Debt Update March 2012

As a recap, in July of 2010, Tommy and I took a class at church called "Common Cents". It was basically a starter course on budgeting, etc. At the end of the class, we were given Dave Ramsey's book, Total Money Makeover.

And although we are not "gazelle intense", we have worked hard to get our crazy debt paid down.  Below is an update of how we are doing.
Oh, and in case you were wondering, this has honestly changed our lives!

August 1, 2010 Total Debt Balance
(excluding the house)
$41,704.45

March 31, 2012 Total Debt Balance
(excluding the house)
$21,495.25

In 20 months, we have paid off $20,209.20 in real debt and we are almost half way done! The awesome thing is that as we continue to snowball, the debt goes away faster and faster.  Yay!

Hope you are enjoying a beautiful Spring and that the pollen doesn't have your allergies all crazy like mine!

2011 Goal Progress

In January 2011, I blogged a little list of goals that I hoped could be accomplished by 2012.  Although I didn't get them all done, I'm pretty pleased with what was done.

Here is how I did...

1. Pay off $10,000 of our debt. We have been on a true budget (yep, Excel spreadsheet and all) since August and it is one of the best things we ever did. This goal should definitely be accomplishable. Is that a word?

We have paid off a little over $16,000 since beginning in August 2010, so this goal was met - yay!


2. Blog twice a week. I started this blog as a way to keep up with my children and sadly I am seriously lacking in that regard. There is no reason I can't do better. I need to remember that not every post requires pictures!

One word - FAIL.

3. Join Weight Watchers and get serious about losing weight. My goal for the year is 40 pounds lost. When you are fat plus-sized like me, it should be attainable.

Yep, FAIL again.
4. Spend a week in Florida with the family (with minimal Blackberry usage). We love Okaloosa Island and it's an ongoing goal that we be able to spend a week there every summer while our children are at home.

Done - it was awesome as always!
5. Have the shower in our master bathroom tiled. I have hated the shower stall in our bathroom since day 1, but have done exactly zero to change it. This year I would like to bite the bullet and make it great.

We are pressing the "Pause" button on this one until the debt is paid off in about 18 months.  Can't wait!

6. Finally decorate my master bedroom! We have lived in our house for two years so it's definitely time. I recently purchased new bedding as a jumping off point so I hope to get this done in the first quarter of the year.

This room may forever be a work in progress.  I did get some things hung on the wall and we added some new accessories, but it still doesn't make me really happy.  But, I would be so bored if the house were all done!
So, that's how it all panned out.  I am working up the new list for 2012.  Did you get your 2011 list done?

2011 Year End Debt Review

In August of 2010, Tommy and I took a class at church called "Common Cents".  It was basically a starter course on budgeting, etc.  At the end of the class, we were given Dave Ramsey's book, Total Money Makeover.

And although we are not "gazelle intense", we have worked hard to get our crazy debt paid down.  In honor of the new year, I wanted to give an update that will hopefully continue to motivate us in 2012!


In case you were wondering, this has honestly changed our lives!

August 1, 2010 Total Debt Balance
(excluding the house)
$41,704.45

December 31, 2011 Total Debt Balance
(excluding the house)
$25,602.48

In 17 months, we have paid off $16,101.97 in real debt!  Yay!

Happy New Year Y'all!

Eating an Elephant - Part 4

We are currently in the midst of our Dave Ramsey Total Money Makeover.

This has honestly changed our lives!

March was a banner month for us.  We broke $10K!

We have paid off $10,077.48 in debt since beginning our plan!

August 1, 2010 Total Debt

(excluding the house)

$41,704.45

March 31, 2011 Total Debt

(excluding the house)

$31,626.97

Yay!

Eating an Elephant - Part 3

Our monthly debt update looks like this.  I get more and more excited every month!

We have paid off $8,700.07 in debt!

