Raising children comes with various expenses, and managing these costs while striving for a debt-free lifestyle can be challenging. The 1st step is to establish an emergency fund as it is crucial for a debt-free lifestyle. By setting aside a years’ worth of living expenses, we have been able to avoid taking on debt during…
Tag: debt free
Guide to Teaching Delayed Gratification Tactics
Teaching children about delayed gratification in finance is crucial for developing good money management habits. By instilling patience, discipline, and the ability to prioritize long-term goals over immediate desires, children can learn the value of saving and making thoughtful financial decisions. Here’s a guide to help parents teach delayed gratification tactics to their children: Explain…
The Emergency Fund is Built, Now What?
The new year has come, the emergency fund is financed – what is next? If you are familiar with the baby steps, we are teetering between step 6 and 7 while simultaneously building the children’s college funds. Step 6 is to pay off the home early and step 7 is to build wealth and give….
Debt Diary #2
Our Debt Snowball/Baby Step No. 2 We used the debt snowball method to pay off our debts. It started with listing our debts highest to lowest then paid our lowest debt up to the highest debt. Each time we paid off a low ranking debt, we used the money that would have been used for…
Debt Diary #1
Why we started our path to be debt free. Cody and I noticed our income wasn’t working for us. Our bank accounts were separate and we were paying our bills like we were single. We each had car and motorcycle payment. I had TWO student loans and a medical bill debt that had already gone…