Getting out of Debt: Lesson 1

Getting out of debt.  Sounds like a dream, right?  It seems like everyone has debt, a LOT of debt.  It is the only way to live, the only way to drive a reliable car, the only way to treat your family to a nice dinner, buy the expensive sports equipment, pay the car repair bills.  You know what I am talking about...  until you realize you are living your life trying to play catch-up in a loosing game.  One emergency sets you back years of payments....  if you lost your job could you pay the lenders?  A downward spiral for us while the banks rake in profits.

We got ourselves out of over 300K of debt using Dave Ramseys plan.  It took us 5 years.  It was hard, very hard.  VERY FREAKING HARD.  But now we can do whatever we want.  Two days ago hubby just paid cash for a lovely, gently used Audi.  Last month we paid cash to have our driveway paved...  watching our girls play basketball on it every day is priceless.  As soon as it is safe to travel again
(Covid19) we are going to London, somewhere I never thought I would EVER visit in my lifetime.  We don't worry about money now.  But it was a HARD road.  We have not only changed our future but have changed the future of our children both through the advantages money has to give and the gift of a financial education.

Did I mention we did this on basically one income?  That salary being of an Enlisted US Navy Sailor...  so, no, we were NOT bringing in a 3-figure income!  (more on all my side-jobs later)  We did not have help, no free babysitting and obviously NO prior money-handling knowledge (lol), neither of us were college graduates at the time.  A regular family of 4.  We did this, you can too!

Your first step to beginning this process is mental.

This is hard, did I say that?  I mean HARD.  You will be changing your life, your habits and it won't be easy.  None of this is 'convenient' or easy,  if it was we certainly wouldn't have a national debt crisis in our country.

A process such as paying off thousands of dollars of debt is no easy task and it is common that all members of the family will NOT want to take this journey.   If you have a spouse or partner they MUST be on board.  This cannot happen if both are not fully dedicated.  Do not fret, a future vision is in your horizon...  and hopefully you both see it very soon.

Lets get mentally ready to go this fight and WIN.

We will start by getting inspired, figuring out WHY you want to be debt free and then lay out the map on this plan.  We have been following Dave Ramseys methods and that is the route we will go.  It is proven and it WORKS.

Are you ready to start?

Lesson #1; Create your Why

Grab a blank piece of paper and title it.  Options include, yet are not limited to...
Our Why
If we were Rich
Going Debt-Free
What If...

Then gather the family...  its time for a positive yet brief discussion on how being free of Consumer Debt would impact your lives.  All that 'bill' money would be yours.  All that money toward interest, yours!  Now it is time for everyone to participate...  what would you do?  how would you live?  where would you go?  how would you feel?

Make a list with everyones input and post it in a public place for daily viewing...  the fridge is always a great spot!

No idea is to small or big, not to selfish or silly...  I believe our original list included things such as "buy Barbies" and "go to a hotel".  Maybe you want to live stress-free...  maybe you want a designer purse.  Put it down.  Tape it to your fridge.   Congratulations, you have begun your journey to financial freedom!