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Debt Sucks!

June 2nd, 2018 at 04:12 am

A friend of mine daughter was diagnosed with cancer and completed her chemo treatments a few days ago.

What's heartbreaking is that, she could have taken FML (Family Medical Leave) but due to not having any PTO available she couldn't afford to be off. The leave would have been non-paid. For six weeks her daughter went through treatment about 3 hours a way and she simply couldn't go.

Yes she was able to go up a few days, but her time was limited. When she and I spoke she was clearly very upset about it. I felt bad because I couldn't help.

My point of this post is, I never want to be in this situation where a family member, mom or sibling, is ill and I can't take off due to money and bills. This event reminded me why it's important to sock away something, even if it's $10 to my EF. I know Dave says save a $1,000 until all debts are paid, but that just does not give me comfort.

I also felt bad because I didn't have anything to give her, and here we are friends. I never want to be in this situation where a friend is in need and I can't help. This is truly frustrating and an eye opener.

Well Thursday I received my second to last check from my previous employer, of course I've budgeted everything out. Then yesterday, I received my first check from my new employer for $751. I only worked three days. This money was extra. So I added an extra $100 to the EF and sinking fund, paid a July bill and kept the remaining funds in my checking as a buffer. I also paid extra on CC5. The good news is that I was able to CashApp my friend a few dollars, not much but something. I honestly feel a little better.

Having the buffer in my checking account now of close to $500 will help me a lot. It's the old money I'll use to pay bills (the floater) I read about in YNAB.

What I've learned from this second round of get out of debt is,
1. Debt sucks
2. Debt is easy and quick to get into and yet long and hard to get out
3. Save always pay yourself first, even if it's $10
4. Tithe!!!! This has taught me a lot. The spirit of giving is so much better than receiving
5. Budget, I've never budgeted a day in my life until August 2017.
6. And finally NO NEW DEBT, save for what you want. Figure out a way to get the things you want (e.g extra job, selling item)

5 Responses to “Debt Sucks!”

  1. creditcardfree Says:

    Yep, debt takes away your freedom to do the important things. So you didn't pay any debt with the extra? The more you pay towards it the quicker and easier it is to get out (reference to #2 on your list). It's a monkey hanging on your back, until you shake it off completely you are still it's slave. I do get a buffer is nice, but as an outside observer it seems like you keep making excuses to save your money than pay off debt.

    I know full well tithing is personal, but can it be in the form of service?! My church growing up said give us your money, your time and your talents those are all equal in the eyes of God.

  2. Amber Says:

    Hi CCF 👋🏾

    I did pay extra on CC5, just need to update the side bar. CC5 will be paid off by the end of June, this will be my fourth CC for this year. Now that I have the checking buffer, nothing else will be added to it. My goal was to keep about $500 in my checking account. My EF, I'll continue to add to. The company I left just let go about 10 employees, I can't afford to not have something set aside. The sinking fund will pay itself off. I'm using that money to pay my car insurance for six months, once I save enough to get ahead of the game the insurance will be paid and the extra money (no more monthly payments) I'll have can go towards my CC6

    As far as the tithe, for me that's not an option, I believe in giving God what is rightfully His. I'm here to say, since I've been doing this I've been blessed abundantly not only financially but in every other area. Debt has been paid down, bills paid on time, actually early, a 10k a year salary increase. I just cannot do this, God and I have a great relationship 😉

  3. creditcardfree Says:

    Understood on the tithing, as I said, I know it's personal.

  4. Joanne Says:

    That was so sweet to help your friend out . I am sure she really appreciated that you helped her.

  5. crazyliblady Says:

    Is there some other way you can help out your friend and her daughter if you want to and are able to? Like maybe doing any shopping or running errands for her and other things like that?

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