It’s been nearly two years since first discovering Dave Ramsey’s financial secrets and suggestions to becoming debt free. We’ve been diligent about adhering to our revised budgeting plan, previously discussed here. We are still paying on student loans; however, our totals have decreased dramatically, and in just a few short months, E’s loans will be paid in full. Dave Ramsey’s ideas on the Debt Snowball Method have really been helpful and a great tool in staying motivated throughout the process.
Now that summertime is upon us, we’ve also had to revise our budget a bit to account for a slight decrease in pay. Ethan and I both got new jobs and though my salary increased, Ethan’s decreased. Now, as we face a home mortgage and tackling my student loans, our budget (until October when E begins avalanche forecasting again) reflects a slightly lower net pay, with more of our disposable monies going toward our debt.
Having even stricter limitations with our money than before makes this process a bit more motivating (and challenging). We’ve already crafted our newest budget and a plan for the remainder of the summer. The last few weeks of June will be tight and we will likely have to impose austerity measures to get through them. I know we can do it.
Anyone else in a similar position? What budgeting plan or systems have worked well for you? What challenges are you facing? There are several budgeting plans and worksheets available online. I certainly won’t claim to be an expert, but our simple plan has worked well for us (sample plan coming soon). I’d love to hear your thoughts and opinions on the subject matter, as I can talk money, budgeting and finances all day long. It’s seriously good stuff.