by Sara S
We got a paycheck this week. Hallelujah!
It was such a beautiful sight in our checking account on Tuesday. I’m still astounded we’ve been able to make ends meet these past few months. Things have been working out despite my overwhelm and depressive neglect of our finances. When all this started, I never dreamed that would be possible.
Here’s how it’s been playing out:
- March 18: The state shuts down our business until further notice. I freak out.
- March 25: Our fridge dies and needs to be replaced. I freak out again.
- April 2: Our last paycheck arrives
- April 8: We receive our state tax return: $1,579.00
- April 14: We get our stimulus check: $2,937.55
- May 4: We’re able to reopen our business!
- May 19: We get our first paycheck since returning to work
Our tax return and stimulus check were lifesavers. I remember when I got the stimulus check back in 2008, it felt like free! money! (This was when we were both working full-time, we were debt free, and we hadn’t skipped off to our crazy-expensive graduate school yet. Sigh…)
But this time around I appreciated every cent of it, and gladly put it all towards our normal bills and needs.
Our mortgage and student loan forbearance were also critical to our survival. We were able to pay our April mortgage, and we plan to pay May’s soon. We’re off the hook for our $2,302.49 monthly student loan payment until July 22, but as soon as our federal tax refund comes in we can get back to paying that.
How ’bout that federal tax refund?
We really have no idea when our federal refund will arrive. We filed back in March, thinking we were ahead of the game. Aaand then the world flipped upside down.
We tried the IRS’s site to get an update on our status. Anybody else hate entering your Social Security number online? It always makes us a bit nervous. We joked that they’re asking for our SS number, mother’s maiden name, and our DNA. What could go wrong?
Anyway, all the website said that was that our refund was “in process.”
I guess with tax day now being July 15, I should know the IRS is swamped. Plus, others haven’t even gotten their stimulus checks yet, so it could definitely be worse.
But can I tell you a real miracle?
We have yet to tap into our $8,000 emergency fund. Isn’t that crazy? In fact, it’s been able to grow to a whopping $8,004.12.
I really don’t know how we haven’t touched it yet, but so far so good. And unless the COVID-19 cases spike and we have to shut down our business again, we should be able to keep it that way. I have to say that it gives us so much peace of mind just knowing it’s there if we need it. I debated back in January if a larger emergency fund was the right move or not, but I’m so grateful for it now.
Making ends meet during this crazy time hasn’t been pretty. In fact, some days it’s been straight-out ugly. But I’m extremely grateful that we’ve been able to stumble through this pandemic, and I hope you all are too.
Kudos for keeping the EF untouched. When I was 30, I was having problems with my job and financial situation. I had promised myself to build an EF to cover a whole year’s worth of expenses, own an apartment free and clear by 35 and have a job that I loved. The EF was the first thing I made possible. I used to call it “F.. Everything Fund” because I did not have to suffer at a toxic workplace. I found a very good job when I was 33 and owned my apartment free and clear when I was 38. Taking care of finances when you are fairly young is a great thing. I am 53 now. In my country that is “old” to have a decent regular job. So, I am retired and work when a suitable short-term project presents itself. I do not have to work and knowing that, is such a relief. One never knows when something like Covid-19 or a worldwide crisis of some sort might hit.
Wow, this is an inspiration! Well done.