Aiming for progress, not perfection.

"...being confident of this, that He who began a good work in you
will carry it on to completion until the day of Christ Jesus."
Philippians 1:6

Tuesday, April 01, 2008

snowball stuff.

have you read dave ramsey's "total money makeover?" i have. a few times. i've understood the debt snowball concept, but i've never calculated it out with our debt. i did last night.


first of all, we have much too much of that nasty stuff.

second of all, we could pay out of it rather quickly (18-to-24 months before landon's school loan, 36 months with the school loan) without a super dramatic lifestyle change. sure, it would take discipline. but we're talking the location of $120-$220 extra in our budget. that's not that horrible, is it?

and we could get crazy and do it in less time. way less time if we adopted "gazelle-like intensity," throwing every extra dollar at the monster and sacrificing more than we thought possible.

i think we're going to use any tax return money and the economy-booster-thingy money to get current on a few ancient and forgotten unpaid-because-we-were-young-and-stupid speeding tickets that have popped up lately and get our emergency fund in place. then we're gonna start the snowball rolling.

i really believe that we're going to do it.

the thought of being completely debt free at age 31 and 28 is too appealing to ignore this proven concept for any longer. and the idea of getting a decent interest rate on a mortgage for a house we really like a year before that (that's fall '09 - only the school loan to go) is a goal just within grasp.

plus i'd be way proud of us. i think Jesus would be too.

"the rich rules over the poor, and the borrower becomes the lender's slave." -proverbs 22:7
"let no debt remain outstanding, except the continuing debt to love one another." -romans 13:8


Adam said...

Pam and I got married super young
(19) and when we got married I took home $960.00/month. We vowed to pay our tithes no matter what and somehow God always provided and we were able to stay debt free. About 7 years later I was home going to school and Pam was working at the church going to school and we took home less than that a month. With such little income plus a few unexpected medical bills we went into debt nearly $10,000. Once Pam graduated we looked at everything made a plan sacrificed alot and paid off $9,000 worth of debt in 13months and on top of that, because Pam works with Special Ed, the state deferred her student loan of $7,500. Now again we owe only on our home and a very small auto payment. Set a goal, trust in God and stick to it. I know yall can do it!!
(sorry for the long comment) :)

no_iffer said...

Oh, you can soo do it. You're dedicated enough, for sure. It's so exciting when you realize it can be done, isn't it? And you won't have to completely starve to death doing it!

crys said...

we did dave ramsey.

it worked wonderfully!!

cassandrasaganwebb. said...

You can do it! Dave Ramsey is amazing! Do the envelope system and you'll have that debt paid off in no time. We implemented his system last year and were debt free in less than 12 months. Now all we owe (to anyone) is our mortgage. FREEDOM!! You can do it!

kj said...

and the best part is the more you pay off, the better you feel. it's super exciting now and then with every payment, it seems to get even more exciting. it would be nice if all of us were smart in our younger days, but unfortunately, i was stupid too. i think i'm still paying on a trip i took to hawaii 4 years ago. that was some vacation! :) good luck sister! i know you can do it!

beautiful chaos said...

We did a version of the snowball.
Life kinda snowballed us - and then we did what we had to do to get back in control.
Money is not my strongsuit for sure. It may or may not be yours, but believe me, it is worth whatever sacrifice to be out of debt.
I know you and L. will do great!

Natalie said...

Damion is a huge believer in Dave Ramsey. It's why he's so anti-credit cards. We've been trying to "live like no one else" for the last 2 years and it's definitely working. We're not completely there yet, but we're trying! you can do it.

Chris said...

L and I are in the same boat with getting rid of our debt and using the snowball method/envelope system. I feel that we can totally do it. Some things are a sacrifice but it is worth it all. We should be accountabilty couples with the goals we set 'cause I know how much it helps when you have a friend that is going throug the same thing. We should talk sista.

Meems said...

We have the same goal. The 3 things remaining on our debt radar is our mortgage, student loans, and one car payment.

I have watched to many people live a life of entrapment due to debt.

What a fabulous goal.