- To be completely debt free including the house.
- To cancel my last remaining credit card.
- To spend only cash, with the occasional use of checks and debit cards, to pay bills or make major purchases.
- To have $10,000 in an emergency fund.
- To have a portable source of income so that I can travel more.
- To pay cash for a nice car.
- To have enough money in savings to cover a year's worth of bills (which should be easy once I have my debts paid off and only minimal monthly bills).
- To develop sources of passive income.
- To pay my taxes in full and on time.
- To write a book and have it published.
- To make wise decisions not only about my finances but also about my health, my future, and my life.
Here's why:
- I have literally been in debt since I was 16.
- I have not lived without a credit card (actually a handful of them) since I was 18.
- I have never had an emergency fund.
- I've never had more than $100 in savings, and I always end up spending even that.
- I've never paid cash for a car...I've always paid years of car payments or lease payments for them.
- I have the bad habit of juggling my debts, bouncing checks, and making bad financial decisions.
- I have one bankruptcy, two car repossessions, and lots of late payments on my credit record. Ugh.
- I cringe when I get a letter from the IRS...and I cringe often :(
- I'm inspired by Dave Ramsey!
- I hate creditors, predatory lending, over limit fees, late fees, and fees in general.
- I want to control my money instead of my money controlling me.
- I have always been held back because of my debts--can't travel more than a couple of weeks because I need to get back and work, can't buy the latest gadget with cash because I am always broke, can't whisk the hubby away for a nice vacation or surprise him with a really cool present because...you guessed it, I am always broke!
So I am starting now, this minute, to get my (financial) life in order. No more debt, no more credit...I am in control. Period.
Lawd! That sounds like the former me! I have one foot in the old world and one foot in the new world. I look back at the old Michele and want to slap her (OK, really work her over and send her to the hospital). It has been a work in progress, but I do see the light at the end of the tunnel. Good luck! I will be reading to see how you progress (and to help keep me on my toes and inspire me).
ReplyDeleteI found Dave Ramsey in late 2004 (it must have been divine intervention). I have fallen off the wagon a few times because I am the only one living this way, but the outlook is sooooo much better than it was in 2004.
I have 2 more debts to knock out (I knocked the IRS outta my life in October). I have to remember that it only gets me to Baby Step 3 (not total freedom).
I totally laughed at the $100 in the savings account. Yeah, I don't even know why I would call it a savings account...it couldn't stay in there to save its life. =o)