When we started our Total Money Makeover
journey in the winter of 2013, we were scared and in denial about our poor financial decisions. Having discovered Dave Ramsey that fall while reading Money Saving Mom, our fear was slowly being transformed into hope
, but it wasn’t until taking Financial Peace University that our hope turned into passion
. Since then, I’ve been sharing our financial ups & downs here – you can check out all of our old posts
to get caught up if you’d like. Most Total Money Makeover participants pay off their debt in less than 2 years
, but as I shared this spring while reviewing Smart Money Smart Kids
, my husband and I have an unusually high amount of debt
for our very average income. We know we’re in for a longer debt snowball then most of our peers, so to help keep us gazelle intense
(and accountable) I’ll be periodically updating YOU on our debt snowball journey. Even better yet, this is the place for you to join us too!
Let’s keep each other accountable – leave a comment at the bottom of the post with your progress (successes and set backs) and if you’re a blogger, leave a link. 🙂
Approximately $120,000 (not including mortgage) – I haven’t done an official (including interest charged, etc) total in a few months, so bear with my estimate for right now please! 🙂
Our Current Stage In The Journey:
Last week I shared with you about our struggles with spending money
on expenses we hadn’t budgeted for. This week our financial journey has challenged us in a different way
. Our truck needed to be worked on. Dave would say we should have been saving money for these repairs for the last few months as we knew they would be needed, but alas we didn’t, so instead we used $880 from our emergency fund
to cover the cost. (See, none of us are perfect!)
For those of you that are familiar with the Seven Baby Steps
, you know that using our emergency fund – baby step 1 – now puts our progress on our debt snowball – baby step 2 – on hold. Until our emergency fund is restored to $1,000 we will be putting any extra money back into savings
instead of our debt snowball.
But wait, I don’t want to delay my debt snowball
– I want to get out of debt as fast as possible. How do I get my emergency fund back in order faster? Sell some stuff!!!
After my jam packed week traveling to and from KY to visit with family (and complete some emotional cleaning
) – I had a garage sale this weekend. Not only did it allow me to downsize some clutter in our lives, it also allowed me to earn a little extra cash – not $880, but a modest $137
! Now we just have $743 to go until our emergency fund is back in place. 🙂
This Week’s Debt Snowball Progress: (+$743)
Disclaimer: This post may contain affiliate marketing links that compensate me for sales.