This year my wife and I are finally fed up with giving over half are money to creditors. We have set a goal to become debt free any way possible as soon as possible. We are not crdit card debt people but we just have not been putting any extra to debt to get rid of it any sooner.
Profile of the Debt:
Home: 110,000
Car: 14,000
Discover: 4,000 @ Zero interest
Student Loans: 120,000 (all loans added up)(The back Breaker)
Total: 248,000
(This year we have managed to pay off about 9,000 (So total debt was 257,000 at the begining of the year) of debt accrued with buying our first home all the debt was on Zero interst card. A game i dont want to play with ever again.)
We have started a Zero Based Budget (idea from Dave Ramsey) After 5 months of working on it we have the budget in decent order but still working on changing are personal habits to stick to the budget every month(The Hard Part). We both make OK money but payed for its seen above. We make a combined income of around 80,000. I work as much overtime as possible and my wife has now picked up a part time Night teaching job. I am always looking for more ways to make money and try and put in twards debt. We do have twin 2 yr old girls so 1200 in day care is gone right off the top.
Goal:
Be debt free excluding the home in 3 years:
Total debt freedom in 5 Years:
Then start acquiering wealth:
Thursday, September 6, 2007
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1 comments:
You are so brave to put it all out there. We have so many bills and debt that I'm scared to put it on paper. I know if I do it will lead me to do something profound about it. There's no insurance we'll be prosperous but if we can get our money under control I think that may be enough.
Jerry
www.leads4insurance.com
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