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Money Matters: How to Prepare Your Finances for a Recession

Motherhood Moments

Prepare by paying off debt. Hatch a plan to tackle your debt, particularly high-interest balances, to help you free up more cash. Consider strategies such as the debt snowball or avalanche methods or explore credit counseling to get a personalized action plan to attack your debt.

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Meet Jackie. She and Her Husband Paid off $147,000 in Debt | Debt Free Stories

Family Balance Sheet

About $52,000 of that $147K was consumer debt (credit cards, a student loan, a car loan, a home improvement loan, etc.) But it wasn’t a decade of nothing but paying off debt. When we first started we couldn’t have even conceived of becoming completely debt free. What inspired you to get debt free?

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2019 Debt Freedom Plan Update

Family Balance Sheet

To ease my anxiety about our new loans, we took the Financial Peace University home course and it changed how we thought about debt. From what we learned in the course, we wrote our Debt Freedom Plan. We loosely based our plan on Dave Ramsey’s 7 Baby Steps, but modified them to address our needs and lifestyle.

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Ways to Beat Lifestyle Inflation

Prairie Eco-Thrifter

On top of that, now, I don’t have to pay tuition. And I am, of course, no exception. Keep Your Goals in Mind When your income increases or expenses drastically decrease (like when you pay off debt), keep your goals in mind. Why were you working so hard toward making more money or decreasing your debt?

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Start Planning and Budgeting for Summer TODAY!

Family Balance Sheet

– Look for coupons on Groupon, your local coupon magazine, the Bonus Book, or the course’s website. They’re all designed to help you save money, pay off debt, and achieve your financial goals, so please take advantage of them. Play miniature golf. Hit the tennis courts. Share in the comments!

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How to Save Money in 2016

Saving Cents With Sense

I know many of you are in similar situations of needed to save, but wanting to pay off debt, and eventually be able to put money in savings. Through lay offs, new jobs, new schools, illness, and everything else involved with a family, we have had our ups and downs. Make a list (with coupons of course!)

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Create your debt freedom plan

Family Balance Sheet

Stressed out, we ventured into Dave Ramsey’s online Financial Peace University home course for help. Prior to FPU, we thought we were doing well financially and never considered that we had too much debt. It’s time to know your numbers, and of course, I’m going to suggest you create your family’s balance sheet ;).

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