Prudence was interviewed on the radio earlier this week (click interview to hear it), and a lot of people have checked out my blog as a result. I’d just like to give a quick introduction to those of you who are new readers.
- I post once per week – every Saturday morning.
- If you become my Facebook friend (look for Prudence Debtfree), you’ll receive a notification every time I publish a new post.
My husband (I refer to him as DH for Dear Husband) and I began our journey out of debt in June 2012. We started out with four debts totaling just over $257,000:
#1 New Car Debt – $8,600
#2 Old Car & Course Debt – $12,800
#3 Business Debt – $80,800
#4 Mortgage – $155,000
Inspired by the book Total Money Makeover, by Dave Ramsey, we have been tackling our debts one at a time, from the smallest to the largest. We have already eliminated Debt #1!
No matter what your starting point or what your income, if you’re trying to get out of debt, you’ll encounter challenges. So far, we have dealt with a hefty van repair for $1,300 – something you might expect for a fourteen-year-old vehicle – and an emergency medical bill from the U.S. That one shocked us. At the end of July, DH was on a business trip in the U.S. when he suffered a gallbladder attack and had to see a doctor. His hospital visit lasted only about five hours, but he had to pay a “deposit” of $2,500. If that wasn’t bad enough, we later found out that the total bill was actually $6,500! We are still waiting to see if my insurance through work will cover the cost or if we’re going to have to pay an additional $4,000. So we are facing obstacles, but I can tell you that they aren’t pushing us off track.
If you decide to start a journey out of debt, you will also face obstacles that don’t come from the big bad world, but that come from your home – and yourself. First of all, you might encounter marital challenges. Although DH and I are in full agreement about our mission to get out of debt, we don’t always agree when it comes to how we spend the money that we still need to spend. Secondly, you might encounter challenges with your children. We have three daughters (I refer to them as DD1, DD2, and DD3 for Dear First, Second, and Third Daughters), and they aren’t always thrilled with the tightened grip on our household money – especially when their friends’ parents seem to be so much more generous. Lastly, you will definitely encounter challenges within yourself. I’m finding that the habits that got me into debt in the first place are tough to break, and I’ve had to do some soul searching to try and overcome them.
In the different posts of my blog, I reflect upon the challenges; celebrate the victories; mourn the setbacks; and try to keep accountable. I invite you to join me. No matter what your debt; no matter what your income; no matter what realities in your life make it difficult for you to tackle debt – I believe that the same principles apply to all of us. I welcome your comments. When I started the blog, I envisioned the formation of a sort of “Debt Watchers” community – similar to the Weight Watchers community – online. I believe we can encourage each other. Feel free to share your goals, your challenges, your advice. Let’s take this journey together.