FMOOD 0073: Time to Celebrate! - a podcast by Tom Merlino | Tom is inviting you to follow him on his journey to get out of debt and get into prosperity.
from 2017-02-27T07:00
It's time to celebrate! We have officially saved up our initial $1,000.00 for our starter emergency fund. Needless to say, I'm excited. We started this journey on December 18, 2016, so it has taken us a little over two months to save up our first $1,000.00. We had some setbacks along the way, including a huge setback that happened right before we started this journey to the tune of a $1,200.00 unexpected expense in November. Even with this setback as well as a couple of others, we have overcome them and are ready to begin tackling the debt!
I truly believe that the difficulties that we had experienced were supposed to happen that way. The entire process gave us a thicker skin when it comes to unexpected expenses. It gave us an opportunity to distinguish between what defines an emergency and what doesn't. We now begin the next phase of this journey to get started on the path towards getting out of debt, and I am stoked to finally get the ball rolling.
We have decided to pay off the credit card with the highest APR first. Afterwards, we will likely switch to paying off debt from smallest balance to largest balance. We're doing a bit of a hybrid plan, but it's a plan that works well for us. As I've mentioned several times before, there is no cookie-cutter approach to personal finance, and what works for some may not work for others. If you are joining me on the journey to get out of debt, feel free to do the plan that works best for you. Whichever direction and plan that you are going to be implementing isn't quite as important as keeping your eye on the prize: becoming completely debt free. I can't wait to meet you there.
To stay up-to-date on show updates and bonus content, follow me on Twitter @fmoodpodcast or on Facebook at http://facebook.com/followmeoutofdebt. Together we will get out of debt and into prosperity!
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