My financial train just derailed

December 31, 2010 at 10:07 am (emergency fund, truck, unexpected expenses)

I was *so* close to paying off my last credit card and tackling my final big SBA loan. Argh! And my truck has turned into a serious money sink this month. It was overdue for an oil change. Got it done and it turned into fixing a bunch of oil and fluid leaks. They didn’t tell me about it, so I got $50 in labor for free and just paid for the material/fluids. $52. Then they told me it was more than overdue for some things. It’s been months since the last big overhaul, so I made plans for it to go in for a tune-up and engine cleaning (to find out where leaks are occurring). Total: $532. However, during this time, they found out that that the clutch was slipping (badly) and it needed new a new clutch, and all the bells and whistles that go with it (resurfacing the fly wheel, yada yada). ARGH! $1200 extra. And it still needs new front tires, but I’m going to have to wait on the $200-$300 on that. I guess that’s what I get for having an older used vehicle. It’s at 170,000 miles now. It better not having anything go wrong for at least 6 months or I will cry.

This has turned into a very expensive month. I have cleaned out my emergency fund, my vehicle fund, my xmas fund (obviously since I spent everything this month!), and pretty much everything except for the kitten fund (which I am not going to touch, as that is for a true emergency with my 2 cats).

So I’ve cleaned out all my savings, and still will have $1,600 to pay on my credit card, which puts me back 2 months on my informal payment schedule. J still owes me rent and his half of some big home purchases this month, so I should be getting about $600 soon. That will help quite a bit, once he actually gives me the money.

The new year starts tomorrow and I’ll be starting it from a very low financial position. I think I’m going to start really tightening the belt. Seriously curtailing the eating out, buying more cheaply at the store, significantly reducing the amount of alcohol I purchase (no more bottles of wine). At least for January. I need to get back on firm financial footings.

We’ll see if my salary changes (negatively) on Jan. 20 – the company I work for has been losing money, so I expect if no raise, then a possible salary cut, or reduced hours.

I will make this vow. If they choose to cut my hours I will get a part time job.

Here’s to wishing you all health, wealth, and financial stability in this coming year!

Best,
debtmaven

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2 Comments

  1. Louise said,

    it’s frustrating when stuff like this happens, but I guess it’s good that you had the emergency fund there to use, hopefully you can get rid of that debt soon.

  2. debtmaven said,

    Thanks Louise! It’s frustrating to build up new debt and not be able to pay existing debt. And now I have to build up my EF some more before really paying the debt off. Big Fat road bump, but luckily the train just derailed, not crashed and burned. Good luck on your new year goals – I’ll be reading your blog!

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