Commit. Plan. Take action.
The average American debt to include, vehicle loans, mortgages, student loan debt, and credit cards is a whopping $104,000. Consumer debt hovers just under $23,000 at the end of 2023. If your family is in debt, you’re not alone. Sad to say but debt is a completely normal part of western culture.
While climbing out of debt as a family can feel overwhelming, there are a few things you can do to become debt free. If you’re committed to it and apply yourself thoroughly, you can make it happen.
Financial peace is not just about having a comfortable account balance; it’s about having control over your money and making it work for you. If you’re constantly worrying about bills, debt, and the future, it’s nearly impossible to enjoy life to the fullest. Financial stress can affect your mental and physical health, your relationships, and even your career. That is why it is crucial to adopt an approach to break free from the cycle of financial struggle.
Financial Peace University (FPU) is a comprehensive financial education program developed by personal finance expert Dave Ramsey. With over 25 years of experience in helping individuals and families achieve financial freedom, Dave has become a household name in the personal finance niche, and FPU was born from his years of research and expertise in the field helping millions conquer debt and build wealth.
The program offers practical guidance and proven strategies to help you build wealth, eliminate debt, and create a solid financial foundation. With a focus on budgeting, saving, investing, and smart money management, the program equips you with the tools and knowledge you need to make informed financial decisions and achieve your long-term goals.
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If you’re not looking to spend months and multiple weeks per night in a virtual or traditional classroom setting, this Dave Ramsey offering may be the right debt reduction course for you. Financial Peace University is nine weeks long and can be taken either virtually or in person.
Each week you’ll meet in a comfortable setting with your group and coordinator for a one to two-hour session where you’ll have discussions, complete activities, and watch a video lesson aimed at driving home the debt transformation message. If there are scheduling conflicts, you can also opt to take Financial Peace University alone and at your own pace virtually.
Of course, one of the most important elements of any self help program is the price. You want to make sure you’re getting the best value for your investment, and you should. Financial Peace University costs $79.99 for the full course. Once you buy the course, you can enroll in any Financial Peace University class at any time at no additional cost to you. If you’re married, your purchase covers your spouse as well.
If you’re on a tight budget, $79.99 may seem like a lot of money. But seriously ask yourself how did you end up in your financial position in the first place and what is the cheaper alternative to improve it if you cannot afford the $79.99. Here are 5 motivational hacks to help with your debt.
It is also possible to purchase FPU as a gift for someone else by entering their contact information at the bottom of the form when making your purchase. They’ll then receive email with instructions on how to login and set up their account.
If that pricing seems a bit steep, Ramsey gives out his seven-step program as a free download. You can find the baby steps here without paying a penny. The 7 Baby Steps are the core principles within FPU. By following these principles, individuals can build a solid financial foundation and set themselves up for long-term success even if they cannot afford the course which goes into great detail about each step and provide a wealth of addition information.
Financial Peace University not only equips participants with practical financial knowledge but also works to transform their money mindset. By addressing the underlying beliefs and behaviors that contribute to financial struggles, FPU helps individuals develop a healthy relationship with money. Participants learn to overcome impulsive spending, avoid debt traps, and make informed financial decisions that align with their long-term goals.
You might be wondering if Financial Peace University is legit and worth the money or your time. Whether FPU is worth it or not to you and your family really depends on you dedication to the principles long term. Financial Peace University not only equips participants with practical financial knowledge but also works to transform their money mindset. By addressing the underlying beliefs and behaviors that contribute to financial struggles, FPU will help develop an overall healthy relationship with money, but you have to do your part.
Reviews on Amazon are fairly positive and in the 4.5/5 range. On average, its a lot more difficult to find widespread negative reviews across the web, though some users have shared their personal negative experience with the program on platforms such as reddit and Youtube. According to Ramseysolutions.com. “FPU graduates pay off an average of $5,300 in debt and save an average of $2,700 in just 90 days. That’s a financial turnaround of $8,000—all for a few hours of your time over a few months.” Results from programs like this one can vary greatly, but there are countless personal stories of transformation. Many individuals and families have been able to turn their financial situations around and achieve financial freedom through the program. These stories serve as a testament to the effectiveness of FPU’s principles and strategies. From paying off massive amounts of debt to building substantial savings and investments, they show that financial freedom is achievable for anyone who is willing to put in the effort and follow the plan.
