We are actually trying to redo our budget so DH can quit his part time job. We are living off everything but his part time income right now to see if it is doable before he actually quits. Can you finish paying off the student loans and then work a few months living as though you didn't have your income coming in (other than to pay for daycare)? For us, it is easy during the school year but DH is a teacher's aide so he gets no income in the summer. We're working hard to save up during all the months of school so he can totally take the summers off and be home with DS.
I'd like to join, I think. I like DR's plan, but here's my "problem".... our only debt is our car loan and mortgage. $17k or so left on the car... sooooo... not much of a snowball, I guess. Anyone have a good suggestion for another plan to look at? DR is always talking about how his plan is mostly psychological and paying off small debts gets you pumped and all that... I'm wondering if there's something else that would fit our situation better?
Our only debt in our mortgage. We started the DR plan this way. For us (mainly me), it was motivating to see how much money we could save each month by following a strict budget and putting money aside for the future. It is great for me to see the savings balances rising!
Okay - it has been awhile since I posted so I should probably reintroduce myself. We are a family of 3 (DH, DS, and me) with a small dog. The dog has allergies and other health issues so he's an expensive little guy. DH and I both WOH and DS goes to a home daycare where he adores his caregiver.
We are debt free except our mortgage and that seems to take forever to reduce. We bought our house 3.5 years ago and have always paid a little extra every month to make the payment a nice round number and chip away a little bit at the principle.
DH is really getting burnt out chasing after preschoolers all day and then working weekends in retail so our new mission is to cut back enough to save a "summer budget" so he can quit the retail job. We'll miss the discount but know that having family time and feeling less stressed will be worth it. DH may go stir crazy this summer if he doesn't work at least part time but hopefully he will be so busy with DS that he won't miss it. We've been fine during the school year living off his teacher pay but since we get no paycheck for him in the summer we used the part time retail income to round out the edges. It will be an adjustment for us to spend our savings in the summer but I feel it is worth it for household harmony and maybe both of us getting a little "me" time back.
We are expecting a tax return this year for the first time since we got married. We had extra taken out every year and still owed so having DS made a nice difference for us. We are not getting a ton back but I had been saving in case we owed so that makes it feel like a lot of money. We decided to spend the saved money to purchase a new range as our oven doesn't really work and one burner died. I am looking forward to enjoying cooking knowing I can plan things to actually cook in the oven. The actual tax refund will go directly to the mortgage. Our next goal is to get the mortgage under $100,000.