My mission: To help you have greater control over your finances without it taking over your life!

I Sold My Car and You Can Too!

Posted: August 17th, 2009 | Author: | Filed under: Debt, Debt Reduction, Tips | 1 Comment »

pictures 040I think I have gone completely crazy. I mentioned before that my wife and I have been reading the book “The Total Money Makeover” by Dave Ramsey and have been quite inspired by it. So inspired in fact that I sold my 2008 Nissan Pathfinder.

Before I go any further, I must say that no, Dave Ramsey is not paying me to write these posts!

I have to say that the thoughts / emotions that I went through along the way have run the gammet from

  • “I really like my car, why would I sell it”
  • *Sinking feeling in my stomach as I turn over the keys*
  • “This is the best thing for my family”
  • “Am I really doing this”
  • “What have I just done!”
  • “What are other people going to think?”
  • “What do I need a car for anyway”

Ultimately, this move has brought us $20,700 closer to being debt free and there are a number of other benefits.

  1. We have started walking more places. It also helps that there are multiple restruants, grocers and sidewalks in our area.
  2. Our insurance has gone down more than $800 a year.
  3. We will probably save $150 a month on gas. A savings of  $1800 over the course of a year.
  4. We no longer have a car payment and this money can now go towards the remainder of our debt. 

If you have a large car payment and want to quickly kill a substantial portion of your debt, getting rid of a car can be a great option. Our situation is optimal as I work from home and can pospone any travel needed with a car until my wife arrives home from work each day. If you still need another car, buy a great used car in the $3,000 to $5,000 range is much better option when you are trying to rid yourself of debt.

We sold our car to Carmax who gives a 7 day guarantee on any appraisal that they give. I feel that we were fortunate to get more than what we owed on the vehicle. I am definitely looking at this as a “teachable moment” in which I hope that my story can help inspire others.

With this move, we are $80,000 away from being debt free! I am super excited to see how these changes affect our lives and will be giving updates as time passes.

If you have done something similar, I would love to hear about it! Just leave a comment below.


Becoming Debt Free

Posted: August 17th, 2009 | Author: | Filed under: About this site, Debt, Purpose | No Comments »

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I am starting this blog to write about my experiences with life and money. To be more specific, I would like to write and share how my wife and I are becoming debt free and the systems that we use to manage our finances. This has been a long struggle for us already as we have been attempting to become debt free over the last couple of years. And, for the most part, we have been succeeding with this goal. We have been paying down different debts over the last couple of years while still living what I feel is a fairly extravagant life.

But things have now changed.

We were given a book by Dave Ramsey titled “The Total Money Makeover” and were VERY inspired by the book. We have taken his advice to heart and I will be posting about the different steps that we have taken to become debt free. Although his book is an excellent read, I hope to show others the techniques we use to manage our finances.

My goal is to help others manage their finances in the 21st century. I will be posting regularly about

  • Our monthly financial status.
  • Tips, tricks and tutorials to best make use of technology to help others manage their finances.
  • Share struggles and successes that we have along the way.

My hope is that other will find this information useful and can apply it to their daily lives.