Saturday, March 12, 2011

The total money makeover

When My family was up visiting us, my mom gave us the book "the total money makeover" by Dave Ramsey. Apparently my dad had read through it and decided that each of the kids needed a copy. So... I read it and told Elijah about how I wanted to cancel the credit cards and the line of credit and he thought I was nuts. Then he read it, and came home super excited, talking about how we were going to cut up his credit card and pay off and cancel the line of credit. With the decision to start our makeover, came the decision to sell the jeep (assuming it was going to be repaired) which would bring our debt down significantly. We have since found out there is 99% chance of it being written off. So if everything goes as planned, and we get enough money to pay off our car loan. we should be completely debt free ( with the exception of our mortgage) by November! For any of you that seem to think we're doing this because we're hurting for money, don't. For once, we're being smart about our money, and talking openly with each other about it. There is going to be no longer any stress about what if's, because within 1-2 years we'll be debt free and have a full emergency fund saved up. We're both very excited about taking this journey together and HIGHLY recommend reading the book. Anyways, it's getting late, but we will keep you updated out our TOTAL MONEY MAKEOVER.

2 comments:

  1. See we decided to only use our credit card to keep the bank fees down on our accounts and to try to get the aeroplan points, and so far it's working really well for us, and we've been only spending what we earn and putting away about $150/month for "extras" and paying down our line of credit. We're talking about maybe selling my car after the baby is born and I've started mat leave.

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  2. That's awesome! I think it's very important to be able to speak openly with each other about finances, it helps to strengthen your relationship. It sounds like you're already doing things from the book I read. You guys are definitely on the right track! Stick with it and let me know how things go for you guys, i'd love feed back!

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