…And a Sick New Year’s Too!

Yikes, we had one heck of a vacation. As regular readers already know, we had a sick baby over Christmas – leaving us with no sleep and lots of family parties to attend. And then on top of that our family car had the transmission go just a couple days later. This is actually the second car to have a busted transmission in the past few months (my winter beater, a 2002 Dodge Neon went back in September). Then my wife and I managed to come down with the cold our son had, and we went car shopping and took delivery of a new car on the day of a huge winter storm!

Needless to say, things didn’t go as planned.

Seeing as I espouse frugality and avoiding debt, the fact we bought a new car may strike you as odd. Or at least against the normal advice. And I agree partially, but I figured I’d go through the thought process here.

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Getting Started: Paying Off Emergency Debts

Earlier we talked about tracking your finances and budgeting. Today we’ll discuss paying down high interest debt.

Now that you’ve got a handle on your month to month expenses and can start projecting out your cash flow, that will allow you to funnel the savings to increase your net worth (or in this case decrease your net liability) – and let your money work for you.

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