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Posts tagged with: getting out of debt

Life Lately

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Hello, friends!

I apologize for my absence! June has been an absolute whirlwind of a month! I feel like I just blinked and all the sudden we’re two weeks deep and I haven’t written a single post! Yikes!

It’s not for lack of thought about you all! Things have just been, well, a bit crazy. Let’s talk some general life updates with some financial stuff sprinkled throughout.

First, my Dad has officially been moved to a locked memory care facility. My siblings and I have been dreading it for months, but luckily the move was far less terrible than the build-up we had in our minds. On moving day, my sister took my dad to a doctor’s appointment and out to lunch while my brother instructed movers to get everything out of the old place (an independent living facility) and moved over to the new place. My dad happily arrived at his new home exhausted and ready for a nap. He likes the food better, which is a big deal for him – he’s become quite picky over foods and hates things he once loved. I’m not sure if his taste buds have changed or what the “cause”, but he prefers bland things and his favorite “snack” is a piece of white bread or a Hawaiian roll. Very odd, but I’ve read other FTD’ers tend to crave breads, too.  He still does not realize he is locked in the facility and cannot leave. This has been a HUGE blessing for us! The facility is built around different courtyard areas so he can freely access “outside” whenever he likes, but the main exit is locked for patient’s safety.

The girls are in kindergarten camp this week. We’d originally planned to stay in Austin longer following my Dad’s move, but I’m so glad we decided to come back early so the girls could go to this camp. They are loving it and I think it is helping to assuage the new school/Kindergarten fears. We won’t have official class lists until August, but they’ve met all the kinder teachers and are becoming familiar with the school, the routine, meeting new friends, etc.

I’ve got to admit to making some poor financial decisions this summer. We’ve been making a huge sum of money the past couple years, but everything seemed to end at once. Now with my part-time job gone, hub’s job gone, and my new raise not going into effect until next month, it’s been a struggle to adjust. I haven’t done great with it. Hubs and I went on our “Mom and Dad Getaway” (one of our 2017 goals) and I feel real guilt over it. It was our first trip away from the kids for more than a single night since they were born (and they turn 5 next week!). I do think we needed the time alone together to reconnect and think it’s a healthy and important thing for couples to do if they can. But…we also could not have chosen a poorer time. I mean, this was the time that worked for me (with my work schedule, summers are best for a getaway), but it was a terrible choice of timing in terms of money (or lack thereof).

We were spending money we didn’t have. There, I said it. First time in the 3 years of blogging that this has happened. I paid for things on credit and don’t have the income coming in to cover the costs. So, there’s that. My raise starts July 1st, but since the paychecks are lagged, I won’t have a full month of my new income until August, at which point things should stabilize financially speaking. My original plan was to just stay treading water over the summer, but now I know that’s not going to happen. We’re slipping backward a bit. It’s not like we’ve gone out and bought a car or taken on tens of thousands in a home equity loan or something, but we’ve paid on credit for vacation items (hotel, food, etc) that we just can’t cover. And then on our way home from Austin we had a tire blowout. Remember how I just barely got new tires? Ha! I’d only bought 2. A couple hours and $500 later I bought 2 more (no chance to comparison shop or find a deal). We were so lucky that hubs’ felt the tire wobbling so he had exited the highway and slowed down the car before the blowout occurred. We were also incredibly lucky to have it happen to be in a small town with cell phone reception (much of the drive from Austin to Tucson is in cell phone dead zones in the middle of nowhere). So, I’m thankful for our health and safety and the fact that we could get the new tires relatively quickly. But it felt like God or Murphy laughing at us for the poor financial decisions we were making and just adding insult to injury. I guess we’ll see a credit card reappear in my next debt update. It’s a tough thing to accept, but ultimately I’m human and made some mistakes poor spending choices.