In addition to the core curriculum, Financial Peace University also offers a wealth of additional resources and tools to support members on their financial journey. These include books, workbooks, budgeting tools, an online forum, and access to a community of like-minded individuals. Financial Peace University also provides ongoing support through its network of trained financial coaches who can provide personalized guidance and assist with accountability.
FPU Coordinators are passionate volunteers that require require no special training or certification. If you’re passionate about helping others manage their money, you can support the program by becoming a FPU Coordinator. There is no cost associated with becoming a coordinator to facilitate FPU classes and Ramsey’s team will provide all the needed tools from promotional material to a digital Coordinator Guide.
While Financial Peace University is a comprehensive program, there are also other resources available for further financial education and support. Dave Ramsey’s best-selling books, such as “The Total Money Makeover” and “Financial Peace Revisited,” provide additional insights and strategies for achieving financial freedom. Ramsey’s podcast, “The Dave Ramsey Show,” offers daily episodes where he answers questions and provides advice on personal finance. Ramseysolutions.com also offer numerous free articles, tutorials, and tools to help on your debt-free journey free of cost or without creating a Financial Peace University login.
Unlocking the path to financial peace is possible with the help of Dave Ramsey’s Financial Peace University. By embracing the principles taught in the program and applying them to your life, you can break free from the cycle of financial struggle, eliminate debt, build wealth, and achieve true financial freedom. Take the first step towards transforming your money mindset and enroll in Financial Peace University today. Your situation with money will change when you do.
It is that time of year again, where many people are making resolutions and ours, yet again, is to pay off our debt. We have had some success this year, and even this month, but we are making aggressive plans for next year to help us become debt-free and plan our future. Here’s the latest progress we’ve seen and what we’ve decided for next year so far.
These were our debt numbers last month…
We’ve made some progress! Here are the numbers this week…
While it isn’t much, it is another $900+ paid off this month, and we are making big plans for 2020.
My husband and I have decided to bite the bullet and buy the Financial Peace University from Dave Ramsey. It is going to be our Christmas gift to one another (plus something else small for each of us). We’ve been listening The Dave Ramsey Show pretty often and believe purchasing the program and following the steps closely will really help us reach our goal of being debt-free.
By following the program, it is quite possible that we will be debt-free year year (or soon after). The idea of having all of our debts paid off and potentially be able to buy a home afterward is the dream for us. We both know it will be a lot of hard work, but it will be so worth it. And I can’t wait to keep you all updated on our progress next year!
When you look back on what you have been able to accomplish in your life, chances are that it was all possible due to debt.
Without a loan, you wouldn’t have owned your first home.
Without a loan, you wouldn’t have driven that first car of yours.
And without a loan, you couldn’t have earned that first degree.
In other words, debt can truly be a good thing. However, according to the old adage, you can have too much of a good thing. If you feel that you have piled up too many loans, there are tips to help you pay off your debt in a smart and efficient way.
So, how much debt is too much? Here is a rundown on how you can determine your maximum debt limit. Let’s get started!
A good way to determine how much debt is too much in your situation is to look at your ratio of debt to income.
To get this figure, you should divide your recurring debt each month by your gross income each month. You will then express this figure as a percentage.
Your monthly debt includes anything that you have to pay each month. This includes, for example, your mortgage, credit cards, car payment, and student loan.
Meanwhile, your gross income is the amount of money you bring home prior to paying taxes, Social Security, and insurance.
If you have $3,000 in current debt and generate a gross income of $6,000 per month, your debt-to-income ratio comes out to 50%. Unfortunately, this is not a good figure.
Many lenders generally like to see ratios of around 36% maximum. In fact, some financial advisors state that ratios of more than 20% are indicators that consumers are borrowing too much. Still, others say that near 30% is the magic number.
What does this tell us? It tells us that there’s no black-and-white answer for how much debt is too much for you. However, if you find that your disposable income each month seems insufficient, you’re probably carrying more debt than you should.
If you’re wondering whether to get that next loan, ask this question to yourself first. “How much debt is too much?”
There are many different reasons to get a loan. Irrespective of the circumstance, you must eventually pay back the borrowed money. Therefore, it is always advisable to not borrow more than you need and your repayment ability.
When you start feeling the burden of too much debt, consolidating all of them into one can help you simplify your finances. In some cases, you may even be able to reduce the monthly payments.
The next time you decide to get a loan, determine your requirement, check about your ongoing debt payments and figure out how much you need. There are lenders who also help you to determine the ideal loan amount and then design a suitable repayment term for you.
