And So It Begins...

 

 

Today began the actual chipping away process. We both tend to get impatient and want to see major results right NOW, however we know that with something like debt and money, it's the accumulation of a bunch of little actions that will have the greatest impact.

So, what did we do?

1. Kyle already sold his shotgun to a family friend! Hooray for an extra 100 bucks! (He has two others he wants to sell, if anyone is interested)
2. I noticed that I was still signed up for "Credit Protector" on one of my credit cards, charging me a ridiculous $40/ month for the supposed "peace of mind" of knowing that if I were to lose my job, get a divorce, or have babies, my payments could be put on hold for a couple months. It turns out I am self-employed, not currently married, and have no plans to pop out any babies soon, so I figured this could afford to go.
3. I  managed to get my highest credit card interest rate lowered!

Let me just say that I am a huge pushover when it comes to simply asking for something I want, so when it came to calling up the credit card company to ask them for a lower interest rate, I used to think "there's no way I would have the balls to do that". However, "Love vs. Debt" Megan is a new and improved, "I'll tell YOU what I want" Megan, and I was super motivated to get things done today.

So, I did a little research-- I figured out how long I had been a customer with their company, how many times I missed a payment, and what other credit card rates and balance transfers were available to use as leverage.

I took a few deep breaths, then I called them up and told them that "I would hate to have to cancel my card, but I would not hesitate to do it if they couldn't do something to lower my rate." I also (casually) mentioned the fact that I have been their customer for almost 8 years and haven't missed one payment.

The moment they heard the word "cancel" they transferred me to the higher-ups and lowered my interest rate by 6%!

Wow... that was easy.

Moral of the Story: It never hurts to ask. The worst thing that could happen is they say "No" and then you are no worse off than you were before. I only regret that I didn't do it sooner.

Keep you posted on our progress!

Baby Steps

Today we faced our demons and took a few baby steps toward our goals.

Money is always a sensitive subject to discuss but it is also one of the most important. Many relationships end over financial disputes and more often than not, it's due to a a lack of communication  about money. Money is an integral part of our lives, and tip-toeing around the difficult issues won't make them any less present.

Today we laid all of our (credit) cards on the table. We wrote down all of our debts, totaled them up, and got a realistic idea of the size of this mountain we are about to climb.

Was it easy? No.
Was it depressing? Yes.
But was it necessary? Absolutely.

Now that we know what needs to be accomplished, we can finally stop pushing the hard stuff to the side and tackle it head on.

Let the battle begin.

 

Allow Ourselves to Introduce... Ourselves

Hello! We are Kyle and Megan, a young couple from the Cincinnati area. We have been dating for about a year now and have big dreams for our future. We are excited for what's to come,  but we also know that carrying around a bunch of debt will get in the way. With Kyle's mortgage and car payments, along with Megan's mountains of school loans and credit card debt, it was time to get serious about cutting back, saving up, and paying things off.

Here's where we get stuck.

We have done lots of research about how to go about paying things off. We have read others' blogs, checked tons of books out at the library, and listened to the advice of those who continue to live thriftier than we do. We know how it is supposed to go, we just don't know where to begin. We both have the tendency to get very excited about an idea, followed immediately by being overwhelmed, and finally, giving up altogether.

One night recently, Megan was stressing out about finances.  She had finished her taxes early (which is a miracle, given her procrastinating tendencies), however the program she was using was experiencing glitches and kept rejecting her return. She decided to give up for a couple days, defeated after the initial thrill of an upcoming windfall had worn off. She had been sick for the past week and was unable to go to work at her nanny position and therefore, missed that week's check. She decided to check her bank account only to discover that she had overdrawn after her recent doctor visit copay and gasoline purchase. She indulged in a brief breakdown, discussed the situation with Kyle, and together they decided to start a brand new financial journey.

Here is a list of what are goals are for this blog, and what we hope to learn:

1. By keeping a log of all of our efforts, we are held accountable to ourselves and our readers. 
2. We will be more likely to follow through, if only to have something to write about that day.
3. Writing things down serves as a reminder to us to keep us on track.
4. Hopefully we can get some good feedback from readers to learn tips from you about saving, spending, budgeting, etc.
5. By sharing our experiences, maybe we can help others find their way to financial freedom.
6. We will be working toward our goals-- Together.

We hope that you continue with us on this adventure and we encourage you to leave us comments and feedback-- We would love to hear your thoughts!