Let me start this by saying we are not a two income household. We are a 1.25 income household. I keep looking for a way to do it full time but it hasnt happened yet due to my health issues. I physically can't do what I do more than a few hours a week. The commute from here is horrendous. I have found a few jobs that I am qualified for that I could sit. However sitting long is also and issue. So until something better comes up consider my part time job just that and my profession chief budget-er and money saver to get debt free !
We owe one credit card debt and debt on an auto totaling $15,085. Most is the auto.
With my current snowball both should be paid off by 9/01/2013. Ha, much better than the original auto payoff date of 7/11/2015 right?
I am a bit leery of having only $1,000 in the emergency fund as Dave Ramsey advises since dh is the main bread winner. However how much can go wrong before 9/2013? Hopefully nothing! Dh does have disability ins.
I also calculated our mortgage in the snowball ( though Dave doesn't advise this) since we plan to sell right around the time it could be paid in the snowball. That payoff date could be 5/2017. We owe around $46,000 on a home valued at about $140,000 Plus the farmland we own and rent out. So, not to shabby there
Homes are very reasonable here.
Most likely we will stop the snowball and save the 3-6 months expenses like we are supposed to
Our income is not huge after taking out investments, fsa, and insurances . I am going to just lay everything out in black and white for all to see. I use a budgeting system where we save for several categories.
We are also a family of 4 btw.
DH gets a $4 an hour raise in Jan per his contact. So there will be 160 a week or so extra then. I do not count on dh's overtime for budgeting.