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Debt I didn't think about...

December 12th, 2012 at 08:24 am

So...a thread I responded to yesterday/the other day reminded me that there is debt I don't regularly pay on and that I don't really think about. And a statement came in the mail yesterday that reminded me of another one...

UGH!

My son has the opportunity to take a trip to Italy and Spain next June. It's been planned for a year and a half now (2 years before departure). I've paid about a third of it, and minimum $1600 is due in February (remaining balance is $2220). I can't really say I had forgotten about the February payment, but I hadn't been thinking about it either. He cannot opt out at this point without a huge penalty. SO...I have to shift focus to pay off that trip without using credit! I can do it, but it sucks I didn't plan better.

Another debt I don't think about: vet bill. We are fortunate in that our friend is a vet, but we do still cover costs associated and don't want to take advantage of our friend. We usually make a large payment 2-3 times per year.

And...money owed to parents. Mine and his. Or, not sure it's owed exactly, but our parents have helped us (separately) over the years, pretty significantly in a couple of cases at least on my side, and we really should give back at some point.

Just more things I need think about, and plan for.

5 Responses to “Debt I didn't think about...”

  1. creditcardfree Says:

    Good luck on that trip payment!!

    Are your parents expecting the money back? I would put them last on the list if they aren't waiting for it or considered it a gift. Or know that as they age you will likely help them out. If it was a true loan, make sure you talk about a plan with them once you have one in place.

  2. NJDebbie Says:

    About your son's trip to Europe...for planning purposes make sure that you either get a credit card that has no exchange rates or you can also order Euros from your bank ahead of time. Exchange rates can be significant. I am also going to France and Spain this summer and I have looked into this. The chase Sapphire credit card does not charge for exchange for purchases made outside of the United States. Don't forget to get his passport if he doesn't have one. The "rush" passport fee is kinda hefty.

  3. LuckyRobin Says:

    When you have things like that to pay, you should divide them by however many months it is until they are due and then put that amount in savings each month and put that as a line item on your budget. For example my property taxes are just under $600 every six months, so I need to be saving $100 a month. I keep track of my longer term things like that on a spreadsheet, so I know how much is going for what and can just lump it all into one savings account. It's very helpful.

  4. snafu Says:

    If visuals help, I suggest you draw a bunch of rectangles on the back of a poster to reflect how much is owed and any due dates for DS's strip to Europe, Vet bill, parent #1 parent #2 and anything else outstanding. Each payment fills in it's particular rectangle with a colored Sharpie/marker to show progress. Tack the poster in the hall in the private area like near M BdRm door to keep it from being forgotten. It charts progress and can help keep you on track toward your goals.

  5. Jerry Says:

    Having a friend as a vet has to lead to a lot of savings, anyway - I know people who have opted for pet insurance, but if you don't need it then that's even better. Good luck with getting that trip paid for!
    Jerry

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