Paying off debt is (obviously) one of the biggest steps in one's journey to become, and ultimately stay, debt free. Getting rid of all of your consumer debt is great for your long term financial success because it frees up room in your budget from minimum payments to your creditors, and reduces the wasted interest that just goes to banks and credit card companies for stuff you already bought.
The key to paying off debt quickly is focusing on a single debt, and pay more than the minimum...
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The Who, Why, What and How of Budgeting
Creating a budget can lead to a lot of emotions: fear, frustration, anger, guilt, anxiety; but it can also lead to calm and contentment. A written budget tells your money what to do for you. This control over your income and outgo, is the key to achieving financial peace.
Who:
Every adult family member needs to be involved in the budget process, whether they contribute an income or not. It’s important that each person’s voice be heard and their vote count. One person may create... -
Expanded Baby Steps
While Dave Ramsey’s Seven Baby Steps have formed the map to financial freedom for many, the members of the forums have used their experience to expand the basic steps into ‘turn-by-turn’ directions.
0.1: Commit to never borrowing money ever again, other than possibly a house.
Getting out of debt and remaining debt free is the underpinning of Dave Ramsey’s plan for financial peace. That begins with a commitment to never borrowing money. Dave does make an exception for mortgages... -
Eating Well for Less - Reducing Food Bills
Plan a Menu Around Sales and Stick to the List
Write the menu on the family calendar. The activities listed on this calendar will identify crunch days so you can plan accordingly like making a slow cooker meal. I bring the sales flier to the dinner table and request family input while they are still hungry because the feedback is better. I also make note to stock up on frequently used items, like canned tomatoes, that are at rock bottom prices. Sticking to the list is impossible for me but... -
Dave Ramsey's Baby Steps to Financial Freedom
Dave Ramsey believes that by following his Seven Baby Steps people can achieve Financial Peace. Eliminating debt, saving for the future and paying off your home are all financially important goals, but trying to do them all at once will dilute your efforts. The Baby Steps plan works by focusing all your energy--and income--on one of these goals at a time.
Baby Step 1: $1,000 in an emergency fund
You might be tempted to skip this step and jump to paying off your debt, but... -
Clean Like Grandma Did
Cleaning supplies have gotten very fancy, convenient, and disposable. In spite of that, I still don't enjoy cleaning. It got me wondering why I was spending so much of our budget on these fancy items when it really did not materially decrease the time it took to do the work nor increased my enjoyment of the activity. Buying these items definitely had a material and negative impact on the financial goal at hand whether it be the the snowball, the emergency fund, the college fund, and/or the retirement... -
My Secret Envelope
I have a secret envelope, and it is hidden in a special place. At one point last year, this envelope had $2,500 in it. The money that goes into it does not come from a paycheck or tips from a part time job. The money in this secret envelope comes from selling items we no longer need around the house.
This envelope is my envelope. I get to choose where to spend the money. It has funded some really nice things like a new chair for the office and upgraded tile for the new shower. I was... -
My Journey to Debt Freedom (Cwilli's Debt Free Story)
This is our BS1 to BS7 story previously shared in the old forums. I was forced to recreate it from scratch and have taken this opportunity to provide more detail and move the story forward from where it “ended” in the original version.
The purpose of telling our story is to inspire others.
We started our Total Money Make Over with our first budget on December 1, 2008, but I feel like I should provide a little background so you’ll know where we were coming from.
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What to Do When a Debt Collector Contacts You
When you are behind on your debt payments, every ring of the phone can fill you with dread. While there is no magic wand to make your debt disappear, there are some steps you can take to protect your rights when dealing with a debt collector.
The Fair Debt Collection Practices Act (FDCPA) enforced by the Federal Trade Commission regulates debt collectors. Certain behaviors are not allowed under FDCPA. A debt collector is not allowed to call you during unreasonable hours; too early or... -
Put that Dining Out Dollar to Work
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Put that Dining Out Dollar to Work
Everyone is busy and most family cooks find it daunting to produce three meals a day. With a full-time career, I end up spending a lot of time on weekends prepping and preparing food to be available for brown bag lunches and for quick meals on busy evenings. I confess that we end up eating out more than I care to admit. I just prefer to be served than to be the server. I also get tired of my own cooking. Once I accepted that eating out is part of our "normal," I decided to focus on eating... -
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