Despite the spending issue, work has been going well. I’m enjoying the change of pace the summer always brings. It’s been nice to have the hubs and girls around more (even though it makes working from home tough. I usually just go to campus). I’m able to catch up on some big work projects without having classes and 100+ student emails to contend with daily. I love what I do and feel so fortunate to have landed this position and especially the giant raise I secured (though won’t see until next month).

All-in-all, I’m doing okay. Not great, but okay. I’ve been struggling with some mental health issues related to dealing with my dad’s care and dealing with my siblings to try to secure him the quality care he deserves. It’s personal family matters so I won’t go into details, but suffice it to say that it’s been a challenge. I know that ultimately we are so lucky! My dad had assets at the time of his diagnosis, so we are paying for his care with HIS money. It would be a whole different ballgame if it were my siblings and I footing the bill. But even so, it’s tough when there are major disagreements and I hate the strain that this has placed on all of us. I started going to therapy last year around this time and only went for maybe 4-5 months. I’m considering starting to go again, though, just because I did find it to be a helpful outlet. We shall see.

To end on a positive note, let me share one piece of good news. You may or may not recall how I referred to Summer 2016 as the Summer of Death (we experienced 3 significant deaths that summer).  Well one of them was my husband’s grandfather. His estate went into probate and it took a long time, but my husband’s mother has now inherited a good bit of money. Although nothing was left directly to any of the grandchildren (meaning, my husband did not directly inherit anything), his mom offered to pay for 3 days in Disneyland all-expenses paid for our family! She covered the cost of tickets, hotel, food, travel expenses, and even gave us extra spending money to put toward purchasing souvenirs, matching shirts, or the like. I know it seems like a crazy juxtaposition to the “mom-and-dad” getaway we just barely had, in which we set ourselves BACKWARD in our debt progression. But this gift was given to us with the expressed intent to be put directly toward a family Disneyland trip (not toward general household expenses and/or debt). All of our travels thus far have been with extended family, so we have never had a family vacation with just the four of us and my mother-in-law wanted us to have one. We graciously accepted and have booked our room and tickets for next month (again, the idea being that it’s easier for me to travel during the summer – though it will be dreadfully hot!). The kids and I have never been to Disneyland before (hubs has, but it’s been many years), so we’re all excited to go! It may even slightly help with our current financial picture because the entire time that we are away will be financed on someone else’s dollar (so we may see a savings in our grocery bill or utilities for the time we’re away).

I hope your summers are going well! I must admit how tough it was for me to sit down and type up this update, knowing the financial details I would be sharing. I promise to have a complete debt update at the end of this month so we can catch back up with where our family is at now. My hope is that this is just a blip in the radar and that we’ll soon forget this ever happened and be well on our way to smashing our remaining debts!

Have a great rest of your weeks!

~Ashley


Spring Break (+ Feb. Debt Update)

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Hi All!

Last year, my first year back to full-time work, my Spring Break happened to align with my kids’ Spring Break. I remember at the time colleagues mentioning how lucky that was and to appreciate it. So it was no real surprise when this year rolled around and, looking at our academic calendars, I realized our Spring Breaks did not align. Bugger!

But, I think we’re also making the best out of having separate Spring Breaks! This week is my school’s Spring Break (and hubs’ Spring Break as well). I’ll be back in Texas for a couple days to deal with some dad-related issues. But otherwise, hubs and I are looking forward to doing some serious manual labor out in our backyard. When we bought the house, it had nothing but chest-high weeds all through the back. We mowed them all down, but have done very little since then. Hubs has a friend who owns a landscape company and came over to take a look at our yard and offer some practical suggestions in terms of plants, placement, etc. So for the cost of some plants + weed killer + some hard work and elbow-grease, we’re hoping to get our backyard into a more presentable condition. We’ve allotted $200 to the project. It would be a project the girls could help us with…but will probably be easier without the interference, er, “help.” And I like that the couple days I’ll be gone are on days that they’re already in school. Makes it a bit easier for the hubs and makes me feel less guilt about being away (quick Dad update for those who have been following along and are interested – skip this part if you’re only here for the financial -my Dad, who has frontotemporal dementia, continues to decline. His speech is almost gone at this point and he lives in a constant state of agitation, presumably from the confusion and frustration associated with what’s happening to him. He’s been living in an independent living facility but we’ve been touring several assisted living and dedicated memory-care places. It’s a tough move to make but it’s coming up probably sooner rather than later so we’re trying to research and prepare accordingly. Being that the purpose of my trip is for things related to his care, my sister and I decided he would cover the cost of my airfare – something he would have done in the past if he had the mental capacity. I’ll be staying with my mom so I’ll have free lodging, and will only be paying my meals out of pocket which should be minimal. I’ll be there not quite 3 days.)

