This post is brought to you by The Simple Dollar.
*Sorry if this seems like a repeat post. It went up before it was scheduled. It didn’t listen 🙂
As always, I recommend that you check out the link above before reading what I have to say about it here.
So, here, I will wait. I got my coffee, nice and warm…with a chocolate note. Not a huge fan of it to be honest, but we spent money on it so I’m going to tough it out. If you have a flavored coffee to suggest, please I am all ears!
Alright, you’re back? M’kay. Let me go refill my cup real quick!
Okay, so here we go! This was one of those posts that just kind of opened my eyes a little. Prior to graduating college in May of 2015 I didn’t want to be blind to the student loans Mr. Wanderlust and I had taken over the years. After adding up the number, I was physically sick to my stomach. I regretted adding up the numbers. I did it again thinking I screwed up the math. I didn’t. It was as bad as the first number.
About a week after adding up the numbers I ordered The Total Money Makeover by Dave Ramsey. We read it. We jumped in and got our ball rolling.
It did take us about 6 months to figure out how to track our payments in a way that was aesthetically pleasing and not overwhelming to the point of wanting to throw my laptop out the window.
Okay, so into the article more specifically. Knowing your Net Worth. This is new to us; excuse me as our accounts refresh! Our current net worth is a terrible -$158,442. Yay…sigh.
If you are new to With Love, Wanderlust, it would appear that we have no idea where our money goes with this months budget update. That isn’t the case! We use our budget about once a day! We have been doing very good at staying on budget for our regular expenses. Our only irregular expenses right now are related to moving. We will be creating a PCS category once we get settled.
Because we do, loosely, follow Dave Ramsey our emergency fund is only $1,000. That would last us about a month if one of us lost a job. That isn’t great by any means. That would also mean cutting back on things a lot!
After Tax Income: This is the first time that we have had a salary in our household. And likely to be adding a second. If you gave me 5 minutes I could tell you Mr. Wanderlust’s after tax income. As to mine, I have such a variable income right now that I don’t even know! We did achieve a new tax bracket this year. Not sold if that is a good thing or not!
Financial Goals we got on lock! We will be revisiting this summer depending on how some major life changes come and go.
Credit Score. I know mine. I’m in the mid 700’s. I have no idea what Mr. Wanderlusts credit is or if he even has a score. He is even less into debt than I am. He has no interest in building a credit score.
How Much Money You Owe…just look at this blog. We totally know this!
I do agree that if you know the above, you are on a good financial first step or two! You have to face the demons head first and roll their heads!!