Our Debt Free Journey Update #3

Today’s Frugal Friday post is all about our Debt Free Journey!

Here are some previous posts about us getting out of debt:

Our Debt Free Journey
Our Debt Free Journey Update
Our Debt Free Journey Update #2
3 Biblical Truths About Money 

I’m really excited to share an update with you because last week, Lee & I finished Dave Ramsey’s 9-week Financial Peace University class! And oh what a blessing it was!! =)

I could spend an entire week posting about all that we learned but for right now, I’ll stick to our update. I can’t tell you how amazing it is that Lee & I are on the same page with our finances. That unity was the reason I wanted to take the class in the first place. We definitely have not had a perfect 9 weeks and we’ve hit some snags along the way BUT we’ve learned how to come together, talk about money in a mature & informed manner, and how to work through whatever problem we encounter.

Good News Alert: Lee received a promotion & an 8% raise a few weeks ago!! The raise was sent from the Lord because his weekly increase in pay was EXACTLY what we had determined I needed to make in order to hit our zero-based budget goals. Now, I do what I can to bring money into the house but this takes the pressure off of me if I don’t hit a goal one week. We know that we can survive solely on Lee’s income!! Plus, he has so many projects he’s working on right now that they’ve given him permission to work as much overtime as he needs and he’s averaging an extra $100+ per week. God is good, my friends!!

Here’s the progression of us paying off debt since April of this year (when I started my blog).

April 2013
1. Credit Cards — $5000 
2. Personal Loans — $6000 
3. Student Loan (Molly) — $5937 
4. Auto Loan — $13,282 

May 2013
1. Credit Cards — $5000 
2. Personal Loan — $6000 
3. Personal Loan — $2000* 
4. Student Loan (Molly) — $5812 
5. Auto Loan — $12,675

September 2013
1. Credit Cards — $5000
2. Personal Loan –$6000
3. Personal Loan — $2400
4. Camera — $250*
5. Student Loan (Molly) — $5797
6. Auto Loan — $11,441

November 2013
1. Credit Cards — $5000
2. Personal Loan –$6000
3. Personal Loan — $2400
4. Camera — $250*
5. Student Loan (Molly) — $5532
6. Auto Loan — $10,825

As you can see, the needle hasn’t moved much from Sept. to Nov. but it’s moving and that’s all that matters!

Here are some things we are doing to move that needle:
1. We tithe…no matter what.
2. We’re purging our belongings & selling everything we can (decreases clutter & increases our financial peace!!)
3. We’ve cut back to a BARE MINIMUM budget.
4. We go out to eat ONCE a week AT THE MOST (and that’s usually after a LONG day where we don’t want to cook).
5. Lee & I don’t buy new clothes. I couldn’t tell you what the last piece of clothing I bought for me was.
6. We have an Emergency Fund of $1000 that’s JUST for emergencies and our peace of mind!
7. We look for FREE or LOW-COST family entertainment. This includes going for walks, visiting local parks, children’s museums, hiking, picnics. We don’t need to spend a bunch of money to have fun.
8. We’re anticipating the Christmas season by making what gifts we can make and budgeting for the rest. I’ve taken up knitting again and we’re crafting meaningful picture collages, etc for all the grandparents.

So tell me, are you on a debt-free journey too?

What is your biggest budget problem? Ours is food!!

What’s your best money saving mommy tip?

What is your favorite FREE family entertainment?

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