Just over a year ago (aka two posts ago), I posted a blog about sinking funds. The concept is relatively simple...you put a little money away each month and over the course of time, it adds up. We do this to cover all our annual premiums. Now I'm standing here, a year later, stressing to you the importance of getting on track with your finances. Because it's not always gravy.
Since we started getting serious about our finances, things have been pretty smooth for us. We paid off our debt in record time, we saw our savings account grow, we nailed the process of sinking funds, and we stuck to our monthly budget. We were on track to finish an expensive adoption in the summer, and and save up a down payment by the end of this year. I mean, it almost seemed too easy.
But honestly, who has ever had it easy forever? We are all susceptible to hard times, and Stuart and I got to face them in abundance these past several months. This began with our car getting totaled in October, a hefty unexpected tax bill, workmans comp issues with our business, a "successfuly-failed" adoption, and some expected and unexpected medical bills (including upcoming ACL surgery for Stuart, and a baby due this November). The financial portion alone would likely bankrupt the average American family, and I won't lie, it has hit us pretty hard.
However....because of several years of budgeting and saving, it hasn't ruined us. (So far) we've been able to face ALL of it head on and remain debt-free.
My intention here is not to brag. I understand grace enough to realize I don't have a right to. And I don't intend to imply we were filthy rich; we weren't. But we had enough to weather some tough storms, and I cannot get over how grateful I am that we were prepared. In June of 2013, I ended my blog post encouraging people to start sinking funds, saying "One day you'll be glad you did. Like in 2014." From where I stand now, truer words have never been spoken.
I'm going to do the same thing here. This year, get a plan in place for paying off debt and building your savings account. I promise...you will never, ever regret it.
P.S. If you need a place to start, I strongly recommend looking into Dave Ramsey's book, The Total Money Makeover.
However....because of several years of budgeting and saving, it hasn't ruined us. (So far) we've been able to face ALL of it head on and remain debt-free.
My intention here is not to brag. I understand grace enough to realize I don't have a right to. And I don't intend to imply we were filthy rich; we weren't. But we had enough to weather some tough storms, and I cannot get over how grateful I am that we were prepared. In June of 2013, I ended my blog post encouraging people to start sinking funds, saying "One day you'll be glad you did. Like in 2014." From where I stand now, truer words have never been spoken.
I'm going to do the same thing here. This year, get a plan in place for paying off debt and building your savings account. I promise...you will never, ever regret it.
P.S. If you need a place to start, I strongly recommend looking into Dave Ramsey's book, The Total Money Makeover.
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