Financial Peace University- Dave Ramsey

19 Apr

Because I am completely passionate about debt freedom and because we are this.close to being there ourselves, I wanted to do a mini serious on how we got there. Here’s part 1:

 

We took FPU the Summer of 2010 when we were still dating. We loved every minute of it. We both tended to be savers in general, but I owed $64,000 in student loans and Kevin had a credit card balance of $4,500. The class gave us the opportunity to talk about our finances- individually as well as what we saw for the future. We got engaged in December and put our debt snowballs on hold, so that we could start to seriously save for the wedding. Using Dave’s principles, we were able to cash flow our wedding and honeymoon 6 months later to the tune of $25,000. We know Dave probably wouldn’t have recommended spending this much on a wedding, but we get one opportunity to have a Wedding Day and it was very important to us.

It was a wonderful feeling to come back from the honeymoon knowing that the bill wouldn’t be following us. We started to get excited about paying off the rest of the debt and get our snowball rolling again. There was no opportunity to work overtime at my job, so I got a second one and have been working evenings and Saturdays since we’ve been married. Kevin has been working a ton of overtime every week at his job. Like Dave talks about, we wanted to make our shovel bigger.

We drew out a budget and saw what we needed and what we didn’t.  There wasn’t much to cut, but being a newlywed there is so much we wanted to do and add! We have never had cable, we only hooked up the internet because my second job requires it, and we don’t have phone service. Kevin started driving an economy car on loan from his dad, and kept his truck parked in the driveway during the week. I stopped shopping. Period. I haven’t bought a new piece of clothing in the past year. I use, fix, and reuse everything I can. I became like my grandma- saving pieces of tin foil and making my own laundry detergent.  The funny thing is, most people didn’t even notice all of our “weird changes”.

We were so excited about everything, I couldn’t have a conversation without mentioning “Uncle Dave” or how fast our debt was dropping. Pretty soon, the rest of my family and our small group started to get excited. Several of them have jumped on board and are drinking the Dave Kool-Aid.  We share our success with each other and talk about the challenges. There is accountability and encouragement.

The most important thing throughout the process has been to have goals: big ones and small ones. We decided that once we have kids, I’ll be a stay at home mom. We couldn’t do this with debt hanging over us. We plan on starting our family later this year and I get to stay home to raise our kids. This is the absolute biggest blessing for me.

We plan on being debt free in June 2012- having paid off $70,000 in our first year of marriage. Praise Jesus!

We’ve had the opportunity to live on less, and see God bless us through it. Now that we are so close to being debt free, we can’t imagine being wasteful again. We will continue with the baby steps and knock each of them out as quickly as possible. We make plans for our money. We set long term and short term goals. We tithed all the way through Baby Step 2 and we plan to increase our giving with all that God has blessed us with. That’s the point, right? Live like no one else, so you can give like no one else? We want to be used by God to bless other people, and getting our financial life in order was an important step.

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3 Responses to “Financial Peace University- Dave Ramsey”

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