debt-snowball-octoberDid you know that we are 6 weeks away from Christmas?

Hopefully, this is does not cause a panic attack because you read my post about how to save for Christmas and you’ve been doing that. We save all year for Christmas, so regardless of what unexpected expenses may come throughout the year we are still ready for Christmas. Our budget is not impacted by this holiday that is anything but unexpected.

We are now into our 10 month of publicly sharing our debt snowball journey. By now you know I am a huge fangirl of Dave Ramsey’s debt snowball. As such we are working hard to pay off this final student loan we have hanging over our heads.

However, what I have not mentioned and I felt that I need to come clean about is…

we do not follow Dave Ramsey’s plan exactly.

And before I even mention what we do differently, I know that if we did his plan exactly as it is laid out we would pay off the debt faster. I also know that compromise is a key to success in marriage. So Brian and I have found a way to make our debt snowball work for us, even if it takes a little extra time.

If it was left up to me, our life would be drastically different until the debt was paid off. Brian balances me out, and for that I’m thankful.

One way we do not follow Dave Ramsey’s plan is we do maintain credit cards, and we pay off the balance every month and always have. Neither Brian nor I have ever carried a balance on a credit card. We use credit cards that earn us points. Now I don’t think credit cards are for everyone and I do know we use them responsibly (yes, I know the studies that say people spend more if they don’t pay with cash).

Another way we don’t follow Dave Ramsey’s plan is we still take family vacations even though we are not debt-free.

I feel sort of like a fraud to say we’re following his plan as we save and plan for a Disney vacation next summer, but you can rest assured that this vacation will be paid for well before we even leave.  I wanted to wait to go to Disney again until after the debt snowball was complete, but Brian hit me with “the kids are only young once” and “remember how much fun we had taking Cassidy the first time.”

So next summer we’re going to Disney again. However, the way we are paying for Disney is with credit card points and the money I make teaching adjunct classes at the community college. (Yes, I know that money could help us pay down our debt faster, but I have compromised on this matter and I’m okay with that). (Editor’s comment: because she loves her family)

I still like the principles and baby steps that Dave Ramsey lays out. We have just had to find a way to make them work for our family. I think that’s enough of a confession for this month.

So here’s the update for October:

Income report from October

Extra from October paychecks                            $  395

Utilities overage                                                  $    38

Escrow overage                                                  $  252

Money from Garage Sale and Varage Sale         $      3

 

Total extra income                                               $ 688

 

 

Current outstanding student loan debt               $35,972

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