Friday, February 12, 2010

Debt

For the past few years we've been trying our hardest to get out of debt and start saving. We've been (not faithfully) following Dave Ramsey's plan for Total Money Makeover. Actually we've been doing his plan completely out of order but we have made a lot of progress. If we were to do it over again, it's definitely worth going in his order! I think I did this at the beginning of 2009 so here's our update for 2010:

Baby Step #1 - Save $1000 in an emergency savings plan
DONE

Baby Step #2 - Get out of debt with the debt snowball
ALMOST DONE $5,000 more on our car payment (should be paid off in June/July)

Baby Step #3 - Start saving 3-6 months of expenses in savings
STARTING IN AUGUST

Baby Step #4 - Invest 15% in a Roth IRA
CURRENTLY DOING 12% IN MY ROTH

Baby Step #5 - Future funding for kids
SAVING $100 PER CHILD PER MONTH

Baby Step #6 - Pay off home early

Baby Step #7 - Build wealth & give


So as you can see, we're all over the board! Each part is equally important and we felt that they all deserve attention! Once June & July get here, we feel our baby steps will start picking up. It's been fun to see our money working for us though instead of us working for our money. If you get a chance, read the book "Total Monday Makeover" by Dave Ramsey. I like this one better than "Financial Peace University" but it's your call. Both have really good info about debt, saving, and not being in bondage by money problems. Check it out!

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