I’ve written a few blog posts about finances (here, here and here) and thought a check-in would be appropriate. Since embarking on our financial journey in late 2019, we’ve made some progress on paying off debt. For instance, we used our tax refund money to send a large payment to the joint credit card and made a plan to pay off the remaining balance over three months. As of March I am seven months into my credit card debt loan consolidation repayment. Seven down, 29 to go! My husband also made the decision to consolidate his credit card debt. What debt consolidation did for us was bring down the interest rates from high twenties to 6.93% and 7.32% respectfully. If we stick to our plan, we’d have no credit card debt by 2022. Our goal was to send more money to the debt consolidation loan once the joint credit card is paid off. This timeline allowed us to still “live rich now,” which means enjoying a date night and my clothing rental subscriptions.
And then COVID-19 happened
My retirement account was down -23% at one point. But having read “Smart Women Finish Rich” by David Bach, I knew not to panic. I reminded myself that during this global pandemic, I am fortunate enough to be a healthcare worker and my husband is able to teach virtually from home. I also remembered that when the stock market is down, that just means stock is on sale. I don’t know about you, but I have a hard time turning down a good sale. I went ahead and invested in two companies that are producing a vaccine or treatment for COVID-19. Let’s see if I strike gold.