how they did

Knowing he had to make a change, Brandow began to inquire about strategies for getting out of debt. He found several personal finance blogs, the debt snowball techniqueand the David Ramsey community. With his newfound knowledge, Brandow was able to come up with a plan for his money — his family’s first budget. For their budget, Brandow simply sat down with his computer and a Excel spreadsheet and counted all of his family’s income and expenses. The couple was then able to decide where they should cut back.

The couple considered and decided on a plan for their money as a team for the first time. They both agreed that it would be difficult to change their bad behaviors, but that they had to make the change for themselves and their three children. They also decided that they should continue to communicate often about their money, putting in place periodic checks.

Brian and Lynn have also spoken to their three children about their bad financial behavior. They wanted children to understand why spending changes would take place and why they might hear the word “no” more often when asking for things.

The first few months of Brian and Lynn’s plan were difficult. It took time for new habits to form and for the whole family to adapt. “We started by paying our smallest debt first – we followed the snowball method (paying the smallest debt first, then working our way up the debt line). Our total monthly payment for our debt was $2,000 for most of our debt repayment period,” Brian explained. Over time, they became experts at finding new ways to save money and stretch their dollars by cutting out trips to the salon, removing any subscriptions they had, and limiting their travels, but they also encountered some challenges on the road.

Lynn had a car accident and was out of work for over a year. Brian explains: “Our main goal was to make sure Lynn was healthy. The fact that we now had a plan for our money, [meant] an unexpected life event like this was easier to deal with.” Lynn recovered and returned to work.

life after debt

Having a clear “why” really helped Brian and his family stay motivated through the long reward period. Saving money wasn’t easy, but within the first few months of their repayment, with only a few thousand dollars cleared of debt, they began to feel the effects of their progress: less stress in their lives and no bad feelings about money. .

The simple fact that they built a financial plan as a team to overcome their debt helped strengthen their relationship and their marriage. Involving their three children in a discussion about money brought the family closer together than it had ever been.

“It’s a whole new life and relationship together after the debt!” Brian says now.