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- Baby Step 1: $1,000 Emergency Fund- to cover the things that come up that you can’t plan for.<\/li>\n
- Baby Step 2: The Debt Snowball – you pay off your smallest debt, the combine that payment with the current payment of your next debt, and continue in that manner until everything but your mortgage is paid off.<\/li>\n
- Baby Step 3: Fully Funded Emergency Fund – 3 to 6 months of expenses saved for whatever life throws your way.<\/li>\n<\/ul>\n
There are other steps, but these first three will change your life.\u00c2\u00a0 We are working on baby step #2.<\/p>\n
I’m blessed to work with a couple that have been living this way for many years – they are a great source of encouragement and knowledge for me!\u00c2\u00a0 We reworked our budget – we’ve had one for years, but we decided to take the opportunity to really consider what we are funding.\u00c2\u00a0 We made a few changes but the biggest one is to use cash envelopes.\u00c2\u00a0 We’ve lived with a budget for most of our marriage, but we’ve never used cash envelopes – too scary to me!<\/p>\n
So, today was the first day of cash envelopes.\u00c2\u00a0 I admit it was terrifying to walk into the store with only cash in my pocket.\u00c2\u00a0 I had created my menu and made my list, but what if I didn’t have enough cash on hand?\u00c2\u00a0 I survived…it’s still a bit scary to me.\u00c2\u00a0 In fact, due to a few impulsive purchases – spaghetti sauce was VERY cheap and I bought an extra corned beef (yum!) for the freezer – which meant I spent more than I planned. But I think I’m ok.<\/p>\n
If you’ve been thinking you have too much month left at the end of your money and want to make a change in your life, I would encourage you to look into Dave’s baby steps.\u00c2\u00a0 It might require you to curtail a few things right now – but life without debt will be TRUE freedom!\u00c2\u00a0 Let me know if you are interested in more information….or maybe you are already doing the baby steps – let me know that too!<\/p>\n
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As we did our taxes in February, we tried to figure out the best way to handle our tax refund.\u00c2\u00a0 Fund an emergency fund to take care of some of our appliances that were getting a bit old….fund a vacation….buy a few things we’d been putting off…the options were a bit overwhelming. It was enough …<\/span> Read More →<\/span><\/a><\/span><\/p>\n
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