It has been a while since I talked about debt. Well, we are in debt again.
We really tried to save for that looming tax bill, but Murphy kept visiting and well, we cashed flowed those expenses in leiu of saving for the taxes.
As a reminder, this is the bill that reflects the taxes owed for early withdrawal of 401(k). When Darrell left his old job, we could not afford to repay the loan, so we had to pay taxes on it. It was a big hit, but we are putting everything we can on it to get gone as quickly as possible.
Our income reduces by $800 every month after this month, so that is a hit. We are prepared for it, but it will affect how quickly this will get paid off. Our expectations are complete payoff by the end of June even with this, but I will have to help with this with my business money to make it work.
We are just thankful that Darrell has a job, is paid well and for now seems secure. More oil and gas layoffs are happening - 2 of my customers, as well as LOTS of co-workers of Darrell's. We keep fingers, legs and eyes crossed all the time.
After the debt is gone, we are pretty serious about the emergency fund and college. No rest for the weary!
As much as I want to pay extra on the house, it will have to wait until we get these other things settled. Our PMI is dropping off in a month or two. We received the notice! YEAH!!!
Trudging along here.