A couple of weeks ago I was really excited to announce that I was going to be able to pay off my personal loan by the end of June. I was able to engage in this strategy because I had paid ahead my mortgage by three months. Additionally, I did so so that I could get my mortgage balance down to a point where I could refinance with a specific home equity product. Because of those mortgage payments I would be able to make major down payments.
However, this morning I woke up to a potential derailment. When I checked our checking account this morning my bank had authorized another mortgage payment taken out. Not only did that overdraw my account for the first time in years. I think it has been over a decade since I had an overdrawn account, but because of that mortgage payment I need to put money back that I was going to use to pay down my personal loan. Therefore, I don’t have the money I thought I was going to have in order to accelerate this debt payment.
The thing I have to do is recalculate my debt payments. I have to go in and adjust my debt transfers because of this little surprise. And did I mention that we have a somewhat unexpected house expense. We have a tree problem.
Mrs. ROB is extremely allergic to cherry blossoms. We have a cherry blossom tree in our backyard. It is allergy season and Mrs. ROB is already struggling with crusty and watery eyes and a stuffed up nose. So we are having our tree taken out this Friday, along with cutting back some trees. This little expense will cost us $580. So combine the mortgage payment and this tree and I have suffered a $2200 setback.
The good thing is that I can cover this with a paycheck next week. That isn’t the big deal. The big deal is that I have to delay my debt payments. In fact, I might delay it by a couple of months. When these kinds of setbacks happen my immediate reaction is to hunker down, build up cash, and just make basic payments. And I might actually do that. Even if that were the case I have set my minimum payments to the point that this debt is paid off by the middle of October. I would like to have it done before that, but it is important that I make sure that surprise mortgage payments aren’t taken out in the near future.
Stay tuned. I hope to slay the debt monster soon. It just might not be 60 days from now, but it will happen. I am not giving that up.