Family Balance Sheet
OCTOBER 18, 2019
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.
Family Balance Sheet
MAY 6, 2020
How Our Debt Freedom Plan Prepared Us for the Pandemic. We’d survived the dip in 2007, carried no credit card debt, and we were contributing to our retirement. This new business debt weighed on me. I decided to use Dave Ramsey’s 7 Baby Steps as a guide and I wrote our first Debt Freedom Plan. Storm #2: 2013.
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Family Balance Sheet
JANUARY 20, 2023
The last time we wrote numbers-driven financial goals was 2019. That was the year that we made the goal of paying off the last of our non-mortgage debts and we achieved it by September of that year. <<— Once we paid off our non-mortgage debts in 2019, we started saving some of the debt snowball money for college savings.
Family Balance Sheet
APRIL 11, 2020
We paid off our last non-mortgage debt in September and have since sent that loan’s monthly payment to our mortgage principal. This is not an elective, fun, no-spend month like what we did in January to find funds for our summer vacation. Update our Debt Freedom Plan to reflect lessons learned during this crisis.
Family Balance Sheet
FEBRUARY 6, 2021
We think we’ll use the money towards summer vacation. 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. I talk a lot about debt freedom and that is still a goal of ours, and our Debt Freedom Plan will be adjusted.
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