" ... let's see if we can make a double payment on our targeted debt in the month of August!'
Well, did we? We sure did and we've already made a double payment on it for September as well!
How were we able to make double payments two months in a row? By saying 'no' to extra spending, by using what we had, by making do with substitutions and sometimes by doing without.
We are so close to having this debt paid off and I'm very happy about that!
It's a good thing we're about to lay this debt to rest though, because we got a notice this week that hubby's Medicare supplemental insurance policy is increasing $12 per month. While that may not seem like a lot of money, it's just one of several price increases we've gotten this year and over time they add up. It seems every time we turn around, we're getting notifications such as this and we won't even talk about the price increases of everything else!
So, getting this debt paid off, hopefully soon, will free up money to cover those increases.
There is no magic wand in digging out of debt, there just isn't. It takes hard work and sacrifice and until we accept that and put it into practice, we're really not going to have a lot of success.
The upside to digging yourself out of debt though is that you're less likely to be as quick to go back in! Valuable lessons are learned from doing your own 'digging!' (Please understand that I'm not talking about medical emergencies and such. Sometimes some things just can't be helped.)
What kind of financial goal are we setting for the rest of September? Hehehehe, we're going to try to make another payment on our targeted debt. Where's it going to come from, I don't know, but we're going to be very mindful of our spending. We're going to apply every bit of money we can to this debt as soon as it becomes available all the while praying for God to open our eyes to ways to accomplish our goal. We've got that 'deer in the headlight' kind of focus on this debt, can you tell?
That's it for this week, what about you, how did your week go and what financial goals are you working toward?
until next time,
mrs. patsi @ A Working Pantry
She looketh well to the ways of her household … Proverbs 31:27
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You have done amazingly well with your debt payments this year. It just shows what grit and determination can do. We were lucky enough to be given some fruit and veg by a friend in return for some help we gave them. Some has been frozen for future use and some has been used in meals. My husband bought some LP records at an auction and we have been checking them over. We sold some of our own that we found in the attic recently and found that folk go mad for them, so we are hoping that the ones he bought this week prove to be a good investment. Time will tell and, if they don't, we will end up with a good source of in-house entertainment!
ReplyDeleteTracy, I hope your LP records turn out to be a good investment indeed! I had a bunch of them as a teenager!
DeleteI say it every time. I am GIDDY with you every time you slap down that debt into submission. Sooooo exciting. And the freedom you will feel when it is gone? Can't describe it. The pain of hunkering down is soooo worth the freedom!
ReplyDeleteHappy Friday :-)
Elle, thank you. The closer we get, the more excited and motivated we get!
DeleteWell done on paying down that debt! We were just the same as we saw the end of our mortgage coming. It is fun to see where more dollars can come from!
ReplyDeleteWe are just carrying on with our regular frugal ways. Hubby has fallen through the donut hole on one of his meds and it is more than double each month but we had a good bit of money in our medical budget so it will be okay. The other big price shocker was the jump in egg prices. Wow! I am thankful for our well stocked pantry that allows for things like that.
Lana, hubby fell in the donut hole in April and the cost of his meds shot out the roof!
DeleteIn these times, having a well-stocked pantry allows us to be able to absorb things like the jump in egg prices. If we don't have to purchase everything we eat for the week, we can pay ridiculous prices for eggs, etc!
Forgot to say, one big thing I did was make a list of meals I can make with food on hand and there were a whopping 75 meals on the list. This will help use foods that have been languishing in the freezer and pantry.
ReplyDeleteLana, that's a really good idea!
DeleteCongratulations on your debt reduction and the end being nearer than ever!
ReplyDeleteNow that mowing season is almost over, we'll have a little wiggle room in the budget. That wiggle is being earmarked to fill a few needs we have in the pantry (only a few thankfully) and to purchase a few needs (bed sheets come to mind, and curtains need to be replaced...Of course, we're seeing increases in bills here and there and Christmas is coming up, but I've got a load of ideas and ambition and determination on my side. John and I have been going over the budget and we're planning a few changes that should be a tremendous help.
Terri, I love your attitude!!! Your statement of 'I've got a load of ideas and ambition and determination on my side" is spot on ... I'm right there with you! We can find a way to have a merry Christmas!
DeletePatsy first of all well done on your super hunkering down for the months of August and so far September and paying double payments on that one debt you had in mind and we will be cheering you on to be able to pay off another payment off the debt this month. I agree being careful with our expenditure certainly does get us closer to our goals much faster and allows more wriggle room for increases in bills in other areas.
