Three months down and nine to go — how are you doing? I just checked the tally of total debt paid off since January 1st and I am impressed! Are you ready for this? Since the first of the year, Penny Pinchin’ Mom readers have eliminated:
WOW !!! You have all been working so hard!!! One thing I did want to mention as we are now in month 3, is that I have been watching the prices of EVERYTHING slowly increasing and I am sure you have as well. That may mean it is time to make some adjustments to your budget and possibly, have to cut back a little bit on what you are using to pay down your debts.
I know it stinks. Just when you are doing so well, you have to take two steps back. It happens to all of us. But, the good news is that none of us are alone. Remember that we are all living like no one else right now so that later we can LIVE like no one else. Keep in mind the thought of going on that vacation, picking up that new shirt or even just going out to dinner — without worry – or debt!!
What is great about the challenge is that everyone going through it can help support one another. Keep checking in with the comments that are left on the all of the posts. Plus, we’ve got support through a family who is going through the Financial Makeover at CommunityAmerica Credit Union. I recently asked the family some questions. I am sure many of you can releate, so knowing you aren’t alone can help to keep you on track.
What is the most challenging part of the course? I would say the most challenging thing is planning for those little everyday expenses. We really had to take a hard look at everything and determine if this is a real need or just a want. The real challenge is learning how to not only plan a budget, but being able to live within the confines of our plan.
What do you find the easiest? It was easy to make the choice to spend quality time at home with our 4 children, rather than always needing the extra cost of going out for entertainment. Very rewarding too!! It didn’t feel like a sacrifice at all!!
What has been the most surprising part of the makeover? Once we got serious and started to see the amazing results of sticking to a budget and determining to sacrifice, it was amazing easy to stick to the plan. It really helps to celebrate our successes.
Where are you in the challenge? I feel we are doing very well with the challenge. This has been a great year so far. We are determined to stay focussed and move forward towards our goals. We know we are making good lifestyle changes — not only for the immediate time, but for years to come.
This challenge is more than a challenge. It is a change in your way of thinking and handling money. It took a while to get into debt, so it will take time and re-education in order to get back out. Just keep on working hard and you’ll get there – I just know it!!!
If you are new to the site and want to learn more about the challenge, you can check out all of the posts. Make sure to go back to the very first one and work forward so you can catch up with us. Did you recently pay off another debt? Please share the total you paid – we’d love to increase the total!!!
(I am not a financial advisor and the information listed within these Debt Challenge posts is not to be construed a financial advice. This is knowledge we gained through our own personal experiences and information as outlined in Dave Ramsey’s Financial Makeover — and is being shared as such. Participants are not required to follow any steps listed if they do not wish to do so. Financial concerns/issues should be addressed with a professional in order to receive advice and assistance.)