Friday, June 07, 2019

Debt Free Journey: June

When we first started our debt free journey I was afraid to share our debt total. Why? I guess the main reason was because of embarrassment. I am growing and growing and no longer feel embarrassed to share our debt free journey freely. 

If you have shared your debt free journey I know how hard it was to put it out there. I also know what an encouragement it can be for other that are on this journey.  As you can image this is a vulnerable post. 

If you know anything about Dave Ramsey, you know that he has what is referred to as "Baby Steps" to follow.  We have completed Baby Step #1.  If you are unaware, that is saving a $1000 emergency fund.  
Here is a link for free debt payoff tracking charts, including the one above. 

That money is safely tucked away.  Instead of moving on to Baby Step #2 we are starting another Savings Goal Chart for $1000.  The reason is to have the funds to pay to have a dead tree removed.  After that is complete it is then on to Baby Step #2.  
All of our credit cards are cut up and no longer in use.

Here is our current debt:

                                                          Personal Loan               $ 2,000
                                                          Furnace Loan                $ 2,100
                                                          401K Loan                    $11,080

                                                         Total                               $15,180

Our 401K loan is combination of several things.  It includes the repair of our septic system, credit card debt and medical debt. 

Some may look at this total and think it's nothing.  For us, it's a lot of money.  It won't be paid off over night, but as we all know slow and steady wins the race.  

Difficult roads often lead to beautiful destinations... keep moving forward, friends.




31 comments:

  1. Thank you for sharing your journey! I got rid of my credit cards five years ago this month. It was very scary! I still don't have one, not even for emergencies. I do still owe on my house, I probably always will. I will need a car soon and am not quite sure how that will happen! Living expenses are high and my budget as a single mom is slim. I do not have as much saved as I need or want to. It took me a little over 3 years to pay off my credit cards. We don't travel as much now (no charging it!) but boy, am I glad that debt is gone! I have just over $5000 saved and I am very proud of that figure. I try not to dip in to it at all but it is there for an emergency. Kudos to you as you make this commitment! You will be amazed at how you can manage without a credit card. For me, it was one of the scariest things I've ever done!

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  2. Also---last Jan I had an accident which left me unable to work for 5 months and with a few thousand dollars in medical bills. I elected to not use my savings to pay them off, I was afraid I would need it for living expenses. I paid on the bill for over a year, then when I got my tax refund this year, I negotiated and paid them off at a 40% discount for paying the balance in full. I miss not having use of my tax refund this year, but those medical bills are gone!

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    Replies
    1. I know it's a huge relief to have those medical debts gone. A savings of $5000 is great! That could over a multitude of unexpected expenses.

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  3. It sounds silly, but trust me: Even this far into the journey, write down EVERY SINGLE PENNY you spend. Write it, don't use an app., and before bed, READ IT, and mark where you can save. Then, turn the page to a clean sheet, and start a new day resolved to do better. Sure, saving $1.50 buy purchasing a different but suitable detergent doesn't make a huge difference at the time, but over time, these savings add up. Take shorter showers, don't dry your hair if it's warm out, line dry your clothes, and then add up the total savings of these things for one month (compared the prior month when you didn't do these things) and you will be surprised. Another thing I do is I have days where I refuse to drive. That's gas saved for a necessary trip to town. Finally, don't apologize for living a frugal life, even to your kids. In the long run, it's much easier to build wealth by saving more than earning. Of course, saving more AND earning more is optimal, but it's not always possible. I firmly believe that all budgets have room to save.
    Good luck. You can do this.

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    Replies
    1. I love the idea of writing things down daily. I imagine that can be eye opening. We are still working on fine tuning our budget. I hope we can nail it down soon. I'm looking forward to finding some money to throw at our savings goal and then debt. I'm motivated to see the balance decrease.

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  4. You will be great at this and I think you owe very little compared to what we owed when we started. Good luck to you my friend.

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    Replies
    1. I know that amount is small compared to many, but it still seems daunting. Slowly, we are gaining control of our budget.

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  5. You go girl! This is so inspiring!

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    Replies
    1. Thanks for the encouragement!

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  6. Thanks for the encouragement!

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  7. You certainly should not feel embarrassed, debt is very common and age seems to have no factor on it. We’ve been in you’re shoes more than once and it does take hardwork, discipline, lots of prayer and time to get through it.
    Be creative and patient and y’all will conquer this!
    Starting is a big part of the battle

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  8. Thank you for sharing your journey! We also took Financial Peace and have started on the road to being debt free. We're not doing it with gazelle intensity but we got our emergency fund set and are now paying off bills. We had to buy new-to-us good, reliable cars (I was walking to work and our one car was stolen!) and we paid mine off in 2 years and are almost done paying off my husbands. We're building our wealth while trying to make much needed improvements on our home but we're paying with cash! New roof? Cash! Brake repairs? Cash! It really feels good! Keep up the good work! "Live like no one else so later on you can live like no one else!" You can do it!

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    Replies
    1. I forgot to mention that we got rid of our credit cards as well!

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  9. Thank you friend for sharing. We are in the same journey.

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  10. Very inspiring, Wendi! You got this and the beautiful destination is right around the corner.

    We've all been there a few times in our days and I must admit, we are finally out of debt minus our small limit credit card for emergencies. My motto is, how many hours did my husband have to work for the item I am looking at buying. It really keeps me in check on what is a need or a want. Plus, if you don't have the money, don't buy it. Sometimes its the little things that are the biggest reminders.
    I hope you have a wonderful Summer!
    Hugs,
    Amy

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    1. Ha!ha!ha!ha! I needed a laugh!

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  14. You'll make it! We had paid off our debts and had baby step 1 done, then our van died the death, and we had no choice but borrow. When we hit a deer and totalled both the dear and the van, we had to borrow money again, but bought an older less expensive vehicle for less. Now we also have house debt, but we'll keep working at it. All the more reason to be thrifty and frugal.


    I've not written much since my husband has not yet been able to get my old computer to connect with the new internet. Soon I hope. I'm borrowing hubby's while he takes a well-deserved nap.

    Blessings from Harvest Lane Cottage,
    Laura Lane

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  15. I'm watching your debt column on the side bar... it's going down. Congrats!!!

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