How to Deal when Debt Tests your Patience

Paying off debt takes a lot of determination and in some cases a LOT of patience as well, but we are all human here and let’s be real–sometimes that patience wears thin. The question is, can it wear so thin that you decide to take your entire paycheck immediately after it’s deposited into your account and combine that with a “little” from your emergency savings in order to reach your goal? That doesn’t sound like the best idea, buuuut I did it anyway. 😉 I was so determined to pay my car loan off by the end of February that I just HAD to do it. I was SOOOO close…like $200 away close, and I could not be stopped.

What happened when my PATIENCE ran out:

  • I moved $600 from emergency savings to checking to cover the payoff deficit and provide a little checking account buffer.
  • Put down $1,818 (combined money from my entire paycheck and transfered from emergency fund) to fully pay off my car loan (!!!!) a year early!
  • $400 left in my checking and $450 left in savings

My message to Brittany when I was having an internal struggle before I pulled the trigger.

photo 1

Brittany’s reaction…

The SAFER Option: I could have taken the safe route and made consistent payments that my income allowed until my car loan was paid off at the end of March.

So why didn’t I take the safer (and probably smarter) option? Because I’m impatient (aka “human”) and couldn’t bear another month paying toward my car loan. The mental burden of making those payments was more exhausting and overwhelming than the burden of rebuilding my emergency fund and crossing my fingers that no extreme unexpected expenses arrive over the next couple of weeks.

Enjoying the BRIGHT SIDE: After my next paycheck, I’m back on track to pay all my bills, refill my emergency fund, and have some extra to put toward my new “extras” expense account.

Sometimes it’s OK to be impatient when it comes to paying back debt, just make sure you’re able to pay all your bills and put food on the table in the aftermath!

Bye bye car loan, hello financial freedom (or at least one step closer)!

Car Payoff Pic

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One thought on “How to Deal when Debt Tests your Patience

  1. femmefrugality

    I’m the same way! Transferred my husband’s debt onto one of my cards recently to avoid interest, and I keep looking at that savings account. We could be done right now! But I’ve learned that Murphy’s Law hates us over the years. So I’m just going to have to put up with the itch. Belated congrats on the pay off!
    femmefrugality recently posted…Republic Wireless: The Husband’s ReviewMy Profile


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