2020 vision - Total Money Makeover

[Sandi S]

My husband and I have just started doing Dave Ramsey's Total Money Makeover and we are working on snowballing our debts. I admit, being at the beginning, it looks daunting, so I put everything into a spreadsheet. Using conservative estimates, I calculated how long it will take to pay off everything we owe. If we pay just $500 a month above our total minimums (on all debts), we can pay off our credit cards by spring 2012, DH's student loan by 2014, our home equity loan by 2015, and our mortgage by 2020 - hence we've called our plan "2020 vision"

Is anyone else working on the debt snowball and trying to go all the way and pay off the mortgages, too?

 

[PinkRhombus]

I like that term. 2020 vision. Good for you.

Dave frequently says that once you start treating your money with respect, additional money will also present itself to you. You may have this done before then!

We refinanced to a 15 year a few months ago, but hope to have that paid off in 8-10.

 

[Maddykins06]

WOW! Congrats to you & your DH! That's awesome.
I'm in awe of you!

I'm starting small & trying to get all debts (minus the mortgage) done by 2013That's also the year I, (knock on wood), finish my PhD, (tuition free), so then we can really concentrate on the mortgage.

 

[tonilea]

You may be suprised. Our projected payoff was 2 years, but we were able to get debt free in 15 months!

 

[Teacher03]

Right now I am looking towards paying off the credit cards by next year, followed by my student loans. We just had a MAJOR setback to the tune of a $1500 car repair. Of course, the car broke down 1 1/2 hour away from home so add a $200 tow to that. So that set our plans back a little, but we should be back on track in a month or two. It's baby steps, but we're trying. Maybe I should have a timeline like you do; it might seem it more within reach.

 

[adventure_woman]

We are starting too. Should have CC paid off in 3 months, then onto our van payment, paid off in about 18 months.

BUT - does anyone else see their student loans as completely daunting and overwhelming? Just thinking about ours (both DH and I have them) is a scary thought.

 

[hlkeck]

I'm nervous about student loans too. I just got on the waitlist for Dave Ramsey's book at the library! It was sure popular, so I'm hoping to be on a DR plan in the next month or two once I get the book! The sooner we get out of debt, the more Disney trips we can take!

 

[diamondpixienc]

My DH and I have heard about this program but have not been able to get our hands on it. Can someone PM as to where we can possibly find the info, book, etc.?

Thanks in advance

 

[Sandi S]

I bought my copy of Total Money Makeover at Target (it was our anniversary present to US) and bought Financial Peace Revisited at Amazon.com. You could get both of those books together for just over what it takes to get free shipping. Spend the money - you'll be inspired and you'll want to read and re-read.

 

[Chicago526]

We're just focused on paying off CC's and DH's truck. I'm not too worried about the mortgage, odds are we'll move before we'd get it paid off, even if we doubled the payments. So, I figure we'll leave it alone and if/when we move, just get a 15 year fixed at that point and see if it make sense to pay it off early. Just having no consumer debt will give us so much freedom, that having a mortgage won't bother us in the least.

Baring any major unexpected expence, we should be consumer debt free by early 2011.

 

[tonilea]

Usually, around holidays, you can get the books on the Dave Ramsey website : www.daveramsey.com for $10 each.

 

[SilverL]

Woohoo! Cheers for you! So glad you're taking the bull by the horns. My DH and I did Financial Peace University at our church before we were married. At the end of the 13 week period they ask you to write on a slip of paper the amount of debt you had when you started the class vs. the amount of debt you have now. Out of 70 people, only 7 responded. Those 7 people alone had paid off more than $40,000 worth of debt in 13 weeks!

Some people all into Dave's show and say that they've paid off insane amounts of debt in less than two years. For a lot of people, it might not happen that fast. But I have a feeling that once you get a system in place it starts to get easier. I know I read that a lot of people pay it all off earlier than they expected. Here's hoping!

 

[mom2faith]

We are done all CC's June 2012 and just have mortgage after that

We have also been able to set aside money for DD's University and a little in Emergency (not a lot, but enough that we should be OK).

Sad though that there will not be another Disney Vacation for 3 years after this one

Amy

 

[bumbershoot]

My DH and I have heard about this program but have not been able to get our hands on it. Can someone PM as to where we can possibly find the info, book, etc.?

Thanks in advance

I googled him and ended up on his website...just his name dot com. There is a ton of info on there to get you started. Then there's livinglikenooneelse dot com, which is a forum where you can learn about it from other people. Absolutely brilliant over there.


We had our epiphany just after being scared by a layoff, then getting a big chunk of money from severance-related things...perfect timing. I'm so glad I finally have my husband on board with all of this....just last year he would have been convincing me to split the windfall 50/50 and blowing it, even while having debts out there.

 

[StephMK]

You also might find a copy at a used book store. That's where I got mine & have seen them in other used stores sometimes.

I like that you named your plan - good idea! DH is not quite on board yet but hopefully will once I lay it all out as a plan.

 

[Sandi S]

We are done all CC's June 2012 and just have mortgage after that

We have also been able to set aside money for DD's University and a little in Emergency (not a lot, but enough that we should be OK).

Sad though that there will not be another Disney Vacation for 3 years after this one

Amy

We're in the same boat - no WDW until 2012, but at least I got 2 days at DL/DCA with the kids while in CA for a convention last month!