The Big Bad D-Word

Wednesday, March 15, 2017

Daniel and I have decided recently to try to make ourselves more accountable for our spending. It's not just the two of us in the picture anymore, and we've noticed a few things in our spending habits that aren't exactly conducive to bringing a baby into our home.

Debt is a tricky thing. It's a little like quick sand in that it's easy to get into and tough to get out of.

We aren't perfect and we've accumulated some credit card debt, car loans, and student loans over the past few years since we've been married. With all the moving we had to do in the military it was only natural that we wanted to feel settled in each place, and more often than not, that led to buying things. We've been lucky enough to always have a consistent paycheck, and both of us have been healthy enough to work, but that didn't always mean we were making smart decisions.

More recently, we've been taking into account all of the added costs that having a baby will bring. We've looked at our budget from every angle and we've realized that even the smallest bad habits like eating out once or twice a week adds up to more than a few boxes of diapers or a couple of baby outfits.

We've decided to use Dave Ramsey's 7 baby steps as a means to guide us through eliminating some of our debt, and getting some more money into savings. Dave Ramsey uses something he calls the snowball method as a means of getting rid of debt. I highly recommend researching it if you're looking for a relatively easy-to-follow guide for paying down your debt.

It starts you off simple, by getting a little money into an emergency fund, and continues from there by allowing you to pay off one section of your debt at a time. Even better, you don't need to pay for any of his methods as most of his information can be found online. We've already surpassed step 1 by keeping some money in a savings account over the past few years, so we're jumping right into step 2 and attacking our debt as quickly as possible.

We've been looking closely at where our money is going and it's true that a majority of it goes each month to paying off debt we've already acquired.

We'd like to be in a better position, especially by the end of the year, and I've decided to use you all as a means of helping us keep accountable! I'll be checking in with updates on where we stand, how we're progressing and of course the inevitable ups and downs of the good and bad months we're sure to have. I'm also hoping to get creative by coming up with more affordable ways to still do the things that we love.

We're heading into this optimistically and with a positive attitude and we can't wait to see where this journey takes us. Wish us luck!

Do you have any tips or favorite resources for getting out of debt? 
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1 comment

  1. Tackling debt is definitely difficult but gosh it's so worth it! We are close to paying off 2 big ones and I can't wait. Good luck!

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