Let’s See What We Have Here…

OK…time to roll up my sleeves and see just HOW much debt I owe altogether.  I will be updating this post from time to time as I KNOCKOUT each debt that I owe.  In fact, I will make this post a “sticky”.  Below is a table that I learned about at a recent debt seminar given by The Journey Church.

Debt Reduction Plan
					Payment Plan & Payoff Dates
Item	Amount Owed	Interest	Minimum Monthly Payment	Add’l Payment
AMOUNT OF ADDITIONAL PAYMENT
Direct Loans (Consolidated)	$            14,814.45	2.8750%	$                                                 80.96
Direct Loans (Stafford)	$               1,388.20	4.2100%	$                                                 38.20
Rutgers Univ. (Perkins Loan)	$               3,178.93	5%	$                                                 50.00
Credit Card (First Union- collections)	$               1,657.00		$                                                 60.00	$60.00
TOTAL	$            21,038.58		$                                     229.16

 

 

 

 

 

 

 

 

 

 

I solicit your prayers as I go through this journey and I encourage you to share your testimonies and to “check up” on me throughout this quest.

A Brief Update

Hey Everyone!

It’s been a few weeks since my last post.  I wanted to share some good news on my journey so far. 

1. My credit score has gone up!!!
2. I’m nearly halfway towards saving my first $1000 (the emergency fund)
3. I’m continuing to make forward progress on honoring the debts that I have incurred.

Many thanks to Eric at  Beating Debt.org for sending along a spending plan for me to utilize!  If you have not checked out his ministry and organization, I ENCOURAGE you to do so! 

Continue to pray for me as I continue while also planning for my wedding in April.  I will need all the prayer and help that I can get!!!

Until Next Time,

Ryan

Some Practical Ways to Manage Daily Finances

I’ve learned that it is important for us to TELL our money where it should go…or else it will just hop out of our wallets or purses and evaporate into thin air.  I DO NOT pretend to be an expert in finances (otherwise I would not be in debt in the first place)!

1. Keep a small notepad
Using this small notepad, write down EVERY item or service you spend money on.  Continue to do this for at least a month.  At the end of the month, take a look at everything you purchased and measure it against your income and any bills you may have had to pay for during the month.  Writing down what you spend your money on will be an eye opener as to how much (or little) you waste.

2. Utilize an envelope system
Some may find that it is better for them to have tangible cash to work with and allocate towards expenses.  Creating an envelope system may be beneficial to you if that is the case.  You simply get your hands on a few envelopes and label them according to your needs and expenses.  The key one to focus on is one for your own personal expenses…whatever cash you set aside for yourself in this envelope is your LIMIT!  If you “cheat” this system, you will ultimately cheat yourself of the financial peace that you (and especially God) wants for you to have.

3. Have an accountability partner on a regular basis (daily or weekly is usually good)
Jesus, in Scripture, promises that He will never leave nor forsake His people.  We should model this great example when it comes to getting, and staying, on the right track towards financial peace and freedom.  Whether it be a spouse, parent, sibbling, or best friend, hook up with someone who you KNOW will check in on you to make sure you are making wise financial decisions and keeping in line with your budget.  Share not only temptations, but also any victories that you have along the way.

4. Maintain a budget!
Whether you use extensive software packages such as Quicken or MS Money or just create a simple spreadsheet…CREATE A BUDGET!!!  One Budget that is simple to maintain is called a “zero-balance” budget.  What this means is that at the end of each month, your balance should turn out to be “zero”.  This blog has partnered with an awesome ministry called BeatingDebt.org and they have a plethora or resources to help start you on your journey towards becoming debt free. 

ADDENDUM

***Spending Plan (don’t leave home without one)***

A spending plan essentially dictates how one will actually SPEND the money that has been budgeted.  It’s basically more itemized than a typical budget may be and it ultimately helps shape and fine tune a budget over time.  Many thanks to Eric at BeatingDebt.org for sharing this nugget of information.

A Recent Discovery

Good Morning!

Just wanted to put a quick post up letting you know that I found a book I have had for the last 3 years or so called “The Right Start”.  I have added it to my recommended reading section of the blog.  I will be posting some useful tips and things that I have learned in the next few posts.  I am truly grateful for the chance to go through what I am going through.  I look forward to God actually bringing me through and OUT of this mire and muck of debt.

Praises and Glory to God!

The Good Word

Hey everyone!

Happy December first of all!  Goodness, how fast the time does fly.  So far, progress is being made on the eliminating debt front and I praise the Lord for it!

I wanted to take a few minutes to share with you some things that I have worked on recently.  I have written two small devotionals called The Good Word (Volume 1 and 2).  They are in print and available at Amazon.com along with the major book retailers (you’ll have to special order it).  For a small paperback, the price seems high, but the proceeds/profits from the book go to funding and launching a new ministry called Truth Be Told Ministries (http://www.christberry.com or http://www.truthbetoldministries.org).  You can also order a limited amount of copies directly from me, just let me know by visiting the contact me page of this blog.

In the coming days, I will be sharing an excerpt from the books. 

Continue praying for me as I pray for you!  Until next time, stay strong in the Faith!!!

Just Checking In…

Hey everybody.  Just a short post to check in with everyone.  I have made my payments and am preparing to give this little “snowball” a nudge down the hill so that I can begin eliminating each debt one by one.  I am grateful for all of you who stop by to see how I am doing.  I do hope and pray that you had a wonderful and blessed Thanksgiving (mine’s was!).

A busy week lies ahead, but never too busy to live responsibly with the resources that God have given me.  In the next day or so, I will be updating the list of links as well as update my recommended reading section of the blog.  I am encouraged and excited and I pray that your testimonies and prayers will keep me on the right track to financial peace!  I also plan to share what God has shown me through the reading of Randy Alcorn’s The Treasure Principle.

Continue to pray for me as I pray for each of you who come by and offer prayers and support.  Until next time, stay strong in the faith!!!

PAYDAY!

Today is the last paycheck for November.  Lord knows it is just in time as my checking account was getting close to “E”.  Tomorrow is Thanksgiving and I truly have much to be thankful.  In my next entry, I will disclose to you the gross and net amounts of my pay, and TRY to, somehow, get a budget up here for you all to help me make sure I stick to.

I am greatly depending on God to help me stay faithful and stay the course.  I will be creating some pages what will help bring some of the best resources I can find to help get out of debt.

Will you take this journey with me?  I’d love to hear from you…please feel free to leave comments, prayer requests, and even praise reports to help encourage myself and other readers!

Have a wonderful and BLESSED Thanksgiving day,

~Ry~

The Journey Begins…

While this will be brief, it is my first official post to this blog.  I thank God first for allowing me the time, energy, and resources to set this small blog up.  I pray that others who visit will be blessed by my journey to becoming debt free and having the financial peace that we are TRULY meant to have.  If you want to learn a little about me, click on the About link at the top of the site.

I am by no means an expert in the area of finances and economics, but I do plan to share with you all that I learn about living a financially healthy life.

If there is anything you would like for me to touch on while I am on this journey, PLEASE leave comments.  Also, I will be praying for you all as I ask you to pray for me.

Have a great night!!!

~Ry~