The financial crisis in the economy has some light at the end of the tunnel, at least for me. I realized today as I started to get a knot in my stomach about how tight things had become in my budget, that there’s plenty of hope and I’m not at all in a bad situation. First of all, I work for the state, in an IT position. My job is probably a lot more secure than a lot of people. I’m glad I didn’t try to go freelance or go start my own business just yet, because a lot of people will be tightening their belts and not hiring freelance writers or computer repair guys.
Secondly, I bank at a credit union, not one of those giant corporation banks that has investments on Wall Street that could make or break them. My mortgage was not a sub-prime mortgage and while things are tight now (because of my house payment, not because of the economy), they’ll be better for me soon.
Good news that affects me: the new home owner’s tax credit is still on for this tax season. It’s basically a $7500 zero-interest loan from the government that gets paid back over 15 years. I’ve been trying like crazy to refinance my credit card debt to all lower interest rates, and I’m pretty sure $7500 will cover my debts (including what I owe Mom) and you just can’t beat zero percent interest. That’ll leave me with just my car, student loan, and house payment and regular utilities, groceries, and gas. I recently deferred my student loans until 2014, because I’m back in grad school, paying for it out of my pocket.
So basically, I just have to be poor until after taxes are processed, and then when the tax credit comes in I have to solemnly swear to spend it all on knocking out debt, and not crazy stuff I don’t need. Knocking out debt feels great. When I got my inheritance money I paid off my Bank of America card entirely and closed the account. It felt SOO good, and now I don’t have that monthly payment anymore. If I can eliminate all of that, I’ll be a good ways on my way to being debt-free.
My house will probably be the last thing I pay off, and I hope I can do it in less time than the 30 years my mortgage is supposed to last. I’ll figure that out later, though. Maybe eventually when I’m out of all other debt I can put that same amount towards the principal on my house that I was paying every month, and get it paid off sooner.
I hope for all of you that if things get bad, you’ll look for hope, and if you aren’t sure where to find hope, look to Jesus. He’s our provider and He always takes care of those who love Him and are called according to His purpose (That’s in the Bible, kids).