Fell off the wagon...

[HundredK]

We've been doing so great with working on our debt, but last month we totally blew it. There were a lot of little things that happened - the credit card I normally use for all our expenses was compromised, so I had to use a different card while waiting for a replacement, and I guess we just used it a little more freely than the other card (which has an intentionally low limit to ensure we adhere to our budget). We were traveling a lot, which we've not been doing a ton of since starting to focus on debt. We had a pet emergency. Etc, etc, etc.

For the first time in a while, we weren't able to pay off any debt and we had to use some of our savings.

Anyway, I just think there's something to be said for admitting it was a messed up month. I am bummed about it, and we'll get right back on track, but it's amazing how easy it is to fall into old patterns.

Does this ever happen to you guys? Even if you're debt free, perhaps there are still months when your spending goes haywire? I imagine it's a habit I'll never totally be free of.

[97guns]

There no shame in paying interest on a partial balance for a month, it's around $12 interest per $1000 balance, 5k would be $60. I'm thinking of doing it myself this month, spent a little too much and the price of silver is down

[AJ444]

It happens, I think the important thing is not letting one month become two and like you said getting back on track.

[LivingAlmostLarge]

It's not about falling off the wagon but getting back on.

[kork13]

It happens to us far more often than I'd like to admit. But that's why we save aggressively, so that when we do have those expensive months, there's money in the bank to cover it.

As the others have said, it's not a crisis to fall off the wagon for one month. Get back up & keep on riding. If you fall off & start to think "You know, that wagon was pretty uncomfortable anyway... Who needs a wagon?" THAT'S when alarm bells need to start going off.

[97guns]

And make sure the card is used very little the next month

[Milly]

There no shame in paying interest on a partial balance for a month, it's around $12 interest per $1000 balance, 5k would be $60. I'm thinking of doing it myself this month, spent a little too much and the price of silver is down

That silver sure looks great! I just placed my once per lifetime order of 10*1oz rounds at spot price with JM Bullion (JM Bullion starter pack). I'll probably pick up a tube of 2017 Silver Eagles at BGASC.com as well (our kids get a silver eagle for Christmas each year).

I wouldn't go into debt for it though. Although $12 for $1,000 doesn't sound like a lot, that is only one month. It comes out to over 14% annually. Silver might do that well, but it isn't a deal to have to beat 14% to break even. Don't let the balance sit there for more than a month or two or it becomes a fairly speculative investment.

Personally, I think you'll have another chance at good rates, so I'd buy what you can and still pay off in full before any interest is charged. $16.2 * 1.14 = $18.47, so silver can go up a few dollars before another order and you'll still be better than paying interest on an excessive order. Of course, everything is your call though. (I love silver to too!)

[Jluke]

Life happens..

that's why everyone here is always recommending an emergency fund to anyone who posts their finances (think the guy wanting the pool with about 1 month of EF).

You're doing fine...

[disneysteve]

There were a lot of little things that happened

Does this ever happen to you guys? Even if you're debt free, perhaps there are still months when your spending goes haywire?

Of course it happens. Some months things converge all at once. A car repair, a medical bill, a vacation, a wedding, whatever. Most months our Visa bill is about $2,500. Last month it was just under $5,000 because a few things happened at once.

That's the importance of having savings, having an EF, living below your means. It gives you that surplus, that cushion to cover things when that costly stuff crops up.