August 1, 2010 Total Debt

(excluding the house)

$41,704.45

February 28, 2011 Total Debt

(excluding the house)

$33,004.38

Eating an Elephant - Part 2

For years, my money has controlled me.  I have always wanted to open a children's resale/consignment boutique, but money (well, lack of) has derailed this dream.  It has also caused me to worry, have strife in my marriage and live what I feel like has been an existence of shame.  I have never known if my loan application, car financing, or credit card request would be denied and it made me feel worthless and out of control.

But, Tommy and I have begun to change!  Back in August I posted that we were beginning a budget and trying to get a plan together to work on our debt.  You can read that post here:  Eating an Elephant - Part 1.

I wanted to take the time to give a little update on our progress.

August 1, 2010 Total Debt

(excluding the house)

$41,704.45

January 31, 2011 Total Debt

(excluding the house)

$34,368.88

We have paid off $7,335.57 in only 7 months!

I am so proud of us!  Although we have had some setbacks (car repairs, house repairs, etc.), we have stayed on course and are beginning to see the fruits of all our hard work.  I'll keep you updated!  I can't wait for the day that I can scream that I am debt free!

FYI,  I have a budget spreadsheet that I am happy to share.  If you would like a copy, leave me a comment and I will pass it on.

Goals for 2011

The always fabulous Nester, challenged her readers to list some home goals for 2011.  Not resolutions or hopes and dreams, but true goals.  Wow!  That really got me thinking about some concrete things that I would like to accomplish this year - but for my home and in my personal life. 

So, in no particular order, here are my Goals for 2011 (including a few home goals):

1.  Pay off $10,000 of our debt.  We have been on a true budget (yep, Excel spreadsheet and all) since August and it is one of the best things we ever did.  This goal should definitely be accomplishable. Is that a word?

2.  Blog twice a week.  I started this blog as a way to keep up with my children and sadly I am seriously lacking in that regard.  There is no reason I can't do better.  I need to remember that not every post requires pictures!

3.  Join Weight Watchers and get serious about losing weight.  My goal for the year is 40 pounds lost.  When you are fat plus-sized like me, it should be attainable.

4.  Spend a week in Florida with the family (with minimal Blackberry usage).  We love Okaloosa Island and it's an ongoing goal that we be able to spend a week there every summer while our children are at home.

5.  Have the shower in our master bathroom tiled.  I have hated the shower stall in our bathroom since day 1, but have done exactly zero to change it.  This year I would like to bite the bullet and make it great.

6.  Finally decorate my master bedroom!  We have lived in our house for two years so it's definitely time.  I recently purchased new bedding as a jumping off point so I hope to get this done in the first quarter of the year.

Here is a sneek peek at the bedding.  You can see more here.

Do you have goals for 2011?

Eating an Elephant - Part #1

How do you eat an elephant?  One bite at a time.

Neither Tommy nor I were raised with good money role models.  Tommy was insulated from all things financial at home and dodging bill collectors was just a "normal" thing at my house.  It did not beceome an issue until the last few years.  We initially got into significant credit card debt when Tommy's income was cut in half in 2006-2007.  After his income picked back up, we added to our credit card debt through wasteful spending.  We also spent our cash like drunken sailors and didn't save.    Although we don't have collectors calling us, a large percentage of our income is spent on payments.  Lately it has been weighing on our minds.

But, things at our house are changing...

Last month, we attended a Common Cents class at our church which was basically a beginner's taste of Dave Ramsey's Total Money Makeover.  At the end of the class, we received a copy of the book.  I feel like I finally have a plan to one day be out of all this debt.  We even made a written budget - Seriously!  We are just on Baby Step #1, but it feels good!

I plan on updating at the end of each month to put out there how we are doing.  I hope it keeps us on budget and accountable.

Have any of you ever done Dave Ramsey?  Are you debt free?  Should we take Financial Peace University?




My name is Nikki and I plan on drinking a Bloody Mary while cutting up my credit cards!