We have struggled for years with paycheck to paycheck. The same as many families these days. We sat down one day to decide what are some of our most dissatisfied aspects of our lives. One of the things that both my wife and I agreed upon was our finances. We were referred to Dave Ramsey’s Debt Snowball by Jack Spirko on The Survival Podcast. The first thing we had to decide was how to make a little more room in our budget to be able to pay a little extra each month to the smallest debt. We canceled cable and just kept internet service, $150.00. We decided to go out to eat less, approximately $50.00. Focus all the extra cash toward that one debt, then once paid off. Add the extra plus the minimum payment of the previous bill to the next. After time, the extra that can be put to paying off debt gets larger and the time to pay off debt gets shorter. We are not there yet. We still have 3 credit cards, a vehicle payment, and a first and second mortgage to pay off. However, we are moving in the right direction. Recently my wife has encouraged me to move outside my comfort zone and accept a higher paying job. There is more driving involved but will get us closer to our goal of becoming debt free.
Please follow along as we share some more of our information in the following weeks. I think my daughter will also be adding her thoughts with a younger generation in mind.
Resources
https://www.daveramsey.com/blog/how-the-debt-snowball-method-works