2/17/2011

Getting out of debt means a hard look at the bills

Getting out of debt means taking a hard look at the bills. Believe it or not I was just now sure how much debt that we have. So, two days ago Hubby and I began the task of gathering up all of the bills. This wasn't as easy for us  as it sounds but we did it.

Bills from several of our medical providers are under $200.00 and have very small monthly payments on each. At the current payment rate we'll have one of them paid off in 2013. We have other bills like this and several more medical bills that are higher.

Piggy bank, coin, change
Gayle Crabtree
Getting out of debt means taking a hard look at the bills and this means all of them. Car payment, insurance, student loans, our upcoming vacation... everything... So, we laid all of those out plus our one credit card. We were in better shape here than we thought.

At the current payment plan our car will be finished in Feb. 2013 and after a couple of tickets come off our driving record the insurance will go down. We're in a big push right now to get the credit card paid off (which is what prompted the whole "get out of debt thing") and we're paying on our vacation later this fall.

Our monthly fixed expenses for utilities, water and gas look pretty good. Our home goes with Hubby's job so there's no rent (more about that later). A land line phone is required for his job and I need internet to write.

The big shocker came when Hubby did our taxes. That's when we needed oxygen and lots of it... As in, CPR, call the ambulance, this is "the big one Ethel"...

Instead of the hoped-for refund we get to pay just $1700 in April and, we have to adjust his withholding. It's an unexpected double-whammy no one wants. I see a  big "pay the IRS" yard sale in our future.

Did I mention student loans, random doctor appointments or medicines?

Yes, getting out of debt means a hard look at the bills. That may have been the easy part. Now it's time for me to get to writing.

4 comments:

  1. Bless your heart! But I've been there. And I agree wholeheartedly. We're slowing working our way out from medical bills, ourselves, and taxes that we have to pay every year because Greg and I are both self-employed. You'd think we would learn to plan better, but we don't. ;o)

    At any rate, I hope others listen and learn since you bring up some every important points. We think we can ignore some of the bills at times, I think. But we REALLY need to consider all of them when we plan to become debt-free.

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  2. Dee,

    I agree with everything you've said. Planning is the hardest thing to learn and even when you think the bases are covered you get hit again.

    We just got hit with a huge bill from the IRS. Then, another 2 medical bills.

    The only think I know to do at his point is write, write, write. :)

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  3. What a shocker for you and your husband. I'd best get at my taxes as I don't know where I stand with those this year. I'll probably be writing, writing, writing too! Thanks for sharing your personal experience as that helps others be more realistic about their own situations. Blessings! rcj

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  4. Hi again Gayle,

    I was just reading your list of bills that you have to address. I know they seem almost insurmountable, but knowing that we serve a mighty God who meets all of our needs according to His riches in glory, through Christ Jesus, I'm certain that these needs of yours WILL be met. He has a bajillion ways to accomplish what He wants to here on earth - I'm putting myself in agreement with you for a speedy resolution to the matters set before you. rcj

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