Combined Debt Payoff Update ~ Working on the Final Debt

We have great news on the Combined Debt Payoff!!

3-Families-Debt-Free-TogetherThe third family is on their FINAL debt ~ a student loan for $33K and their van was just paid off!

So far, all 3 families have paid about $31K in debt for the past 7 months!  That’s a whole lot of moolah!

Some may ask how this all works out so well?

Accountable. All 3 families are close friends, we see each other on a regular basis (at least weekly).  We’re not out buying new cars or anything and we’re respecting one another to stick to the plan.

Disciplined.  This is the “just like you” part of the post.  I will say that Mark and I are LEARNING to be disciplined with our money.  Because of our downsized life, we have extra money we intended to put toward the debt.  But several things have come up, unexpected trips, van repairs, camper freeze issues, needing new jeans because of post baby body.  Little by little the extra cash has trickled away.  We are motivated and rejuvenated and making better decisions.

*  One thing I’ll say works better for us is that we have been consulting our financial advisors friends about more of our money decisions. (And let me just say that there are some HUGE ones in the works that I’m very excited about but refuse to spill the beans just yet).

Committed. We each look at the $800/month contribution as a bill.  A non-negotiable bill. We’re committed to seeing everyone debt free and by golly it’s happening.

Motivated. We’re in this together and we see debt melting away at a much faster pace than if we were to do this on our own. That is motivating friends. I cannot tell you how unbelievably blessed we are to see burdens lifted and doors open because of the debt being gone.

Where We Stand With Our Goal

Aside from our monthly contributions to the debt, our next big pay down will be with the tax returns.  Come on W-2’s and bank statements!!  We’re hoping to get $10K between the 3 families so we can knock the final student loan way down.

We had some things fall through at the end of year as far as extra income.  That along with the extra $3K on the student loan adds 2 more months onto the payoff (the 10 month plan). But on the bright side, we had originally planned for 15 months.

All this to say, we couldn’t be happier with where everything stands and see light at the end of the tunnel.

We welcome any questions about this whole debt thing.  The response has been overwhelmingly positive and we appreciate the support.  We’ll update on the debt as things change.  Thank you for the support!

Blessings to You!

Julie-Signature

 

 

Debt Free – Our Motives

We’ve had an overwhelming response to the combined debt pay off and the update we had about Gordon and Sarah being debt free.  From the bottom of our hearts…Thank You!

Thank you to everyone who has commented, contacted us, and shared what we’re doing.  It has been so encouraging to us.

The response has been mostly positive, but there are those people who think we are absolutely and entirely either crazy, irresponsible, or stupid.  And I’m okay with that.  *smile*

But I figured it was high time we talk about our motivation and reasons.

Most everyone agrees that having a load of debt is not a good thing.  Below are all GREAT reasons to get out of debt.  But next to each one, we’ve included our explanation of why we’re not motivated by them.

NOT Reasons We Want to be Debt Free

  1. Extra Spending Money.  I’d be a big fat liar if I didn’t admit that I’d love to have extra spending money.  Money that being debt free would afford.  But that’s not why we’re doing this.
  2. The Economy.   Last time I checked it really stunkith…bad my friends, but we aren’t motivated by that fact or the potential fear that comes with it.
  3. Increase Future Earnings.  There is nothing wrong with this, it’s just not our focus.
  4. Improve Our Credit Score.  No problems with it so we aren’t trying to fix it at all.
  5. Reduce Financial Stress.  We honestly didn’t have a lot of financial stress.  We live a pretty simple life.  Our bills were not overwhelming (though they may have been for the 3rd family and it’s a BLESSING to remove their financial stress)
  6. Financial Security.  Nah.  I think we’re on the brink of collapse and we find our security in Christ alone not paper money that has absolutely no real value behind it.

Our Reasons for Being Debt Free

  1. Ministry.  Mark and I have wanted to do missionary work for years but our debt held us back.  The other 2 families also want to do ministry work, though each of us has a different leading as of right now.
  2. Giving.  I remember reading Francis Chan’s book Crazy Love, which is inspiring and full of truth!  It is a great big kick in the pants, but said with so much kindness you don’t get that he’s judging you or wacky.  He says tough stuff but he’s so nice about it.  It’s palatable.  And you DON’T walk away from the book saying that Chan is a jerk.  He has “extreme” views on giving.  It is sad to me that they are extreme, but they were for me.  All that to say, he inspired us.  We want to be able to bless and help others more freely.
  3. Simplified Lifestyle and Travel.  Being debt free, we can full time RV and find work on the road.  We have more options.  Our living expenses will be so much lower without a debt payment and then we have freedom to go minister where needed and live off very little if necessary.

So those are our reasons.

There is absolutely nothing wrong with the list of 6 above ours.  They’re just not our reasons.

I know one thing is for certain, for all of the families involved. . .

We want our lives to count for something.

We want to choose the right path for us rather than the standard path that everyone is expected to follow.  Many paths open up when we ditch the debt.  With the debt, we’re seriously limited.