The world’s economic market has fully recovered from the 2008 economic meltdown. It had a huge impact not only in the United States, but all of the countries as well.
We all have learned our lesson from this economic catastrophe. One of your main objectives in life is to have enough money to lead a comfortable life.
- Maintain an emergency fund.
In the past six months, this fund has meant the difference between “yes, we can afford to live in our house” and “no, we really can’t.” It’s vital. And we’ve managed to replenish it every time we’ve knocked it down in the past few years, which is amazing. But it needs to remain a priority that I remind myself of, because it sometimes feels like it’d be so easy to use that cash for something else.
- Pay down debt and avoid new debt.
Interestingly, when I think about my real feelings about debt, I realize that fifth place is just the right spot on my priority list. It is a priority – but it isn’t THE TOP priority. I sincerely want to become debt-free, and I intend to stay that way for life. At the same time, there are tradeoffs I know I would make. I would go into debt to get medical care for myself or my family (and, actually, that’s the cause of about 90% of the debt I brought into our marriage anyway!) I would just pay the minimums on my credit cards for a while to keep the bills current. I would take on a car payment temporarily to ensure that I have a working vehicle. At the same time, any money I have once the goals above are met WILL go toward debt repayment, and the end result, no matter how long it takes, is going to be the flexibility that comes from being truly debt-free.
What these priorities have made me realize
Here’s the thing. When I stopped and wrote down what REALLY matters most to me, I’m actually making more progress than I realized!
It turns out that while debt repayment is still a priority for me, it’s not my top priority – and so, while I’ll continue to push at it, I’m going to take a step back and celebrate the fact that, despite a drop in income in our family of more than 50% for the past five months or so, I AM meeting my financial goals!
Because I was hung up on just one goal – the debt-payoff progress, and my frustration that it hasn’t been going faster – I had been feeling defeated. Because I was only “holding steady,” I wasn’t finding anything to celebrate.
Now, I realize how thrilled I am to look back at the past few months and realize, “HEY. I kept food on the table! I kept a roof over our heads. And I did it without increasing my consumer debt!”
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