Thursday, August 5, 2010

"Debt is Dumb"

I was just doing my daily reading of all my favorite blogs and I came across a post by Thrifty Decor Chick (which you can read here) about Dave Ramsey. She writes about how she and her family are paying off their debt using Dave Ramsey's plan. This got me wanting to write a post about it as well because just last night hubs and I were making our "snowball debt" list. If you follow Dave's plan, then you start with your smallest debt and pay it off first in order to have more money to put towards much bigger debts.

I will be honest here. It was disappointing, no rather, disheartening, once we put it all down on paper. I typed all the numbers into my calculator, hit equal, and the number on the tiny screen took my breath away. Not only did it make me sad in a way, that we had so far to go, it made me mad. I was angry that we have allowed ourselves to become slaves. Slaves to debt. We live to work and pay off our debt. When in reality we should be serving something (Someone) much more worthy. Dave says that in order for his plan to work you have to get mad. You have got to realize the crappy situation you are in and you have to be angry enough at your debt to want to banish it from your life and never let it return. And I truly believe we are at that point.

Just like the post linked to above says, we do not follow his plan word for word either. But we have a budget and we do our best to stick to it. It is awesome to be motivated to change our situation. It will be a lot better once we are able to sell Brian's car. That will take a huge chunk out of what we owe. We are so ready to be rid of our debt and have freedom from the chains that money can put on you.

Anyone else trying to get out of debt? What plan are you using?


Alicia Hamaker Oakes said...

We don't have a plan but we don't have alot of debt either. we pay about 3X what we should every month to knock the balance down further. Yes i know it sucks. we try not to buy anything unless we have the cash to pay for it. always a good thing to remember. easier said than done. keep your head up. you are both young kids who have time to work down your debt. makes you appreciate what you have and what you have worked for

Amber said...

My hubby and I are working through Dave Ramsey's approach right now too. At some point you just have to own up to the financial mistakes you have made in the past and do your best to get out of debt - and not make those mistakes again. Good luck to you!

Sarah @ Thrifty Decor Chick said...

You have to get mad is RIGHT!! Every MONTH!! :) Congrats -- keep it up!!