Next week is our girls’ Spring Break. In the future, I hope that we can plan family vacations (or even staycations) during Spring Break week, but with our looming tax debt ahead, that’s certainly not in the cards this year. Instead, we’re lucky to be able to hodgepodge together some childcare without having to pay extra to a babysitter. Hubs has class Mon/Wed (but is available other days) and I teach on Tues/Thurs (but am available other days), so between us, we’ll be able to always have one parent home with the kiddos.

I’m still on operation minimal-spending, too. It’s not a complete spending freeze because we still have to purchase essentials like food, fuel, etc. But I have been extra mindful about every dollar being spent. As an example, one of my daughters lost her water bottle for the second time this school year. Last time, I just jumped on Amazon and bought her a new one. This time around, I’m making her take my water bottle as a back-up. I explained that we can’t just get something new every time we lose our old item. It’s been a nice lesson in natural consequences and how its important to keep track of our things. It’s a bit of a punishment because my water bottle isn’t a nice or “cool” as the kid version, but at least it’s an adequate replacement so she’s not going without one. I’m really trying to scrimp and save and see if we can pay our full tax debt ourselves rather than relying on borrowing. I really want it PAID IN FULL by the deadline. I did talk to my sister, however, and if I need to borrow money from my dad it would be an option available to us. I really want to avoid this. It’s such “messy” terrain and I just don’t like the feeling. But I would be able to save the interest + penalties associated with an IRS payment plan. Something to think about, should it come to that (I still don’t have exact figures from our accountant).

In the meantime, I want to share my February 2017 Debt Update. As mentioned in a previous post, the debt payment was less than my originally intended $3,000 payment because I decided to just pay debt minimums toward my student loans so I can try to save up the extra money to put toward our IRS debt. Here you go:

PlaceCurrent BalanceAPRLast Payment MadeLast Payment Date Original debt, March 2014
Navient - Federal 2 (unsubsidized)$11,1055.8034February82433 (all school loans, combined)
Navient - Federal 3 (subsidized)$86085.8025February
Navient - 2 (subsidized)$84966.5533February
Navient - 7 (subsidized)$71976.5529February
Navient - 8 (subsidized)$63726.5525February
Navient - 9 (subsidized)$84976.5534February
Navient - 10 (unsubsidized)$98056.5519February
Balance Transfer Student Loan #2$14000% (through Sept 2017)$800February$7650
Balance Transfer Student Loan #3$45940% (through October 2018)$0N/A
Medical Bills$43700% (must be paid by April)$1216February$9000
Balance Transfer student loan #1$00% -Paid off in March 2016$5937
PenFed Car Loan$02.49%-Paid off in January 2016$24040
License Fees$02.5%-Paid off in April 2015$5808
BoA CC$07.24%-Paid off in June 2014$2220
Mattress Firm$00%-Paid off in May 2014$1381
Wells Fargo CC$013.65%-Paid off in May 2014$7697
Capital One CC$017.9%-Paid off in March 2014$413
Totals$70,444 (Jan balance = 72,560)$2215Starting Debt = $145,472

This month (March), I’m putting less toward the balance transfer card – only $400 instead of the $800 I gave in February. I do NOT want to add “IRS” to the debt spreadsheet, so I’m just stockpiling money in hopes we can pay them their money and not move backward in our debt progression. That will mean lower debt payments for the next couple months (March & April). Even small progress is moving in the right direction.

