Tuesday, July 27, 2010

To Buy? Or not to Buy?

So most of you know we are trying to get out of debt. We are VERY close but it is a slow process. Unless the government can start paying us every day, we will be done in less than a year!
We are trying the Dave Ramsey plan and it's going very well. It's really motivating to pay off the smallest debt first (regardless of interest rate) so that you can see progress quickly, and then roll over that months payment into the next debt. We have started our emergency fund and have paid off one card already. We look forward to 6 months from now when we will be on our last card and working towards paying off our cars and Student Loans.
What a great feeling it will be when we can up and leave for a vacation and not have to worry about how we will pay the bills when we get home.
Have you struggled with paying off debt? What are some motivating things that help you stay on track?

2 comments:

Nathan & Catherine said...

So proud of you guys! We always have and still live well below our means of income. The first thing we did when we got married was made our "emergency fund" but called it the "F you" account ;) and there was enough in it that we could live off that fund for three months without having to worry about bills while I found another job (need be the case). It was hard and yes I still cannot eat Hamburger Helper but it trained me to be frugal and clip coupons. Congrats. There is no better feeling then being Debt/worry free!! So proud of you! xoxo

Krista said...

Congrats you guys - we did the Dave Ramsey plan about four years ago and we are still going strong. Without a doubt it was one of the best things we've ever done. We started the plan while I was pregnant with Abigail so being able to save for her college was a motivation, also we had a goal of paying all our debt off before her first birthday so that helped keep us on track.