Total Money Makeover Update

We finally made it through the two-week waiting period between beginning our financial peace journey and jumping into our first *real* month of our Total Money Makeover. I gave a few hints about what will happen in our March 15 budget, and now I’ve got an even better picture of how that will look on April 14. But, we’ll save that for when it’s all really happened!

Here’s what happened the first two weeks of March.

  • We got rid of all our credit cards except one that we had to reopen because of a charge I forgot about.
  • We stuck to a tight cash budget.
  • We paid minimums on two student loans and our “piggyback” mortgage. (Dave Ramsey is gagging right now.)
  • I accidentally paid the minimum on a third student loan twice by setting up one one-time payment, not realizing that the auto-debit hadn’t stopped. I guess that’s one way to avoid paying interest.
  • We maintained half of our baby emergency fund, with plans to finish it next month.
  • We planned to make our regular payment on our car, but because we had extra money before our payment went in (which is technically later this week, but I had it down as part of the previous budget to make sure cash would flow appropriately), we decided to pay it all off! Hurray!

In summary, at the end of our first two-week period of our Total Money Makeover, we are at 98.6% of our total debt, meaning we reduced our debt by 1.4%. This isn’t the rate I want to go at long term, otherwise we definitely won’t meet our goal of having this debt paid off by March 2014, but the future is looking bright! We’ll watch the debt snowball lesson in Financial Peace University this weekend, and I’m looking forward to crossing off more debts from our list.

Thanks for your support and encouragement as we strive to honor God with the money he’s given us!

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4 thoughts on “Total Money Makeover Update

  1. keep it up 🙂 Paul and I read the Dave Ramsey book after we first got married…. we started with 100,000 in car loans, student loans, health bills, ect…. since dec of 2008 we have paid off 33,000 and should be debt free by dec 2010…. it has been sooooo worth it …. hard at times … but we like the phrase live like no one else now so we can live like no one else later… 🙂 God has really blessed our endeavors to manage the resources he has given us 🙂

  2. Way to look on the bright side! 🙂 Money Saving Mom (the blog I read often) they were saving for %100 down for their house and she would post percentages each month of how far they had come. Some months were like 4% and she would get so excited. And I would think… wow… you still have a long way to go! But they got to their goal (took a few years) and they are looking to purchase their first house asap! Hang in there and keep plugging away. I keep thinking our 3-6 month fund is going to take us forever to get to our goal. But then I remember D.R. saying “plodding” (i have no idea how to spell that) – but faithfully just one step and then another and you will get to your goal!

  3. Pingback: Total Money Makeover Update: February 2011 and One Year Review! « Mrs. Dexter

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