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Finally, some breathing room

kmickeyd

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We have a supplemental insurance through work, a hospital indemnity one, and due to dh's 3+ week hospital stay, we received a lump sum of $4400. After much discussion and prayer, we decided to pay off the truck, which was at $3400 - not our lowest, but second lowest. However, in doing this, we now have an extra $300 in our budget every month.

 

I am SO glad we did this! We will have the Discover card paid off by the end of July with this move.

 

We have not had much breathing room in our budget for about two years. Now, we have space, and it feels wonderful. We can now not wonder where the money is going to come from for our car tags, for example, due at the end of July. And we have a SNOWBALL!! Our snowball has been so itty bitty teeny tiny for so long, this seems like a miracle!

 

And - it has gotten dh excited about getting the debt paid off again, because it seems possible.

 

So very, very thankful.

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That is good news!

 

With lump sums, I frequently think the best debt to pay off is the largest one that you can with that amount because you still get the quicker wins afterwards killing the smaller debts.

 

Paying off a debt that frees up a larger monthly payment sounds like the perfect thing to do in your situation.  Good job!!

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So glad to hear that you are able to make some significant steps towards your financial goals.  That feels great, I'm sure.  Good to see an update from you! :)

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So glad to read your good news!!  I was recently able to do something similar - and it has certainly made me feel better also!!  

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I'm happy to read your good news. It must feel great to know that you own your truck and finally have a snowball!

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Hay job working the plan and not getting discouraged or going or and buying something big shiny and new with your lump sum. The rewards will be great.

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Wow, that is great news.  Proud of you for using the extra, unexpected windfall so thoughtfully!   YAHOO!  very exciting, indeed.

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Wonderful news! Nice to have the cash flow loosened up, will make progress go much quicker now.

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