Wow, Dan that is fantastic!


What a wonderful peace you will feel over the next couple of months knowing all that debt is gone.
And knowing that you will never be in that deep of a hole ever again gives you new gazelle intensity to move forward to the next steps!

We’re Debt Free!


As of September 28, 2016, we became debt free and are now BS3ers!

We’ve had student loan debt since 1993 and threw in significant credit card debt in the early 2000s, probably all together amounting to well over $180,000 (i.e. Payday Loans in Florida). We ramped up on Dave Ramsey beginning in March 2015 and dedicated everything we had to first and foremost getting out of debt. This year, we paid $52,800 towards our debt, largely due to spending below what the government identifies as the poverty line by a family of four.

I won’t receive my next paycheck until Friday Oct 12, so we haven’t yet tasted that sweet, sweet snowball going into our pocket instead of our servitude creditors.

Through the BS2 process, we learn about ourselves and how to improve our life together as a family. A best part about the BS2 process is what we learned about family finances and budgeting and how to use that to maximize the snowball as a way towards financial freedom. We will be using that budgeting system the rest of our lives and we are teaching it to our kids.

If you are reading this and are struggling on BS2, hang in there and keep pushing forward. If you work hard at getting out of debt, it can be done!

I have been looking for the original email to reply to on this topic but can’t find it or erased it


My daughter had a savings account since birth. When she was very little, I would make it my business to take her to the bank with me to make a deposit into her passbook savings account on a regular basis. She went to a private school for elementary and every year the school and the bank where she already had an account would give the children a savings account and sponsor a field trip to the bank to see the vault, to see how banking worked etc.

I also made it my business for her to see how money management worked from an early age. She liked to go to the mail box – so that was her job. She would open the mail, learn to recognize bills, and watch her dad or I pay the bills, then she went to writing out the checks, reconciling the ledger etc. In middle school she received her own checking account, this was right around the time ATM cards were turning to debit cards so she went with that process as well. For a long time the only check she wrote on her checking account was her tithe check. She could purchase a few things with her debit card and she would reconcile her account, because she learned from doing the business bills, and our personal accounts. For a long time, I just signed checks, never wrote them out, and spot checked her balancing of my checking account.

Now that she’s in college…. oops in high school she started a job, so with that came direct deposit into her checking account. Something happened, I can’t remember what, that caused her to overdraft and I thought the child had injured herself. She called hysterical and when I finally was able to understand what was wrong, her checking account was minus a substantial sum. Turned out she didn’t subtract something properly and I bailed her out – 1 time and 1 time only! She was so hurt from her error, I doubt I’ll have to do it again.

Now that she’s in college, she pays her own tuition with her debit card, (her father and I do deposit in her account for assistance with tuition only). She buys her own books, and incidentals. If I can only get her to go the grocery store instead of shopping in my refrigerator (see my recent pic on facebook), it would be better for me.

Our credit union


wouldn’t let the girls convert the savings accounts to checking until they had turned 18. They said it was a legal issue, I didn’t argue the point because I wanted them to get used to budgeting and saving.

The 3 oldest got the checking portion done not long after they turned 18…they still have me on the accounts–they feel they need the safety of mommy being there, in case of emergency–I don’t even look at their stuff. The youngest only has savings.

They budget their money well. The youngest is the only one without a steady income, but when she does work, they pay well.

The sooner the better


Our pastor gets his kids a debit card when they enter middle school. They have to pay for everything at that point. Clothes, movies, activies, sports, field trips etc.. Some money is put into the account for things like clothes, but mostly they kids have to work to earn the money. I waited until my son was a senior I wish I hadn’t. He struggles with managing things and he’s a college sophomore.

My kids had a paper route when they were 12 and have had accounts and debit cards since that time


Generally we teach them to donate 10% and then split the balance of their cheque 20-80. 20% is blow money and 80% is for education – or home down payment – or wedding (big life items).
My eldest has put herself through University (currently in 3rd year) and has the money in the bank for her 4th year already.
Our middle child just bounced her first cheque at 18 and was a mess for days. She had the money, just moved too much into savings not realizing that cheques do no come in and out in a week necessarily. Ahhh life lessons. Our youngest is very frugal and only had a paper route and babysitting jobs to date. Her Dad is taking her out today to apply at KFC, McD’s and a few other places. She is 16 but looks like she is 8 years old so I think it will be a challenge for her to get a job since she can barely see over the counters of most places. I have no idea how she is going to manage driving but she has been great with a chequing and debit card.

When should a teen get a debit card/checking account?


My son is 15 and a sophomore in HS. He gets $10 a week for spending money. Right now, it is in a kid’s account in ING (CO360) and I control it. If he wants to buy something, I use my debit card to purchase it, then transfer the money out of his account to checking.

He also has a savings account at the local CU that switched to a checking account when he turned 14. He has never used it as a checking account, but I’m thinking that it might be time to start depositing his allowance into this checking account and letting him manage his money. He would also have to budget for his cell phone/texting plan, which is $15/month and if he showed he is doing ok with it, we could start putting clothes money in there too.

I anticipate that he will be looking for a job when he turns 16, so I’d like him to kind of get a handle on it before then. My husband doesn’t think it’s a good idea because our kid is pretty irresponsible! I can’t argue with that!