Hello from South Georgia!

[reddmann]

My name is James. I'm 36, married, one 5 year old daughter, and 9 year old stepson. I have a pretty good job for this area, make around 50000 a year, but I am about 50000 in debt. We are a one income family. I know I'm starting late in life, but I would like to learn how to become debt and financially free as soon as possible. I have no knowledge of investing or business ventures. I was always taught you gotta have a good job and that debt is normal. I do have a 401k with about 7000 in it right now. I put 6% of my income in that because that's what my employer matches. I don't have a savings because my bills take up most of my paycheck. I feel stressed most of the time because of the bills, and I desperately want to make a better future for my family. Thanks.

[Moemg]

Welcome , Have you checked out Dave Ramsey's book or web site . It deals with couples just like you ?

[Westernskies]

Welcome to the forum, let LBYM become your mantra, and you shall find what you seek....

[reddmann]

I wil definitely check out dave ramseys website and book. And yes I have learned a hard lesson about living below my means. Now to work my way out of this mess and start practicing LBYM! Thanks for the quick replies.

[bbbamI]

Welcome to the forum James. Don't be too discouraged...we all have to start at some point. You are on your way.

I suggest you keep a detailed spreadsheet of your expenses. After doing this for a while, you can see the areas that can be cut back allowing you to put aside some cash in an emergency fund. If your spouse is unable to work, you may want to see if you can get an additional job working a few hours a week to start a savings account. After this account starts to build, your stress will ease up a bit allowing you to be more optimistic about the future.

[reddmann]

Yes, keeping up with our expenses is a good idea and its something we've never tried. I already know that we can cut back on some things. Thanks.