Debt Free Plan - Update

Dennis and I started this journey 14 months ago.  We weren't sure how it was going to go.  We were making great progress until January of this year when we added a significant amount of medical bills to the mix.  So, now we are doing Dave Ramsey for both medical and credit card debt.  2 separate snowballs.  We are hoping to have the medical paid off by the end of the year.  The cool thing is we have paid off over $20,000 in debt in the last year.  It is awesome to see it shrinking.  Keeps us motivated. 

Date: 4/21/2012 (Update from February 2011)


Need #1: We have too much debt - medical and; credit card (but getting less and less every month)

Short-term Goal #1: We will be debt free by 6/2014

Action Steps Completed:

1. We will have $1,000 in an emergency fund
a. We will put $150 into the fund every payday until we have $1,000 (We have over $1,000)

2. We will add $150 to minimum payment on CC #1 until paid off (We are on card #3)

3. We will take our lunch to work every day

4. We will only go out to eat on payday and then only drink water with our meal. (Doing pretty good with this one.  Always drink water.  Some months something comes up that causes us to eat out more often tho)

5. We will have a garage sale as soon as the weather is nicer (Had one)

6. We will brainstorm ways to make extra money, and do them  (Dennis is working overtime - what a blessing)

Action Steps to be Completed:

1. I will cook budget meals 2 nights a week and blog about them

2. I will explore ways to save money and blog about them

3. We will use debt snowball for medical as well as credit cards

Additional Action Steps Needed:

1. I will read at least 2 books on ways to save money in the next 6 months.(before 10/20/2012)
2. ___________________________________________________
3. ___________________________________________________
4. ___________________________________________________

Until Next Time - Here's to Snowballing,
Charyl

Life is Hard Sometimes

Sometimes I just get overwhelmed with life.  We had decided to do this Debt Reduction/Debt Snowball of Dave Ramsey's.  Actually we have done really well.  BUT I hadn't realized how much we had been using our credit cards as a buffer.  Now that we aren't - well the end of the money comes way before the end of the pay period.  I am trying to stay positive.  It's a push sometimes.

 Last Sunday I knew I needed to write a tithing check.  We hadn't been to church the week before and we needed to tithe.  Well, writing that check was putting us out on a limb financially.  I don't like being out on a limb - it feels like it is so far to the ground and it scares me. :-)  BUT I did what I knew was the obedient thing to do - I wrote the check and am trusting God to get us through the week.  Hey, it increases me prayer life.

I know this will all work out.  We have renters for 2 of our 3 empty rentals.  Should get the rent for them soon.  That will definitely help.  I am seriously trying to stay laser focused on getting out of debt.  It will work!!!!

Getting Excited

The snow has come and gone.  What a blessing.  It feels like Spring but I know that colder weather is right around the corner.  I had lots of snow days the last few weeks, time to ponder our financial state of being.  Conclusion we need to put in some hard work.

My honey is reading the Total Money Makeover and is getting excited about digging ourselves out of this hole we have found ourselves in.  I am in the middle of Financial Peace by Dave Ramsey.  It is all such good information.  The key, of course, is in the action.  I have been developing treatment plans for my clients today at my J-O-B.  Maybe what hubby and I need is a good old fashion treatment plan with action steps to help us get out of this hole called "debt".  That might just work.  Think I will work on it today.  I will let you see it when I have it done.

I am really looking forward to the weather being consistantly good so I can have a garage sale.  I want to get rid of as much as I can and put the money we make towards our #1 bill.  We have way to much "stuff" and most of it we just don't need.  I am going thru everything we own as we bring it from House A to House B.  Sorting it and placing it in 1 of 4 stacks.  Keep, throw away, give away or garage sale.  The snow put us a bit behind in the process.  Couldn't get the "stuff" from point A to point B.  But we can plan on a load or 2 this weekend.

I will be putting more $ into the Emergency Fund today.  Another pay day and we should be set and ready to concentrate on Baby Step #2 - starting the snow ball a rolling.  Rolling, rolling, rolling, raw hide!!!!

Until next time, have a good one!!!