Monday, October 10, 2011

Money Makeover Monday

It's week 4 of Financial Peace University.  We were supposed to make our written budget last week.  We sat down to work on it together, but it didn't go well.  Although we do share the same financial goals, I am discovering that the way we are approaching them is not the same.  I think it's going to be a little tougher from here on in.

Having said that, I feel like I need to take minute to tell you that I was completely humbled by Sister C's story on Friday.  If you missed it, you can check it out here:  I have, once again, been inspired to push on and not give up.  Having a plan and refusing to give up is the only way to reach your goals!

With that in mind, Scott and I did make a joint decision that will allow us to complete Step 2 of our Total Money Makeover (Pay off all your debts, except your mortgage) within the next 6 weeks.  Scott has been doing a lot of research on our life insurance and discovered that he can cash out the whole life policy he has and purchase a new term policy with similar premiums and much better coverage and payout.  The current cash value of the whole life policy will cover the remaining balance on our vehicle loan and the 2 small family loans we want to re-pay.  Once we take care of those 3 debts, we will be ready to move on to Step 3 (fully fund the emergency fund with 6 months of living expenses).

Where are you on your Money Makeover journey?  Have you started?  Are you at the end?  We would love to hear your story so we can encourage you, offer support, and celebrate with you when you reach your goals.

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