It’s Day 29 of The Spending Strike! Are you still going strong??? Because, in all honesty, I am REALLLLY startig to fizzle out. I’m looking forward to a big grocery shopping trip to Costco on Saturday! 🙂 To give you some motivation to stick with the no spending challenge for just a few more days, here’s another real life, get out of debt story!
The Spending Strike Day 29, Tips for Paying off Debt
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Head over to The Sustainable Couple to read Part 1 of Lindsay’s and Randy’s story – how they paid off over $31,000 in THREE YEARS!!
Here’s Part 2 of their Story…
Continued from Part 1 here – Instead of going on and on about our story, here are the highlights:
July 2009 – Randy and I attended Financial Peace University, which is a nine-week class that meets for an hour and a half each time. Each week is a new lesson which is an in-depth look at what all goes into becoming debt-free and obtaining financial freedom: Budgeting, the Debt Snowball (paying down your debt), having an Emergency Fund, Saving for Retirement and Kids’ College, Insurance (all types), and Giving. These are all the baby steps that Dave goes over in the book Total Money Makeover but takes it to a whole new level. We made so many changes over the course of that class that only added to our momentum. It was inspiring and geared up our intensity. We changed home and auto insurance, found term life insurance, canceled whole life insurance policies, canceled our home phone number, ditched the expensive satellite package (TRUST ME – you and/or your spouse WILL SURVIVE without the 150 channel package!!!), started shopping at Aldi’s… the list goes on and on. These changes may be small standing alone, but put them all together and pair them with smart budgeting and you’ve got yourself a hefty savings each month.
July 2012 – After making the last payment on our van, we were DEBT-FREE!!!!!!! We had taken care of just over $31,000 of debt by following this plan. Unbelievable. WE are THOSE PEOPLE in the book! It is possible. We may have taken longer than others might, but you know what? It doesn’t matter! We made over $31,000 go away in three years. We did it! It’s better than the alternative had we done nothing, I can say that much.
Well, I’m such a “nerd,” that I actually joined up with one the girls who led our FPU and became a Coordinator of the FPU classes. It is simply wonderful to be a part of something that could ultimately change people’s lives forever. This fall was the third group we’ve coordinated together and we are planning to start another in the next month or so.
I highly encourage all of you to either read the book, Total Money Makeover or spend just a little more money and take a Financial Peace University class. Click here to find one near you! I promise you, it will be the best $109 you will ever spend in your life. AND, I’m willing to bet you “earn” that money back after the first time you budget and “find” money you didn’t think you had before.
We are just a regular, average-income family of five that has made this plan work. Is it hard work? Yes. Does it take self-discipline and teamwork? Yes. Is it really possible? MOST DEFINITELY! Trust me, if you can commit to this, you, too, will become debt-free. I’m telling you, it’s an incredible feeling.
One last thing, I would love to give away a copy of Dave Ramsey’s Total Money Makeover and get someone started on this journey to financial freedom!! Everyone who leaves comments or has questions here will be entered to win a copy!
I really hope we’ve inspired some of you to get motivated and tackle your debt. It’s never too late. It takes some serious commitment and you must be willing to do some things that might “sting” a little bit. If you read Ally’s story, read Dave’s books or listened to his radio show, then you are familiar with his popular saying: “Live like no one else, so later you can live (and give) like no one else.”
Please feel free to leave questions here, or if you’d rather, you can send an email to [email protected]
Thank you, and good luck!
Don’t forget to leave a comment here to be entered to win a copy of Dave Ramsey’s book Total Money Makeover. All you have to do is comment and Lindsay will choose the winner and ship out your book! Easy Peasy! But hurry! Comments need to be received by THIS FRIDAY, Friday 31, 2104 at 11:59 pm.