Have you had any financial set-backs lately?

 

 


Ashley’s New 2017 Budget

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It’s been awhile since I did a full budget post. As I was working on this post, I was reminded of the reason – these posts always take sooooo long to pull together. I double and triple check everything 10 times to make sure there are no mistakes and to make sure I have solid footing on where all of these numbers are coming from.

These are good posts for me to do, though, because it always offers an opportunity for us to make subtle tweaks or changes to the budget. This time around, the big one was with our Roth IRA savings. We’ve only been saving about $100/month toward a Roth. But one of our 2017 goals is to fully fund a Roth at $5500 this year. In order to do that, we’re going to have to increase our monthly rate of savings for our Roth!!

At any rate, I want to show our budget and then offer some explanation below:

MONTHLY BILLS & EXPENSES
Mortgage $1250
Property Taxes & Insurance $350
HOA $40
Electricity $165
Water $75
Phones $150
Cable/Internet $130
Preschool & Childcare $1100
Gift-Giving $50
Personal Maintenance $50
Restaurants $300
Entertainment $100
Kids’ Activities $100
Groceries $600
Fuel $100
Household Goods $100
Clothing $50
Category subtotal $4710
SAVINGS
3-6 month expenses, Full at $5,000 $0/mo ($5,000 current)
Car Repairs, Full at $2,000 $200/mo; ($676 current)
Kids’ birthday, Full at $500 $50/mo; ($150 current)
Travel/Christmas; Full at $500 $50/mo; ($50 current)
Annual Fees $240/mo (revolving)
Girls’ College Savings $50/mo
Roth IRA Savings $460/mo
Home Improvement $350/mo
Summer Vacation Savings $500/mo
Category subtotal $1900/mo
DEBT
Student Loan Payments $2200/mo
Medical $25/mo
Balance Transfer $800/mo
Category subtotal $3,025/mo

 

TOTAL = $9635/month

 

The biggest “note” right off the bat is this: I do NOT make $9635 “take home” per month. I don’t make that much. So that’s a problem. But here’s the deal – we’ll make it work.
At least for the time being, hubs is still drawing a little bit of additional income, so that helps to supplement my income. But as the year progresses, assuming our income will go down at some point, we’ll end up having to cut back. Likely the cut-backs will occur in both the savings and the debt categories. Some of the savings categories are easy to cut (e.g., travel/Christmas or kids’ birthdays); some of the savings are short-term and will go away eventually (e.g., summer vacation savings). But some will be harder to cut out (e.g., girls’ college savings is set to draft automatically from my account and if we want to hit our fully funded Roth IRA goal, we need to be pretty consistent in that savings category). I hate to cut back on debt at all, too, but if faced with a lack of funds at the end of the month, we may have to dip below my projected number. To be fair, our 2017 goal is to pay $30,000 toward debt, which is “only” $2500/month, so we’ve got a bit of wiggle room if we need to make a slightly lower debt payment (though I’d LOVE to pay MORE toward debt and hit our goals early!!!)

In terms of the monthly bills and expenses, most of those are pretty “set” at this point. We did our 100% bare-bones blog days (a full 2 years) and have just started loosening up the purse strings a bit for the sake of our sanity and longevity with our get-out-of-debt plans. We may try to make our “entertainment” budget cheaper (which accounts for our monthly date nights and any family activities we do), and I’m always struggling to try to spend less on food (either/both in groceries & in eating out). I could skip or reduce the personal maintenance budget occasionally (which accounts for things like yoga/exercise stuff, eyebrow wax, hair care, makeup, etc). But for the most part, the monthly bills are going to be hard to see much wiggle room in at this point.

So all of this brings us to this point…. It’s kind of scary to see a budget that our projected income cannot cover. To accommodate for this, all savings and debt payments will be made late in the month. That way, we can alter payments (and savings) as needed so that our budget isn’t exceeding our monthly income.

