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Update #1: Our Debt Freedom Plan

Family Balance Sheet

Our plan is going to take us several years and I think celebrating will motivate us when the going gets long and tough. Today I am proud to say that we have completed our second step : Increase business emergency savings to a specific number. We also have some renovations and equipment that cannot wait and we need to cash flow.

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2019 Debt Freedom Plan Update

Family Balance Sheet

1 – Save a starter Home Emergency Fund. Dave Ramsey suggests to have a starter emergency fund of $1000 while focusing on paying off non-mortgage debt. We have definitely dipped into this fund often, so I’m glad I strayed from his advice here. 2 – Increase business emergency savings.

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Our Debt Freedom Plan | Marriage & Money

Family Balance Sheet

Save $$$ Home Emergency Fund – Dave suggests to start at $1000, but being self-employed, ours is much higher, but it is not quite 3-6 months of expenses. We also have some renovations that we need to cash flow. | Our goal is to have everything funded by the summer. Start college funds for our two girls.

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My #SavingsPledge Goal

Saving With Shellie

I encouraged you to build an emergency fund or pay down debt with your savings. Ruth of Living Well, Spending Less is pledging to save $100 per week in order to renovate her backyard after the destruction of Hurricane Charlie. Tiny bits can be a great motivator. We are currently building a new house.

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Our 2018 Financial Goals

Family Balance Sheet

Save a starter Home Emergency Fund. Dave Ramsey suggests to have a starter emergency fund of $1000 while focusing on paying off non-mortgage debt. It has come in handy many times and if we need to use the money, we pause extra debt payments until we get back to our fund amount.| Increase business emergency savings.

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How to Start a Budget (and be successful at it!)

Family Balance Sheet

If they are, you can consider putting the extra funds into an emergency fund, pay off a credit card, or save for another financial goal. This group is a safe place where we talk, motivate, and share ideas about budgeting. What a great problem to have, right?!?! They will be helpful. We work through these steps together.

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