2008 Goals Shot Down
Alright. I give up. Last month, I did ok. My credit card payments totaled $1200 which went a long way to paying stuff down, which let me move the Debt-O-Meter just a wee bit.
But if that was so successful, what went wrong?
I got a call from my mom. I promised her a new dishwasher for Christmas because her current one is 10 years old and broke. It really helps free up her time to run it overnight after dinner’s over. But there’s also been a lingering problem with the fridge. It leaks water and I hate walking downstairs in socks and step into an icy pool in front of the door. It stinks.
Since the dishwasher is kaput and the fridge rather crappy, I told me mom to get a matched set. In a couple years, I figure we’ll replace the stove and range hood later. But I need to have a chat with mom. I’m not an ATM. There’s something going on, and I’m guessing that the market is a little too wild and wooly for her taste and she’s worried about being unable to retire within 2 or 3 years. Therefore, she’s asking me and my sibling for money for all kinds of stuff. She’s sneaky and she alternates between me and my sibling so it never seems like much. However, we figured out what she was doing. My mom isn’t financially illiterate. She runs her own business and has for years. I think she’s just exhausted from taking care of my dad after his stroke two years ago and finances aren’t at the forefront of her mind. Now that it’s time to retire, it doesn’t look pretty with the current economy.
So fine, I’ll be sending her a check for an extravagant present this year, with the caveat that there will be no present for Mother’s Day next year, and that she will have to keep waiting for help on a new roof for the house. Much as I’d love to take care of it now, it’s just not possible. Even if I had a full emergency fund, a new dishwasher for mom isn’t an emergency if you ask me. I just worry how long the roof is going to last because I can tell it needs some work.
Is it me, or are you struggling between your goals and reacting to little crises? Would a fat wad of cash in the bank help or not?
Asset Gatherer wrote:
That’s so tough! I’m experiencing something similar, although my relatives don’t directly ask for money. My little sis is preggers, and her husband (the major income-earner) works for Wachovia. He may be out of a job soon. My heart goes out to them, because I don’t want to see my little sister, hubby, and unborn nephew struggle. But I have to remember to keep myself financially healthy also.
Posted on 30-Sep-08 at 10:26 am | Permalink
Revanche wrote:
Not just you, I don’t think. I’ve been feeling like that all year, so much so that I stopped setting goals for the year, quarter, month, whatever. I just needed to get through each month without withdrawing from the emergency fund. It’s thoroughly disheartening to miss one goal after another, constantly be taken off course because of one “minor” but expensive thing or another, and generally just not make any progress.
I’ve had a good run these last two months working at whittling the bills down, and lucking into the OT money, so have finally, FINALLY, filled in some goals. And, perhaps, an attitude adjustment wherein I’m not an ATM either has played a role in regaining my financial balance.
So no, not just you. A fat wad of cash in the bank DOES help maintain balance and perspective in facing down minor crises. Not just knowing that you have the cash, but knowing that it’s 1) not going to break you, 2) not going to ruin the month, and 3) not going to derail all your other plans/goals.
Posted on 30-Sep-08 at 11:13 am | Permalink
Sistah Ant wrote:
The economy is making me want to buy my home NOW while banks are still willing to lend (which is kind of a panic move), but I have to keep telling myself no because my income isn’t stable.
Question: Why get the appliances first instead of the roof? Wouldn’t not having a sound roof potentially damage the house, making the cost to fix even worse?
Posted on 30-Sep-08 at 11:36 am | Permalink
mapgirl wrote:
Sistah Ant - GREAT question. The roof will cost $10k vs $1.5K for 2 new and decent appliances. My folks live in a relatively nice area so I don’t want to saddle them with the cheapest appliances out there and my sibling agrees with me. But 10k is so much more than 1.5k.
The roof isn’t in bad shape. You can tell a few shingles aren’t quite straight anymore, but it’s not tearing apart either. It’s been at least 15 years since it was last redone. It’s getting to the end of its normal lifespan and shouldn’t be ignored. I’ve done some serious shingling, but never laid down tar/tar paper before and I think it’s going to be that kind of job.
Buying a house now while credit is still available isn’t a dumb idea. Though buying any house is a risk right now with falling property values and tightening credit access. I wish you a lot of luck.
Posted on 30-Sep-08 at 12:42 pm | Permalink