Year One Debt Plan

My husband and I have 2 kids, 2 dogs, 2 cats and over $43,756.20 in debt.  That last part is not a typo.  We have find ourselves over $40 K in Debt!

We are starting our year one plan of getting out of debt.  Follow along while we do everything possible to get ourselves out of debt.  All while sticking to our budget and raising 2 boys.

Most of the debt blogs I read and stories I hear are single people or dinks ( double income no kids) paying off huge amounts of debt quickly.  What about the people with kids?  The people that live outside of town... the people with large payments that need to be paid?

Below are a list of a few restrictions that we have to work within as we dig ourselves out.

We are not able to have second (outside) the home jobs due to taking care of the kids.  Also added daycare costs more then we would make.

We are not able to reduce our 2 car household due to the fact that we live 15 km out of town.  There is no public transport here.

We are not able to move.  We own our house which was bought before the market went crazy over 8 years ago.  There are no rentals available that are less then our mortgage or that would take our animals.  We have 2 cats and 2 dogs.

We live in a very expensive area of Canada.  In a financial bubble,  Most of the industry is tourism.  This causes low paying jobs with high living expenses.

I am going to plan our Budget Debt Plan Year One by month.  Stay tuned for next post.  I am going to pull our bank statement and analyze what we are spending our money on now and create a budget to get closer to our goal.

Step 1: Spend within our means!