TO A NEW WAY OF LIFE
What I am hoping to get out of this blog is a pay it forward feeling. My plans for the blog are in a bit of disarray as this is a new challenge for me. What I am going to prove is that a budget not for spending, but anything involved in your life can benefit you more than my words will explain.
I will tell you about myself so you can see where I am coming from. I am currently a 26 year old male who is married to a wonderful wife. We are debt free except for the house. I currently have two jobs; IT Service Desk and in my “part-time” job I am a platoon leader in the Colorado Army National Guard.
I have always been pretty tight with my money, ask my parents! They are full of embarrassing stories about how I would only spend their money. This evolved as I got into college and had very little money. I had help from my parents, which I am very grateful for, and hope I will be able to do the same for my future children. My wife and I got married when I was a senior in college (Aug 4, 2007). My brother had sent my entire family a book for Christmas called Total Money Makeover, by Dave Ramsey. I read the letter he wrote and thought the book was nice because he was going through personal financial troubles. I thought to myself that Kristi and I were doing well with her one income, had very little debt except for our vehicles, and only a couple hundred on a credit card. I tossed the book a side without a second thought. About a year later I was getting ready to graduate and we were looking for our first home since rates were so low. We had some money in the bank but still had car payments and the usual bills. We had done a no interest for 12 months deal on a new TV. (Why not? We could afford the monthly payments) We ended up finding a home that needed A LOT of work. It was a foreclosure and at the auction we owed 5%, so there went half our savings ‘gulp.’ After months of bank problems we finally got the house and at the closing we owed more money ‘gulp.’ This drained us, we had $200 to our name. Luckily we both had jobs so when we got paid, we worked on the home. I still wasn’t following Dave’s plan to a T, because we did some more no interest for 12 months on carpet and furniture.
Enough was enough, no more. My wife and I sat down and did a budget. We had no idea where to begin so I had her keep receipts of everything and eventually we got it tamed down. We did the snowball and 13 months later we had paid off 22k and haven’t looked back.