Sunday, July 24, 2011
Five Year Plan
We have decided to start what we are calling "Our 5 year Plan". Trust me, it is not as fun as it sounds. It will be five long years of financial sacrifice so that we can become debt free (outside of our home). Starting now, we are going to eat out ALOT less, clip coupons, put money into savings, and start the snowball system for some small debts. In order topay off the larger debts (car and student loans) we will take all of our tax returns and bonus money minus 2000 a year and pay things off that way. Vacations are no longer an option and Christmas is going to be small for the next little while. It will all be worth it to save around 700 a month. And as a reward, at the end of 5 years we will take a BIG family vacation to Disney World!
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Dave Ramsey's Financial Peace University is amazing and it really gets you motivated. He has tons of tips on ways to save money. Even calling and getting better prices/rates on your insurance, cable and electric bills can save a ton. It did for us. We also make half a house payment every two weeks. That way you end up making one extra payment a year which 100% goes towards principle and a little extra goes towards the principle every month. Also just adding an extra 20.00 or whatever you can towards your payment every month makes more of a difference than you think. We have gotten our principle down on this house in Corsicana over 10,000 doing it that way. Two things we also do is just have money automatically transferred into savings every paycheck, out of sight out of mind, and we have saved a couple of thousand just by being in the "keep the change" program through Bank of America. Good luck to you all. You Can Do It!! :)
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