Oh Dave Ramsey, how I love you! And my husband loves you too!
I joined his site for a free 30 day trial in Jan. Once the 30 days were up, I figured I could get by WITHOUT the budget. NOT! We got our tax refund, did well with 75% of it, and then it all fell apart. Now just a few days till payday and there is very little to go around. So back onto the site I go. I jumped back on the Dave Ramsey bandwagon. I make sure I listen to him at least once a day. Everyday I am on his fan page on facebook.
So far two months into it, and we have paid off almost $3000! This month we had to go back to baby step one. Baby step one is your beginner emergency fund. Ours is $500. I had to transfer $100 into our checking because I screwed up with it after we got our tax refund. Whatever extra we have after paying all the bills and grocery shopping is going towards Us Bank.
I owe them $450, with a $22 a month payment. I can’t wait to see that $450 gone! And then I will be preforming, plastic surgery… on my card!
As many of you know, I have gone back to work. Is it really what I want? No. Is it what I need? Yes. I NEED to be debt free. I NEED to have financial freedom.
Right now, starting in April when we get back on track with everything, this is how long it will take us to pay everything off, WITHOUT adding any tax refunds.
Total debt left $23411.19 (est)
Total month payments $400
Working 15 hours $384 earned/ $784/ 29 months to pay everything off/ Sept 2012
Working 20 hours $512 earned/ $912/ 25 months/ May 2012
Working 25 hours $640 earned/ $1040/ 22 months/ March 2012
Working 30 hours $768 earned/ $1168/ 20 months/ Jan 2012
This year we got $4500 back in taxes, thats what I am going to use for my estimate for next years taxes.
$23411 – $4500 = $18911
$784/ 24 months/ April 2012
$912/ 20 months/ Jan 2012
$1040/ 18 months/ Nov 2011
$1168/ 16 months/ Sept 2011
So looking at it, the earliest we can be debt free (and this is all just an estimate) is Sept 2011!!! Yipee! Now I have a new goal! To be debt free before my son’s 3rd birthday in Dec 2011. I KNOW we can do this!!!
It’s Amy from 20ish. Minus the debt, we are in the same boat. And let me tell you, minus the debt when 2 people are unemployed with a newborn does not get any easier! We are also putting away $500 into savings with Rob’s tax return and it really is hard not to touch it. We had $2000 in savings when I got pregnant and then I lost my job due to being sick, my fiance lost his job due to the economy, and $2000 does not last long with our bills. Now we are living with my dad to save money and it’s awful. Until Rob gets a job we are really struggling. I had to sell my car to pay off my hospital debt and get caught up on our car payment because they were threatening REPO. If you really stick to your guns and hold each other accountable (remember just because you HAVE extra money, does not mean said money should be spent because you don’t now what next week holds) I totally think you can get your debt paid off in 2011!! GL in all you have going on and FX that there will be no new things to add to the debt, for you or for me!
and woops I forgot the 0109 in my blog link. mylifeasmom0109 is MY blog, the other is not lol!
Thanks Amy!
I hope things get better for you guys soon!