Money makes the world go around. That's for sure. But what do you all do to stay out of debt? What about budgeting? We have been using a budget that works for us for several years and we see that benefit each month in our family finances. Ricardo and I have been in "get out of debt" (mortgage) mode for several years and we are definately seeing light at the end of the tunnel. We were never in out of control debt, but we've always tried to be really smart with our money. We do have toys, but we aren't in debt to have them.Several months ago a friend tried to talk us into starting the Money Merge Account. It's $3500 for the program and it's supposed to get you debt free in at least 1/2 the time. That is including your mortgage. So since then I've been researching and reading and asking questions and I finally figured out how to do the program without spending that initial $3500 investment. It's alot of work to keep track of, but it really makes you think twice when you want to spend money that isn't for a necessity. I love the thought that we'll have our home paid off in about 5 years. That's 1/2 the time that we have left to pay on our mortgage. I'll keep you posted.
4 comments:
Wise choice on not spending the $3500. That would only be more debt to get you out of debt. Kind of a double negative in my view.
Keep up the good work..... My best advice is staying put. We also enjoy the good fortune of being able to pay off our home in the near future....why....all because we followed the Prophet's counsel and didn't live beyond our finances. So many people I know now got into the "I need a bigger house" when the market was going crazy about 2 years ago. Now they're loosing their homes to rising interest rates and can't afford the home.
Keep me posted if your program is doable for a novice. While credit card debt is not an issue for us, I would sure like to make more progress on our mortgage and savings accounts.
I'm a fan of Dave Ramsey on talk radio; he also has a website. His program and books "Financial Peace University" have some good ideas. Although I don't agree with all he proposes, he basically offers sound financial guidance including developing an emergency fund and paying your church donations. And he has a program to help kids develop financial tools.
I'm also a Dave Ramsey fan. You are doing great with the getting out of debt. I think it is so important. Great job on the self discipline for you and DH. I am so impressed! :) We are also working on our debts. We don't have any credit card debt, but we do have loans from starting our business.
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