Mothers day, Birthdays, Anniversary, and Finances
I have been brainstorming this blog post or a while now and have been putting it off because I wasn't sure how to write it. I feel like it is very important to be transparent with everyone that is on this adventure with us. I want everyone to know, honestly, where we stand... especially those that have stepped out to help support us financially.
Before I get into the gory details, today in house church we grouped up and prayed for a word or picture from God for each other. Our 14 year old son had an image of me standing on a hill as a warrior facing a HUGE army. I was standing so close to the approaching army that I was unaware of the army that was standing behind me that was my army. Antonio said he thinks their may be something that we are struggling with alone that we need to ask God for help with. He said that if we are trying to do things ourselves we may eventually get results but if we ask God for help we will get everything we could need. I am amazed at his relationship with the Father. He inspires me.
I knew God was speaking into our current financial situation. We are feeling a bit worried but more than worried we are determined to turn this around. We are focused. I felt God telling us that He will walk us through this, its not by our strength but by his grace. We don't NEED to do this on our own.
I know we can do hard things. One year ago in May I was working 3 jobs while Bob was working a side job and putting in crazy hours on our small business. We had several private student loans and other misc. small debts that had monthly payments we could not afford in Guatemala. We paid off $10,919 in five months, just in time to move. We still had other debt but could afford the small monthly payments.
We were relieved to make it to Guatemala. We were able to make it monthly and for a while lost sight of the long-term consequences of our debt.
Two months ago we had $3,000 in savings but after plane tickets, doctor bills, and a huge trip to the dentist it was cleaned out. We had a wake up call. Last month Bob and I sat down to set goals and made a plan. We decided that we didn't want to wake up in 15 years and still have theses crazy student loans. We need to get serious again.
Being open about our finances increases our accountability, helping us to make progress, but it also allows us to be transparent with the community of you that are praying for us and walking with us.
Our current status:
Savings account balance: $30.58 (Goal $2,500)
Cost for Baby Doctor: $2,038.00 ($137.00/$2,175.00 paid off)
Cost to stay in the city to have baby: $2,000.00
State tax debt: $560.00
Federal tax debt: $2,260.00
Unemployment over payment debt: $2,563.00
Heather's Federal Student loans: $20,878.00 principal and $145.00 interest
Bob's Federal Student Loans: $106,450.00 principal and $9,832 interest
Total current debt:142,688.00
Our monthly required payments on our student loans only total $40.00 but in order for our debt to just stay the same we need to pay at least $664.81 a month. We also need a minimum of $600.00 a month to live on. That means in order to not go backwards we need at least $1,264.81 a month. Our current fund raised income is only a few hundred dollars and our business income does not bring us anywhere near what we need to move forward.
We write a monthly detailed budget and use cash envelopes to monitor our spending. Every extra dollar that we can squeeze out of our budget goes towards our first goal and we will work our way down the list.
Goal 1. Get $1,000 in savings in case of an emergency.
Goal 2. Finish paying for the baby doctor and necessary costs to stay in the city.
Goal 3. Pay enough to start a payment plan for the tax debt to avoid penalties.
Goal 4. Bump up savings to $2,500 in case of an emergency.
Goal 5. Finish paying off state taxes.
Goal 6. Finish paying off federal taxes.
Goal 7. Finish paying off unemployment over payment.
Goal 8. Finish paying off Heather's federal student loan.
Goal 9. Finish paying off Bob's federal student loan.
Goal 10. Get 6 months of expenses saved.
Goal 11. Invest 15% of our income for retirement.
Goal 12. Save for baby's college.
Goal 13. Max out retirement savings and give lots of money to support the Fundacion Salvacion .
By September we want to have goal's 1-4 finished.
By December we want to have goal's 5-7 finished.
By May, 2022 we want to have goal 8 finished.
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I am 17 weeks pregnant today! I've been feeling MUCH better. Only a bit of ligament pain and tiredness but nothing major. The baby is already five inches big, about the size of a pomegranate!
Bob and I celebrated our fourth wedding anniversary! It was a crazy year that was tough at times but we are enjoying this new life. I am enjoying seeing my husband transform into a father. It is SO cool to see!
Two boys had birthdays and there are many more family birthday's coming up this month.
Our cat Luna had kittens and the boys are SO careful with them. Funny thing is that after the babies opened their eyes Luna keeps moving them from one boy's bed to another, out in the open! We made her a cozy box in our closet that she used for a few weeks but wanted to change things up.
I had my first mothers day. The boys cooked me breakfast, drew me cards, and set the table with flowers. It was really special. I am honored to be able to love them!
Bob and I will be visiting home on May 21st until mid June. We haven't been to the US for eight months and are very excited to see everyone! We will be having a baby shower during that time as well. That will also give us time to work on the business and get it ready for the next year.
