{"id":1692,"date":"2022-10-16T22:51:10","date_gmt":"2022-10-17T05:51:10","guid":{"rendered":"https:\/\/habitways.com\/?p=1692"},"modified":"2022-10-16T22:54:12","modified_gmt":"2022-10-17T05:54:12","slug":"no-new-debt","status":"publish","type":"post","link":"https:\/\/habitways.com\/?p=1692","title":{"rendered":"No new debt"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1692\" class=\"elementor elementor-1692\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cb4f0c7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cb4f0c7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ebf95d7\" data-id=\"ebf95d7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4fbfce8 elementor-position-top elementor-vertical-align-top elementor-widget elementor-widget-image-box\" data-id=\"4fbfce8\" data-element_type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.6.7 - 03-07-2022 *\/\n.elementor-widget-image-box .elementor-image-box-content{width:100%}@media (min-width:768px){.elementor-widget-image-box.elementor-position-left .elementor-image-box-wrapper,.elementor-widget-image-box.elementor-position-right .elementor-image-box-wrapper{display:-webkit-box;display:-ms-flexbox;display:flex}.elementor-widget-image-box.elementor-position-right .elementor-image-box-wrapper{text-align:right;-webkit-box-orient:horizontal;-webkit-box-direction:reverse;-ms-flex-direction:row-reverse;flex-direction:row-reverse}.elementor-widget-image-box.elementor-position-left .elementor-image-box-wrapper{text-align:left;-webkit-box-orient:horizontal;-webkit-box-direction:normal;-ms-flex-direction:row;flex-direction:row}.elementor-widget-image-box.elementor-position-top .elementor-image-box-img{margin:auto}.elementor-widget-image-box.elementor-vertical-align-top .elementor-image-box-wrapper{-webkit-box-align:start;-ms-flex-align:start;align-items:flex-start}.elementor-widget-image-box.elementor-vertical-align-middle .elementor-image-box-wrapper{-webkit-box-align:center;-ms-flex-align:center;align-items:center}.elementor-widget-image-box.elementor-vertical-align-bottom .elementor-image-box-wrapper{-webkit-box-align:end;-ms-flex-align:end;align-items:flex-end}}@media (max-width:767px){.elementor-widget-image-box .elementor-image-box-img{margin-left:auto!important;margin-right:auto!important;margin-bottom:15px}}.elementor-widget-image-box .elementor-image-box-img{display:inline-block}.elementor-widget-image-box .elementor-image-box-title a{color:inherit}.elementor-widget-image-box .elementor-image-box-wrapper{text-align:center}.elementor-widget-image-box .elementor-image-box-description{margin:0}<\/style><div class=\"elementor-image-box-wrapper\"><figure class=\"elementor-image-box-img\"><img width=\"1280\" height=\"865\" src=\"https:\/\/habitways.com\/wp-content\/uploads\/2022\/10\/money-coin-investment-2724241.jpg\" class=\"attachment-full size-full\" alt=\"money, coin, investment-2724241.jpg\" loading=\"lazy\" \/><\/figure><div class=\"elementor-image-box-content\"><h3 class=\"elementor-image-box-title\">No new debt<\/h3><p class=\"elementor-image-box-description\">Getting our finances under control<\/p><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1ca4a15 elementor-widget elementor-widget-text-editor\" data-id=\"1ca4a15\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.6.7 - 03-07-2022 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">October 16, 2022<\/span><\/p><p><span style=\"background-color: transparent; font-size: 11pt; font-family: Arial; color: #000000; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">I picked something to NOT do this week &#8211; \u201cno new debt incurred.\u201d Sounds easy enough, right? I get points for doing nothing &#8211; yay! We\u2019ll see though. This one has to be a team effort. My husband and I are not so great about spending within our means, and we\u2019ve spoiled ourselves and our daughters, unfortunately. But we\u2019ve started Dave Ramsey\u2019s <\/span><a style=\"font-style: inherit; font-weight: inherit;\" href=\"https:\/\/www.ramseysolutions.com\/dave-ramsey-7-baby-steps\"><span style=\"font-size: 11pt; font-family: Arial; color: #1155cc; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;\">baby steps<\/span><\/a><span style=\"background-color: transparent; font-size: 11pt; font-family: Arial; color: #000000; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\"> (again!), and have already accomplished baby step one &#8211; save $1,000 for your starter emergency fund.\u00a0<\/span><\/p><p><span style=\"background-color: transparent; color: #000000; font-family: Arial; font-size: 11pt; white-space: pre-wrap;\">Baby step two is to pay off all non-mortgage debt using the debt snowball. I\u2019m not sure this qualifies as a \u201cbaby step\u201d for a lot of people. For us, it\u2019ll be a five-year-long marathon of disciplined, focused budgeting. The debt snowball works by focusing all of your extra resources on paying off the smallest debt first while paying minimum payments on all other debts. The idea is that when you pay off a debt relatively quickly, you will be bolstered to continue on the program. Once the first debt is paid off, you add that payment and all excess resources to the next-smallest debt. Like a snowball, your debt payments grow bigger and bigger as you work from one debt to the next.\u00a0<\/span><\/p><p><span style=\"background-color: transparent; color: #000000; font-family: Arial; font-size: 11pt; white-space: pre-wrap;\">I won\u2019t tell you how much we owe (too much!), but it consists of credit card debt, student loan payments, and a HELOC that we took out to help pay for a house remodel project a few years ago. To pay all of that off, we plan to cut back on expenses, by cutting some media subscriptions that we have but don\u2019t use much, creating and sticking to a strict but realistic budget, and most importantly, not incurring any new debt. We also plan to increase income, by selling things like our old refrigerator, old bicycles, furniture and other items, increasing my work hours (I am paid hourly), and catching up with some back tax filings that we need to do (expecting a refund).\u00a0<\/span><\/p><p><span style=\"background-color: transparent; color: #000000; font-family: Arial; font-size: 11pt; white-space: pre-wrap;\">I\u2019ve heard that if you take \u201cno new debt\u201d day by day, then you can really work hard on those particular days where it\u2019s a stretch, and just make sure you get by for one day. Then, the next day, do it again. Hopefully, we can do this without big stretches, but if we need to, we\u2019ll gather all possible resources to keep from going further into debt each and every day.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>No new debt Getting our finances under control October 16, 2022 I picked something to NOT do this week &#8211; \u201cno new debt incurred.\u201d Sounds easy enough, right? I get points for doing nothing &#8211; yay! We\u2019ll see though. This one has to be a team effort. My husband and I are not so great [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}}},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/habitways.com\/index.php?rest_route=\/wp\/v2\/posts\/1692"}],"collection":[{"href":"https:\/\/habitways.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/habitways.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/habitways.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/habitways.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1692"}],"version-history":[{"count":14,"href":"https:\/\/habitways.com\/index.php?rest_route=\/wp\/v2\/posts\/1692\/revisions"}],"predecessor-version":[{"id":1707,"href":"https:\/\/habitways.com\/index.php?rest_route=\/wp\/v2\/posts\/1692\/revisions\/1707"}],"wp:attachment":[{"href":"https:\/\/habitways.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/habitways.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/habitways.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}