Posts by jsangl

Introduction

This couple is THROUGH with debt!  It has now been five months since they announced that they were breaking up with debt.

Here is this month's update!

What went well this month …

This is month five, and as you can see (from our Debt Freedom Date calculation) we are on the way to debt freedom.  Joe's system gets much easier with time!  We've really changed our financial lifestyle.

Challenges and struggles this month … 

This month was fairly easy.  We'd like to pay more than $325 on the Discover, but some other things came up and we had to plan for them.  However, we didn't accumulate any new debt!  We'll use our tax refund to pay off the Discover balance, and begin working to pay vehicle #1 off about ten months early!

Here is their updated Debt Freedom Date calculation …

Month By Month Progress …

Anything else you want to share?

We get paid on the 15th and 30th every month. A few months ago I couldn’t wait for those checks to come in because we were dependent on them.

About three months in to this, the “pay days” became regular days.

Any challenges you want to issue to others who are reading the web site?

My wife basically dragged me to our first meeting with Joe. Our finances weren’t horrendous, but weren’t great either. We had a few thousand dollars in savings, but were living pay check to pay check with some debt.  I was embarrassed for an outsider to look into our personal business.  My first question to Joe was, “What qualifies you to tell me how to handle my money?” Joe briefly told his story and I began to listen and realized I wasn’t going to be judged on my past financial decisions.  This put me at ease.

We’ve been doing this for 4-5 months now, and it has changed our lives. I still buy what I want, eat what I want and go where I want, it’s just budgeted. We are paying off debt quickly, and working towards financial freedom.

My point …  I know someone out there is skeptical or embarrassed about their situation, its okay.  Call Joe! 

Sangl says …

I am so fired up by Couple #2's progress!  I am ready to CRY!

Couple #2 is ON FIRE!  They have been on this journey for just FIVE months, and they have already paid off $11,693!  They are experiencing a time of blessing, and they are taking full advantage of this time to knock out their debt!  While they did not totally eliminate a debt this month, they did reduce their debt by $1,720.  Simply amazing.

Readers – What you are seeing unfold before you with Couples #1 and #2 is what I am seeing literally HUNDREDS of people do!  There are HUNDREDS of people who have taken control of their finances, developed a written spending plan, and are absolutely changing their entire financial future!

Couple #2 – You guys are inspiring others to take their finances to the next level!  Thank you so much for sharing!

Readers …

Have you had enough?  Have you had your "I Have Had Enough" Moment?  It's time to put together a plan that helps you win with your finances.  You can start by putting together a written plan using one of the budget forms available on the "TOOLS" page.  Just click on the word "TOOLS" at the top right-hand corner of the page.

Want to read my story and learn how to take your finances to a new level?  Purchase a copy of I Was Broke. Now I'm Not.  I can promise you that it is written at a level you can understand and immediately apply to your finances!

Read Previous Updates For Couple #2

You can receive each post from www.JosephSangl.com FREE via E-MAIL by clicking HERE!

Introduction

Couple #1 is THROUGH with debt!  They have been married for many years and have two children.  They are now five months into their march.  Here is this month's update.

What went well this month …

Well, it's January, and we are back on track.  I am jacked because this year we are putting a lot of debt in our rear view mirror.  Look for next month's update, big things are going to happen.  Thank you, Joe, and thanks to all with encouraging words!  It is great to do something really meaningful.  Now if I can shed about 20 lbs along with my debt.

Challenges and struggles for this month …

The challenge is being impatient.  I want to pay everything all at once.  I must remember that I did not get here overnight, and I won't be paid up overnight.  I'm Not Broke is big medicine, share it with your friends! 

Updated Debt Freedom Date …

Month By Month Progress …

Sangl says …

Couple #1 PAID OFF ANOTHER CREDIT CARD!  Couple #1 is making excellent progress.  Based upon their update this month, I suspect that they are going to be receiving a tax refund or bonus!  They also gained 1.5 months toward debt freedom!  This couple are beginning to emerge from the toughest months – the beginning months.  Pretty soon this is going to be second nature and this debt will start dropping like flies!

Think about it – Couple #1 has paid off $4,802 in just FIVE months!  That is nearly one thousand per month!  It is amazing what you can do when you have had your IHHE Moment! 

Readers …

Are you receiving a tax refund this year?  You might want to read the series "Best Utilize Your Tax Refund" before you spend it!

Also, take a moment to consider your own personal finance situation.  What would it be like to share it with the world like Couple #1 is?  Will you take a moment to thank them and encourage them on their journey? 

