My husband and I are avid listeners of Dave Ramsey's radio shows and podcasts. We have been energetically working on our debt snowball.
My husband and I got married in June of 2020. Since then, it's been crazy. I have been to the hospital several times, we have had several large vet bills, and we have heard God calling us in the direction of West Virginia. In addition, God has told me to begin ministry school, which I have been working on for the last 6 weeks. Josh is also pursuing a BA in law. The Uber Eats Driver program is paying for his tuition. In order to get in, he has to complete a couple of courses.
Through all of this, Joshua and I have agreed that we NEED to be debt-free. All of the unexpected events that life throws at us cost money.
As a result of these events and a lot of Dave Ramsey's podcasts, we started on our baby steps. Right now we have a $1,500 emergency fund and have made great progress in paying off our debt.
Both Josh and I will be posting updates on our progress and strategies we are using to get out of debt ASAP. Each of these articles will include a link at the bottom where Josh's (my husband's) article can be found. This is both for others' benefit and ours'. We are hoping that the two different perspectives will help you see the whole picture. The weekly updates will help us stay motivated while also showing others that it can be done. You can be debt-free.
Once we decided that paying off debt was our focus, we began to reprioritize. For example, we canceled our subscriptions, stopped eating out, and sold all of the things in our home that we don't use.
Anything we could do to pile extra cash on debt, we did. We ended up selling a ton of board games, books, and even kitchen appliances.
Beans and Rice
In order to pay off our car and student loans more quickly, we discussed ways to cut our spending. For a while, we were in the habit of ordering fast food almost 5 days a week. I am disgusted to say this, but we spent approximately $1,508 a month on fast food alone. You can imagine how quickly our funds dwindled. After taking a closer look at our spending habits, we realized that the only way we were going to be able to change our habits was by going on a “beans and rice” diet. And I'm not talking about El Sarape. I mean this literally. For example, we invented this delicious meal called a quessarito. It is a pan-fried quesadilla with beans inside of it. We pan-fry it with a little bit of oil until golden brown on each side.
I am currently attending full-time ministry training to help prepare me for fulfilling God's plans. As a result, I spend over 8 hours a day on training. Meanwhile, my husband is working 40 hour weeks driving for Uber Eats. With our busy schedule, it isn't easy to keep up with the household chores. As a result, we hired a house cleaner to come in and clean the kitchen and bathroom for $40 this week. It saved us time and even money because Josh makes about $20 an hour and the cleaning service took about two and a half hours.
This was a one-time thing. We had let things get out of control and needed to start at square one.
We further cut spending by canceling our subscriptions to Disney+, Microsoft, and Uber Eats. We were spending over $50 on subscriptions per month. Yikes! This helped us put an extra $50 on debt.
Next Week's Goals
Due to the fact that we are moving across the country in three weeks, we have decided to sell even more stuff around the house. This will make it so that we are closer to being debt-free and make it so that our new home is less cluttered.
Our goals for next week:
- Sell some of our chess sets, one of the printers, our old microwave, the tripod, and our old dishes.
- Merge our cell phone plans so that we save about $30
- Spend $0 on groceries/eating out (We need to eat everything in the fridge before we leave.)
We are excited to continue this journey and hope that through our example others will choose to start a debt-free journey of their own. Please see my husband’s post, below for more details about how we have worked toward paying off our debt this week.
Josh's Update for the Week
- Our Debt Free Journey Week 1
This is the first update on our debt free journey.
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
© 2021 Miranda Hoepfner