried to start. And now, being debt free except for the mortgage, I’m able to make the comparison between the burden of debt and the freedom I have now.

That alone is enough to make me never want to be in debt again. Ever! :)

]]> By: Foxie@CarsxGirl http://frugaldad.com/2009/12/18/dealing-with-financial-setbacks/#comment-35490 Foxie@CarsxGirl Sun, 20 Dec 2009 05:38:37 +0000 http://frugaldad.com/?p=4283#comment-35490 I've really decided to get frustrated with my car loan lately. My goal back when I took it on in June was to pay off/have enough in the bank to pay it down to $1,500. (Started at $2.5k) Lucky for me, I've managed to keep that goal. :) It seemed ambitious at first, but then I've had enough money slip through my fingers to pay the loan off by now, too. (Instead, funneled into a new engine for the car -- step one of three major mods for the project. Yes, she was bought knowing this.) While I regret not paying the car off faster, the point of taking on the loan was to build credit anyhow! How much credit do I get for having a loan for six months?? (Bad pun, I know.) I wanted it for about a year to show good management of different loan types, plus for history length, which is the only thing hurting me really. Then I found out we're moving in June, and I'll be unemployed... Ouch. When I thought of the possibility of me having to start paying back student loans if I took a break from school, I knew I had to axe it before I lose my job right now. So, my super ambitious goal is to pay her off in April. That means roughly $500 a month needs to be set aside for the loan. (The interest rate is low and it's on automatic payments, so I only make the payment and bank the rest until I can pay it off at once. I didn't want to mess with the automatic payments because there's an interest rate reduction thanks to it.) For me, $500 is sometimes more than half of my take home pay. I need a good challenge, though. :) Preparing for the student loan battle that will ensue in the next few years! Man, I gotta stop leaving these massive comments..... o_O I’ve really decided to get frustrated with my car loan lately. My goal back when I took it on in June was to pay off/have enough in the bank to pay it down to $1,500. (Started at $2.5k) Lucky for me, I’ve managed to keep that goal. :) It seemed ambitious at first, but then I’ve had enough money slip through my fingers to pay the loan off by now, too. (Instead, funneled into a new engine for the car — step one of three major mods for the project. Yes, she was bought knowing this.)

While I regret not paying the car off faster, the point of taking on the loan was to build credit anyhow! How much credit do I get for having a loan for six months?? (Bad pun, I know.) I wanted it for about a year to show good management of different loan types, plus for history length, which is the only thing hurting me really.

Then I found out we’re moving in June, and I’ll be unemployed… Ouch. When I thought of the possibility of me having to start paying back student loans if I took a break from school, I knew I had to axe it before I lose my job right now. So, my super ambitious goal is to pay her off in April. That means roughly $500 a month needs to be set aside for the loan. (The interest rate is low and it’s on automatic payments, so I only make the payment and bank the rest until I can pay it off at once. I didn’t want to mess with the automatic payments because there’s an interest rate reduction thanks to it.)

For me, $500 is sometimes more than half of my take home pay. I need a good challenge, though. :) Preparing for the student loan battle that will ensue in the next few years!

Man, I gotta stop leaving these massive comments….. o_O

]]> By: Abigail http://frugaldad.com/2009/12/18/dealing-with-financial-setbacks/#comment-35456 Abigail Sat, 19 Dec 2009 02:39:01 +0000 http://frugaldad.com/?p=4283#comment-35456 As half of a couple with severe health problems, I know all about financial setbacks. I actually just posted something last night about how we were finally cracking the $3,000 level on one of our cards. Today, we got the car looked at and got a $300 bill. So we are (temporarily) back up over $3000 again. We'll live but these things can't always be avoided. Like when my husband had to keep taking steroids for his condition and, over the course of a year, gained about 40 pounds. It happened just slowly enough that we ended up having bought 2 sets of jeans. (And his skin is so sensitive that he can't wear clothes more than once between washings. So we're not talking a couple of pairs.) The setbacks are never the end of the world. Even if you're like us and living on just about $3,100 a month, $300 isn't a death blow. But it does knock you down a peg, morale-wise. That, to me, is the biggest hurdle. (Well, that and not being able to just take up more work to pay down more debt. It's hard to feel so powerless.) It's about taking a blow to the budget and standing back up. Or, at the very least, keeping sane and doing as much as you can to keep expenses down to compensate. As half of a couple with severe health problems, I know all about financial setbacks. I actually just posted something last night about how we were finally cracking the $3,000 level on one of our cards. Today, we got the car looked at and got a $300 bill. So we are (temporarily) back up over $3000 again.

