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BlogCatalog April 15, 2009

Posted by 2bdebtfree in Financial Debt Budget.
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How much debt can you pay off in 3 months? April 6, 2009

Posted by 2bdebtfree in Financial Debt Budget.
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I hope everyone is keeping track of how much debt they have paid off so far this year. This is the best way to motivate a family to keep up the hard work and get your debt paid off as fast as you can. Drum roll please….From Jan. 1st, 2009 – March 31st 2009 we have paid off $4,650.84 of debt. That is an average of $51.67/a day that we have paid off. Now, that is not typical in any way. We have a had some really good things happen to us and we follow our plan to pay off debt. If you have a plan it can make a huge difference. Here are some of the good things that have happened so far this year…

We got a decent Tax refund that went straight to debt.

We received a refund on our escrow account because we changed home insurance.

I have another part-time job for the first 6 months of the year.

We stopped putting money away for retirement until we have paid off everything but the house debt.

If we can do it, so can you. Start paying off your debt now.

Baby Bill Blues…Don’t Cry for Us. April 4, 2009

Posted by 2bdebtfree in Financial Debt Budget.
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In 2008, my wife and I decided that we needed to get on a budget. It wasn’t easy and we worked on it, month after month. At the beginning of the year, I took a second job and worked from home for 6 months to make some extra cash to pay for the baby delivery. We started to make progress in January, but in February everything was put on hold because I fell and broke my hand on some ice. This set us back around $2,500 and we then owed even more than what we did at the beginning of the year. But we worked hard, and paid our debts down and paid $11,700 in really 10 months. Did I forget to mention that we also had a baby in June! By the time the baby came we had already paid down our debt that we didn’t even include our debt from the baby delivery. We had all of our Baby Bills paid within 2 months because we had saved and planned for him to come.

Don’t Fall Victim to the Debt Society. March 4, 2009

Posted by 2bdebtfree in Financial Debt Budget.
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debt_society_zombieIt is never too late to start working on becoming debt free. Here at the debt freedom class we want to help everyone that has fallen into the Debt Society. We feel that we need to keep up with the Jones’ new this or that. But what we don’t know is that the Jones probably bought that new whatever on credit. Which means? They don’t really own it yet. They have it and they can play with it, but they will also be paying for it for in the long run. I mean in the looooong run. If the Jones’ bought new fancy living room furniture for 0% down and no payments for 2 years. The original cost was $3,000. If they made payments for those 2 years it would only be $125/mo. That sound cheap. Here’s the problem with that , lets say Mr. Jones lost his job. He has no emergency fund and can’t pay for the furniture for the next 2 years because he ran up his credit cards while looking for a new job. So after those first 2 years are up the interest was 29% on his furniture. He now owes $4,740 and the interest keeps piling on…. The Debt Society wants you to believe that low payments are the way to go. Truth is this, it just adds risk to your financial future.

By the way, that furniture the Jones’ own is now 2 years old, starting to look a little ragged, and has some stains. Does anybody really want to pay $4,740 for stained and ragged furniture? …I didn’t think so….