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.

Budget Right: Getting Help with Debt

For those of you who read my last post on debt management here, I figured I should leave you with some places where you can get debt help if you really truly don't know where to start.

If you are struggling or unsure about your college loans (or if you just recently graduated, like me, and are dumbfounded at that huge financial commitment you made about four years ago when all you wanted to do was move into the dorms with your friends), check out this site, called You Can Deal With It. This is a great site full of resources to help your manage and get help in paying back your student loans. For example, you can learn about the different repayment options available for your loans and find out who to call if you are about to default. It also discusses loan consolidation, and gives you tips on how to practically manage your money.

If you need debt help with credit cards, this site also provides some valuable information on step by step actions you can take now to help eliminate it.

With the Obama Administration's new financial stimulus plan, there is real help for those of us (in the USA) who've found themselves unable to pay the mortgage. Click here to visit the government's website to determine if you are eligible for refinancing.

I hope this helped steer you in the right direction if you are having trouble getting debt help.

Click here to read my review of Dave Ramsey's bestselling book, Total Money Makeover. I really encourage anyone who's trying to get control of their finances to read his book. You can buy it here.

Stay tuned for more on budgeting right as well as more principles from Dave Ramsey!

Budget Wednesday: Total Money Makeover

Today I decided to post about a book that has made a huge impact in that way I handle my personal finances. Dave Ramsey's book, Total Money Makeover: A Proven Plan for Financial Fitness, is all about helping individuals get out of debt and gaining control of their money. His motto is- "Live like no one else today, so you can live like no one else tomorrow!"Ramsey offers a Christian perspective on personal finances and emphasizes principles such as paying with cash and taking baby steps that will allow you to save an emergency fund, pay off debt, save for college and pay off your home mortgage. His book is literally packed with personal testimonies of success from using his system. He also includes budget charts and other graphs to help you through the process.

Dave Ramsey has been changing lives through his books and his radio talk shows, and he can change yours too! Even if you consider yourself a guru in budgeting and personal finance, Total Money Makeover is a great read as well as reference tool. I encourage all of you (if you haven't already!) to check it out!

*image copyright Amazon.com