Personal finances…

I wouldn’t normally even blog about this topic.  I think its a very personal one for me…  But, over the past year and a half, we have made numerous changes to how we handle our money.  Almost two years ago, my close friend Kevin gave me a series of CD’s from a guy named Dave Ramsey.  I have to admit, those collected dust in my house for almost a year.  But, I did finally listened to a couple of them.  As I had started them, one of my co-workers and friends (my next-cube neighbor at work) began taking the entire Financial Peace University series with others of my friends through their church.  Frankly, I liked what I was hearing from them when they were talking about it at work, so it peaked my interest.  So, I worked my way through the series with Jen.  And it has made a huge impact in our personal finances.

The first thing that Dave advocates is getting rid of your debt.  I’m glad to say, we’re very close to our goal of having only two debt payments per month – our mortgage and my student loan payment.  By next May, our car will be paid in full and we’ll have met our goal.  That’s a huge personal accomplishment for us!

The second is one we are tackling tonight…  Getting rid of credit cards.  Tonight I had a monumental realization.  We HAVE over $50,000 in available debt credit on 6 credit cards!  $50,000 dollars…  It blows me away.  So, we’re canceling those — tonight!  After tonight, we’ll have only one major credit card, and a Victoria’s Secret card my wife won’t part with… because of the “free panties” – so we’re keeping that one.  We also have a couple no-interest accounts that aren’t paid up yet, but those will be closed in just a couple months, once they are paid in full.   Once those are paid, I’ll finally OWN this desk I’m using to write this post…  Anyways, I digress.

I may not ever post about this again, but finding out how much available credit we had just sitting around unused was a big impact to me – and that juxtaposed against our accomplishments over the past year was something to mention.  I may post more later, or maybe not…  It is a rather personal topic for me…

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