Debt Free Homeschool
If you have a getting out of debt story, or a paying with cash story, that you’d like to share and encourage other readers on Free Homeschool Deals please contact me! It might be highlighted in the new Debt Free Homeschool feature. {You don’t have to BE debt free to submit your story. Just share with us your tips, tricks, and helpful thoughts on how your family is making it work!}
This story was turned in by a FHD reader.
About four years ago, my husband and I realized that we’d accumulated about $104K in credit card debt.
Of course, this did not happen overnight, but with our desire to “get rich quick,” we fell for a lot of sales pitches to pursue those “dreams.”
We had good jobs that paid well and our credit rating was excellent, so getting credit was a piece of cake. When we realized what we’d done, we did not know what to do; we couldn’t even make the minimum payments.
It was the lowest point of our lives and of our marriage. It got so bad that we both, separately and on our own, would have fleeting suicidal thoughts, thinking that our life insurance money would take care of everything.
Sounds stupid huh?
But when you are at that low point, even things like that seem to be a solution. Those thoughts were not serious, but they crossed both our minds. But, with God’s grace and mercy, He helped us to stop feeling sorry for ourselves and seek Him instead.
While it was tempting to file for bankruptcy, we knew God would not want us to do that. We knew that the Bible says to pay off your debts. So we called all of our creditors and made payment arrangements. I was able to negotiate very low interest rates, and for some, even zero interest.
This has been the toughest journey we’ve ever been on. During the past four years, I was laid off twice, and now I am taking care of my mom with Alzheimer’s and only my husband works. But I do believe God has seen our commitment to obeying Him, because even through job losses our credit card debt is down to about $16K, and according to my schedule, we are going to be out of CC debt by spring next year!
Praise the Lord!
The most important lesson for me in all this is to pray (a lot!!!) and trust God and His provision. Other important lessons are:
1) Budget, budget, budget! I have a spreadsheet which tracks, EVERY SINGLE PENNY that we spend. It might be a bit much for other people, but I’m used to it (and kinda enjoy it!) since I’m an accountant by trade.
2) Before you buy, research for the lowest and best deal.
3) Pay cash as much as possible or use the debit card. We do use interest- free payment plans for bigger purchases, but I make sure that we’ve budgeted to pay a portion of it each month so it can be paid off quickly.
4) Subscribe to money saving blogs/websites to get deals, encouragement, and ideas. I also read any story I can get my hands on about getting out of debt and debt-free success stories. It inspires me!
Need more encouragement? Check out Affording the Homeschool Life and especially the growing Debt Free Homeschool feature!
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that is such an inspiring story. Stay with it!
I am also homeschooling as my husband in our only income. It is not easy, but I do find when I stick to our budget, things go a lot smoother. I need to be a lot more consistent about this, but your story has INSPIRED me. Thank you for all that you do and the inspiration that you are to others. I will definitely start or at least keep up with your blog a lot more. I have seen it, but now I know I have someone that can help me a lot more 🙂
I am excited to read these inspiring stories!! We are a homeschooling family that has followed Dave Ramsey for about 7 years. Praise God — we are almost completely out of debt (including our house – in December). It is not always easy to choose the “debt free way” but it is worth it in the end! Vacations don’t follow you home and the paid for car in the driveway just feels better. We have led FPU for several years and have met many wonderful people. We are excited to start on Legacy Journey in a month. To all of you out there that are doing FPU– keep up the good work. If you are just thinking about it….it is well worth it. What do you have to lose…except that debt that is weighing you down? Pick up the phone and get plugged in.