Keith and I recently did our Debt Free Scream live on the Dave Ramsey show. Since then, many people have asked for the story behind the story. Here we go!
We knew we would not make it out of our debt snowball without having to replace at least one of our vehicles. When we started, we had $191,000 in debt, medical bills and car repairs all around us. And each vehicle was over 10 years old with at least 200,000 miles. We knew a car purchase was in our future.
But we were also determined to incur no new debt.
That meant we would have to do two things I had never done before...
What are we supposed to do now that we're out of debt? The exact same thing we did while we were getting out of debt. Keep reading to find out what that is.
Before we started on this journey of Christ-centered financial wellness, I never thought much about money being currency. In my mind it was just a term that was used by financial analysts. But today is a new day. Today I understand the importance of currency and what it means in my life. Today I understand that money and electricity have a lot in common than you think!
When asked what's the one thing that I recommend to someone who is serious about managing their money, I do not hesitate before I say a zero-based budget. This income allocation spreadsheet is the secret sauce that will make the most of your zero-based budget!
As we have learned more and more about how to lead a life of Christ-centered financial wellness, we discovered another aspect of budgeting that we now embrace wholeheartedly. It has come to the rescue more times than I ever thought possible and I'm excited to introduce it to you today. It's called the sinking fund.
Let’s walk through the 3 things you need to know about sinking funds.
Here are 3 reasons people often give for wanting a large tax refund and why you should rethink them.
Have you ever had something that was so overwhelming that you did not think you had the courage to face it? Have you ever had a financial crisis so intense that you felt paralyzed to do anything about it. I have good news!
Have you been there? Have you ever forgotten all that you are capable of? Have you ever been so bogged down by life or debt or the expectations of yourself (or others) that you lost sight of exactly what you have already accomplished? I have a secret to tell you…
What if we managed our money the way I managed my weight? What if we chose to be random about budgeting (on again/off again) the way I was about Weight Watchers? I know with certainty that we would not have paid off nearly as much and would probably have incurred more debt.
We were able to get it all done because we lived by a budget. Month in…month out…we lived by a budget. Because we used a budget, we knew exactly what money was available and could make adjustments midstream.