Looking ahead

I was standing in a garage at the Blue Swallow Motel with a paintbrush in my hand one bright afternoon in April when the managing editor of the local paper dropped by to talk about the mural I was working on. When he found out I was a professional journalist, he mentioned he was planning to retire soon.

One might, at this point, question why I am posting this from Cape Girardeau and not from Tucumcari.

The answer: I’d have had to take a 30 percent pay cut, and the income just wouldn’t have been enough to cover two car loans, two mortgages and the $5,000 transmission bill we’d gotten stuck with last winter. We live pretty frugally, but I know from experience that moving cross-country is an expensive proposition when you already have an existing mortgage.

A few weeks after we got home from Tucumcari, I picked up a book called Possum Living, which is about a young woman and her father who spent several years living without any sort of regular income. I loved it, partly because it validated my long-held belief that a sensible financial plan depends more on eliminating expenses than amassing wealth, and partly because it inspired me: If I paid off our debts, I could afford to move without undue stress.

I did some quick math and realized the best way to accomplish that goal would be to stop eating meals out.

In the span of five years, we’d eaten the equivalent of a new Volvo. If I took the money we were spending in restaurants and applied it to my credit-card bill, we could pay off the transmission by spring. With that paid off, we could use the newly freed-up money to pay off the car — then roll that money into the mortgage. Barring any unforeseen circumstances, we could be debt-free by Oct. 15, 2021, at which point we could start shopping for land in New Mexico to build the tiny house of our dreams.

Since early August, we’ve sent about $1,850 to the credit-card company. Every time I cook at home, I write down what that meal would have cost at a restaurant, and once a week, Ron sends the credit-card company the money we didn’t spend on dinner. It adds up fast: We’re averaging about $100 a week, and I expect that to go up in April, when our cellphone contracts will expire and we can switch to cheaper phones with cheaper plans.

I’m also losing weight (I’ve dropped 20 lbs. since July) and generating less trash via paper wrappers and cardboard boxes, which is better for the environment.

If we keep going at this rate, we should be debt-free in 2,119 days. Go, us!

Emily

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