Tim and Kathryn have given us many tools to get our finances under control.
- The envelope system has been a lifesaver, and we found we needed to move certain expenses into the “envelope” when the debit card became too easy to use and we overshot our planned spending amounts.
- We also participated in Dave Ramsey’s 13 week Financial Peace course at our church, and found it immensely helpful and reinforcing. We thought our work with Tim and Kathryn prior was key in being able to really understand and get the most out of the course. It would have been totally overwhelming otherwise. The facilitators of our class are really great folks, but not professionals in this area as Tim and Kathryn are. I also don’t think they work the program as diligently as they do, so they continue to be our role models.
Here is our progress since working with Tim and Kathryn: we have been steadily paying down debt on the AMEX and are hopeful it will be completely closed in early 2013, when we will finally attack the VISA with a vengeance. We have cut up our remaining credit cards, so do everything with cash/limited debit/check. Phil finished the backyard shed sufficiently that he moved the last load of “stuff” tonight from the storage space we were renting – this will save another $75/mo to go towards debt payoff. We refinanced our house, freeing up another nearly $400/mo to go towards debt payoff as well. Although Phil is currently between contracts, for the first time we feel like we are well in control of our expenses and so the worry load is greatly reduced. Best of all, our communication as a couple is better than ever and we are reaching deeper places spiritually than we thought possible. It feels like we are really leading an integrated life where our values, actions, and management of the assets we’ve been blessed with all align.
For a week, the local weather forecasters were hyping what was threatening to be the worst snowstorm in the Seattle area in at least a decade if not longer. Names like “Snowmageddon” and “Snowpocalypse” were bandied about as the front of the storm approached in seeming slow motion. The forecasters were right and the storm developed pretty much as they predicted. Schools closed, the streets covered with snow. At one point there were more than 200,000 people without power. The governor declared a state of “emergency”.
Sometimes it is the little things that matter. On the inspirational side, we often hear things like, “A journey of 1000 miles starts with a single step,” or, “To eat an elephant you proceed one bite at a time.” From the cause and effect point of view, it is more often than not that small choices made day in and day out put you where you are today.
The last thing most people want to think about during the end of year holidays is taxes. It is, however, important to do so. There are a couple of things you should consider at the end of the year to put yourself in a positive situation with regard to this year’s taxes and set you up for no surprises next year. All of these activities require that you be able to reasonably accurately estimate what your tax bill will be come April.
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