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Debt Snowball In Action: Kicking It Into High Gear Update

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. 🙂
Current Debt: 
Hmm…. it’s been over 6 months since I’ve called companies and gotten a balance update, whoops. So considering that I pay about $1,400 each month in debt snowball payments, and it’s been 6 months since my last update, I’m going to estimate we’ve paid about $8,400 towards debt in that time. Unfortunately I’ve more than likely gained a TON of interest during that time as well though, so let’s just throw out $115,000 of debt as an estimate. (Mental note… add call loan companies to update loan balances to the to do list.)
Our Current Stage In The Journey:
In the two weeks since deciding to kick debt snowball into high gear, I’ve earned $227 in overtime!
I know what you’re thinking “but you’re a teacher, how do you earn overtime?” Thankfully, I’m fortunate to work in a school district where extra money can be made when you pick up after school activities.
In these first two weeks I’ve supervised after school activity time, held before school and Saturday detention, worked concessions at a basketball game and provided tutoring for a student out of school for medical leave.
Yes – it can be exhausting, and yes, it means I miss out on prep time after school and family time at home, but like Dave Ramsey says, “you have to work like no one else, so that later, you can work like no one else.” I know my extra effort has put us $227 closer to our goal of paying off our last consumer loan payment before the New Year and that feels fantastic!
This Week’s Debt Snowball Progress: (-$227)


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