Killing our debt

Well, I am going to be humble about this experience. I am in debt up to my gills. My wife and I have decided to start climbing out of this Hell hole and I am inviting you to come with us. We are currently in about 50,000 worth of debt with a 200,000 mortgage on top of that. Spendy eh?

Well, this blog from now one will be used to track my daily habits and thoughts on how I will get out of debt. You will see a post every single day, its my goal anyway.

Our Manifesto:

1. It is our problem.

If we are going to make it out of this we will have to work together, it is our money. As a couple we are in this together and will work to get out of it.

2. Spend less than we make

No more stupid purchases. Some wants are okay once in a while, we will use a simple rule: no cash, no buy.

3. Use the babysteps

We will be using the baby steps from www.daveramsey.com

4. Journal about the process

This blog will help me to avoid mistakes and really think through purchases before I get myself into even more trouble.

5. Stick to the budget

We have a written budget that we don’t sway from

6. Extra jobs

Don’t burn out, but you have to get mad about this stuff. My wife has extra jobs and so do I, we are going to kill this thing quick.

7. Trust in God above all else

He is really the only person who can help us get through this.

Well welcome to our journey. Enjoy the ride.

The “Wait a month list”

So this is going to be a quick little post today because it is Friday and 80 degrees outside.

A quick little tip for those of us that have trouble with impulse spending. Create a “Wait a month list”.

Any time that you want to buy something you don’t really need at the moment put it on your WML. Put the item, the price, and the day you wanted to buy it. Then a month later go back and if you still want it, go ahead! Most likely though you will have realized that you don’t need it or even want it.

I also find it helpful to put a reminder in my outlook calender just in case it is something I just couldn’t afford at the time.

This WML gives you the satisfaction of getting the item out of your system, while at the same time saving you from overspending.

Well hope all of you have a Great Easter weekend, enjoy it with your families and friends.

 ~Your best chum

Money Shark

Growing Dollars

So Spring is just about in full swing in my area of the country (Good ole’ SoO) and gardens are going in all around the neighborhood. I for one have been slacking and haven’t even dreamed of starting my summer garden yet. But I will my friends…I will.

So as the title of the posts implies we are going to talk about Growing Dollars. You see I am known to have a little bit of a Green Fin (HA!) around these parts and know a thing or two about starting and maintaining a garden. You see I was a teacher’s aide to the green thumbs teacher at my junior high school for 2 straight years baby!

So what does gardening have to do with making money or building wealth? A lot actually.

1. Start with a good soil

A good gardener knows to always start with a good soil. Something that going to give your plants nutrients throughout the growing season. So what is soil in the money world? It is your base income, if you don’t have such a great one at the moment (big deal) you will just have to grow your crop of dollars slower.
2. Water well and add fertilizer

Remember as a gardener you always want to be adding things to your soil to make it better. ie fertilizer/water. So as you are going along find extra ways to add to your income, throw on some more crap!

3. Weed Weed Weed

Weeds represent wasted income in our budget. Remember when you went out last night and had 3 bottles of wine? Well that right there comes out of your budget (whether you like it or not). We need to be gardeners that focus on plucking up any weed that takes away valuable resources in our soil.

4. Prune when you need to

Sometimes you need to prune back things and change the focus of your plants. (Plants being money) If you are saving a lot of money but your car brakes down, time to prune that tomato plan! In the long run this will help you money grow faster because you don’t have to take more nutrients out of the soil to feed that debt weed over there.

5. Enjoy the fruits of your labor

Make sure to pluck a strawberry or two off there just for fun every once in a while. Go to the movies, buy a book that you wanted to read, go on a nice dinner date. Do something to keep your mind focused on why we spend so much time taking care of our money gardens.

6. Share your crop

Sounds like a quote from a caring drug dealer doesn’t it? Make sure to share your bounty once your plants start to produce an over abundance of fruit and veggies. You can even turn them into something else (like a pie) and give it to them as well. So give gifts, give money, just do it with a glad heart.

7. Save some for next year

A serious gardener will save the seeds from his garden when the fall comes in order to have a new crop next spring. Make sure you are doing the same with your savings. 401k’s, Roth IRA’s, IRA’s, savings accounts, emergency funds, these are all things your seed should be going toward to make an even larger financial garden.

Well hope you have enjoyed the tips.

~ Your Green Finned Friend

Money shark