We worked all of January trying to get all the drywall hanged in the new part of the house. We worked everyday after work, and the weekends we didn't have our kids, cause they were with their other parents. We didn't work any overtime in January, so we had more time for work on our house. This made January our second lowest income month since we started our total money Makeover.
We thought we might have to dip into our emergency fund for the first time, but we just got by. We had Car repairs and not enough money saved for them, so we cash flowed the rest of the repairs out of January's budget. We also had higher costs for automobile fuel. I believe this was due to the fact of Hauling Drywall for our project.
Now that we have been on the total money makeover for over a year. I can start comparing our monthly budgets to the Prior year's monthly budgets. Here are some of the Big differences in this January as compared to January last year.
1. Automobile Fuel was $100 higher in 2011
2. Automobile Insurance was $50 Less in 2011
3. Our Income was $750 Lower in 2011
4. We don't have a Car Payment ($356) in 2011
5. Clothing we spent $80 Less in 2011.
6. Automobile Service was $155 higher in 2011
Things that were the about the same as last year.
Utilities (within $5)
Vacation Fund
House Insurance
Dish Network
At the end of the month we cut clothing out of our budget, since we got some new clothes around Christmas. And we had enough extra in our budget to Pay 171.97 extra on our debt. This month wasn't a great month. But we are happy to have paid extra on our debt, saved for future expenses, and did not use our emergency fund
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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.
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