Scott and I invested in purchasing the Financial Peace University home kit for Christmas last year. We started the session in January and that started a crazy journey together. If you know anything about Dame Ramsey's Financial Peace University, it has baby steps to getting out of debt and growing yourself financially.
Baby Steps:
1. $1000 in an Emergency Fund
2. Pay off all debt with debt snowball
3. 3 to 6 months of expenses in savings
4. Invest 15% of income into ROTH IRA or retirement
5. Begin college funding for children
6. Pay your house off early
7. Build your wealth and give!
We had baby step 1 knocked out! Though, it was difficult to move forward to step 2 paying for a wedding though.
It took us until June to get back on track. Now here's where some tricky things come into play - neither of us got a paycheck in June. So we plan and intend to pay off debt but are stuck in place until pay comes at the end of July. The goal though is to pay off ALL student loans, the new car, and credit cards within 2 years! The house will be in the mix of this at some point but that is still on hold until I am placed in teaching.
July 2012 is our official starting point. The goal is to be debt free by December 2014.
Ready, Set, Go
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