Earlier this summer we achieved a HUGE financial goal for our family, we paid off our 2010 Chrysler mini-van! We have finally made a plan to become debt-free, and while seeing how much we owe written down on paper makes me a bit queasy, I am so happy we’re acting like adults and have made a plan to pay it off as quickly as possible. Zack and I are following a lot of financial advice by Dave Ramsey. We listen to his podcast, we use cash to pay for everything — like, literal cash (very little debit card purchases), and we plan out how we’ll spend every single paycheck we receive. It’s a crazy process some times, but it’s such a powerful feeling to FINALLY be in control of our finances. I love it! :) So, in July we paid off our mini-van, and we were both so so excited to write the check.
One of the greatest blessings being on a budget has given our family is peace of mind knowing how much money we have to spend within a certain category (like clothing, groceries, birthdays/holidays, entertainment). We say “not right now” to a lot of things, but we also get creative in many areas. Being on a budget helps us feel excited and prioritize our future goals, like purchasing a home, owning income properties, and travel opportunities.
Paying off our debts has helped Zack and I become incredibly disciplined with our finances. We are choosing to celebrate our progress along the way, which has been huge in helping us make big progress. I mean, how happy do we look standing in front of our PAID FOR van? ;)
A few ways we are becoming debt-free:
* Make a plan for all income received (including unexpected income)
* Use physical cash wherever possible, use debit cards where we must, and absolutely no credit cards
* Trim expenses down to the essentials so we can prioritize paying down debt
* Stay inspired! For our family, this means listening to Dave Ramsey’s podcast and learning all we can
* Keep a detailed register off all debts, including phone number/account number/payment address/amount owed, so you always know your current debt balance and who to pay next
For years we have wanted financial freedom for our family, so I am thrilled we are on our way! :) #BigGirlUndies