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In a matter of two weeks we managed to do the impossible. We put $5,500 toward our debt and $2,000 into our savings account.
How? With lots of planning, a budget, long work hours and team work.
My husband and I both work full weeks. We are average people with one child and a dog. Before the summer set out we had a plan to pay down our debts. Debts we had gained through job loss, over shopping and not having a budget.
We set a plan, a plan to use a budget, to use cash envelopes, to say no and to stick with it even when it gets hard. And believe me it gets hard!
Financial Peace is inspiring and do able, if you are interested I suggest you read Dave Ramsey’s Complete Guide to Money: The Handbook of Financial Peace University.
My husband works construction during the summer and right now it is crazy busy. He is working long hours and making good money. Money we are using to put toward our bills and our debt. Please note that this is seasonal work and we don’t know what the winter will bring.
Together we have created a budget and a plan. We have debt that we are going to pay down and we have a few items we are saving for.
We also have open communication.
Together we are a team. When my husband works long hours I have to pick up the extra tasks around the house and the hours may be long. During the next few months we may see less of each other but there is a positive reason behind this. Hopes of being debt free!
Our son is also learning the value of a dollar during our pay down plan. The other day an activity we wanted to do increased in price do to the summer holidays and peak season. We gave our son the option of doing the activity, but explained that it cost this much and if we did it he could not get another item. He choose not to do the activity. His response was “Mom that is too expensive!” Our son decide not to do the activity and not to get a toy, he choose to go for a family hike. Win-win, family time, outside time and no money spent!
Things that helped us put $5,500 toward our debt and money towards savings:
- A budget
- A cash envelope system
- Meal plans
- Grocery lists
- Cheap meals
- Cheap entertainment
- Saying “NO”
- Hard work
- Team work
You can do anything if you put your mind to it. Be open and communicate about your budget. Celebrate the small wins and the big wins. Set your goals and break those goals down into smaller achievable steps. Believe me saying “NO” is hard, being frugal can have it’s hard moments but being debt free will be amazing. We will succeed, we will reach our goal and so can YOU!
Have an amazing day everyone.