OK, today is the official start of our “climb out of debt”. We are documenting all of our revolving debt, home equity loan, and mortgage. Sherry and I have been talking about the mistakes we made to put us in the situation that we are in now. It was not hard to see the big culprits such as building a new home before the old one sold, building to large of a home when we only had one child and planned on two incomes, vehicle purchases and all the eating out. There are a multitude of smaller sins that have added to this debt, but I do not have enough time to list them out.
We never regret Sherry staying home with the kids. Our mistake was not planning earlier for her to stay home with them, and then not making adjustments after we made the decision. It is a hard decision to sell a “dream” house that you designed yourself. However in the end the dream was not so sweet!
Now that we have all of our debts documented we are working on a workable “debt snowball” plan to pay them off. This link from Dave Ramsey does an excellent job of describing the process and the emotional aspect of it. There are many debt snowball worksheets and calculators out there. I am looking for the one that will suit our needs the best. Once we decide on one we will post the link and our expected date of being debt free. I will also post more of our tactics and tribulations. It is guaranteed there will be some tribulations as Murphy is always around the corner lurking!
Anyway! Pray for us and check in on us from time to time to help hold us accountable!
Thanks!!!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment