This time has been trying, and tough on many people worldwide. Covid-19 has shown how many people are struggling both emotionally and financially. However, the question still remains is it the time to continue the journey to becoming debt-free? I think not.
I first heard about the new coronavirus known as Covid-19 back in the fall of 2019, when the impeachment of Donald Trump trial was taking place. I know… I know you can’t believe I watch that crap, but honestly, if you want to watch the best comedy of this century you should watch it. Our politicians were ridiculous, both sides acting a fool the whole time, with passion and stumbling over words they could not support or defined. The best laugh I have had in ages.
Anyways I am getting off track…
Like many people in my generation I was raised by someone who was raised by a parent that survived the great depression. To limit that confusion my grandma taught me at a young age that you always should be prepared for the worst.
Going into grandma’s pantry she always had nonperishables and she stocked up every time something went on sale. As I grow up I started doing the same for two reasons. First, why pay more when you don’t have to. Second, I think being moderately prepared is always a good thing.
So toiletries, canned goods, pasta, dried beans, and even freezer items were stocked and ready before this hit. All on sale or with coupons.
As for our debt and bills, however, how can we plan ahead? How can we know what impact things are going to take?
My Personal Reason for Pausing Our Journey to Becoming Debt-Free
Pausing our journey to becoming debt-free was not a decision we took lightly. It is also a personal decision. Remember I am not a financial advisor nor am I a money guru. I am just a wife, mom, and a human making right my money spending wrongs.
Greg is an essential worker and my virtual assistant job has been steady. Still, I don’t think the risk of paying off debt right now out weights the benefit.
First off, if our hours get cut and we need extra money to pay rent, utilities, phone, or even medical bills we will end up getting deeper in the debt hole.
Second, with all the uncertainty I am just not comfortable handing over the money right now. There are just too many “what ifs” running through my head.
For those simple reasons, we are not paying off my debt right now. I feel any extra money coming in is better off in an emergency fund.
Would I like to still pay off debt… oh hell yes… but I think the peace of mind of being prepared has helped ease some of the tension and stress this year has brought. Knowing I am somewhat prepared if things hit the fan is what is important at this time.
With all my worry one may think to freeze their spending. But to be honest we haven’t.
This spring I decided to expand our garden. This was what I call an essential spend. If the virus peak again this fall/winter I hope to have lots of veggies stocked up in the freezer, salsa, marinara sauce, tomatoes, and all the good stuff.
When we spend we try to make it benefit our future. So when we spend we ask, “What good is this going to do? Is it something that will help us in the long run?”
We also would like to hold on to the only restaurant we love in this town, so we order form them once ever so often. Keeping your favorite restaurant is benefiting your future… right?
The good news is we haven’t accumulated more debt. So even thought we are not focused on it with the small payments we are making the debt is going down.
I hope by the end of the year we can get to tackling our debt but for now we are just playing it safe and saving, and putting a pause on out journey to becoming debt-free.
More About Our Financial Journey Here
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