Update #4 – November 2016

November was a month of hurry-up-and-wait.  We are still waiting on the hospital bill to come in from R’s ER visit in October.  And we thought the waiting room took forever…

The Numbers

Here’s how November was for us, as of 11/30:
January 2016 November 2016
Car Loan $4,685.88 $2,413.86
Discover Loan $5,511.82 $3,914.62
Discover Card $7,939.49 $4,719.36
K Student Loans $14,058.10 $12,816.71
R Student Loans $47,879.41 $46,993.50
Total $80,074.70 $70,858.05
Total change: $9,216.65 paid off so far, $1,373.15 paid off in November

The Artwork

So close to getting underneath that $70k line! I guess we’ll have to wait until next month.


The Explanation

The upside to the hospital taking so long to send us a bill is that the longer they take, the longer we have to save up!  We did get a notice from the insurance company that they covered all but $2,000 of the visit cost, so at least we know what we owe.  If you follow Dave Ramsey, you’ll know that he recommends a $1,000 emergency fund while you’re getting out of debt, and that’s what we’ve done.  If you’ve passed first grade math, you’ll realize that that puts us in a bit of a pickle.  There will be a post about how we’re going to handle this soon, once we can work something out with the hospital :).  Last month, I mentioned that we had a pile of cash set aside for the bill, but that we were going to use it on R’s car if we hadn’t heard anything in a few days.  Well, I overestimated the speed of the billing department, so we went ahead and put an extra $700 towards the car, which felt great.  In hindsight, it probably wasn’t the best idea, but it seriously moved the needle.  That’s how the snowball method is supposed to work, though, with those giant payments.  It keeps your motivation up, and the numbers dwindle super fast when you’re concentrating all your efforts on one debt at a time.  That’s the biggest reason why waiting so long for the ER bill to come is such a pain!  I’d so much rather just get it taken care of and get back to making progress on these other things.  Hopefully by next month, I’ll have better news on that front.

4 thoughts on “Update #4 – November 2016

  1. Hey there – glad to meet a fellow Dave Ramsey fan on the PF blogosphere!

    Congrats on your progress. Aren’t graphs just the best? I use Excel to track my debt repayment, and seeing the visual month by month progress (and even year by year) is SO encouraging.

    Looking forward to your December update!

    1. Hey, thanks for stopping by, Katasha! Graphs are definitely my jam, and Mint makes them super easy, despite its hiccups every now and then (seriously, that error in February kills me a little every time I see it).

  2. I say keep that ER bill at bay as long as possible! Not having it doesn’t satisfy a need for control, but doesn’t hurt to have obligations pushed further out.

    1. Having it take so long definitely helped us with saving to make sure it was covered (we still haven’t gotten it yet), but I just want it to be behind us, you know? I’d rather get it paid and get it out of the way so we can get back on track, instead of just having a pile of money sitting around for a bill that will show up whenever it feels like getting here.

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