Read Previous Monthly Updates For Couple #1 HERE

Like what you are reading?  Receive each post automatically in your E-MAIL by clicking HERE.

Have you taken the opportunity to listen to the "I Was Broke. Now I'm Not." podcast?

A new podcast is released weekly on Thursdays.  It is a high-energy, five to eight minute podcast where you will hear a success story and a question from the web site.

I am FIRED UP by the success stories and questions being sent in via the blog!  Thanks for sharing! 

To subscribe to the podcast via iTunes, click HERE.  If you do not have iTunes, you can download an mp3 by clicking HERE.

Welcome to the latest series at www.JoeSangl.com – Financial Software!

In Part 1, I shared the reasons that I use Microsoft Money.

Now I want to share how the use of this software has enabled Jenn and I to take our finances to another level.

First, let me go back a few years to explain how I discovered this software …

It was in early 2000, and I was sitting in a leadership meeting for NewSpring Church.  It was me, Perry Noble, and Jason Wilson.

The new church was just getting off the ground (less than four months old), and Perry pulled out these incredible looking financial reports.  When I say "incredible", I mean just that.  I was floored.  I was amazed about two things – (1) the incredible reports and (2) that PERRY had them!

"What …?  How …?  Where did you get those?", I stammered.

"Your wife printed them out for me.", Perry said.

They were INCREDIBLE!  These statements were more professional than anything I had seen in Corporate America.

I asked my wife (who was the church secretary at the time) how she did it.  "With Microsoft Money", she said.

I immediately switched our personal finances from my paper-based system to Microsoft Money and have never looked back.

Here is how this software has helped us take our finances to the next level:

• It made me realize how crazy we were spending our money.  We were debit card kings!  Everything was a debit card purchase.  $2.46 purchase.  $1.03 purchase.  $3.21 purchase.  We averaged 90 transactions per month.  When we switched to cash envelopes, we cut our transactions by over 60%!  We now average less than 30 transactions per month.
• It made me realize that we did not have a plan for our money.  When you have to categorize an average of $500 of spending as "Miscellaneous" each month because you don't really know where it went, you have a problem!  That is exactly what we were doing.  By using this software, I SWIFTLY realized where it was going – the grocery store, restaurants, and impulse purchases on "wants".
• It makes me vote.  When I enter paychecks, I enter the gross income and all of the deductions.  When you see how much you pay in taxes on an annual basis, it will drive you to the polling booth every time you have the chance!  I want to ensure that tax money is managed well.
• It helped me become even more organized.  Microsoft Money (and I'm sure other personal finance software) allows you to set up recurring reminders on certain bills.  It ensures that I pay them on time!  AND if someone ever disputes a payment, I can quickly find the transaction and end that discussion.
• It allows me to track multiple accounts at the same time.  I love having all of my financial information in one place.  It allows me to quickly see a snapshot of my overall financial condition.  That's a good thing!

I highly recommend that you use Microsoft Money, Quicken, or other similar software.  Many times it comes already installed on your new computer.  Check out your computer and see if you have it.  If you do, try it out right!

Read recent posts 

Receive posts automatically in your E-MAIL 

Welcome to the latest series at www.JoeSangl.com – Financial Software!

One of the keys to maximizing your financial potential is to GET ORGANIZED.  Organization helps in so many ways.  It helps ensure that bills are paid on time, helps you locate a financial record swiftly, and allows you to focus on "doing" instead of "searching".

I am a huge fan of financial software, and in this series I will be reviewing different types of software that is available.

I personally use Microsoft's Money Software.  Microsoft recently changed the name of their Microsoft Money software to Microsoft Money Plus.

I have used Microsoft Money software since 2000.

The top reasons I use this software are:

• Ease of use  Above everything else, financial software needs to be straight-forward and easy to use.  Microsoft Money is exactly that for me.
• Multiple Accounts  I can manage multiple bank accounts and investment accounts within the same program
• Reports It has tons of built-in reports that allow me to see where my money is going!
• I always know exactly how much money is in all of my accounts!  This alone is worth the entire cost.  I know my balance to the exact penny, and I know if a transaction has cleared the bank or not.
• When I earn or spend money, I am able to categorize the transaction.  For instance, when I pull out money for my cash envelopes, I am able to split the transaction into multiple categories.  Let's say I pull out $600.  I can split the cash withdrawal into the different categories I will use the money for – $300 for groceries, $100 for clothes, $100 for spending money, and $100 for restaurants.

In the next part of this series, I will share how I use Microsoft Money to better manage my money.

Read recent posts by Joe 

Click HERE to receive each post automatically in your E-MAIL