Always find the right fit lender and loan fit for your financial situation.
Image source: Institute for Money and Technology.
Taking on a side job or part-time job is no small task. Many people who choose to take on a side job to pay off their debt don’t have kids or any family responsibilities. If they do have a family, the other half of the marriage is generally caring for the kids and home. That being said, taking on a side job is a great way to pay down and pay off your debt. You’ll want to be able to generate a decent amount of income if you’re putting in the effort though. Here’s five of the best side hustles to use to pay off your debt.
If you’ve got a knack for writing apply for a freelance position or post your resume on a freelance website. Most companies pay per article or per word so you’ll be able to rack in a bit of money. Depending on your experience and the place you’re writing for, pay can be anywhere from $25 up to the thousands.
Social media assistants can make pretty decent money and the work isn’t all that demanding (if you’re tech savvy). For the most part you just man the company/website’s social media pages, do promotional work and sometimes run a Facebook advertisement. Social media assistants get paid per post sometimes. If you get hired on as a social media assistant (part time) you’ll be looking at an average hourly wage of $15 per hour.
If writing and social media aren’t your thing, you can always get a traditional part-time job. Most fast food places and retail stores need part-time help. These positions won’t likely pay much (minimum wage to $10 for most) but the extra cash can help you work your way to becoming debt free. Check around or search online for part time jobs in your specific area to see if there are any available part-time positions.
Being a nanny or babysitting is another great way to earn extra cash. If you’re good with kids and able to get good referrals babysitting can pay anywhere from $10 to $25 per hour. The greatest part about becoming a babysitter, also, is that you can pick up/turn down babysitting opportunities as your schedule allows. Care.com is a great place to start looking for babysitting positions near you.
Becoming a salesperson may seem like a full-time gig but many people have become rather successful selling items part time. You may have seen the “ITWorks” girls on Facebook or even had friends that sell LuLaRoe. Either way, these sales opportunities can help you pay off your debt over time. Just remember to check for the signs of a scam before jumping into a business venture.
These are just a few side jobs that you can take on to help you pay down and pay off your debt. Do you have any other side jobs that could contribute to someone’s savings or “debt fund?”
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Debt consolidation is an option many people turn to when they feel they are drowning in debt. There is no doubt that, for some, it is a great option to consolidate and pay off your debts. So, if you have to pull out a debt consolidation loan, how do you do it?
Of course, consolidating your debt isn’t an overnight process. It will take some work and planning on your part. However, it doesn’t have to be complicated. In fact, it is as easy as 1-2-3:
Before thinking about taking out a debt consolidation loan, consider whether you have enough debt to consolidate or not. Take some time to write down all of your debt. Include any loans and credit cards you have that need to be paid off. Generally, if this amount is $10,000 or more you can pull out a debt consolidation loan to ease your payments.
Be sure to list each of your debts along with the interest rate. Lower interest rates on payments may be worth simply paying off instead of consolidating. You may also want to consider seeking debt counseling before settling on consolidating your debt.
Once you’ve established your need for a debt consolidation loan and have identified the debts you want to target, research the different types of consolidation loans available to you. Generally, there are three debt consolidation loans to choose from:
After deciding what debt consolidation loan is best for your repayment needs, determine the terms of your loan. If you can only afford $200 per month towards debt repayment, adjust the length of your loan accordingly. You should also be sure to put your payment date on a date that is always convenient for you. To ensure the loan payment is always made, set up an automatic payment. Making the payments in full and on time will help your credit score significantly.
If you find yourself gravitating towards a debt consolidation loan, you’re not alone. Just be sure you go through the steps above and define the best course of action for you and your finances.
Readers, have you taken out a debt consolidation loan? What was your experience?
An astounding 15 percent of Americans believe they will be making payments on their credit cards until the day they die. On top of that, one-third of Americans believe it will take up to 20 years to pay off their current debts. Because of the overwhelming amount of debt most people living in the United States carry, many people find themselves wondering when debt settlement might be a viable option.
While finding a way to settle your debt may be tempting, it isn’t always the best way to handle your finances. Essentially, a debt settlement company will negotiate a payoff amount for your account. You will no longer pay the creditor and, instead, will begin making payments to the settlement company. However, the process of working with these companies can actually hurt you.
