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Difficult money decision

June 12th, 2008 at 09:28 pm

I've been thinking about the various upcoming fees pertaining to our UK rental property. They'll be coming in sporadically over the next few months, but I hate not knowing where I'll find the money to cover them.

So I've made a decision that's a little painful in terms of my Big-Picture Goal of paying off all credit debt by 12/31/09: I'm going to forgo extra debt payment in July. I'll keep that money in the bank and send it over in August when I resume extra debt repayment. At least that'll save me $50 in fees next month and I can roll that into my August repayment.

So that will put me another month or two behind on my debt snowball. But the peace of mind I get from knowing I have that money socked away for those fees will be worth it. I'm so used to having money allotted for every expense these days, and I'd rather jump the gun a little and delay my debt repayment than lose that feeling of being on top of my finances. Hopefully I will get some windfalls to make up for it, but even if I don't, it's only a month or two difference. I can handle that!

Posted in Uncategorized | 4 Comments »

4 Responses to “Difficult money decision”

  1. greengirl Says:
    June 12th, 2008 at 10:19 pm 1213309198
    1213309198

    yeah, sometimes you have to do those things. it is much easier to be organised and know where your money is.

  2. Amber Says:
    June 13th, 2008 at 02:06 am 1213322809
    1213322809

    I agree with greengirl, slowing down the debt snowball momentarily is definately ok.

  3. Petunia Says:
    June 13th, 2008 at 03:51 am 1213329068
    1213329068

    You'll get there. It sounds like you're doing great with planning your spending overall, and you'll catch up with your orginal debt reduction plan in no time.

  4. merch Says:
    June 13th, 2008 at 12:03 pm 1213358620
    1213358620

    I would look at those fees as another item in your debt snowball. Instead of sending the money in when it is paid off, you have it sitting in an account.

    Just make sure you keep the budget going and your eye on your goals. It's also not bad to feel a little uncomfortable or a little stressed. I find it keeps me focused and wanting to plow through my debt.

    Just my 2 cents.

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