We made it to a HUGE milestone in our debt pay-off. We've officially paid off more than $50,000 of debt. With about $11,000 to go, we are well on our way to becoming debt-free.
So if you are like us, when we started this whole Dave Ramsey Financial Peace University/Total Money Make-Over thing we just wanted to stop living pay check to pay check. We felt broke all the time. After we got ahold of our spending and stopped living strapped all the time, we realized we were so incredibly wasteful in our spending and we had nothing to show for it. That's when we started using our excess each month (never had excess before!) to pay our debt down. We thought we could do more if we had less going out in payments each month.
After paying down some debt we realized how much of our money was going to interest. It increased our dislike and intensified our mission. Then that transformed into the realization that if something happened to our income or for some crazy reason all of our loans were called, we were in a heap of trouble! Those thoughts motivated us to high-tail it out of debt. We were under the illusion that if we can make the payment, we could afford it. The truth is, as hard as it is to admit, we couldn't afford anything we had debt on like furniture, a computer, a car, and STUDENT LOANS. Now our excess is a large sum of money each month and we are making big plans on how we want to spend that money once we are debt-free. That's my favorite part!!
2013 YTD Debt Pay-Off: $12,299.35
Amount Left to Pay-Off: $10,888.55
Total Debt Pay-Off: $50,299.35
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