Frugal Faye is a blog about how we live life without debt. Right now, we are living debt-free except for our mortgage. We are still on our journey to becoming 100% free of all debt. We are aspiring to pay off the mortgage on our modest home in two years.
Many people ask me, how did you become debt-free? Well, it was not a lucky draw, and it didn’t happen overnight! Four years ago, as a young married couple, we found ourselves in the same situation that many are currently in: we had debt on consumer credit cards, two car payments, student loans, and even owed money to the IRS. I was working full-time as a bookkeeper and David was running his business as a contracted web developer.
One day, a friend at work asked me if I would like to visit a class she was facilitating called “Financial Peace” by Dave Ramsey. I honestly didn’t think we needed it. After all, we were affording our car payments just fine and my student loan payments were pretty manageable. But being a nerd, when she mentioned the idea of budget sheets, I wanted to find out what this was all about. David and I attended that night as skeptical observers, and we left ready to cut up our credit cards, sell a car, and change our family tree. We signed up and never looked back. It was the best $100 investment we’ve ever made.
We moved into a friend’s basement, lived with one car, and actually began to look at where our money was going. Funny things started to happen when we began to pay off those loans. Just nine short months we had zero debt. We saved and bought our first home, which we determined we wanted to pay off within 5-7 years.
If you are wondering if it is possible to live without debt, the answer is yes. People from all walks of life, with all kinds of debt are doing it, and you can too. I suggest visiting Dave Ramsey’s web site and signing up for a local Financial Peace University class. These meetings will give you the tools and the community you need to begin your journey of being debt-free.
Enjoy the journey!
“If you want something you’ve never had, you’ll have to do something you’ve never done.” Dave Ramsey