Friday, July 16, 2010

And I was holding out hope for August

(not my puppy)

until we all had dental check-ups. Now there is at least $1,000 worth of dental work on the calendar between the 4 of us! Maybe we'll just eat toothpaste for the next month or can always find toothpaste for next to nothing if you watch for the drugstore deals!

It will be an absolute miracle if we can come out of this spring/summer without adding to the debt. Between the flood damage, invisible fence and shots for the puppy, the extended road trip, and now the dental work, it is taking its toll.

Overtime during this season of the year has to be approved, but if I find any....I'm definitely signing up for it!


  1. Have you ever considered taking a loan out from your 401K to pay off your debts? I don't know the balance in the former or obligation amount on the latter, so I don't know if this is a valid suggestion. But you could pay off all or SOME of the debt (whichever portion you find to be most toxic) and then pay yourself back when repaying the 401K loan payments.

    This way, you would be free of consumer debt and the interest associated with it. Of course, your 401K balance would be reduced temporarily, but you'd free up some cash flow by not needing to make payments to the credit cards. With that increased cash availability you could accelerate the payments to the 401K loan depending on your comfort level.

    Not sure how workable this is, but it's an idea.

  2. Hmmm....a fixed rate loan to myself would definitely have a better investment return than our bucket of choices has offered. Although as a basic philosophy I am against the 401K loan thing.

    But either way, it's not an option. Remember, I work for an accounting firm = CONSERVATIVE. As far as I remember, our plan does not even allow for loans. They may allow in cases of hardship (that you have to prove) but not just in the ordinary course of life.

    And if you want to know the main reason I don't like 401K loans? In case of termination, separation, find a better job and move on....the loan is due immediately IN FULL. If you can't pay it in full, it's treated as an early pension distribution subject to tax AND the 10% penalty.

    I've decided I just need to quit whining and keep plugging along.

  3. I see. Well, I bet your cc loan APRs are not too bad. (At least, I hope they are not very high.) In that case, you're right - just keep on working to pay them and you'll eventually slay the dragons.