During the process of working with the debt settlement group, you will have to cease making payments on your debt. These companies also don’t typically don’t start working with people until their debts have been past due for months. This means that your credit score will likely tank.
It also isn’t as good for your credit score as paying the account off in full. Normally, when an account is settled, it will be noted on your report as “Paid-Settled,” which is good. It doesn’t have as good an impact on your credit as a “Paid in Full” status though.
Additionally, using a debt settlement group can also make you feel like not paying your debts is okay. You aren’t really learning much about changing your habits to improve your long-term financial health.
That’s not to say that debt settlement isn’t a good idea for some people. It is a necessary evil in some cases to avoid filing for bankruptcy or going into more debt with neverending interest being tacked onto your accounts.
Instead of settling, you may want to consider getting debt counseling. Contacting someone who is an expert in dealing with debt can help you see a way out of your mess. Sometimes being in debt makes it difficult to see a way out. A counselor can help you come up with a debt management plan and assist you in coming up with a doable plan.
If debt counseling isn’t for you, consider opening up communication with your creditors. Talking to them about your options may open another door for you. Many creditors will allow you a few months off of making payments for hardship. Give them a call and see what you can do.
And, if all else fails, debt settlement can be a good choice. I personally settled a debt with a third-party company recently. It helped me knock that off my credit and received a letter that it was paid in full. It helped my credit score tremendously and put a fire under me to get it paid off. If you’re already behind (like I was) it can be a good option.
Readers, have you ever settled a debt? What was your experience?
Are you feeling overwhelmed by your financial situation? Are you constantly stressed about money, living paycheck to paycheck, and unable to build a secure future? Many individuals and families struggle with financial burdens, and it can take a toll on every aspect of your life. But there is hope. GreenPath, a trusted leader in financial counseling and education for over 60 years, is here to help guide you on your journey towards financial peace.
With GreenPath, you’ll have access to a wide range of resources and services designed to empower you to take control of your finances. Their expert financial counselors will work with you to create a customized plan based on your unique circumstances and goals. Whether you need help with budgeting, debt management, or credit counseling, GreenPath has the knowledge and expertise to support you every step of the way.
The first step towards financial peace is understanding your financial situation. This means taking a close look at your income, expenses, debts, and assets. GreenPath’s financial counselors can help you create a personalized budget that takes into account your unique circumstances and goals.
One of the most effective ways to take control of your finances is by creating a budget. A budget is a plan for how you’ll spend your money each month. It can help you prioritize your expenses, avoid overspending, and save for your goals.
GreenPath’s financial counselors can help you create a budget that works for you. They’ll take into account your income, expenses, and goals to create a personalized plan. They can also provide tips for sticking to your budget and adjusting it as your circumstances change.
One of the key benefits of budgeting is that it can help you avoid debt. By prioritizing your expenses and avoiding unnecessary purchases, you’ll be able to live within your means. This can help you avoid relying on credit cards or loans to make ends meet.
If you’re struggling with debt, GreenPath Financial Welness can help. Their financial counselors can work with you to create a debt management plan that fits your needs. This may involve negotiating with creditors to lower interest rates or payments, consolidating debts into one manageable payment, or exploring other options for debt relief.
Debt consolidation is a popular option for individuals with multiple debts. This involves taking out a new loan to pay off your existing debts. The new loan typically has a lower interest rate than your existing debts, which can help you save money in the long run.
Another option for debt relief is a debt management plan. This involves working with a credit counseling agency like GreenPath to create a plan for paying off your debts. Your counselor will negotiate with your creditors to lower your interest rates and payments. You’ll make one monthly payment to the credit counseling agency, who will then distribute the funds to your creditors.
In addition to providing phone and internet debt management services, GreenPath also operate multiple brick and mortar locations within the United States which offers in-person appointments. Services and operating hours vary by location so head over to their contact page to verify if your requested in-person service is available in your area.
When it comes to financial services, transparency is paramount. The contact section of Greenpath’s website lists several phone numbers and counseling hours making it a breeze to engage with a counselor or have your general questions about their services answered without waiting for a response via email.
Building an emergency fund is an important part of achieving financial peace. An emergency fund is a savings account that you can use to cover unexpected expenses, such as car repairs or medical bills. Having an emergency fund can help you avoid turning to credit cards or loans in times of financial stress.
GreenPath’s financial counselors can help you develop a plan for building an emergency fund. They can provide tips for saving money on everyday expenses and help you identify areas where you can cut back. They can also help you set savings goals and track your progress over time.
