Financial Peace Progress
"It's never too late to turn things around. You are the only obstacle" -Dave Ramsey
In January of 2015 we started on our journey to gain financial peace. We were $47,000 in debt (other than our mortgage). This debt included car loans, medical bills and one other expense. The stress this gave me was overwhelming. Jason and I longed to be in a postion to be able to give financially whenever the Lord directed us. But at the time, we were barely keeping our heads above water. Then we heard about Dave Ramsey's Financial Peace University class. Our church would be hosting the class. I knew immediately that God was directing us the take it.
The class gave us a clear direction to take. We started a budget and we were able to immediately free up hundreds of dollars a month to pay off debt. We lived on less but still allowed ourselves some spending money for things we wanted. Instead of the budget making us feel limited, it actually made us feel free and more in control. Each month we talked over the budget and made adjustments as needed. We started watching the debt disappear. The budget alone was the single largest contributer to paying off the debt. A tax return and bonus helped speed up the process. In October, Jason started working from home and we decided to go from 2 cars to 1. This left us with a much smaller loan which we knew we could pay off in about 6 months. This was our last debt.
By March 2016, 14 months after we began, we had eliminated that $47,000 in debt. To make things even better, after a nice tax refund (thanks to the federal adoption credit), we had our "5 month living expenses emergency fund" fully funded. So now we get to start the kids' college funds and a fund for Jason to get a vehicle.
By March 2016, 14 months after we began, we had eliminated that $47,000 in debt. To make things even better, after a nice tax refund (thanks to the federal adoption credit), we had our "5 month living expenses emergency fund" fully funded. So now we get to start the kids' college funds and a fund for Jason to get a vehicle.
If I could only express to you how much peace this has brought us! I wish everyone would go through it. It is truly life changing. It takes a lot of effort and you do have to say no to some things but it is so worth it!
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