Debt Diaries: Learning to Budget

slave to debt

Hi, All!

As my maternity leave winds down, I’m trying to get things in order so that our ship can continue on. We’ve had to make some adjustments this past month because Scott lost his job. It’s so easy to see the negative in the situation but we’re focusing on the positive. For one, he lost his job by being honest. Two, he’s taking time to work on his spirituality (and the family’s), as well as expand his ministry. And three, we won’t have to worry about childcare while he’s off.

Our monthly income has gone down a bit but Jehovah God has kept us afloat. I’ve decided to use this opportunity to really get my budgeting skills in check. I created a spreadsheet in Numbers to see where our money goes, work on savings, and pay off our debt.

I figured it makes the most sense to start by paying off the lowest debt, which is my Capital One credit card in the amount of $637.75. I’ve never been one to carry a balance on credit cards but the last four months, we’ve had a few unexpected expenses come up. And then my husband lost his job. Unfortunately, 55% of your salary is what disability allows in the United States. While I’m not looking forward to returning to the office, I am a little more motivated because I received a raise right before my leave.

Our plan is to use my paycheck for our monthly expenses and Scott’s unemployment for paying off debt and saving. As much as I cringed looking at what we owe, I’m happy to have put it all together to create a plan of attack. Have you paid off your debt? Or are you beginning your journey like we are?

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2 comments
  1. Hi there! Reading blogs on the topic of debt as I am in a very big hole that seems to get deeper as the Canadian dollar loses out to the US dollar (debt from US grad school loan). Wishing you the best of luck on your journey!

    1. Thank you! I went over to your blog and can completely relate. Having debt is a bummer. But I know you can pull yourself out of it!

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