There you have it! January debt update coming soon, too!

 

If you keep a budget, what are your proportions of monthly expenses, savings, and debt? Ours are 48% monthly expenses, 20% savings, 32% debt. Of course, that’s just the budgeted categories and things are subject to change as income decreases. But as budgeted, I think that’s pretty good! I’d be proud to pull those numbers! What are your numbers?


Ashleys November 2016 Debt Update

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Another month is over – time for another debt update!

November was a good month! In some regards it was pretty pricey (hello, new house!!!), but in other ways we were able to be thrifty and save. In the end, we had a decent debt-payment in November and are expecting an even BIGGER one in December! Our first mortgage payment isn’t due until January and rather than let the “extra” money float away (or be absorbed into holiday/Christmas stuff), hubs and I have purposely budgeted to make a big debt payment this month.

Here’s how we did in November:

PlaceCurrent BalanceAPRLast Payment MadeLast Payment Date Original debt, March 2014
Navient$686846.55%$2000November$82433
Balance Transfer Student Loan #2$40000% (through April 2017)$600November$7650
Medical Bills$56610%$25November$9000
Balance Transfer student loan #1$00% -Paid off in March 2016$5937
PenFed Car Loan$02.49%-Paid off in January 2016$24040
License Fees$02.5%-Paid off in April 2015$5808
BoA CC$07.24%-Paid off in June 2014$2220
Mattress Firm$00%-Paid off in May 2014$1381
Wells Fargo CC$013.65%-Paid off in May 2014$7697
Capital One CC$017.9%-Paid off in March 2014$413
Totals$78,345 (Oct balance = 80,712)$2625Starting Debt = $145,472

YOU GUYS!!!! Not only are we finally in a new digit (in the $70,000’s instead of $80’000s), but we are THISCLOSE to reaching the half-way mark in our debt journey!!! We started at about $145,000 so when our total debt reaches $72,000 we’ll officially be HALF WAY to debt-freedom! It’s only a few thousand away!

Our debt reduction journey began when I was selected to start blogging here in March 2014. My goal is to have officially hit our half-way point by my 3-year bloggiversary in March 2017. I can’t believe I’ve been around so long! Initially when I began here I thought I’d only be blogging until our credit card debt was gone…but then I ended up hitting it out of the park and eradicated our credit card debt in just THREE months (I thought it would take a year or longer!)! I wasn’t done yet, so I decided to stick around for the long-haul. So glad to have so many of you as readers for this entire time (and welcome to new readers!)

It’s also time to begin thinking about 2017 financial goals. Goal-setting has always been one of my “things.” I really enjoy setting goals in different aspects of life (e.g., financial, work, personal, etc.) and I frequently take stock to see how things are going. I’ll be working on a post soon where I discuss the outcome of 2016’s financial goals and I lay out a plan of goals for 2017 moving forward. I’m excited to start seeing this debt really melt away as we near the half-way mark. Can’t wait!

What financial goals did you make for 2016?  How are you doing on them?


50/50

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Back in December 2015 we hit a big milestone. We had officially paid $50,000 toward debt!!!

What a huge thing! Just thinking about paying $50,000 toward debt in two years (a rate of $25,000/year – nearly half our annual income when we first started blogging!) is mind-blowing.

And just last month we hit another big milestone. One that I have mixed feelings about.

We have now decreased our debt by $50,000.

Say what?

When we hit the first $50,000 milestone, that was money that we’d paid toward debt. But, obviously, most of our debts have interest attached to them. So just because we paid $50,000 toward debt didn’t mean we’d actually decreased our debt by that amount because a good chunk of our money was going toward interest on the debt.

It took another FOUR MONTHS to finally decrease our debt by the same $50,000 that we’d celebrated back in December.

Nutso.