We’ll live but these things can’t always be avoided. Like when my husband had to keep taking steroids for his condition and, over the course of a year, gained about 40 pounds. It happened just slowly enough that we ended up having bought 2 sets of jeans. (And his skin is so sensitive that he can’t wear clothes more than once between washings. So we’re not talking a couple of pairs.)

The setbacks are never the end of the world. Even if you’re like us and living on just about $3,100 a month, $300 isn’t a death blow. But it does knock you down a peg, morale-wise.

That, to me, is the biggest hurdle. (Well, that and not being able to just take up more work to pay down more debt. It’s hard to feel so powerless.) It’s about taking a blow to the budget and standing back up. Or, at the very least, keeping sane and doing as much as you can to keep expenses down to compensate.

]]> By: Jerry http://frugaldad.com/2009/12/18/dealing-with-financial-setbacks/#comment-35450 Jerry Fri, 18 Dec 2009 22:56:43 +0000 http://frugaldad.com/?p=4283#comment-35450 That stinks about the setbacks. I'm assuming your wife's surgery was not covered by health insurance? Double stink. But, your tips are right on. If you re-focus it will lead you to get back on track more easily. Jerry That stinks about the setbacks. I’m assuming your wife’s surgery was not covered by health insurance? Double stink. But, your tips are right on. If you re-focus it will lead you to get back on track more easily.
Jerry

]]> By: Chris http://frugaldad.com/2009/12/18/dealing-with-financial-setbacks/#comment-35449 Chris Fri, 18 Dec 2009 22:51:06 +0000 http://frugaldad.com/?p=4283#comment-35449 @Joshua - Thanks for the comment! Just keep with it and try and employ some of these tips. They are working for us. @Ken - We're angry. @Craig - We are paying with all cash this Christmas. It feels wonderful! @Money Funk - Things happen. You can't stop them so you just have to make due. Thanks for the comments everyone! @Joshua – Thanks for the comment! Just keep with it and try and employ some of these tips. They are working for us.

@Ken – We’re angry.

@Craig – We are paying with all cash this Christmas. It feels wonderful!

@Money Funk – Things happen. You can’t stop them so you just have to make due.

Thanks for the comments everyone!

]]> By: Money Funk http://frugaldad.com/2009/12/18/dealing-with-financial-setbacks/#comment-35435 Money Funk Fri, 18 Dec 2009 16:19:25 +0000 http://frugaldad.com/?p=4283#comment-35435 For you first point, 'don't make excuses'... our family has stopped stealing from peter to pay paul. Because you are right, it happens every month thereafter. So we stopped and it took some more getting used to living within the available cash. But with a little budget revisions, we done well. And it can go hand in hand with 'save elsewhere'. I will pack my lunch or cook a more frugal meal to get us thru periodic rough spots. Not a problem because it is all for a good cause. :) Nice post. For you first point, ‘don’t make excuses’… our family has stopped stealing from peter to pay paul. Because you are right, it happens every month thereafter. So we stopped and it took some more getting used to living within the available cash. But with a little budget revisions, we done well.

And it can go hand in hand with ‘save elsewhere’. I will pack my lunch or cook a more frugal meal to get us thru periodic rough spots. Not a problem because it is all for a good cause. :)

Nice post.

]]> By: Craig http://frugaldad.com/2009/12/18/dealing-with-financial-setbacks/#comment-35434 Craig Fri, 18 Dec 2009 16:13:18 +0000 http://frugaldad.com/?p=4283#comment-35434 Having an emergency fund helps. Months like this one full of holidays and a little more expensive I tend to over spend and if something happens I may need more money. It's nice to have a little extra stock pile just in case I need to borrow some money from another account Having an emergency fund helps. Months like this one full of holidays and a little more expensive I tend to over spend and if something happens I may need more money. It’s nice to have a little extra stock pile just in case I need to borrow some money from another account

]]> By: Ken http://frugaldad.com/2009/12/18/dealing-with-financial-setbacks/#comment-35433 Ken Fri, 18 Dec 2009 15:20:46 +0000 http://frugaldad.com/?p=4283#comment-35433 I think the key is getting angry and determined to pay down the debt. You then channel that anger into a system that allows you to 'follow through'..a budget is one example...Good post. I think the key is getting angry and determined to pay down the debt. You then channel that anger into a system that allows you to ‘follow through’..a budget is one example…Good post.

]]>