Search

roxyrambles.com

Faith, Family, Finances, Funnies, and Flarps

Tag

debt free

Making progress πŸ’ͺ🏻

We have been so BUSY! With good stuff!!

Since I last posted…

*We have have paid $12k on my bonus sons student loan πŸŽ‰πŸŽ‰

*We are in the middle of cash flowing summer vacations

*We have now paid over $35k since we began this journey in November!

INSERT HUGE CELEBRATION HERE

For those of you considering changing your lifestyle, or trying to pay off debt… it CAN be done! It’s crazy how “simple” it is. I put that in quotes because it is HARD work and dedication like none other but the principals are simple.

On my Instagram page (moneyonmymind02) you can follow more up to date progress. I encourage you to follow financial pages (debt free hashtags, frugal, etc) as I have found this to be a huge source of encouragement. What’s crazy though are the {dare I say} cat fights I occasionally see in regards to Dave Ramsey’s plan versus the avalanche method. In DR’s plan you pay smallest to biggest whereas the avalanche goes by highest interest rate. I’ve watched people call DR fans “cult members” and I’ve seen others bash the avalanche method for not doing it right πŸ€¦πŸ»β€β™€οΈ

I always chime in and say it is YOUR journey! We started with the snowball plan due to having small debts that we wanted done quickly. That made sense! But then we jumped over to the avalanche method to knock out a high interest credit card. Here’s the deal- follow whichever plan you want! Mix it up! If you are intentional in your finances and are slashing through debt– who cares what plan you are on?? I’ve seen people start with automobiles and leave small debts waiting. For them it made sense to knock those out first. Who am I to judge?

Start somewhere. We took some HUGE leaps and dumped a lot of monthly bills to get going fast. Not everyone can or wants to so that! (Lemme tell ya… I don’t miss cable but I do miss my cleaning lady! 😭😭) Do what works for YOU!

We’ve made some major progress. We are working towards pre-paying (I guess you’d say) our summer trips. So this month there’s no “snowball” so to speak but we still have a plan and that is the most important part.

Anyone knew to the journey? I’d love to hear from you!

Thanks for reading!

For now,

Cara Roxanne

Advertisements

Knocking out debt πŸ’ͺ🏻

An up date from a precious post… we have now freed up over $1087 each month! πŸ™ŒπŸΌπŸ™ŒπŸΌ

Lets see a recap…

And as of yesterday– Citi and I parted ways. πŸ’πŸ»β€β™€οΈ it feels so good to cross that bad boy off the list!

So here’s the deal..

We are doing some avalanche work right now. It’s basically the opposite of Dave Ramsey’s plan. And don’t get me wrong– I am such a fam of Dave Ramsey. I listen to his podcasts every day on my way to and from work JUST for the inspiration and tips. However– when we knocked out our small debts we knew there were 2 that we wanted done quickly due to interest rates:

A Credit card that had over 24% APR and my bonus sons’s student loan at 8.6% interest rate.

So here’s the deal… we chose to get off course for a bit. It goes against the snowball method but it serves a different purpose for us. The credit card had an average of $350 in interest each month. And the student loan, well, that interest rate is ridiculous but my husband did the Parent Plus loan so we don’t really have any options on it.

Maybe you’re trying to decide between the two. Maybe you have tried both. It’s OK! The bottom line is knocking that debt out, right? Some people can get super stuck/committed to one and lose sight of the purpose.

I hope your journey is going well! Hang in there. Stay motivated and if you feel like throwing in the towel(or the hat? I dunno phrases are not my thing) reach out first! Email, instagram… I’m here to help!

Thanks for reading!

For now,

CaraRoxanne

This has turned into all out adventure!

I started the journey to become debt free. It’s ended up being a crazy adventure!

Through this journey so far, I have watched my husband and I “jive” like never before. We are on the same page and are communicating so much better!! πŸŽ‰β€οΈ

Crazy things have happened to me though:

1. I don’t enjoy shopping anymore.

You read that correctly. Somehow this has become who I am. Even walking in a store with a plan can be exhausting. Example: I went into Old Navy 2 weeks ago to pick up a pair of jeans for my daughter. (In the budget… btw) I also had some “fun” money in my pocket leftover. I decided to stroll through the clearance items(fav pastime) and found myself disgusted. I know, right??? What has happened to me?? I looked at some cute stuff and just kept thinking how I didn’t want any of it. I LITERALLY had money to spare and didn’t spend it. πŸ€·πŸ»β€β™€οΈ

2. This financial lifestyle change is changed a lot more than our finances.

I am finding myself more content. I am enjoying putting together outfits from my already paid for wardrobe. I am content to drive past Starbucks and come home and make me some afternoon coffee. I’ve come to enjoy sitting outside on our paid-for outdoor living area in the afternoon with a hot tea. Somehow I’ve just learned contentment. And it happened when I least expected it. I assumed NOT being able to spend money would make me want it more!! I was wrong. ☺️

3. I don’t feel as attached to my “things” yet I appreciate them more at the same time.

I OFTEN walk around my house with 2 empty Kroger sacks. I find things to throw out. I don’t put a lot of thought into it I just throw stuff away. It seems less overwhelming than having a family meeting and asking everyone to spend hours going through stuff and throw things out. I look forward to doing this! Yet at the SAME time I am finding old things and appreciating them. I was looking for sandals the other day and ran across 2 old purses. I had forgotten about them. It was like Christmas morning! With pride I switched my purse out and was happy to carry it around!!