Another way to save money is by reducing your monthly bills. GreenPath’s counselors can help you negotiate with service providers to lower your bills or find more affordable options. They can also provide tips for reducing energy usage and other expenses.
Investing is an important part of building long-term financial security. GreenPath’s financial counselors can help you understand your investment options and create a plan for investing in your future.
One of the most popular investment options is a 401(k) plan. This is a retirement savings plan offered by many employers. With a 401(k), you can invest a portion of your pre-tax income into a retirement account. Your employer may also match a portion of your contributions.
Another option for investing is a Roth IRA. This is an individual retirement account that allows you to invest after-tax income. The funds in your Roth IRA grow tax-free, and you can withdraw them tax-free in retirement.
GreenPath’s financial counselors can help you determine which investment options are right for you based on your goals and risk tolerance.
The GreenPath Financial Wellness Portal offers a convenient and user-friendly way for clients to access their financial wellness accounts. Here are some key features of the portal:
GreenPath offers a wide range of financial counseling services to help you achieve financial peace. Their expert financial counselors can work with you to create a customized plan based on your unique circumstances and goals.
Their services include debt counseling, credit counseling, housing counseling, and bankruptcy counseling. They can also provide financial education and budgeting tools to help you manage your money more effectively.
One of the key benefits of working with GreenPath is their non-profit status. They’re committed to providing unbiased advice and support to their clients. They don’t receive commissions or bonuses for selling financial products, so you can trust that their recommendations are in your best interest.
In addition to their counseling services, GreenPath offers a wide range of educational resources and tools to help you improve your financial literacy. Their website includes articles, videos, and interactive tools on topics like budgeting, credit scores, and debt management.
They also offer financial education courses and webinars. These courses cover a variety of topics, including budgeting, saving, investing, and retirement planning. They’re designed to be accessible and informative, regardless of your financial background.
Consumer Affairs Green Path Financial has GreenPath Financial at an impressive 4.8/5 stars from over 848 reviews. A testament to their outstanding service and no question as to whether their services is legit or not.
GreenPath has helped thousands of individuals and families achieve financial peace. Their clients have shared their success stories and testimonials on GreenPath’s website, highlighting the positive impact that their services have had on their lives.
Many clients have praised GreenPath’s financial counselors for their expertise and compassion. They appreciate the personalized attention and guidance that they receive throughout the counseling process. Others have highlighted how GreenPath’s services have helped them achieve their financial goals, such as paying off credit card debt or saving for a down payment on a home.
Achieving financial peace is possible, and GreenPath can help guide you on your journey. By understanding your financial situation, creating a budget, managing your debts, saving for emergencies, and investing for the future, you can build a strong financial foundation.
GreenPath’s financial counseling services and educational resources can provide you with the tools and support you need to make informed financial decisions. Don’t let money worries consume your life any longer. Take the first step towards financial peace by joining GreenPath today.
Online lending sites have become a practical option to get rapid money. 89cash.com is one such website that has attracted attention. We will examine 89cash.com’s benefits, drawbacks, pricing, privacy policies, security features, and user testimonials in this in-depth analysis. Offering loans from $100 to $5000, 89Cash is a great option to acquire emergency funds in your bank account in as little as one business day after approval and loan terms acceptance.
You must be a US citizen and at least 18 years old.
Monthly net income after taxes is greater than $1000
Have an up-to-date email address, and phone numbers for both personal and place of employment
Currently employed at your currently place of employment for more than 90 days
The speedy loan approval process at 89cash.com is one of its best features. The platform is aware of the urgency of financial needs because it focuses on short-term loans. Online applications can be submitted by borrowers, who may then receive loan offers quickly. This makes it a desirable choice for individuals dealing with unforeseen expenses.
To accommodate various financial circumstances, 89cash.com provides a variety of lending solutions. The flexibility to only borrow what is required is provided by the ability of borrowers to select loan amounts that meet their needs. This strategy aids borrowers in prudent money management.
In contrast to conventional loans, which frequently demand collateral, 89cash.com mainly provides unsecured loans. For those who may not have significant assets, this implies that borrowers may not have to put up valuable assets as security, simplifying the borrowing procedure.
The accessibility of 89cash.com to borrowers with various credit scores is another noteworthy benefit. While traditional lenders may have rigorous credit standards, 89cash.com takes a more open-minded approach and allows those with less-than-perfect credit to apply for loans.
