May. 10, 2007
How we are doing on our debt snow ball
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I thought I would do one more post before getting some laundry done. I want to let you know how our debt is going down. As you my know (or not) we started the Dave Ramsey's debt snowball plan. We have payed off 4 debts so far and will have 2 more done some time after September. We have had to stop for a while because my dh won a trip for 2 to Hawaii at his job. Also we get $400 in spending money, bit it still cost so much there. We are also taking our 2 sons with us at our expense. We had plans on taking them to Hawaii in a year or two when the debts are paid off. But, this will save us money in the long run having dh and I paid for.So, we have had to stop the snowball, but we feel this is the best plan. It is going to save us around $3000 this way. I know Dave says not to take vacations while you are getting out of debt and my dh feels a little guilty about it. But, when you win a trip to Hawaii you don't throw it away LOL  . The Lord is blessing us with this trip and I for one am VERY thankful to him.Back to the debt thing. We have already stopped making $400 worth of payment in just these 4 bills. When you get stuck in the rut of payments, you don't often think about how much you are really paying. We just saw $25, $65 and so on going out. But when we didn't have them anymore, we started think how dump this is. We did want to get the big debts paid off thinking that alone would be enough. But Dave said to pay off the little ones first and that is what we did. Boy are we glad. Don't move Dave's list of what to do around. He knows what he is talking about. We still have 2 larger payment's left, but they don't hurt nearly as much as they use to when we had all those little ones eating at us. One of the things that makes all this work with it is, when I need school books I can just buy them. I just make sure I plan for it in my budget the month before. In the past I had to start at the end of the school year and buy one thing at a time. Sometimes I would even have to wait until after school started before I had the money. Then we would be behind. That was a bad time. I hope this is encouraging you to get out of debt. If I can stop one person from being a slave to debt I will be thrilled. The rich rule over the poor, and the borrower is servant to the lender. Proverbs 232:7 (NKJV) "Owe no one anything except to love one another..." Romans 13:8 (NKJV) "Make all you can, save all you can, give all you can." John Wesley  |
Comments
May. 10, 2007 - Great book
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