Over 9 months ago the wife and I started our journey to financial peace. Before we started in January, I posted a list of goals I wanted to complete. We have been focusing mostly on our written budget and paying extra on our debt. But our goals have more than just those two things. And I know I need to just tackle some of the other goals and get them done. There is only little more than 2 months left in this year, and we need to start moving toward the other goals.
2010 Goals.
1. Have a written budget each month.
2. Use the Envelope system to help save and curb spending.
3. Budget Home Improvement costs and not let our house control our money
4. Have a “will” written
5. Get term life on my wife and additional on myself.
6. Have my Wife’s name put on our property.
7. Start a debt snowball rolling!
I'd say goals 1, 2, 3, & 7 are on track on doing good.
Goal #5, we got insurance on my wife, but not the addition on myself yet.
As for 4 & 6, we haven't don't anything but talk about them.
So the first one of those, is get some extra life insurance on me. We have talked about this probably every month since we started. We have priced it online. We just haven't got it done. This should be the first action taken
Second, having a written "WILL". We need to get this done after the life insurance, and also look into having a trust setup for our kids for the life insurance.
Third, we need ask a lawyer if we need to put my wife's name on the property we own, or if a WILL is OK.
Now I just need to get off my but and complete my goals.
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My families journey down the road of becoming debt free and finanicially sound.
Baby Step 3 Status
$10,000 emergency fund goal
Paused Baby Step 3 at $2500.00
Paused Baby Step 3 at $2500.00
Baby Step 2 Status
Started Total our Total Money Makeover on January 1st, 2010 with $49,705.46 in debt, not including our mortgage.
April 13th, 2012 we paid off the last of these debts. It took us 28 months and 13 days.
April 13th, 2012 we paid off the last of these debts. It took us 28 months and 13 days.
The Road to financial peace.
This is a record of our journey in finding financial peace. We are using the baby steps in Dave Ramsey's - Total money makeover, book. We will be trying to follow his plan as close as we can. We hope to have an end result where we have no debt, have a large emergency fund, are saving for buy everything, are saving for our kids college, and are building wealth for retirement.
When we started this plan on January 1, 2010. I was 32 years old and my wife was 31. We had been married for 4 years. We knew this plan would take a few years before we were on the last step in the baby step process. But we are dedicated not to give up.
This blog is to help us keep on track, and keep us focused on our goal.
When we started this plan on January 1, 2010. I was 32 years old and my wife was 31. We had been married for 4 years. We knew this plan would take a few years before we were on the last step in the baby step process. But we are dedicated not to give up.
This blog is to help us keep on track, and keep us focused on our goal.