The user-friendly internet design of 89cash.com makes borrowing easier. The platform makes loan terms, interest rates, and repayment plans transparent. The ability of borrowers to make educated judgments depends on this transparency.
The higher interest rates attached to 89cash.com’s loans are a considerable disadvantage. The interest rates for short-term loans are often high due to their nature and their danger to the lender. The convenience must be carefully weighed against the cost for borrowers.
Although the ability to select the loan amounts is a benefit, some borrowers may find the loan limitations on 89cash.com to be insufficient for their requirements. Alternative funding solutions can be required for more significant expenses.
If short-term loans are not paid back on time, they may unintentionally trap borrowers in a debt cycle. Due to increased interest rates, borrowers must make sure they have a sound repayment strategy in place to prevent becoming caught in this vicious cycle.
Origination costs may be assessed by 89cash.com, raising the total cost of borrowing. To understand the costs associated with their loan, borrowers should carefully read the terms and conditions.
Due to different legislation, 89cash.com’s services might not be accessible in all states. Potential borrowers who live in states where the platform is not operational may be disappointed by this restriction.
The safety and privacy of its consumers are a priority for 89cash.com. To protect users’ financial and personal info, the platform normally uses industry-standard SSL secure connection and encryption techniques. 89Cash discloses their use of cookies to track and target users’ interests.
Like most loan marketplaces, your information is shared with 3rd party lenders who may or may not approve your loan even after gathering your personal data. Keep in mind that your personal data may also be shared with other marketing partners that aren’t involved in the loan approval process. You have the option to contact 89Cash at [email protected] to request limited sharing of your provided information.
Customer Reviews provide insightful information about the actual experiences of borrowers who have used the services of 89cash.com. Despite the conflicting opinions, it’s crucial to remember that every person’s experiences will be unique depending on loan size, the terms of repayment, and their own financial situation.
Positive reviews frequently point out how quickly loans are approved and how anyone with a low credit score can use the platform. The ease of applying online and the prompt delivery of funds for pressing expenses are valued by borrowers.
The increased loan rates and probable origination fees, however, are frequently mentioned in unfavorable evaluations. Some borrowers have voiced worries about the loans’ affordability and the possibility of getting trapped in a debt cycle if not handled correctly.
The legitimacy of 89cash.com is a prevalent worry among prospective borrowers, but 89Cash is not a scam. 89cash.com is a reliable online loan platform. Borrowers should still perform their due diligence, carefully examine the terms and conditions, and confirm that the platform complies with all applicable state and federal laws.
An easy alternative for people to get online payday loans is through 89cash.com. It has the advantages of being accessible to consumers with a range of credit scores, having a speedy loan approval process, and offering flexible lending options. Before choosing to borrow from 89cash.com or any similar platform, it is essential to carefully analyze the loan terms and evaluate one’s financial situation. Caution and wise judgment are essential while making any type of financial decision.
It has been a little while since I’ve dropped debt numbers here on the blog and, honestly, that is because it hasn’t been a main focus of ours. We’ve been working on establishing our family and our financial goals have mostly aligned with that (emergency fund and ensuring we have everything we need). Being new parents is challenging! However, we’ve been navigating everything fairly well. Here’s our latest debt update…
It has been about a year since our last big financial update on the blog. Two weeks before our baby was scheduled to arrive, we took another look at our finances, knowing it would be a while before we had time to really review them again. I am glad we did a serious review then because we truly haven’t sat down and reviewed the numbers until now. There have been so many changes in our finances over the last year and we’ve rolled with every single one. Some of the highlights have been:
All of that being said, our main focus has been addressing our needs as a family, paying medical bills, and padding our savings. So, our debt numbers haven’t moved significantly. Below is a recap of what they were last August.
Now, what are the numbers this year?
I’ve fully taken advantage of the pause on student loan payments. Once we have our emergency fund fully funded, we will be paying those off as soon as possible! That said, our EF is our main focus right now. We are also getting some items that we’ve needed around the house that are bigger purchases. So, we are using sinking funds for things like a dining table, new clothing, etc.
Once our EF is fully funded though, we plan to snowball our debt. The items in collections will get knocked out, then our car loan, and then the student loans. After we have accomplished that, we will start saving for a down payment on our first home.
All in all, we’ve made significant progress, especially when you consider where we started four years ago. We’ve cut our debt in half (and then some). I can’t wait to see all those balances hit $0.