Monday, August 17, 2009

Starting the Debt Snowball

I thought I would share here on Wallet Wise what my husband and I are up to in regards to personal finance. One of the things we have recently embarked on is Dave Ramsey's Total Money Makeover. We've completed baby step 1 (save $1000 fast) and are working on baby step 2 (get out of debt). What's our debt? Student Loans.

Arg, debt that all too many are familiar with. With a staggering amount of student loan debt, it can be a burden, especially when considering purchasing a house. Which is what we want to do. But we decided instead to embark on a two year odyssey in paying off over 40 grand in student loan debt. It can be done, and we are ready to join the ranks of those who live life debt free, dubbed 'weird' according to Dave Ramsey! And after we pay that debt off we are going to save for 50% down on a home. :-)

Read more about the total money makeover here. Are you ready to join me in this crazy quest to get out of debt? Tune in to the Dave Ramsey Show on AM radio from 2pm-5pm Monday-Friday to get a taste of what the makeover entails and to hear stories from everyday people seeking to get out of debt for good.


Susan Tiner said...

Good for you and your husband! 2 years may seem like a long time, but it will go by quickly and free up more of your resources to apply toward your goal of owning a home.

Rachel said...


Thanks for the encouragement! We are hoping that by having a goal in mind, the work and wait will go by much faster than we anticipate.

Susan Tiner said...

Hi Rachel,

Yes, goals do tend to help make the time go by. I also think it's GREAT that you're planning to save 50% for the down payment.

Thanks for your comment on my blog today. I learned about your blog because I joined The Money Bloggers Network a few days ago. Visit the network forum to see some important updates.

If you want to know where I got the photo, let me know and I'll send you a link.

Bible Money Matters said...

Good luck you guys - we've been on the Dave Ramsey program, and it has worked wonders for us. We ended up helping to facilitate one of his financial peace university classes as well -highly recommended if you haven't taken one already!