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Out of Debt

July 19th, 2012 at 06:06 am

I had a great time this past weekend meeting SA friends and spending time with my brother. If you are ever in Napa, be sure to take in the Wine Train - it is quite a fascinating experience. Smile

It's been a drama filled 36 hours or so here in LL. The long and short of it is that I am no longer going to be taking over the car loan for my dad's Rogue. It's going to stay with my grandma who will sell it to recoup as much of the loan cost as possible. I will be keeping my paid for 97 Honda Civic and buckling down hard to save for my replacement car (which is sorely needed.)

I feel a sense of relief in that I'm not taking on a debt, but I also feel sad that we're letting dads car go and that I'm not going to have the majorly updated car (2010 model) with all the nifty features. After sitting for 7 weeks, I'm not sure what shape my car will be in ... but I'll cross that bridge when I come to it.

Starting in August I'm going to go on a cash basis for groceries, entertainment and the etc. stuff. I'm also going to attempt to lower my internet bill (only one provider in the area .. but will see if possible.) I need to start looking into the cost for making a will and living trust for a single person, as well as making sure that every bank account I have has a Payable On Death person listed and ALL my other accounts have a beneficiary listed. Then I will probably send my brother a sealed envelope with a list of accounts and passwords and update them twice a year or so (old copies to be destroyed without opening.)

I need to really save aggressively until September of 2013 or until I have at least $10k in my car fund. I probably will have to replace my timing belt sooner than later if I want to be sure my car lasts another 14 months ... so I need to start pricing that out.

Whenever I see a book I want to get for the library on Amazon that I don't have gift card money for ... I MUST learn to say NO!! If I don't, that will derail my car fund faster than anything else.

10 Responses to “Out of Debt”

  1. Swimgirl Says:
    1342676650

    I totally understand about the books! I love books!

  2. mamasita Says:
    1342697164

    Congrats on the Debt Free status!!! Great way to start the new school year!

  3. CB in the City Says:
    1342701953

    I know that feeling of both regret and relief over a financial decision. I'm sure you have made the best choice.

  4. rob62521 Says:
    1342706587

    What a tough decision! But, you have a goal to work towards and you can do it! Look at how much you have accomplished already!

  5. Looking Forward Says:
    1342714223

    I know what you mean about Amazon/books!
    Too bad about the Rogue, but it sounds like it's for the better and you have a solid plan.

  6. snafu Says:
    1342715638

    Good on you for doing the smart thing rather than acting on emotion. Those Civic's are remarkable, what mileage? Check with AutoZone or similar supplier to learn cost. Most mechanics recommend having the water pump replaced at the same time. I hope you have a trusted mechanic. I've found Honda Dealerships to be very expensive since the work is always done by a new apprentice, never a journeyman mechanic. 2nd, knowing I don't understand mechanics, they tell me all sorts of bad things can happen and scare me.

  7. My English Castle Says:
    1342715954

    Nice to be debt free. But I know the car and book temptations!

  8. snafu Says:
    1342718602

    I got a letter today stating an account I rarely use will go 'Dormant' unless I take action. I wonder if you checked with the State Comptroller Office in states your late dad lived to determine if his name, SS were on record as unclaimed. PH: 1-800-613 6743

  9. Thrifty Ray Says:
    1342730024

    I am glad to hear this was your decision on the Rogue. Im sure your dad wouldnt want you to take on that debt for an upside down vehicle. You have that lovely watch as the keepsake...I hope things are settling down a little as you get ready for the trip back home. HUGS

  10. FrugalTexan75 Says:
    1342758400

    Thanks everyone!

    Snafu - my car is a 97 Honda Civic with around 145k miles. It is in pretty rough shape cosmetically inside and outside. The timing belt is the least of what could potentially break anytime ...

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