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2019 Debt Freedom Plan Update

Family Balance Sheet

Our Debt Freedom Plan has been a long winding road. The journey started in 2012 when we bought an office building for our business and then found ourselves with a lot of debt and not enough cash flow. To ease my anxiety about our new loans, we took the Financial Peace University home course and it changed how we thought about debt.

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Our 2019 Financial Goal

Family Balance Sheet

In 2018, we decided to focus on just 2 main financial goals and before I share my 2019 goals I thought I would give you a recap on 2018. That’s the amount of our medical bills we need to pay before our bills are covered by the members’ shares. Part of me didn’t even want to make a financial goal for 2019.

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My Word for 2019

Family Balance Sheet

So will 2019 be any different for me? My word for 2019 is REDUCE. I want to reduce our debt by paying off our last non-mortgage loan. . It was a goal in 2018, but high medical bills and other financial challenges hindered our progress. My plan is for 2019 to be different. In fact, I turn 50 in 2019.

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7 Ways to Spring Clean Your Finances

Family Balance Sheet

T – time-based, tangible, In 2019, we paid off six figures of non-mortgage debts. Each January during that time, we would set a goal to pay off a certain dollar amount, and by January 1, 2019, we could see the end in sight and were able to pay off the final loan in September 2019. Review Your Bills. auto insurance.

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Our Family Finances Update: January 2021

Family Balance Sheet

Yep, I found a $20 bill last year on the beach! This money will go towards paying the actual medical bills from the injury. The backstory: In November 2019, my van was in need of new tires and I was debating on whether to get the new tires or start looking for a replacement vehicle. Found Money in January: $1681.

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How I’m Managing our Family Budget during the Pandemic

Family Balance Sheet

We paid off our last non-mortgage debt in September and have since sent that loan’s monthly payment to our mortgage principal. I set up a strategy years ago to pay for those yearly expenses , so thankfully, there’s money for these bills and we won’t fall behind. Stop sending an extra payment to our mortgage.

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How We Paid off Six Figures of Debt

Family Balance Sheet

In September 2019, my husband and I accomplished our biggest financial goal in our almost 20 years of marriage. It was so big that I cried for two days straight– we paid off six figures in non-mortgage debts. After the first year, the new business debt weighed on me. Our non-mortgage loans totaled over six figures.

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