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Step #1 Complete

January 9th, 2010 at 04:19 pm

Well we have accomplished our first step in Financial Peace University. We have got $1,000 in our emergency fund. In addition to accomplishing this, it was a happy day this past Thurs. we successfully cut up all of our credit cards and yes i even got my wife to cut up her American Eagle, Gap and Old Navy cards. We are also attempting to use the envelope system for groceries and entertainment. It may be a skimpy month cash wise but I think we will make it. Next step is to start paying off the debt. Currently we have approximately $3,400 in credit card debt that will be the next to go. We will use the snowball practice to accomplish this. I am now receiving an extra $240/mo. from the decrease in my 401K contribution, this will all go towards the servicing of the credit card debt. After that approximately $2,900 in medical bills we currently have on a payment plan with the hospital. Our journey has just begun but getting past the first step makes me believe we can actually do this (now that the holidays are over)Smile

DEBT LOOKOUT!!!!!

Posted in Uncategorized | 6 Comments »

6 Responses to “Step #1 Complete”

  1. DeniseNTexas Says:
    January 9th, 2010 at 04:24 pm 1263054298
    1263054298

    Congratulations on the EF and on cutting up those credit cards. It sounds like you're on your way and adjusting. Still keeping the HD?

  2. RMichaelR Says:
    January 9th, 2010 at 04:32 pm 1263054747
    1263054747

    We have decided to keep the HD. My wife looked into it and to reduce our cable and phone package was only going to save us $20/mo so we thought the DVR and the HD package would remain, for now.

  3. janH Says:
    January 9th, 2010 at 04:47 pm 1263055642
    1263055642

    Congrats on the emergency fund!

  4. pharaohsmom Says:
    January 9th, 2010 at 04:55 pm 1263056142
    1263056142

    Good for you!

  5. creditcardfree Says:
    January 9th, 2010 at 07:46 pm 1263066388
    1263066388

    Yipee!! Great job getting started.

  6. Ima saver Says:
    January 9th, 2010 at 08:36 pm 1263069369
    1263069369

    Great news on completing step 1!

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