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Maximizing Unexpected Gains: How Gap Insurance Check Helped Us Tackle Debt

December 4, 2024 Every now and then, life throws a financial curveball—in this case, it was a pleasant surprise. We received a refund from our gap insurance since our car refinance process is complete. It wasn’t something we were counting on, but it sparked a bigger conversation: How should we put this unexpected money to good use?We reached out to our financial coach Mee, someone we trust to help us stay grounded in our financial goals. The advice was clear and straightforward: Instead of spending the check on something fleeting, why not use it to reduce debt?In the past, unexpected funds like this might have gone toward a splurge or an upgrade we didn’t really need especially with Christmas approaching. But over the past few months, we’ve embraced a mindset of intentionality with money. Thanks to the guidance of our coach, it was easier to see this check not as “fun money” but as a tool to create long-term relief by lowering our debt burden.After a brief discussion, we agreed that applying the check to a debt payment was the smartest move. Not only would it chip away at our balance, but it would also give us a mental boost—knowing we were one step closer to financial freedom. You might also be interested in As we wrap up our Project Money experience, we want to take a moment to reflect on how far we’ve come—emotionally and financially—and share our journey... This past week, our family participated in a door and patio decorating contest hosted by our apartment management company. The grand prize? A $200 gift... Over the past year, my family has been making deliberate choices to save money and focus on our financial goals. One of those decisions recently involved... As we approach the end of our journey with the Project Money program, Cory and I (Je’Lisa) took some time to reflect on how we can apply the financial... Every now and then, life throws a financial curveball—in this case, it was a pleasant surprise. We received a refund from our gap insurance since our car... This week, we faced an unexpected hiccup with our insurance: A doctor charged us for a 2023 appointment because they had outdated information. It was frustrating... Thanksgiving is a time for gratitude, family and of course, a feast. But let’s be honest, hosting a traditional Thanksgiving can come with a hefty price... This weekend, we decided to take a quick overnight trip to Minnesota. It was to record some music and spend time with friends, but we were determined to... This month marked a milestone for our family: It was our first month without a car payment after refinancing our vehicle through Summit Credit Union. With...
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