Nice house, 2 cars, new clothes, 2-1/2 kids, and a dog-all a part of the American dream, so we're told. Unfortunately, many of the people living this dream are in debt up to their eyeballs. As for us, we have the starter home, the 2 cars, decent clothes and the kids. Whether or not to get a dog has been an ongoing discussion that will remain up for discussion until the kids are old enough to provide most of the care.
In an effort to live our debt free American dream we have come up with a plan. Sell our home-even though the market is terrible for sellers, pay off all credit cards, and pay off all loans. So far, we have managed to pay off one car and are a couple of thousand away from paying off the minivan. Three credit cards down and two to go. The biggest pain may be here for awhile-student loans. We are going to do some serious celebrating when those things get paid off.
Our plan is to 1. write down all bills, 2. write down all expenses (groceries, eating out, gas, etc.), 3. pinpoint unnecessary expenses, 4. take the extra money from unnecessary expenses and have an automatic draft into another account. The goal is to minimize spending & maximize saving and investing. We've done steps 1, 2, & 3. Boy could we eat out less. If we stick to our plan maybe one day we'll be on the Dave Ramsey show yelling into the phone, "We're debt free!!!"
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