This journey quickly became an adventure. Perhaps I reached that magic number in the 30’s. I’ve always heard that there’s a point in your 30’s when you become YOU. I never understand that until now. This has been a WILD ride and I’m lovin’ it! ❀️

Thanks for reading!

For now,

Cara Roxanne

Debt Payoff Planner

Thought I would share about an amazing app I found.

Debt Payoff Planner can be found in the iTunes or the Play store. (I know because I had a friend with a Samsung phone try to find it.) it’s blue and has a dove on it. (I have no clue why!)

Anyway– the app allows you to put in all of your debt, interest rate, minimum payment and then decide how you want your payoff plan to look. I chose smallest to largest because “that’s the Dave Ramsey way”. πŸ€·πŸ»β€β™€οΈ

It gives you a picture of how quickly you will pay off your debt using the snowball method.

I found it to be encouraging and a way to keep that motivation going! Hope you find it to be helpful.

Thanks for reading!

For now,

Cara Roxanne

$603.25

That doesn’t seem like that big of a number… does it?

debt

To me, it seems like a really REALLY big number. The weekend of November 9th (I’ve written about that here) is the weekend that my husband and I decided to get serious about our finances. We both make a decent living and have grown accustom to having some debt. That is JUST how we lived. We never felt the need to do anything different because it felt like it was “working.” When I challenged my husband (and y’all-I kinda begged) to hop on board and let’s do this “get out of debt thing” he was all in. And I was too. But I truly had NO idea what this was going to mean.

I decided the first thing to do was start on the budget. That was ridiculous. I hate doing a budget. Like I always KNEW what I needed to pay and what was due but I was NOT faithful to put pen to paper and do it on a monthly basis. While doing the budget I did some digging. I looked into bank and credit card statements and HOLY MOLY! What we were doing was NOT working at ALL!

*Let me say to check your credit card/debit card balances NOW. I found where a hotel had charged us twice and we hadn’t even caught it**

We needed to get it together! We were two grown and educated human beings who were making stupid mistakes on a daily basis. (SHAME SHAME!) I began to dissect bills that I normally didn’t even open. I knew Entergy would text me and remind me my bill was due in the next few days and what that happened-i’d pay it. Once I started going through months of statements I realized that we had some areas we could cut back in!

Through phone calls, chatting with customer representatives, and going into places saying NO MORE, I have managed to lower our monthly expenses by $603.25!!!!

Cutting the cable cord, begging Verizon for a better deal, paying off our cell phones (they get ya on the phone thing, don’t they?), canceling Amazon Prime, getting rid of the Country Club and saying goodbye to our house cleaners has freed up $603.25 EACH month!

And the BEST part is– I don’t have $603.25 left over to go blow! I have $603.25 to pay on debt!!!! I cannot BELIEVE I just said that was the best part! πŸ™‚ We are able to kick this Debt Snowball program into HIGH gear.

The grand total debt pay off since that road trip conversation took place in November= $6392.25.

Thank you Jesus! Slowly but surely we are on the way to financial freedom. It has NOT been easy but it is getting easier. It didn’t take long on thisΒ Β social media fast to get used to NOT clicking on Facebook or Instagram. And it hasn’t taken long on this financial freedom journey to say NO to things that I know I don’t need. You CAN DO IT!

Thanks for reading!

For Now,

Cara Roxanne

*DRUM ROLL PLEASE*

So I have to share this because it LITERALLY just happened.

debt1

WE PAID OFF ASHLEYS!!!! Okay so we should have NEVER bought furniture on a credit card anyway but I am *used to be* such a sucker for 45 years no interest! We started working on this balance 6 weeks ago next Monday and were scheduled to have it paid off next Friday. BUT…

My husbands bonus was more than we expected so we KNOCKED. IT. OUT! Then we did the fist bump, high five and boogy down dancin’ in the kitchen!

Here’s the deal… it was FUN to do that but it did take a second to decide. I mean it’s JUST one week early and we COULD go buy some cool stuff… but after about 10 seconds we were both like “LETS DO IT!”

It is paid off. Gone. Goodbye. No more! And it feels GREAT! It’s like a little Christmas miracle!

HO HO HO!

Thanks for reading.

For Now,

Cara Roxanne

Debt Free Progress!

Drum roll please!

We have paid off $6372 of our debt in the past 7 weeks!!!!

I’m so encouraged and motivated!!! It REALLY is happening, y’all! We have taken anything extra we had, cut back on our “fun” money while still enjoying life, and have used our gazelle like intensity to pay off our debt.

Dave Ramsey says to get MAD at your debt. That’s where we are. MAD. ANGRY! We have made some stupid decisions that took minutes to do and will now spend YEARS undoing them… but we are doing it. Step by step. Pay check by paycheck. Dime by dime.

By cutting back, sticking to our budget, and planning AHEAD we have managed to make a huge dent in our debt. BEST CHRISTMAS PRESENT EVER!

debt free

Stay tuned! Thanks for reading πŸ™‚

For now,

Cara Roxanne

 

 

Create a free website or blog at WordPress.com.

Up ↑