Feeling Very Nervous About This Summer

**AmyBoz** · 06-19-2005, 09:31 AM

Okay, I know I've spoken about our home equity loan a few times on here, and the amount still owed is on my signature. We took it out when we moved last August and had fully expected to pay it off within a few months using the proceeds from the sale of our old house. However, when we moved in, there was a bunch of damage to this house and certain rooms had to be ripped to the studs and put back together again. The result? We were left with an $18,000 home equity loan to pay off and no money to do it with.

So, we've been tightening the purse strings for awhile here and have been able to pay $1,000 a month on the home equity loan, as well as putting our entire tax return toward it. We have it down to a little over $7,000 now, but this whole year has been paycheck to paycheck living with next to nothing in savings.

Now comes summer. I'm a teacher. I don't get paid in the summer because I don't teach in the summer. I am teaching at an educational day camp, where I'll be teaching piano and math for 5 weeks, and then becoming the camp supervisor for the last two weeks, but it still doesn't pay what my regular job pays, and you don't get paid until the end of July for your first paycheck.

I'll also be writing curriculum for a few days for the school district and get paid for that, but again, it's not much. We also have the kids tuition for daycare to pay, along with the regular bills of mortgage and home equity and one car, etc.

I am constantly inspired by all of your stories and have been rereading all of my frugal living books and we've been working hard to tighten things up even more around here. I'm just really worried that we may not make it through the summer. As it is, I think I may need to wipe out savings to pay all of the bills that are due July 1. I know many of you have been here and in worse situations, so please don't think I'm "poor Amy-ing" myself. It's a hell of our own doing and we need to get ourselves out of it, but if you could just send some positive thoughts our way, it would be much appreciated. Thanks!

**Prairiemom** · 06-19-2005, 10:03 AM

Don't be too hard yourself. It sounds like your family is working hard and doing all you can.

Could you possibly lower your equity loan payments a little for the summer to get you through?

I hope everything works out and you have a great summer!

**Sara Noel** · 06-19-2005, 12:04 PM

I hear ya with the financial crunch.

We're facing gutters which heck if I knew gutters would cost this much. *poof* There goes the savings.

You're doing great with your loan although I realize you hoped to have had it paid already.

I don't like wishing days away, but I sure hope you sail through this quickly.

Just because you chose this doesn't make it any less "real" for you guys. We've faced similar and sometimes even the best plans go awry.

Sending lots of good thoughts your way.

**Dixie** · 06-19-2005, 12:41 PM

**RuthNY** · 06-19-2005, 12:48 PM

Amy, life happens and sometimes it just keeps us from realizing our goals and dreams on our time schedule. Just be patient, that loan will be paid for. You know how I know? Because you guys are amazing in your discipline in getting as far as you've gotten on that loan. You are an inspiration to all of US!
You'll be ok. I'm not sure if you are worried about keeping up the same increased payments you have been making or just the regular payments. If it's the increased payments you are worried about, don't worry, just stop and increase again come the fall.
Hugs and good thoughts to you and your family!

**PoorRichardsGirl** · 06-19-2005, 03:19 PM

Amy, positive thoughts aimed your way.

I've gotten myself into fixes like yours before--that's why I'm very wary of paying too much extra on debt. It's hard to know how much is too much, though, and I know what it's like to just want things paid off QUICK.

Is your home equity thing a plain home equity loan, or a home equity line of credit? If a line of credit, I think you've got a really legitimate reason to write yourself a check and take some of that money back out until fall.

If not, there are a lot of 0% cc offers out there right now. See the Card Offers website and click on the red tab at the top that says "low interest." A lot of them are just 0% on balance transfers, but some are on new purchases too. If you needed to charge some everyday expenses over the summer it wouldn't cost you anything but a minimum payment, and then you could pay it back in the fall.

You've gotta eat! And you need to keep a little money in the bank, too.

**Mom23boys** · 06-20-2005, 05:20 PM

Sending good thingies your way Amy! I know things will work out for you and your family.

**Heather** · 06-20-2005, 05:33 PM

Hugs and prayers for you and your family Amy

If anyone can do this Amy, it's you.....rootin' for you!

**Michelle** · 06-20-2005, 06:05 PM

Aww Amy--I'm sure you're nervous, I think anyone would be, BUT you are such a pro at this frugal stuff. I'm sure you'll have no trouble. In any event, I'm rooting for you!

**forestdale** · 06-20-2005, 06:16 PM

I know how you feel about making the committment to pay it off in full. You've done half of it and I know that you are one determine lady so I'm sure you get the rest of it squared away soon. I send you positve thoughts and a few warm hugs.