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2019 Debt Freedom Plan Update

Family Balance Sheet

Our 2019 Financial Goal. Happy New Year’s 2019: In January 2019, we were down to one final non-mortgage loan, so we created just one financial goal for the year—-to pay off that last non-mortgage debt by December. Our Debt Freedom Plan (October 2019 Update): Exact numbers have been omitted at this time.

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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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5 Steps to CRUSH Debt + FREE Debt Payoff Goal Tracker

Family Balance Sheet

It took us years to pay it all off, but we achieved it in 2019. Being self-employed, we felt we needed more than Dave’s recommended $1000 starter emergency fund that he outlines in his book, so our first step was to save a bit more for our home and office. Did you make a goal to pay off debt this year?

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Our 2018 Financial Goals

Family Balance Sheet

If nothing changes, this loan will be paid off by end of 2019, but I’d love to move that up and say adios to this loan! If not, we’ll start saving in 2019. However, we could use a year of extra thriftiness to find any extra funds to accelerate the $10k. Save a starter Home Emergency Fund. 2017 Update.

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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. When that loan was paid off, we put that full amount towards the third loan and this continued until September 2019. It was so big that I cried for two days straight– we paid off six figures in non-mortgage debts.

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