Instead, I'm beginning another journey. A bigger, more exciting, fantastic journey with my family. In the past 5 years, we have accrued a fair amount of consumer debt. I was determined to NEVER get into credit card debt... but it is SO easy to fall into. Thankfully we have hit our "I'M SICK OF THIS!" moment that Dave Ramsey talks about.
Oh yeah, Dave Ramsey. Basically, my husband and I were sick of never making headway on our payments and decided we needed to change the way we were living so that we can live well for the rest of our lives. So my husband found a podcast or something, not really sure how it happened, and we started listening to Dave Ramsey. Turns out, the way he encourages getting out of debt is exactly the way we need to do it. So here we go! We already had baby step #1, $1000 in an emergency fund. So we are courageously and anxiously embarking on baby step #2, pay off all debt except for our mortgage.
Funny enough, we decided to consolidate a few of our credit cards onto a single card two days before discovering Dave Ramsey. So... I mean kind of a mistake, but at least the interest rate is less than half of what it was before.
I'm going to lay out the numbers.
As of January 18th, 2018, we owe $39,463.10 (includes credit cards and vehicles).
Annual income is about $70,000/yr.
We have given ourselves the date of December 31, 2019 to be completely debt-free.
Basically, I'm going to document how we stick to a budget and show our debt snowball in action. Meal-planning, cutting spending where we can, and even setbacks or mistakes will be documented.
Follow along, and check out our progress! My next blog will explain our first attempt at meal-planning and how we had to adjust. (I'll include recipes, too!)