- What if we lost a job….
- What if we had a house fire…
- What if someone got sick or hurt…
- What if one or both of us died…
- Save for a rainy day or apply extra money to bills?
- Do you pay high interest credit cards first or the one with the largest balance?
- Should you apply extra money to the mortgage or to a retirement fund?
- Go back to the basic emergency fund and apply everything else to the loan
- Sell two of our older vehicles and apply everything to the loan
- Apply all my income to the loan.
{bit off topic from my normal dittle dattle}
A few short years after 9~11, I began to think a lot about the future, the economy, and our finances. Hubby and I were the kind of couple that lived in the moment of each day. Never really stopping and asking ourselves….
“what if………..????”
Not to be all gloom and boom but I felt like we were one “Ooppps” away from total devastation. As parents of three young children it’s our responsibility to protect THE FAMILY!
I started reading every financial book at the library. {Yes, I have read every financial book at the two closest libraries} After reading several books and trying to make heads or tails , I still had no idea what to do first.
That’s when I discover Dave Ramsey. Most of you have heard of him but for those of you who haven’t….. His plan is simple. 7 Baby Steps to complete financial peace!!!!
***In my personal experience, follow the 7 steps to a letter! Every time I tried to either skip a step or changing the order of the steps I RAN INTO PROBLEMS!!!!! Trust me… these are well thought out steps and need to be completed in their order! Again just my experience.
So why am I telling you all this?!?!?!?
Because for a little over 2 years, we have lived without consumer debit! We have a mortgage and our living expenses. THAT’S IT!
No credit cards No Vehicle payments No personal debit
That is until this pass week….
We purchased a new-to-us vehicle on a bank loan.
I have been struggling with this all week….Once you stop living paycheck to paycheck and give yourself the freedom to do as you wish with YOUR money it’s hard to have someone tell you you owe them $XXX. each month for years.
I was struggling until it hit me…. go back to the baby steps.
Duhhh!!!
Here’s what I have planned:
GOAL: Debit FREE in one year!
Carrie