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2019 Debt Freedom Plan Update

Family Balance Sheet

A lot of life happened over 7 years and our plan changed slightly, but our goal remains to achieve complete freedom from debt. Our 2019 Financial Goal. We can now move on to other financial goals. Our Debt Freedom Plan (October 2019 Update): Exact numbers have been omitted at this time. 1st Update in June 2014.

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Create your debt freedom plan

Family Balance Sheet

We also didn’t feel comfortable with Dave’s suggestion of a $1000 starter emergency fund, which is his step #1. The point of the starter emergency fund is to get you through until you pay off your non-mortgage debts, at which point, you build a more extensive fund. Number 4 was knocked out in 2019.

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How our Debt Freedom Plan Prepared Us for the Pandemic

Family Balance Sheet

Our emergency fund. I am totally paraphrasing the year, but had it not been for the money in our emergency savings, we would most likely have used credit cards to survive. We reduced our spending where we could, but the money to pay any shortfall each month came from our emergency fund. It kept me up at night.

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How I’m Managing our Family Budget during the Pandemic

Family Balance Sheet

I have written often about the importance of an emergency fund. After paying off our last non-mortgage debt in September 2019, we updated our Debt Freedom Plan. We have an emergency fund, but after this crisis, we will likely need to replenish it and increase the amount that we keep. Cash is King.

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Our 2018 Financial Goals

Family Balance Sheet

Did you make 2018 financial goals ? My husband and I discussed some ideas over our holiday break and we decided on 2 solid must-achieve financial goals for the year. If we complete them early, we’ll move on to 2 additional goals that are on our radar. Our 2 Main Financial Goals for 2018: 1 – Finish the will.