Can I join if I haven't read his book/course thingie at all? I am doing a similar plan, but I made it up myself.
We are on BS pay off debt (I think it was BS2?) I was going to say we don't have $1000 emergency fund, but our bank account zeros at $1000, so I guess we do.
We started 2 years ago when I lost my job, Shawn didn't have one, we broke our lease and moved into my parents' basement apartment. Every card was maxed and we couldn't pay the break lease amount. It took 4 months to get current on our bills (including paying off the break lease), then we began to pay debt off. We had $30 000 in debt, from university. We paid $1000 a month to debt, CC's first, then my student line of credit, then his OSAP, paying over the minimum to all from the start, then snowballing. At the same time, we saved $1000 a month for our wedding. A year later at our wedding, our debt was down to $8 000 and our wedding paid for in cash. We didn't have any credit card debts after the first 6 months.
Then, that $1000 wedding fund moved over to debt payments. We would have been debt free by now. BUT (there always is a but) we needed to buy a car. We were going to wait until we were debt free, but circumstances changed and we needed it sooner for me to get to work. So we got one, and got a high monthly payment on it because I want it to be paid off by the time we have kids. Its $500 a month, and we but $1500 a month to debt.
Just last week, we paid off his student loan. It was a bit ahead of schedule as its interest rate is slightly less than my line of credit, but it only had $1000 left, and my LOC had $2000, so we are close enough to the end anyway. It was the hardest to pay because the payment comes out of a bank we don't use right now, and so we have to physically drive money over.
So we now have $3000 left on my LOC and $19000 on my car. When the debt is gone we will be stockpiling money. Differing from Dave here though, we are then saving for a downpayment. But its not really a big difference, because my parents plan on giving us $10 000 towards our downpayment, so if they do, that will become our emergency fund. If they don't, well then our downpayment just may be smaller.
We plan on keeping the car payment as is for now, though I hope to drop around $6000 on it to cut the repayment by a year. This is because (if my master plan works) it will coincide with my income dropping by 50% when I go on mat leave. But if we have everything covered when we get the house, I will likely drop money on it regularly.