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Monday, January 10, 2011

Thoughts on staying the course

A couple months ago we decided (for various reasons) that we were going to sell our car and buy a truck at Christmas. The car is paid off and we would use the proceeds of its sale to pay off part of the truck.

However, we would still have a monthly payment, which would slow us down in paying off our other debts.

In the end, we weren't able to sell our car for the price we wanted, and we realized we need to be in the best financial position possible to buy a house soon. Our lease is up at the end of March, and we had originally planned on asking for a month to month or 6 month extension, but the owner really wants to sell the house, and is kind of uptight about it. So, we've started our house hunt. This means we need to find a house we like (layout, space, etc) in a location we like, for a price we can afford. 

In talking it over, we realized that buying a truck two or three months before buying a house probably isn't the best idea. Which is really frustrating since we've been eyeing these trucks for the last 6 or 7 years and were looking forward to finally being able to buy it. We're still planning on buying it, but we'll have to see how things pan out over the next few months to determine when that will be.

It was sooo tempting to lose focus on our efforts to get out of debt. We did see the folly of that in the end, and re-committed to paying off our debts as quickly as possible. We will probably end up buying a house a little sooner than we had planned (we were thinking late spring, early summer), but it should all still work out.

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