My husband and I both made a pledge a few years back that changed our financial forecast for good!
After spiraling quickly into a deep pit of debt we found ourselves at the bottom with no idea how we got there and no idea how to get out.
Each month came like the grim reaper seeking to snuff us out for good.
The phone rang endlessly to remind us that our creditors, who were so friendly to extend what we thought was a helping hand, were really waiting for their opportunity to enslave us forever.
Our rock bottom came when we were several months behind on our mortgage which we were so proud to have at 20 years old. The threat of losing our home was the wake up call that we needed.
It took several years of sacrifice and choosing to go without to undo the damage we had caused in just a few short months.
My husband worked out of town 80 hours a week for almost a year and would only come home on the weekends. We all sacrificed by giving up the newest toys, new cars, new clothes, and more.
Today we continue to take our Savings Pledge seriously!
We have lived in a neighborhood that has been on the decline for several years, knowing that our only real option for moving was to have enough cash to put down on another mortgage.
We have scrimped and saved every nickle we could while enduring the unspoken criticisms we see in other eyes.
This week we are purchasing our dream house.
One we can afford! We are also purchasing a new vehicle with cash, no more car notes for us!
We have enough money to put down on our house so that our payment stays just about the same as where we currently live. We also have enough cash leftover to pay cash to fix up our new house.
And we have an emergency fund!
I never could have imagined we would be where we are today just a little over five years ago!
All it really took was that moment in time when we both knew something had to change. There is so much power in changing one’s mind about something.
Our current goal is to pay off the mortgage on our first home to the point that we are no longer under water and can sell it.
This will require about $30,000! But we have learned that by setting a goal and working hard towards that goal we can do it.
We are working to have this accomplished as soon as possible. A realistic plan is to put away $1,000 a month. At this rate it will take a little over two years to reach our goal. We are still figuring out the details, so we may just add the $1,000 to our payment each month.
Is there something you would like to save for?
It can be anything. Maybe you will save to start an emergency fund, pay off a car or loans, or even something fun like a family vacation. Maybe you are like I was years ago and simply need to start with paying off debt?
Will you make the decision to take a Savings Pledge with me?
It’s really easy. Just decide what you’d like to save for and how much you’ll need to put away each week to reach your goal. Don’t beat yourself up if you miss a week, just get right back on track where you left off.
What are you going to save for?