Dave Ramsey warned me. Dave said that it would take sacrifice and that it would not be easy. I just did not know how difficult it would be.
“Change is painful. Few people have the courage to seek out change. Most people won’t change until the pain of where they are exceeds the pain of change.” -Dave Ramsey, The Total Money Makeover
My husband and I decided in January of this year that we were going to dump $18k in debt in a flash by getting rid of my fully loaded Tahoe. We would be exchanging it for a paid for vehicle. We scoured the internet looking for cars and we found plenty of options. The only issue was that we were having a hard time finding a dealership that would match our trade or come close to it.
Over the course of two months, we went to various dealerships, called numerous sales reps, and crunched numbers. My husband works in catastrophic claims for commercial real estate and he has had to work almost 24/7 for the past two months. Finally, on my birthday he had a day off which gave us the chance to go car shopping.
I am a firm believer that God has a way of humbling you. A Tahoe has always been my dream car and I never imagined that I would have to give it up for the ugliest car I have ever owned. We found plenty of Tahoes within our price range but no dealership was willing to match our trade. Therefore, we could not afford another Tahoe.
Instead, we purchased a 2002 Toyota Sequoia that is the oddest color. I swear it is purple, our neighbor swears its blue, and my husband swears it is gray. The wood grain on the inside was horrible and destroyed (the photo does not show how bad it was). It was an emotional day knowing I was giving up a 2008 Tahoe Hybrid that had every bell and whistle you could possible want, for a car whose inside was not up to my standards.
It may seem silly to some but it was difficult to drive off in that car and leave my Tahoe behind. It was my idea to get rid of the Tahoe and I am the one that wrote the check. No one made me give up my beloved Tahoe. As hard as it was to drive away in a car that I truly did not want, I am extremely happy that we did it.
We dumped $18,075.06 of our debt in a flash by getting rid of my Tahoe. The car we got runs great and my husband has done some ‘remodeling’ to it, which has improved the look of it tenfold. I am super grateful for the skills of that man!
How did we do it?
I cashed out my 401(K) from the company I used to work at. I know that many disagree with doing something like that but after extensive research, we decided it was the best option to get us out of debt fast. We now only have my student loans and our mortgage that we owe.
What is the hardest thing that you have had to give up in favor of bettering your finances? How did you do it?
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