This is the year that we get out of debt.
Over 7 years of marriage we’ve managed to keep our heads above water but we have accumulated a little bit of debt. We used our credit cards to travel to see family, we moved, we bought a few pieces of furniture, and we bought a few stupid items.
After taking a step back and looking at our finances we concluded that something had to change or we would run the risk of getting into terrible financial trouble. It doesn’t matter that our level of debt was just under the national average. We were failing in our call to be good stewards of our money and so we decided to do something about it.
Today my wife told me that our credit cards have been completely paid off!!!
In just three months, we paid off a (ahem) crapload of money on those plastic traps. We went and did our taxes, found out that we didn’t owe anything, and then used the money we had set aside for taxes to completely pay those puppies off. We are done!!! No more plastic!
The next step is to pay down our car notes. That’s right, we have two of them and owe money on both. It’s ok though. We shouldn’t have bought my car when we did. I had a truck that was paid off but I was tired of driving that big boy around and I wanted a smaller car. Lesson learned. The plan is to have both of our cars paid off by the time 2009 rolls around.
Big PROPS to my wife because she does our finances.
Thanks babe for doing the hard work and for giving me a generous allowance each week. 🙂 I love you babe!
Hey, we just paid off our credit card today, too. Weird. We have a longer haul due to student loans and little boys costing a (to borrow a phrase) crapload of money, but fighting the debt demon is definitely rewarding.
Way to Go Wiggains!!!! We still have a little on my student loans but we are focusing on the cars next. It is rewarding fighting the debt demon and it is comforting and encouraging to know that others are winning the battle too!!! Keep up the good fight!!!
Peace.
Surely you have heard of Dave Ramsey. If you are unable to hear him on the radio, you can download his podcasts. Because of him, we sold my cute sporty car to buy an older, 4-door car. The money we had left over went to pay off our credit card debt from our honeymoon. We have no credit card debt and no car debt. We plan to have our student loans paid off in a couple of years and our mortgage paid off in about 12. Do you make sacrifices? Yes. We’ve eaten beans and rice a lot, but it’s worth it. As Dave says, “If you want to live like no one else, you first have to live like no one else.”
I am so proud of us!! Thank you for working hard with me on this one and for being so supportive. I love you tons.