Introduction

**MamaENH** · 01-24-2012, 12:26 PM

Hello- newbie here. I just finished reading Total Money Makeover and fell in love with all of DR's ideas. My husband and I are 27 and have an 18 month old son. We are so excited to get started on the plan and teach our son what we were never taught about money.

We are pretty attached to our vehicles, and will be keeping them throughout this process. Our debt is as follows:

Store Credit Card- 167.99
Medical Bill- 402.83
Credit Card- 722.60
Student Loan- 6,493.49
Car #1- 13,568.95
Car #2- 25,525.38
Mortgage- 96,936.51

Total Debt: 143,817.75

We already have our Emergency $1,000 funded, and actually have our full Emergency fund for 6 months funded as well. This has been funded since we were married and has not been touched. We are excited to see our way through this plan, and can't wait to learn more from each of you as we go.

**khaski** · 01-24-2012, 03:55 PM

Welcome to the forum! Lots of folks here to share with and learn from as you make this financial journey. I myself followed DR's plan (though modified slightly as we went, for instance we continued to put some $ in retirement and savings while 'snowballing'). My husband and I paid off over $32k in about 15 months, getting ourselves debt free except the house in 10/11. Becoming debt-free is an adjustment and challenge at points, but worth it all in the end. And for you guys to be starting off in your 20's....no better gift you can give your family! Only 3 or 4 months debt free over here, but what a difference in our lives.....our various savings accounts are growing in leaps and bounds, 'surprise' expenses are no longer anything other than an incovenience at best, and we have the $, hands down, to do the 'little things' we enjoy as a family- next month we're going to a monster truck show with our 5 and 3 yo's....tickets were over $100 total, no sweat. With the budget our bills are paid, on time everytime, there's no scrambling to figure out where the $'s to come from.

There's nothing better you can do as a couple, as a family, than to put in the work to become debt free. I look forward to hearing about your progress! Have you madean estimated time line for becomig debt free? Are you looking to wipe out your mortgage as well?

**greekislandgirl** · 01-24-2012, 04:09 PM

Hi from Greece! WTG on setting up your EF and welcome to the forum!! I look forward to getting to know you better

**piney** · 01-24-2012, 04:33 PM

to frugal village MamaENH.

**Ceashels** · 01-24-2012, 04:51 PM

Welcome to the Village.

It is great to see a young couple so ... on the same page.

Have you and your husband discussed dipping into the fully funded EF to pay off the things that are charging you interest? You might want to crunch some numbers to see if it is worth getting rid of the credit card and store credit if the interest it is costing you is more than you FFEF is bringing in.

Kudos to you both for having a plan at a young age.

**MamaENH** · 01-24-2012, 09:25 PM

Originally Posted by khaski

Welcome to the forum! Lots of folks here to share with and learn from as you make this financial journey. I myself followed DR's plan (though modified slightly as we went, for instance we continued to put some $ in retirement and savings while 'snowballing'). My husband and I paid off over $32k in about 15 months, getting ourselves debt free except the house in 10/11. Becoming debt-free is an adjustment and challenge at points, but worth it all in the end. And for you guys to be starting off in your 20's....no better gift you can give your family! Only 3 or 4 months debt free over here, but what a difference in our lives.....our various savings accounts are growing in leaps and bounds, 'surprise' expenses are no longer anything other than an incovenience at best, and we have the $, hands down, to do the 'little things' we enjoy as a family- next month we're going to a monster truck show with our 5 and 3 yo's....tickets were over $100 total, no sweat. With the budget our bills are paid, on time everytime, there's no scrambling to figure out where the $'s to come from.

There's nothing better you can do as a couple, as a family, than to put in the work to become debt free. I look forward to hearing about your progress! Have you madean estimated time line for becomig debt free? Are you looking to wipe out your mortgage as well?

We have not set a timeline for becoming debt free. This may come as we become more "in-step" with DR. We currently have our house on the market, but have decided since reading TMMO we are going to stay here and pay off our mortgage. Once that is complete we will be well on our way to paying cash for our custom built home! Thank you for all your kind words.

**MamaENH** · 01-24-2012, 09:29 PM

Originally Posted by Ceashels

Welcome to the Village.

It is great to see a young couple so ... on the same page.

Have you and your husband discussed dipping into the fully funded EF to pay off the things that are charging you interest? You might want to crunch some numbers to see if it is worth getting rid of the credit card and store credit if the interest it is costing you is more than you FFEF is bringing in.

Kudos to you both for having a plan at a young age.

Thank you so much! We purchased this home when we were 19, so we have always been conscious of our money but like everyone else "life" happens and it gets out of control. We are taking back control now! We are currently in discussion and crunching numbers to decide which would better benefit our family. Currently paying off our bills seems to be taking priority to the FFEF, as we know we will build this up once we stop wasting our money on interest.