Sunday, April 27, 2008

The nasty economy

I try not to talk about it too much here, but the housing market and the economy are really causing me stress. Our original plans were to move in the next two or three years, but with the way things look, we will be lucky if our house is worth what we owe on it then. Right now, my house value has decreased almost 20K in the last year, and it went down another 30K in the previous year. From it's highest value (which was too inflated) the value is now 100K less. That is crazy, we have owned the house for 4 1/2 years and have sunk a ton of money into it. It scares the crap out of me that the market and economy are so unstable. For the most part, my industry (higher ed) is stable and often sees growth during poor economic times, my husband's industry (IT) does not. If he lost his job, we could not survive, and we couldn't sell our house for anything worthwhile either. THAT is scary.

So now, what does one do about it? Well, we are trying as hard as possible to cut back on expenses. Usually this is pretty easy in summer, less is spent on gas, extras etc. I am hoping that I can pick up another part time job, that will offset the loss of my PT wages during summer and will pay down debt during the rest of the year. As long as I can work PT, I can handle another job, and I want to pack away as much extra cash as possible while paying down debt.

Maybe, just maybe, we will see an end to this soon, although I am not hopeful.

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