Our journey to living debt free should have begun quite some time ago. With all the chaos of wedding planning, starting a new business (more to come on that!), and moving (just to a different apartment — hopefully a house in a few years) we never found the time to really sit down and figure out a plan of action. Now that the dust has settled some, we decided to find a program or plan to help us organize our debts, income, and expenses.
In comes Dave Ramsey! We’ve had a few friends, as mentioned in the last post, that have gone through a similar journey and have seen great success. They all recommended checking out Dave Ramsey’s Financial Peace University (FPU) program or listening to his podcasts and radio show. We decided to do some research and it turns out that Dave Ramsey has an online course version of his FPU program! Perfect for us since we find it hard to make time to even sit down and have a moment to ourselves these days. So we signed up!
His program is listed as a lesson a week for 9 weeks. Each lesson is a “baby step” that you can accomplish in a fair amount of time. The purpose of this is to help you feel like you are making progress and keep you motivated. How many times have you had an enormous project dumped on you that just seems impossible to tackle? This helps eliminate that by breaking it down for you in baby steps.
We just finished the first lesson which is to save $1,000 in an emergency fund as quickly as possible before you start tackling your debts. I got excited right after we viewed the video for this course as we already had $1,000 saved up in a savings account (left over wedding money, yeah!). Check! Feeling accomplished already. After listening to his podcasts, we also decided to get ahead and cut up all our credit cards (I almost died!). Goodbye Visa, goodbye Mastercard, goodbye Nordstroms. I keep reminding myself that it will be worth it in the end. We’ll be pinning some ideas on Pinterest on what we’d like to save up for once we’re debt free as motivation.
Like Dave says, “If you will live like no one else, later you can live like no one else.”
As we move on to the next lessons, I’ll be writing about each of the steps we’ll have to accomplish and hopefully provide some real life screenshots of the mountain-that-is-our-debt we’re tackling.
Till next time