It makes me sick to look at the size of our student loan debt and realize how much we’ve paid that has only gone toward interest. Nothing toward any principal reduction at all. And to see the calculations that say “if you pay the minimum payment, by X time you’ll have paid X amount.” You all know what I’m talking about. Credit card statements have the same statement on them. So you’re looking at your current debt number, but then you see that if you only pay the minimum that in the end you’ll end up paying MUCH more than the original debt amount. After all the interest is included, it can be close to paying 2X! Two times as much as the initial debt!

Ick!

I had a couple people comment on nearing the $50,000 debt reduction mark and ask whether I was excited.

Yes, of course I am! That’s a huge reduction in debt!

But I have mixed feelings. It’s also a little kick to the gut. Knowing we’d paid $50,000 back in December, but our debt numbers didn’t actually reflect a $50,000 decrease until 4 months later. Four long, grueling months of making major debt payments. All of which was consumed by interest. Boo!

It’s a valuable lesson, though. The debtor is a slave to the lender. Another reason to never, ever go into debt again (*ahem* except for a mortgage).

When you think about debt payoff, do you tend to think in terms of dollars toward it (including paying interest), or in actual amount of debt reduction? I report both in my monthly debt updates, but I tend to think more in terms of dollars spent toward debt (including interest). It sucks that there’s such a lag behind dollars spent & dollars in debt reduction.


This, too, shall pass

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I know I keep talking about how “busy-busy-busy” or “go-go-go” I am all the time now.

I love my job(s) and I’m very thankful for it them, but the schedule can also be a bit overwhelming sometimes.

The end-of-semester craziness has been kicking my butt and I’ve been looking forward to summer. Just hold on a couple more weeks…a couple more weeks and everything will calm down. That’s been my mantra.

And then I realized…it won’t.

At my part-time job, summer is pretty crazy. It’s great pay (because it’s the same amount of pay, but I’m paid in 2 separate chunks – one check in June and one in July – as opposed to having it spread across 4 months. So it essentially “feels” like double the pay). But it’s also a TON of work to do the same amount of teaching/grading/etc in a shortened schedule.

I’ve also reported how I managed to get my full-time job to extend my contract so I’ll now get paid all summer from the full-time job, too. That’s fantastic news on the financial front (the equivalent of a 33% raise compared to my current salary)…but I don’t get paid to just sit around watching TV. I get paid to WORK! So that means all summer long I’ll be doing just that…working my tail off. At two different jobs. And then fall will be here, and spring, and summer. Wash, rinse, repeat (side note:  I haven’t turned in notice or anything, but I’ve basically decided in my own mind that next summer – summer 2017 – will be my last semester working for the part-time job. The logic was that I want to work there the full calendar year of 2016, but then I won’t want to quit mid academic-year, so I’d wait until the 2016-2017 year is over, which ends summer 2017).

On a surface level, its a bit overwhelming. The cruise was fantastic for a short-lived stint of relaxation. But I’m also longing for summer time and the long days and carefree nature it usually has associated with it for many of us in academia.

But when I find myself stressing out over the lack of time and amount of work to get done, I just stop and take deep breaths. I focus on the moment, write up a To Do list (this is strangely therapeutic for me), and start knocking out line item by line item.

This semester has tested me. It’s pushed me to my limits and I joke that it’s caused me chronic pain (I now regularly suffer from tension headaches. It sucks.). But I’ve consciously made all of these decisions with my debt in mind. I’ve taken on extra work, have two jobs, etc. because I WANT TO GET OUT OF DEBT!!!! This isn’t just for fun. It’s serving a greater purpose.

One of my 2016 goals is to pay $30,000 toward debt this year. But what if I do more? What if I actually kick off $35,000 in debt?

Then next year, when we aren’t saving for a down payment toward a house, what if we get up to $40,000 or $45,000 on debt payments?

We may only be a couple years from being fully debt-free!!! I know once the debt number gets smaller it’s just going to fly by.

We’ll get there. Probably sooner than I even think. It will happen.

