22 Feb
One Year, Two Baby Steps, Three Missed Snowballs
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Wow — already?!
I can hardly believe it has been a year since we started on the road to financial peace. First, a thank you to all of you who follow our journey and offer encouragement. To those of you doing it with us, HIGH FIVE!
So how are we doing? It’s been 12 months since we started this journey and this blog.
For 12 months we have
- Lived on less than we make
- Maintained a small emergency fund
- Operated our finances on a budget
- Borrowed NOTHING
- Paid down our debt
Looking at our debt chart we have paid down about 38% of our total debt or around $18,000. If you’ve been following us for a while you know that’s around 20% shy of where I wanted us to be. Nonetheless, we are on our way to debt freedom.
I have some observations after a year of following Dave Ramsey’s advice; some surprise me.
- Making a budget every month has become easy, but still takes about the same amount of time.
I mean, it’s downright SIMPLE now. The mechanics of filling out the line items, adding in the unusual things for the month, chatting about it, and printing the final budget to hang on the fridge are second nature. Still, it takes about an hour each month. - Emergency budget committee meetings still happen almost every month.
This one surprises me and maybe it’s because we’re getting complacent, but nearly every month we have to get together at least once to cover a screw-up or unexpected event. - Homemade bread is awesome.
The Wife is out of control in the kitchen. Homemade meals every day. Homemade bread, yogurt and granola. She even made our own almond milk. - Kids’ commissions need their own line item and can really add up.
Okay, listen to me. Don’t underestimate this one. It’s all great teaching the kids to be Dave Ramsey fanatics like us, but those commission payments can get pricey! Budget them in. - It gets BORING.
Seriously. The months when we can send two thousand dollars to our debt are awesome, but when it’s only three or four hundred for a couple months in a row I start to lose interest (pun not intended).
This year I am down right antsy. Antsy, I say! I want out and I want out now. The freelance work I picked up recently is in high gear and should be done in about two weeks. The pizza delivery work is surprisingly hard to come by, but applications are in. The kids start full-time school in the Fall and The Wife should be able to double her hours.
It’s a marathon, you say? Not a sprint? Well, staying the course for the long haul is really… long! Nonetheless, it’s the only option. Getting out of debt ain’t easy. It’s just worth it.
Or so I hear.
Thanks again for sticking with us, everyone.
the Dad
Posted by Granny on 02/22/10 at 4:34 pm
I take enormous pride in your effort and the fact that you’ve stuck to it. Love always, Granny
Posted by The Long Distance Buddy on 02/22/10 at 4:44 pm
You forgot 1 thing…
Inspired at least a DOZEN other people to get out of debt.
Nuff Said.
Thanks,
the buddy
Posted by Andi on 02/22/10 at 8:44 pm
We’re following your lead best we can. For the first time ever, this suburban princess can write (and stick to!) a budget.
Congrats on a year full of progress
Posted by Jeff @DeliverAwayDebt on 02/23/10 at 8:04 am
Very nice job my friend. I love to see other people making the changes to get out of debt. Keep it up. Now we just need to get you that pizza job. I can’t believe it’s so hard out there
Posted by jpkittie on 02/23/10 at 8:50 am
you have been an inspiration…. just keep swimming! you are doing great!!!!
Posted by the Dad on 02/23/10 at 9:45 am
Thank you for the great comments, guys! The Buddy, you bring up a point I’d totally forgotten and is real the whole reason for this blog. Thank you. Inspiring others is, perhaps, the thing I am most honored and grateful for.
Cheers,
the Dad
Posted by Dustin on 02/24/10 at 1:08 pm
Congrats on the continued process! You guys are all stars!
Posted by Stay at Home Mom CFO on 03/18/10 at 8:58 am
Thanks for a look at what it’s like “a year in”. I’m 3 months in and the budget while not “simple” yet, is getting easier. We, knock on wood, have not had an true emergency thus far, but with 3 little ones 5 animals, 2 older cars – I KNOW it’s looming! I think we are prepared but I’m anxious for our first true test. Congrats on making it this far.
Posted by Tam on 03/25/10 at 7:56 am
It will be a year for us next month! I am so grateful the wife brought us on board. $25K paid off! I never thought it was possible…. I am fairly impatient with the process too! Wife and I have had this conversation. I want to be debt free NOW. At this rate, it will be five years but oddly I am at peace with that. We have enough, we have a plan and we are making progress. Thank you.
Posted by the Dad on 03/25/10 at 9:18 am
Attagirl, Tam!!! Go team!
Posted by Music Man on 04/01/10 at 2:40 pm
Heck yeah Dad! You rock it out of the box! Read my blog if you are interested in what kind of insanity has been happening in my world!
Keep up the GREAT work. You guys continue to me an inspiration to me.