Dave Ramsey Update Week 6

We are almost halfway thru our Financial Peace University class. Well, I am. Eric thinks he knows everything. Seriously. Actually, he thinks he knows more than Dave Ramsey. He's funny.

I've enjoyed learning new things, and putting practices to use in our everyday lives. We now sit down on Sunday nights and discuss what we need/want to spend money on for the week. We also revisit our bigger goals, in order to stay on track. I am happy to announce that ...

....

....

....

.....

.....

WE ARE OUT OF CREDIT CARD DEBT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

For the first time EVER, we used our tax refund for a worthy purpose. Usually we just buy something new, like a hot tub for the deck. This year we used our federal refund for paying off all credit cards. And it feels really, really good. I'm tickled beyond belief. I feel like we are finally making very smart decisions about our money and future.

Next on our our list is our 3 months of living expenses in an emergency fund. For us, that is around $15,000. Our monthly budget is around 5K, including everything from student loan payments, to eating out, to the water bill. I can't wait to have the security of knowing we just have 15K sitting around in an emergency account. So, that's our next goal. All of our extra money is going to that savings fund. One thing at a time; that's what I keep telling myself. We don't have our state refund yet, and that will get our emergency fund off to a really nice start. I can't wait!

You have to wait and see what the goal is after the emergency fund has 3 months worth in it. Patience is a virtue. I will say though, it's a goal I like alot. I can't wait to get to that point. But first things first!

Who would've known.....

By a simple phone call to Timewarner cable yesterday, we now save $42 on our cable bill each month. Ten dollars of that was by cancelling the HBO we rarely watch. The rest of the savings was by just asking what type of promotions they had currently. I'm excited!

Now I've got to cancel the weekend paper we never read.

Then I'm cancelling the YMCA membership that I never use. Eric plays basketball there, but he's just going to have to play at the neighborhood park until we are out of debt.

They are little things, but it's part of being dedicated to being responsible with our money.

Drake has dropped a nighttime feeding, and it is glorious. He'll eat around 8-9, then go down until 1 or so. He eats and goes right back to sleep. Then he'll usually sleep again until 6am. And from then on, he is WIDE awake for a few hours. But that's when he gives his biggest smiles of the day, so I don't even mind being up that early! As he grows and gets bigger, the pediatrician said that 1am feeding will continually push itself back. I can already see the changes happening slowly. Please don't bother leaving me a comment telling me to try formula at night, because it's heavier on his stomach. And please don't suggest adding cereal to a bottle. Those options just aren't for us, especially at two months old. I hope to breastfeed Drake until a year, when he can just switch to cows milk. And I don't want to start cereal until 5-6 months. His cheeks just keep getting chubbier every day, and I love kissing them. I'll post some recent pics later. Check back with us!

Dave Ramsey Update Week 1

Okay, I'm going to be using my blog to kinda keep myself accountable about my money. I LOVE to spend. Anyone who knows me at all isn't surprised by this statement. However, having a child has been a reality check. Combine that with this crappy economy, and I am suddenly super motivated to be debt free. I know that coming here and being able to brag about my accomplishments will encourage me!

Step one in the Dave Ramsey course is to put $1000 in an emergency fund. Eric and I met with our financial advisor today. My plan was to put $1000 from my checking account into a money market or something he recommended, to start our emergency fund. However Eric pointed out that we have checks from our home equity line of credit, and it's not maxed out. Eric wants me to in essence consider that available money as our emergency fund. But just until our credit cards are paid off. So, I'm putting that $1000 to my credit card. I called to ask for a lower interest rate, and those jerks wouldn't give me one. Our financial advisor Justin tells me Chase offers a 0% interest on transfers, so I'm going to try that next. That gives me $400 left in my checking account, and I just happen to have 4 weeks until I get paid again. So, I have $100 cash to spend each week. I hope to spend even less than that!

Well, I'm off to call Chase!

Dave Ramsey

On Sunday Eric and I are starting a 13 week series of classes called Financial Peace University, by Dave Ramsey. I first heard about it from my family in SC, b/c most of them are taking it. I'm excited about it! I can't wait to learn more about financial matters, and getting out of debt. I started finding money management interesting about 3-4 years ago, but now I'm quite curious. I want to know how to get out of debt, and stay out of debt.....so I can stay home with my kiddos. I only want to work 16-20 hours a week, so I can be room Mom. And soccer mom. So in any case, I'm excited about this course.

Drake and I are in Florence, but will be heading back to Charlotte tomorrow after Bridget's shower. I can't wait to spend some time with Eric in the nice weather. Tomorrow night we are going out for our friend Kim's birthday, and I'm so excited to go out with friends! It has been since last March that I've been out downtown dancing. And funny enough, that was also for Kim's birthday. My mom is coming to Charlotte to watch the Drakester for us, so we can go out and not worry about him.

We need to interview another nanny or two, and hopefully make a decision soon. So many things to do......