Planning is important. Planning on a budget is essential. Always remember "The Early Bird gets the worm but the Mornin' Bee gets the honey".

A Gnat Called Student Loan Debt

My student loans are ALWAYS on my mind. It was either thinking about the payment is was about to make, the payment I just made or thinking about the balance. Either way, it was always there. Like a gnat. Recently, I’ve been thinking about how I can pay them off. I did the math and realized, I wouldn’t pay off my loans until my daughter was in high school. This was of course, if I continued to make minimum payments. So, what if I made larger payments? Hmmm…

I can’t say I was searching for a solution. I seemed to have just happened upon another option. I discovered The Dave Ramsey Show. He was celebrating 25 years on the air and its funny to think that I just heard of him last week. Better late then never! I listened to hours of stories of people in debt and asking his advice. Eventually, I made my way to his website where I then discovered:

Dave Ramsey’s 7 Baby Steps to Financial Peace
Baby Step 1: $1,000 cash in a beginner emergency fund
Baby Step 2: Use the debt snowball to pay off all your debt but the house
Baby Step 3: A fully funded emergency fund of 3 to 6 months of expenses
Baby Step 4: Invest 15% of your household income into retirement
Baby Step 5: Start saving for college
Baby Step 6: Pay off your home early
Baby Step 7: Build wealth and give generously

I figured, my way of working with my finances hasn’t worked as well as I have hoped so I will give Dave Ramsey a try. It will be such a relief to finally get rid of that gnat. My coworker lent me her Dave Ramsey book and I am super excited to read it.

Wish me luck and I will keep you updated.

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