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Archive for May, 2011

Month 21

May 6th, 2011 at 11:11 pm

I can't believe it's been almost two years. It's been a while since I updated things. I've been busy with the kids, especially our newest addition. Bryce was born in November of 2010. He is just over six months old, weighing almost 18 pounds now and 26.5 inches long. He is a healthy happy baby. The girls all love being little mommies to them. I haven't been working since September of last year so things have slowed down a bit on our debt snowball. Here is where things stand:

Total Outstanding Debt: $62,451

Total Savings, Including retirement: $64, 507

We went a little off track when the baby was born. In March of this year we recommitted ourselves to becoming debt free. We haven't really been tracking things very well. I have started us back on the envelopes system, using mvelopes.com.

We are getting ready to PCS this summer to our next duty station. We will only be there for 8 months then moving again. It's going to be a busy summer.

The big debate in the house right now financially is what to do with a car my husband inherited from his father when he passed away in February last year. It's a nice car, only a few years old but not practical for us. It's a 2007 Mustang Convertible. My husband has a Highlander so with this car it makes three. We took it up to Carmax yesterday and they said they would buy it for $19,950. The only issue is the sentimental side of it. My husband mentioned to his mom that he was going to sell the car and now she want's to buy it back from us for $10,000. She doesn't really have the money to buy it and she hasn't been able to drive for 11 years due to medication she is on and problems she has with her back and legs so it would be sitting in her garage. I know she wants to have it because it reminds her of her husband but it doesn't seem right selling her the car back. She is on quite a bit of medication on a daily basis and isn't always lucid.

If we keep the car, we will have to ship it do our next duty station which will cost us around $1,000 and then when we move again in 8 months, we'll have to ship it again. I would like to sell it and pay off our van or put half of it towards our debt and half into savings. We would like to purchase a home in a year from now so there seems to be more of an urgency to pay things off and save. It would be great not to have a car payment.

It's a hard decision and has brought a lot of stress into our house. Any thoughts or suggestions would be appreciated.