mo money, mo problems (Part 1 of our Debt Story)

We paid off the last of our student loans on Friday, March 13, a day that will forever go down in infamy (ha, not really. We’re not Pearl Harbor here). 

Let’s backtrack a few paces and discuss our debt.

• We bought a new (new to us) Traverse two months after Lucan was born. While I’m super thankful that we have the Traverse and one vehicle that is bigger, it was still an expense.
• I attended two private schools for my undergrad and graduate studies and did a study abroad semester in the most expensive city in the world (London, coming in at #1 according to a recent Daily Telegraph story).
• We bought a house on our first anniversary. I was working in non-profit and am actually shocked by how little I was making at that time. At the same time, I had no idea how little that amount actually was and thought I was rich! Foolish 23 year-old. 
• Approximately nine months into our marriage Lance underwent a fairly substantial jaw surgery at the Mayo Clinic in Rochester. Cue: out of network hospital bill. While we were able to pay off his bill without too many tears, it was certainly pricey and an unplanned expense.
• We were using our credit cards to pay for everything. We always paid off our bill at the end of each month, but I can recognize that we typically spent more than we should have by using our credit cards to make our purchases. (Side: we still use our credit cards and we have a Target debit card that we get 5% off with. But I will say, from a cash budget perspective it certainly complicates things. Lance is constantly having to ask me if I’ve moved money and I never can remember. He's typically annoyed with me)
• Between the two of us, we’ve had three bouts of unemployment and have lived to tell the tale. And to pay off debt during that time! 

I hope that paints a pretty good picture of our finances. It’s not a pretty one, but I’m guessing it’s one that many of you can identify with. Student loans, credit cards, new cars and a baby! We are the "typical” Americans!

Stay tuned for more about our debt saga. It's a doozie. 

 

And just for giggles, a photo of the first time I met Lance. We were 15!