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Marking - 1st Year Anniversary

December 1st, 2008 at 02:31 pm

Before becoming a regular member on this site last year, we didn't have a solid financial planning. We went about our business as usual. After many adviced on this site, we began to pay closer attention to our family budget. We began tracking our spending; lunch, dinner, groceries, and all the little things we hardly paid attention. We began funding our emergency funds and improved our overall financial picture while reducing our debts significantly.

So here's the things we've accomplished in 2008.

-Saved $12K in EF
-Reduced our overall debt by at least 35%
-Reduced Unnecessary spending
-Term Insurance
-Used mainly "cash" over credit
-ZERO credit card balance

This time last year we owed about $46K in total debt combined (car loan and home equity loan). Our balance as of today in mid $28K. That's $18K debt reduction from last year. More importantly, we were able to budget expenses like christmas gifts and birthdays without resorting to credit cards.

2008 is only the beginning not the end.

10 Responses to “Marking - 1st Year Anniversary ”

  1. fruitbowlk Says:

    Congrats. This is a great board.

  2. mom-from-missouri Says:

    You have done very very well. Keep it up and keep us all posted. great lesson here!

  3. Ms. Pearl Says:

    So happy for you. You sound like you have done well. Definitely keep us updated!

  4. scfr Says:

    Yes - I remember when you joined and started to cut back on expenses. You have done so great. It is hard to believe it has been a whole year!

  5. merch Says:

    Congrats. You and your husband have done a great you and should be proud of your accomplishments. and like you said .. "2008 is only the beginning not the end."

  6. homebody Says:

    Wow very inspiring!

  7. Broken Arrow Says:

    WAIT! Isn't Tripod a guy? Seriously, I could've sworn he is.... Well, either way, I'm glad things are better for you now.

    I was a complete wreck when I first arrived. I know I run my mouth like a know-it-all, but I know I don't know a darn thing. Especially back then. I didn't even know what I was looking for or where to begin looking.

    Fortunately, the SA community was so supportive and knowledgeable that I think they've ultimately sped up my recovery and got me on the right track.

    So, thank you everyone. Thanks for making a difference.

  8. Koppur Says:

    AMAZING job!! Congrats! And think of this: you paid off 18K in debt, and saved 12K; this means you managed to find an "extra" 30K in ONE YEAR by sticking to you plan!!!

  9. Petunia Says:

    You've done great! You've worked hard and had a fabulously successful year!

  10. tripods68 Says:

    Yes...I'm a guy...lol!

    Thanks for all your wonderful commentsSmile Without your comments and solicited advised we wouldn't be our current situation.

    I remember sfcr and merch were the first few members that really gave me good advice when we were first developing our family budget. I must also say, almost EVERYONE here contributed somehow someway either through direct questioning or advicing or simply reading your comments from previous threads, we took your experiences and applied it to us. We all learned from each other. So for that...Thank You ALL!

    Because of this site, many of my own personal financial fears were quashed as well. DW and I discussed things a lot more especially when things make or don't make financial sense. At the same time we argued less and less on "petty things" which was really a suprised between us looking back. Now we just look back and laugh about it.

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