So I didn't win. Still....

Last week, at the last minute, I decided I really needed to write an essay for the contest sponsored by Zion's Bank to win tickets to see Dave Ramsey Live & eat lunch with him. We went to the live event last year, so I didn't really want to go again. But I wanted to get to meet him in person. I entered. And, I was a big loser. Oh well. Even though we didn't win, it is nice to have this essay to remind us of what we have accomplished over the past year and a half. The essay is obviously directed toward Zions Bank's END (Eliminate Needless Debt) program, and not Dave Ramsey. Really, all that we accomplished was because of Dave Ramsey's course, Financial Peace University (FPU), and the counsel of the living prophets and apostles, as well as financial tools from the Family Finances website of the Church of Jesus Christ of Latter-Day Saints (link: http://www.providentliving.org/channel/1,11677,1709-1,00.html). We actually completed the online course listed there as a couple about two years ago, and learned things to start our journey of change. I would never go back to the way we lived before. Ever. Our new life is so exciting as our financial ducks begin to fall in a row. The cost of FPU is around $99, but our tuition was paid by my husband's boss. And we are so grateful to him for giving us such a tremendous gift. Also, I need to express thanks to our babysitters for keeping our 3 kids so we could learn how to chang our lives. Anyway, the result was lifechanging for us - so I'm posting the essay despite my inability to win essay contests. Here goes:

Thank You Zions Bank. Because of Financial Peace University, we are no longer a debt statistic in Utah. Best of all, we didn’t have to sell our kids!

In the fall of 2007, my husband’s employer offered a free Super Saver Seminar through Zions Bank END program, as well as paid tuition to FPU if we agreed to attend the 13 sessions. Intrigued - though sure our finances were already in order - we accepted the offer.
We figured FPU was really for people that weren’t currently saving for retirement; the underinsured; those who didn’t live within their means; or for those Utahns with jumbo mortgages. Certainly, we didn’t believe the benefits of attending Dave Ramsey’s program would affect us.

The following 13 weeks changed our financial lives and secured freedom from debt for our future! As we added up our total consumer debt and handed the figure to our host, we were horrified that our debt-load closely matched the 2007 statistic for debt levels among Utahns. What seemed liked moderate, manageable debts (a credit card, a car loan, and a student loan), became a huge burden as we realized that we could never achieve our savings and wealth-building goals while we carried this debt.

We are pleased to announce that 18 months after completing our first true-working budget in October 2007, we paid off all $19,100 of our debts. We started with a baby emergency fund of $1,000, and then attacked the debt by incredibly careful budgeting and discipline.
It is wonderful Zions Bank has an interest in our community! Soon, we will be a new statistic: among those Utahns with 6 months of living expenses in their bank accounts. It feels amazing to eliminate needless debt! Thank You!

Can you believe it? We really paid off nearly $20k of debt. During that time, we also saved and paid around $10,000 for car repairs, home repairs, and medical/dental work. That was a turn around of nearly $30k in 18 mo. just because we learned to budget and discipline our spending. Just think - we are like the Biggest Losers w/ money instead of weight. Our financial lifestyle has completely changed. The key for us really was proper budgeting! I know I sound like pie-in-the-sky, but I promise that good financial habits work. And I believe Heavenly Father has blessed us tremendously because we are learning to properly manage His resources and be good stewards over what he has blessed us with. I'll quit preaching now.