Friday, April 03, 2009

Baby Step 1

We did it! We did it!! We accomplished baby step #1! WE HAVE ONE THOUSAND DOLLARS IN THE BANK!!!!!

When we started FPU, Dave Ramsey said that most people can knock out baby step 1 in a month or two. Work an extra job for a bit, have a yard sale, he gives all kinds of ideas. Well, we figured we'd just use our tax return for the purpose, and we did. I called the bank today and transferred the money into savings.

I can't believe how good it feels. Every year we make big plans with our tax return money and you know what? It usually involves paying someone off. Well, this year is the beginning of the end of all that nonsense. We haven't used our credit cards since we started FPU. We have a long way to go toward true financial peace, but just stopping the madness feels good. Super good.

I called Alif on his cell phone and we rejoiced together. I am giddy!

Baby Steps:
$1,000 to start an Emergency Fund
Pay off all debt using the Debt Snowball
3-6 months of expenses in savings
Invest 15% of household income into Roth IRAs and pre-tax retirement
College Fund for children
Pay off home early
Build wealth and give

8 comments:

  1. Good job! I am proud of you!
    ReplyDelete
  2. I am so ridiculously happy for you! I know what you mean about feeling giddy when you hit a step... I felt that way when we paid off the first of one of our debts we are working on in baby step #2. Every time I write another check, I feel so much more excited, knowing we are that much closer to paying off debt and being financially free.

    Good for you for working so hard! I can't wait to hear more happy updates like this in the future!
    ReplyDelete
  3. Clap Clap Clap CLAP!!!!!!!!!!!!!!!!!!!! Your giddiness is happening right in my heart, with you!
    ReplyDelete
  4. Oh yaaaaaaay Emiles! What a freeing feeling, knowing you're well on your way. Way to bust it!
    ReplyDelete
  5. woo-hoo! rejoicing with you! have peace with your finances is awesome!!!!
    ReplyDelete
  7. Hi! Good for you - such a great thing to write about in this tough economy!

    I just found your blog by doing a search on the web. I appreciate this post because I'm always interested in learning more about being a good steward of our money. I had never heard of Dave Ramsey's FPU, so I will definitely check it out.

    God bless,
    Jen
    http://jennysuegotmarried.blogspot.com
    http://ecumenicalchick.blogspot.com
    ReplyDelete
  8. Congrats to you! Isn't it exciting? There will be so many times that you will get frustrated with snowballing. Just keep reminding yourself that you are living like nobody else today so you can live like nobody else in the future.
    ReplyDelete

Subscribe to: Post Comments (Atom)