Tis the SEASON!
And no I don’t mean Christmas. I’m sure you all have your wish list and Christmas list started by now.
One of my favorite Thanksgiving traditions is buying the Waterloo Courier at the Waucoma convenience store with all of the shopping ads in it and we sort through the deals at the table.
We rarely ever actually go black Friday shopping in person. In the past I’ve done quite a bit of shopping online. I like to start making a list in the fall about all of the things that I would like such as a new pair of sweatpants a new pair of scrubs or a new pair of shoes and I wait for them to go on sale on Black Friday.
So I have been having my eye out on a few things and I’ve got my list started. Most importantly I started budgeting for my Christmas wish list about three months ago.
I want to take you all the way back to April when my son Gannon was six weeks old and was hospitalized at Saint Marys in Rochester at Mayo Clinic.
I was on maternity leave still and I ended up going back to work three weeks after I had a C-section just so that I could have some income coming in for our family. Craig hardly took any time off for work when I had Gannon.
We were sitting next to Gannon‘s crib debating on who should go back home and work so that we don’t miss any income from our paychecks.
I also opened up an email around that time that told me my credit score was in the toilet and we had just mounted up about $7000 worth of credit card over the past few months between Christmas and maternity leave.
I was desperate for anything and everything that I could get my hands on to get us out of debt. In Dave Ramsey‘s words I was sick and tired of being sick and tired. I was so sick of working so hard to see such little results of my income actually staying in my bank account.
I had heard of Dave Ramsey before and I listened to his book The Total Money Makeover. I put our family on a budget about a year ago for a good week, fell off the wagon, and then again went back to using credit cards and spending money that I didn’t have to live a lifestyle I couldn’t afford.
As we are gearing up for the holidays I wanted to have a financial advice series of blog posts to help you guys get motivated to maybe start a New Year’s resolution, budget better for your Christmas, and maybe not go overboard on your Black Friday spending.
I want to do a giveaway. I’m going to be giving away 10 of Dave Ramsey‘s total money makeover books. This book has all of the steps you need to take to take control of your money and your life.
It has not been easy but we have been on Dave Ramsey‘s plan since April. We are finally now able to se how far we’ve come financially and we see the light at the end of the tunnel.
I have not had a chance to total and calculate up how much debt we are paid off but it is well in the thousands.
We have a goal to pay off $12,000 between August 1 end January 1 of this year.
We are very intentional about how we spend our money and we commit to a budget. It has helped improve our marriage. I have grown so much as a person and been able to give more than I ever have once it’s already in the budget.
The goal of today’s blog post is to get a basic introduction of how becoming debt-free has changed our lives. I also wanted to start the month-long giveaway of books.
It looks to be about 10 weeks between now and Christmas and as a part of my giving of Thanksgiving I want to be giving away a book with every financial blog post that I have.
To kick off this financial series, I want to give you a few tips for you to start analyzing where you are sitting financially.
The first question I want to ask is how much life insurance do you have? Do you have others relying on your income? If so you need life insurance. Are you a stay at home mom? If you were to pass away, how much would a nanny cost each month. You. Need. Life insurance.
Craig and I got our life insurance in place after starting to listen to Dave Ramsey. Someone would need up to 10 to 12 times their income in life insurance.
Life insurance used to be super expensive but is actually fairly reasonable for the amount of coverage you can get.
Dave recommends and we have purchased 20 year term life insurance for about $500,000 for each of us individually. We pay about $100 a month for that and it is that much higher because Craig smokes cigarettes. However I only pay about $25 a month for mine as I am young and healthy but mildly overweight.
If you have a whole life insurance policy, you need term insurance. Whole life policies are bogus. They have a return on investment o around 1% and they don’t pay out very well at all. Considering getting term insurance in place and THEN cashing out your whole life insurance policy.
Life insurances is something you should really look into and it’s a great way to protect your family from financial hardship.
If you are local to me, I would be happy to refer you to Schmitt Insurance Associates where we purchased our policy through. For any insurance, I recommend going through someone who is not committed to one company and can get you several quotes from different companies.
I would also like you to take a look at your monthly spending.
Did you plan for your expenses? Is your budget an afterthought or is it carefully devised? How much money a month are you paying towards debt? Is your budget in place before the month begins?
The next question I want to ask and I will conclude this blog post with is can you imagine having no payments in your in life?
Can you imagine how much money you would have?
Can you imagine never relying on a bank to offer you money?
It is possible and millions of Americans have done this with Dave’s process.
If you’d like to buy the book – here is my amazon link:
If you ever purchase any amazon products from MY link, I do get commission. If you buy, let’s just say, $150 worth of other stuff while you’re on Amazon by following my link, I also get commission on those things you purchase. It’s a way to support my blog and it is a way to score some great quality products. I just want to be honest with you guys. I would have raved about this product even if I didn’t make any money off of it.
BUT I’m also doing a GIVEAWAY!
To enter the contest for a copy of Dave’s book The Total Money Makeover, I want you to sincerely recommend my blog/Facebook page to a friend. There is no way of me keeping track of this. Maybe you tell them about it, maybe invite them to like my Facebook page or subscribe to my email list.
I’m working so hard to cultivate a strong following and the best way to do that is word of mouth!
Leave a comment on this Facebook post or in the comment section below letting me know you’ve completed this and I will be drawing names sometime next week!
Have a good weekend!