Yes, we are debt free! We recently made the last payment on Steve's student loans!!!! We are now debt free except for our house. If you read my blog, you will remember the post last January about post-poning our hardwood floors. I still have my ugly carpet but it was worth it!!!!
Spring 2008 we completed Dave Ramsey's Financial Peace University through our church. Prior to the class we had a budget, used the cash envelope system, and were making slow progress on our debt. The average person who completes FPU is debt free (except for their house) in 18-24 months. We had a large sum remaining and figured we would be closer to 3 or so years...13 months later we mailed the final check.
The end result is great. However, the process is pretty great as well. It requires that you and your spouse are completely 100% on the same page when it comes to finances. No, you won't always agree, but you compromise and decide what is best long-term for the family. It is not always easy but just like anything else, you work as a team and get it done. Other than good communication, it really is nothing more than what every generation before the 1980's did-spend less than what you make. It really is financial peace.
Our children, although young have learned alot in the process as well. Here are some of the many conversations we have had in the past year:
We have been in dire need of sand in our sandbox for about a month...the other day Joshua said, "now that we are debt free, we can start saving up to buy some sand!"
Lydia noticed Oreos come in pink now and wanted to buy some. I explained they were not on sale and we could not get them. Later, after coming home she asked, "is it wrong to buy something not on sale?"
Me, wanting to clarify what she asked said, "wrong?"
Lydia, "yes, bad, like something only bad people do?"
Me, "no, why do you ask that?"
Lydia, "then why don't you ever buy anything not on sale?"
Grandpa T. to Joshua, "when are you getting a swimming pool?"
Joshua, "after we are debt free"
Grandpa T. "do you know what debt is?"
Joshua, "no"
Often at our home you will find the kids having a yard sale and the other day Joshua and Lydia were having a buget meeting. A constant reminder that we are teachers at all times.
"Live like no one else so later you can live like no one else." Dave Ramsey
Spring 2008 we completed Dave Ramsey's Financial Peace University through our church. Prior to the class we had a budget, used the cash envelope system, and were making slow progress on our debt. The average person who completes FPU is debt free (except for their house) in 18-24 months. We had a large sum remaining and figured we would be closer to 3 or so years...13 months later we mailed the final check.
The end result is great. However, the process is pretty great as well. It requires that you and your spouse are completely 100% on the same page when it comes to finances. No, you won't always agree, but you compromise and decide what is best long-term for the family. It is not always easy but just like anything else, you work as a team and get it done. Other than good communication, it really is nothing more than what every generation before the 1980's did-spend less than what you make. It really is financial peace.
Our children, although young have learned alot in the process as well. Here are some of the many conversations we have had in the past year:
We have been in dire need of sand in our sandbox for about a month...the other day Joshua said, "now that we are debt free, we can start saving up to buy some sand!"
Lydia noticed Oreos come in pink now and wanted to buy some. I explained they were not on sale and we could not get them. Later, after coming home she asked, "is it wrong to buy something not on sale?"
Me, wanting to clarify what she asked said, "wrong?"
Lydia, "yes, bad, like something only bad people do?"
Me, "no, why do you ask that?"
Lydia, "then why don't you ever buy anything not on sale?"
Grandpa T. to Joshua, "when are you getting a swimming pool?"
Joshua, "after we are debt free"
Grandpa T. "do you know what debt is?"
Joshua, "no"
Often at our home you will find the kids having a yard sale and the other day Joshua and Lydia were having a buget meeting. A constant reminder that we are teachers at all times.
"Live like no one else so later you can live like no one else." Dave Ramsey
or my favorite
"Live like no one else so later you can give like no one else." Dave Ramsey
2 comments:
YEAH!!!!! I am so happy for you guys. I actually sent in my last check today for my Suburban, it was very exciting!!!!
Marsha
So happy for you all!
Love the quotes from the kids. lol
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