I wanted to share some of what we learned last night in Financial Peace University. This is a program at our church to help us get on a budget and get out of debt. It really is basic truths, but some of us have forgotten or changed those truths to our advantage. Have you ever heard "money is the root of all evil" this is how I always heard this statement. I never even new it was scripture. The true verse reads "For the love of money is a root of all kinds of evil" 1 Timothy 6:10 NIV. Funny how the truth gives a completly different spin on my view. No not a spin but shows me the truth. Please visit http://www.daveramsey.com/ to learn more or to find a program in your area.
First things first are the baby steps.
1. $1,000 emergency fund (not a pizza, movie, new shoes fund) - JON and I are fortunate that we have our $1,000 fund in place already.
2. Pay off all debt except the house - using the debt snowball - This is where JON and I will begin our journey. This meaning that we must STOP using all credit cards, lines of credit, small loans, etc.
3. 3-6 mths of expenses saved.
4. Invest 15% of our income for retirement.
5. College Funding
6. Pay off home early
7. Build wealth and give!
So JON and I have to look at our lives and decide where we can cut the most and start our debt snowball rolling. Any extra money we recieve or JON is able to make we must make it a priority to put it toward our debt. We listed our debts smallest to largest and will attack the smallest one first ... then apply the amount we were paying that one to our snowball to attack the next so that our snowball grows. Please pray for us. This is a challenge we must as a family complete, for our own peace of mind and hearts.
God Bless!
1 comment:
Love what Dave Ramsey has to say....just so hard to follow--LOL! Good luck to you!
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