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Tuesday, May 15, 2012

Debt Free and I know it!

Yes, you read that right. As of the end of last week, we are debt free. I repeat. We are debt free. That means no credit card balances, no student loans, no car payments or mortgages, nothing.

How did we do it? Well, first, we didn't have that much debt, compared to a lot of Americans out there. We had my student loan and Brandon's cadet loan. We paid off the student loan last year, good riddance, and we kept the cadet loan on monthly payments because the interest was so low that we weren't too worried about it. But with the move we got a load of cash (thanks Army!) and we decided that we might as well get rid of the debt once and for all. So we did!

We've been doing the Dave Ramsay program since January 2011. This means we pay only in cash and budget every month. We put money towards our savings (retirement, house, etc) and then pay our bills, and then allot any money we need for that month. Afterwards, whatever money is left over goes into special savings categories, like cars. Every single cent of our money goes somewhere. If we didn't budget for it, it doesn't get bought that month.

Since reading The Total Money Makeover we have saved more in the past year and a half than we have in our entire relationship. Sure, the good paying job helps, but our dedication to our finances is the key.

I'm not saying all this to brag. Yes, I'm proud of being debt free, I'm proud that we've come this far. Really, though, I want to show you that it IS possible. You could have a little debt or you could have a lot, either way, debt isn't good. Don't be tied down to your money. Live today like no one else so later you can live like no one else.


I will gladly explain to you all how we do our budgeting each month, with charts and all! If you're interested, anyway. I'm excited by our control over our money and I want you to be too. Doesn't matter if you make a lot of money or not, you can control your finances. You can be debt free too!

13 comments:

  1. Good for you! I took the class while J was deployed. I can't wait for the day that I have no student loans!

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  2. I'm really interested to see how you did it! We have quite a bit of debt at the moment but we are getting to the homestretch of a few of those things so a little inspirational push would be great :D I think it is awesome to be debt free. For Chris and I, we go through cycles of debt free/debt and honestly...I'm ok with that. But it would be nice to get some of those items we make payments on paid off as soon as possible!

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  3. We budget as well. We need to take care of my student loan (under 10k) and then we're good to go with debt. We don't have car loans or a mortgage so that's not something we have to worry about. After next year, my student loan should be paid off, if not, it will definitely be paid off by 2014. :)

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  4. Congratulations! I have to say, I'm very jealous. We're working really hard at it, but we won't be there any time soon.

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  5. Congratulations!!! That is a wonderful accomplishment and it is a pretty awesome feeling! :)

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  6. Congrats! I can't wait to pay off my student loans... :)

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  7. That is fantastic! Go ahead and brag, you've earned it! We are also on a budget to get rid of our debt (except the house, that won't happen realistically until we sell it here in a few years) but the end is in sight. Congratulations!

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  8. That is amazing!!! We are one loan away from being debt free and I can't wait! Great job!!

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  9. I want to see how you do it! Alex and I have been doing ok with budgeting, but we have a lot of room for improvement. If you really don't mind sharing your tips, please do!

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  10. I would love to hear how you do it! We were doing Dave Ramsey and then stopped cause things just kept popping up.. So we need to get back on track! Do share! Oh and by the way- Congrats on being debt free!

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  11. Congrats!! This is really awesome! Oh, and completely off topic, I was wondering how you got fuzzibunz to sponsor your blog? WAY COOL! We just recently switched to cloth diapers :)

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  12. Congratulations! That's so great! I'd love to see your tips on how you reached your goal of being debt free. :)

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  13. Congrats! That is so exciting! We're down to our last couple months of student loan payments! We will be joining the debt free club before I turn 30 in Sept and I cannot wait!!!

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