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We’re debt free, now what?
After years of scratching, pinching and socking every penny you can toward those credit cards, car loans, school loans, boat loan, mortgages or what ever else you insanely borrowed money to pay for, what do you do now? You go to Disney World! No really, its time to reward yourself for a job well done. I know, it wasn’t easy. While other families around you were buying new cars and going on expensive vacations, you were gritting your teeth and sending in those extra payments.

After Cindy and I finally paid off our last loan, which was the mortgage on our house, we rewarded ourselves with the purchase of a brand new living room suit. It was our first new purchase of any furniture. Many years earlier, Cindy had found these his and hers La-z-boy recliners in a yard sale, mine was a nice big green one and Cindy’s was this nice little pink one. That little pink recliner turned out to be my favorite chair ever. Perfect for sitting and reading or crank the lever, kick back and watch a good movie. Anyway, the point is, you need to reward yourself, plus its fun!

We were 29 years old when we paid off our debt and quite alone in our circle of friends to have accomplished such a feat. So the thing we struggled with the most, was do we tell anyone. Cindy being a much more private person than I was insistent that we just keep it to ourselves. Ironically 9 years later, I am telling the story to you and many others. As our debt free status began to slowly leak out, mainly because of my big mouth, nothing terrible happened. Family and friends asked questions and congratulated us on our success. Truthfully, I was busting at the seams to tell just about everyone we met. I was just extremely excited about it. So share your success with those you feel comfortable do so. It has motivated many of our friends and family to pursue the same goal.

As the months and years rolled on, with no money going toward loans and our income was the same and slowly increasing through raises and such, the number of digits in our savings account balance began to increase. I wondered, well what do I do now? I have always had an interest in real-estate, business and the stock market, but I had almost no experience and didn’t know where to start. I will go into more detail in my future posts explaining my long road to figure out what to do with our extra money.
The First $50 Toward Freedom
A great man once said “By small and simple things are great things accomplished”. This is what I think of when I think of that first $50 my wife and I put toward our huge debt of credit cards, college loans, car payments and home. I remember thinking, “you got to be kidding me!”. We will never get this debt paid off like this. But we did it anyway. It was a decision based more on principle rather than logic. We wrote it down in this little red covered spiral notebook. It looked so lonely on the page adjacent to those numbers representing our debt. This didn’t affect our resolve though; we were a husband and wife with a shared goal of becoming debt free! Nothing could stand in our way. We threw that $50 at the bank with umph! And said “take that debt!”.

To our surprise the next month we sent out a little more, I don’t remember how much but it wasn’t much more than $50. Any extra money we got through tax returns, raises at work, etc. we sent it off to the bank. We would check our balance all the time excited to see the principal amount go down little by little. Each time a particular debt went down by a thousand dollars and one of the numbers on the left would change that just fueled the fire even more. More raises at work came and we just kept increasing our payments. Six years later we were debt free wondering how we did it.

So what does Intellipenny and software budgeting have to do with paying off debt. Well, it is a tool to help you reach a goal. Intellipenny is a great way to help you organize your personal finances, control your day-to-day spending and ultimately become debt free!
Version 2.5 Released!
I know this has been a long time coming, but finally I've completed version 2.5. You can read the Release Notes to get a quick idea of what was changed or added in this release. A couple of the major additions were the ability to use sub-categories, create funding plans, and make transfers between accounts. There were also some bug fixes. Email me if you have any questions about any of the changes! Hope you enjoy them!
Today Only! Free e-Book "Debt Free For Life"
Go to this link and you can download a free e-book. It's David Bach's book "Debt Free For Life". I've perused it and found some great ideas for getting out of debt and for money management in general. Thanks
Version 2.5 is Coming!
Just wanted to let everyone know that version 2.5 is almost ready for release. If you are a current IntelliPenny user then keep an eye on the status bar at the bottom of the screen and it will let you know when the new release is available for download. This next release contains multiple new features and multiple bug fixes and enhancements. Some of the new features are the ability to create sub-categories, the ability to create funding plans for your envelope deposits, and a new screen to create account transfers. I'll post a detailed list of all the changes when it is released. In the meantime....happy budgeting!

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