So, in the meantime, please excuse my occasional whining about how busy/chaotic/crazy my life is. This, too, shall pass. And when it does, we’ll be that much closer to financial freedom!

For those who are currently debt-free, how long was your journey? How long did it take? For those still on the path, what’s your projected timeline like?


Starting the Debt-Reduction Mission

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Today I want to talk about a little of the back-story that lead to me really kicking into high gear on our family’s debt-reduction mission. Check out my story and be sure to leave yours in the comments! I’d love to hear more about what caused you and your family to decide that you really needed to kick some debt booty!

If you’ve read my debt story then you know that I haven’t always lived my life with debt. It wasn’t until I started graduate school that I took out my first student loan, then another, and another. Meanwhile, I also financed basic life essentials by paying with credit cards (and never paying them off). In the span of just two short years I amassed over $70,000 in debt.

It was an overwhelming amount of debt so I kind of distanced myself from it, psychologically-speaking. I knew I wouldn’t be able to make any real progress on it until I was done with grad school so I just pushed it out of my mind until that time.

I graduated with a Ph.D. in August 2013. I was lucky to land a position the same month, but at that point I still wasn’t gung-ho about debt reduction.

Really buckling down with debt-reduction had been in the back of my mind for awhile, but I hadn’t felt a great sense of urgency. I was making over minimum payments, but didn’t have a set plan in place (like my debt attack plan of action), and although we had a budget, the spending categories were all set much higher than currently (specifically, a lot more went toward groceries and eating out each month).

But the seeds had been sown.

By Fall 2013 I was really starting to feel more of a need to get our finances in order. I was working full-time (side note just to clarify the job situation…..I was hired at my old alma mater and worked a full-time/in-person position. But only a few months later in December 2013, the faculty member with whom I worked moved to a new university. I continued to work for the new university through distance, but switched from being a full-time employee to a part-time contract employee. This is the “University B” I’ve referenced many times). I started putting big chunks of my paycheck toward debt.

During this time, I started to immerse myself in stories of debt reduction. I’d been reading BAD casually for awhile, but I went back and re-read entire bloggers’ stories. I did the same thing with No More Harvard Debt, Man Versus Debt, and Fun Cheap or Free.

In February 2014 I was listening to my favorite morning talk show, The Bobby Bones Show (it’s a syndicated radio show in several markets across the U.S., so check it out, it’s really good!) and they had Dave Ramsey on. I’d heard the name Dave Ramsey before (Beks even wrote about attending Financial Peace University), but had never googled him, read his books, heard his show, etc. Bobby Bones had him on the show that day to give financial advice to one of the show’s producers, a mid-20s guy named Ray. Ray had just bet (and lost) his truck in a Super Bowl bet (True story. He got money at a cash-for-title place and bet it all on the Super Bowl. He lost the bet, his money, and his truck. You can see the segment here if you’re interested)

Anyway, this was kind of a turning point for me. Hearing Ramsey on Bobby Bones really made me curious about this money guy. I looked up his show and downloaded some (free) podcasts. Hearing the callers’ success stories and debt free screams was so incredibly motivating. I’d already been actively working on debt reduction, but this was the point at which I decided we needed to really be gazelle intense about it (a term Ramsey frequently uses).

This all set the stage perfectly for when Adam and Emily decided to step down as bloggers, and new bloggers were selected (in late March 2014 – you can see my first post as an official blogger here).

That brings me to the beginning of my journey here.

I’ve been lucky. I’d already committed to debt reduction previously, but hearing Ramsey for the first time, and then starting to blog here (and the accountability and encouragement that comes with it) has been a real kick in the pants! I have no doubts that I’d still be on this debt-reduction journey regardless (even if I hadn’t been selected as a blogger here), but I also have no doubt that progress would have been much slower. So I’m very grateful I’ve had your support and encouragement along the way. There’s still a long road ahead, but it actually feels doable now (something I couldn’t say only 2 years ago).

How did you get started on your debt reduction journey?


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