We’ve been at our new Family Financial Plan for several months now, and we are so thankful we decided to go on this journey! Our two goals were to 1. save up our emergency fund and 2. pay off debt. We have our emergency fund established and we’ve already paid off some of our debt!
We are trying to make smart financial decisions each month to help us be better off in the future. Our goal is to not create any new debt and pay off all existing debt so we can enjoy our lives debt free. Shelby graduates with his degree in December 2018. After his graduation we wanted to take a family vacation. We did some research of how much it would cost to take our vacation, added some extra money on top of it just to make sure we didn’t under-plan, and then figured out how much we needed to save each month to have what we needed come December 2018. We’re almost half way to our goal already, and it feels SO GOOD to know we can pay cash for a family vacation and absolutely spoil ourselves while we’re there. I think it will mean more to us too, knowing that we saved for this trip for so long. I’m really excited!
Right now we are working out way through the debt snowball phase of the Dave Ramsey Plan, and we are making great strides to getting that step completed. We budget for absolutely EVERYTHING we spend (even the cat litter has a budget line) and we make sure to give ourselves something, too. I also budget for “miscellaneous expenses” each month, because sometimes something comes up that we hadn’t planned for – and I have to have a place for everything..haha. Whatever we don’t spend at the end of the month from the miscellaneous expenses line goes straight to our savings. We start over fresh each month. It’s so nice being able to tell out money where to go!
When you start this journey and you start to see the benefits and your see your goals being met it’s hard not to become obsessed with it a little bit. I feel like we are always looking for ways to cut back and have even more money to put in savings or pay off our debt. Last week we cancelled our DirecTV service, and that was so freeing! (We do really miss our shows right now.. we are so spoiled) but we know that this is a smart decision and we are excited about that. Our DirecTV bill was at $140 per month, and I felt like each month it was getting a little higher. That $140 now goes towards something more beneficial to our family.. and we can live with that!
I feel like none of this journey would even be possible without my new job. This has been the BIGGEST blessing and it came at just the right time. We know what it’s like to live paycheck to paycheck, and looking back on it now it never dawned on us to get rid of our cable bill. I feel like our eyes have been opened to the light, and it’s almost scary to think of where we were before this!
I feel like we are still in the beginning stages of this journey and we’ve already accomplished so much! I can’t wait to see what we can accomplish as the months go by!