Even baby steps are steps in the right direction…

debt - May 28Ever since we found out I was pregnant just over 3 weeks ago, it seems like our progress on paying off our Home Equity Line of Credit debt has come to a screeching halt. Although that’s not technically true, in the last 3 weeks, we’ve only averaged a debt payment of $380.59 weekly, quite a bit lower than the “conservative” estimate I had previously made of $400/week.

There are 2 main reasons why our progress has slowed down so drastically:

  1. I no longer have the energy to work overtime. In fact, getting through each work day seems like a Herculean feat! It sounds so weak, I know, but each day, I have to resist the temptation to call in sick or leave work early. Thank you, morning sickness! If I don’t sleep well through the night, the daytime fatigue is just intensified (and this is coming from someone with a sleep disorder!)
  2. I’ve had to take some time off for appointments. One of them was a prenatal appointment, but I also had to see an eye specialist (all clear so far!) and in the next few weeks, I’ll be taking time off for a follow up with my Sleep Doctor and another prenatal appointment.

I have to keep reminding myself that even baby steps are still steps in the right direction. As of today, our debt sits at $1,475.51 which is a far cry from this year’s starting balance of $14,777! We’re 90% of the way there (based on this year’s starting balance; we’re 87.25% there based on the 2015 starting balance of $11,576.25.)

HELOC - May 28

Despite having hoped to be debt free by the end of this month, I have to remind myself that our original goal was to be debt free by December 31, 2016 and so even if this takes us until mid-June, we’re still months ahead of our original goal! That’s still a huge win!

Based on my projections (which are only rough estimates – it’s difficult to know for sure since our paychecks fluctuate anytime my husband works overtime or I take time off) there’s still a pretty strong chance that we’ll be debt free by June 10.

And then it’s time to start saving up for Baby! (Our first ultrasound is first thing Monday morning – keep your fingers crossed!)

Mrs. Unchained 55

4 Comments

  1. Congrats on the pregnancy.
    If you area DAve Ramsey fan, he would council you to put the baby steps on hold (Ie the HELOC), and save up all the cash. Then once the baby is delivered healthy and you are home, then use the saved up money to pay off the HELOC.

    • Thanks George!!!
      I’m not sure I would agree with holding off paying off our debt before saving since we’re paying 3.2% interest on it (which I know isn’t THAT much comparatively) but it’ll definitely start getting a lot easier to start saving once I don’t have to spend so much of our income on debt repayment!

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