Tuesday, November 1, 2011

Deleting Debt, Dave Ramsey Style

We're chipping away at my student loans.


It's exhilarating, actually.

My husband and I made the agonizing decision to follow Dave Ramsey's advice, postponing construction of our dream house until we've eliminated all debt. Part of me wants to live on our five acres now, with a new Jersey cow and a small flock of puddle ducks. But the other part realizes I'd breathe a little freer out there knowing our debt was gone.

Have any of you put into practice any of Dave Ramsey's principles? Is there a light at the end of the tunnel? Or what are your debt strategies?
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7 comments:

  1. LenaNovember 1, 2011 at 7:59 PM

    I think you are doing the right thing. In the long run, you will be so happy and relieved that you decided to go this route. If only I could go back in time and not acquire all the debt I did . . . 

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  2. EmNovember 2, 2011 at 11:12 AM

    I recently read one of Dave Ramsey's books and I was impressed.  Granted, we pretty much were following his principles without knowing it because it seemed logical to us.  Paying off all debt and then saving money like crazy gives you a lot of freedom.  And it is wonderful to be young and able to follow dreams without monthly payments on a loan. I've had these sorts of ideas since I was a teenager  so I worked like crazy so I wouldn't have student loans.   Now we have a mortgage payment on our house but that is ok.  The one 'rule' that we break is about credit cards.  We use our credit card to pay bills, pay for gas at the pump, buy stuff online, etc.  We  pay it off every month and use the cashback rewards to help out in the summer months when my husband doesn't get a paycheck.   

    Good luck paying off your loans - I think you are making a fantastic decision and should celebrate with every loan that you pay off!! 

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  3. Farmer's City WifeNovember 2, 2011 at 5:20 PM

    Thanks for the encouragement, Lena! I have a feeling we'll be better off this way, but with mortgage prices at this stunning low, it's also hard to wonder if we should jump on that bandwagon, too :).

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  4. Farmer's City WifeNovember 2, 2011 at 5:21 PM

    Thanks, Em, and congrats on your financial freedom!! :)

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  5. MashaNovember 3, 2011 at 11:17 AM

    Probably not the best choice, but we're just living..not out of our means, but not really saving much either. Granted, we have a nice chunk of savings from before we married that we never touched, but still, we live more along that old country song "women were made to love, many was made to be spent, life is something..you can never get again.." Financially sound it isn't, but it is so much fun. :)

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  6. Farmer's City WifeNovember 4, 2011 at 9:00 AM

    hehehe.... fun doesn't have a price tag on it, right? ;) :-D

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