ReplyDeleteWe were actually saving to replace money we had spent on a new car for DH, a new ride on, a hedge trimmer we needed for the yard, car accessories for DH's new car and tow bar and a few items needed for the home like coverlets for the bed and the like. The end of the month of August was 12 months of saving the spent money back up and I am pleased to say we saved up the money spent on the new car, ride on lawnmower & catcher bags and 12 months of blades and filters, the new hedge trimmer and half of the money for one bed coverlet purchased. We still have around $6000 to save to get us back to square again but we are pleased with our progress :).
This month we continued to save and I went through the walk in pantry and filled up the gaps by purchasing powdered milk, flours we used for bread making and sugar. We had been busy with lots of medical appointments away from home so my usual inventorying went by the wayside. As we had spent way less in the grocery budget there was money in that account to do that.
We have also been saving our garden budget to redo our garden beds to make them higher so I am pleased to say we have purchased all the needed above ground garden beds to make the garden beds 90cm high to stop us having to bend with back problems. Currently we are leveling the ground and then will put up the garden beds and order in the new soil for them. This will mean we will have more garden beds to grow our veg in so we are very excited.
Have a great week ahead all in hunkering down and achieving your goals.
Lorna.
Lorna, your comment has so much encouragement in it! It just goes to show what can be done, doesn't it! Congratulations on all your accomplishments!
DeleteWe’ve been actively looking for ways to trim budget even though, after paying bills and general living expenses, every month we have an excess which we add to our savings. This time, Hubs took his turn on two of his meds that cost a total of $2700/90 days! He found that even the generics didn’t bring the price down much and our supplement didn’t cover any of them. He was able to find one using GoodRx instead of insurance! That took one down considerably! But then, his doctor specified to insurance that the generic was what was needed and suddenly they are covering it where our OOP is going from $900/month down to $110/month! We are thrilled!
ReplyDeleteThat has been a big win! $790 cut out of our monthly expenses!! Now, if only our State Legislature will pass the Bill they are considering to lower property taxes for seniors on low incomes! 🤞🤞🙏🙏
We still consider ourselves extremely blessed by the circumstances we have- house paid off, 2 reliable older cars, no debt and a food storage that we are constantly eating from and restocking. Very grateful indeed!
Gardenpat, I'm so glad that your OOP/month for medical was reduced! What a blessing! I hope your state legislature will pass the Bill to lower your property taxes as well. Every bit counts, doesn't it!
DeleteIn spite of our runaway medical costs, we consider ourselves to be very blessed as well and for some of the same reasons you mentioned!
Patsi, it is so exciting to learn that your targeted debt is almost paid off. Congratulations!!! Isn't it a fabulous feeling. Prices continue to rise here too. We had an appointment a distance from home and stopped in at what was our favorite grocery store just to see if there were any bargains. I say "what was" because the whole place was changed around since our last visit. Going down the baking aisle brand name and store brand chocolate chips for baking had gone up to $4.50 per 10 ounce package -- a huge rise in price and a decrease in amount in the package. I was thanking my lucky stars that I'm pretty well stocked in that department and have no need for that particular supply. Were still harvesting what thankfully survived in the garden. Loads of sweet peppers, carrots, okra, and chard. The broccoli that got planted the beginning of August is doing so so. I hope with the cooler weather we've been having it will begin to flourish. Cookie
ReplyDeleteCookie, I'm glad you're still able to harvest some things from your garden! While traveling we went to one of our favorite Mennonite stores and found quite an increase in prices there as well just from March to August (of this year). One item that we purchased in March was $8.75, in August it was $11! That's quite an increase in 5 months and that was just one item. Still their prices were better than other places, so we did some restocking.
DeleteBravo in continuing to kick the debt to the curb. It feels so good to be relieved of that burden. As for the price increases on things like medical - we are in the same boat - its a price increase here, there, bit by bit - it does add up. We are continuing to be vigiliant about our spending. Then a surprise happens. I went to our local farmers market (last one of the season), to pick up some garlic, onions and peppers. Evelyn, the farmer, told me to wait a moment while she handled customers. As a thank you for being a good customer - she gave me an entire case of beautiful freshly picked apples! It's HUGE! - needless to say, I was stunned and grateful for her generosity. We will be doing everything we can to preserve most of it. The family voted - so first up... applesauce.... not sure what else we will do - we dont have any fancy equipment other than a canner. Any suggestions?
ReplyDeleteRebecca, we are going to make apple pies and freeze them before baking. When we're ready, we take one out of the freezer, let it thaw in the refrigerator, cook and enjoy. I'm also going to can some apple pie filling and can some apples.
Delete👏👏👏
ReplyDeleteLee Ann, thank you!
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