Get out of debt and STAY out of debt!
August 21st, 2007 by Ana
Pinyo over at Moolanomy “tagged” me to participate in his MOMA which stands for My One Money Advice. Gee, can anyone guess (without looking at the post title!) what mine will be…? LOL Y’all can guess it: Get out of debt and STAY out of debt!
Yeah yeah, you say. Easier said than done. True, it is very easy to say, “I want to get out of debt.” It’s another thing to draw up the budget each and every month, live by that budget, and send off big honking monster debt payments…but I am doing it! The financial rewards are plentiful; I can already see just what it will look like once that stupid truck note is paid off and we are finally debt free. I want it so bad, it keeps me on my budget, and has since the beginning of 2007.
Along with financial reards of being debt free, there are the psychological rewards of having less stress and of course the big one that Dave Ramsey pushes, financial peace. For me there will also be the personal pride of being able to say, “I got our family out of debt while hubby was in Korea for a year!” I’m not sure what price tag to put on that, but it is going to be very hefty indeed 
At the beginning of the year, when I started out on the Dave Ramsey plan to eliminate my debt, I saw with the very first budget just how much money our budget hemmorhaged debt payments. Hemmorhage may even be too mild a word: it was practically an arterial spray! All these little debts we had hung on our monthly budget like leeches … EEWWW! Of course at the very beginning of the year, there were two very large debts sucking our monthly income in the form of auto loan payments. The car note is gone for good, and the truck note will not survive long past winter at all…sooner if I can swing it!
The absolute best part of eliminating our debts is that when we are done, the only payments we will need to worry about will be the mortgage, utilities, and insurance. Man, I cannot wait until that happens. Maybe I’m just a little budget nerd, but that thought keeps me motivated through these long months of hacking away at the debts to get them out of our lives forever. I wholeheartedly recommend anyone and everyone get out of debt … and then stay out of debt for the rest of their lives!
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August 21st, 2007 at 5:57 pm
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August 21st, 2007 at 8:09 pm
We all seek it, we all want it. Unless you are debt free and cash flowing your expenses will you ever really have it. People will argue that what I just said is true and false at the same time. Some people really don’t care if they ever get out of debt (like my friend), others like ANA and I believe FREEDOM comes the day we are no longer OWNED by some money sucking company we were stupid enough to borrow from. Yes I am DEBT FREE (except for my monthly expenses). No my house isn’t paid off, fact is I don’t own one, yet. But I can tell you that knowing that every penny I break a sweat for at work is mine and only mine gives me more FREEDOM than the fool who has to have the latest TOYS. Get WEIRD.
August 23rd, 2007 at 11:55 am
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August 23rd, 2007 at 11:57 am
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August 30th, 2007 at 6:44 am
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August 30th, 2007 at 12:03 pm
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October 15th, 2007 at 5:40 am
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January 11th, 2008 at 5:03 am
Ana, this is such an insightful post as one of the main factors of debt related problems are the psychological effects it has upon us. I have worked alot for individuals at all levels of society with debt related problems and wrote an detailed article entitled “A Step By Step Guide To Getting Out Of Debt” view it here: http://www.friendsandmoney.co.uk/get-out-of-debt.html
Moolanomy publishes some really interesting posts and I’ve been reading, pinyo’s blog for while it’s good that you’ve followed up on this. I’ve only just discoevred your blog and am gradually working my way through reading your posts, which are of high quality, keep posting!
January 25th, 2008 at 8:02 am
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