Getting Out Of Debt In September 2012 - Page 2

[Surfacing]

subbing for inspiration
 

Am spending the afternoon making calls and have:

1) cancelled my monthly cell phone plan to make it pay-as-you-go so I can better control costs

2) added an extra $10 to each bi-weekly car loan pymts to make it pay off faster (and learned I can add extra payments at any time which go straight to the principal -- whether it's $0.10 or $100); the lady said it would cut back my repayment term by like 2 years!!! I don't see how that can be possible but if it's true, I will be a very happy camper! Then that freed up money can be used for other things like paying off other debts and/or increasing savings;

3) inquired about increasing my deductible for auto insurance to reduce monthly payments, but my policy renews in about 2 mos. so they told me to call back then.

Next I will see about transferring a credit card debt to a lower interest rate.

Inspiration Mamas!!!!

Sometimes I scrape together the children's outgrown clothes to take to the second hand store to make some extra money. Usually I get no more than $20 out of the effort. Makes me wonder if it's worth the gas.

I've tried selling some things on Craigslist before but with very little success.

I've sold some things to Cash Converters... that reminds me, I should go there again with a few pieces of jewellery. Sigh! But you gotta do what you gotta do.

Enjoying this thread, thank you mamas!

Edited by Surfacing - 9/20/12 at 9:59am

[lilacvioletiris]

I need to get back to the ebay selling thing.  I made a couple hundred dollars this spring selling some clothing there. Every little bit helps.

My employer is changing my once a month pay day from the 20th of the month to the last day of the month (or the last Friday if the last day lands on a weekend).  I forgot to update my automatic savings deduction to reflect the new date.  Gonna have to be a bit more careful between now and next Tuesday with pay day.

[orangemomma]

Update: I changed my rate plan with my cell phone carrier - easy - but it is only going to save me $10/month. I will take it - just wish it was more.

The student loan repayment idea I had is at bit more of a challenge - I don't fit into any category for deferment or forebearance. Still trying to see if I can lower my payments another way.

Thanks for sharing your stories!

[lilacvioletiris]

orangemomma, would you qualify for an "income based repayment" plan with your student loan? I know that helped me to deal with paying my housing and utility bills as well as the student loans.  Check into that and see if it would help you.

AFM, I have my work set out before me.  My 21 year old little brother has come to live with DH and me so he can get some support to go to post-secondary education and get qualified to do something more with his life than wash dishes at a restaurant.  Before Labor Day, we had talked on the phone about how much money he had saved to pay for college - $1500 he told me.  Fast forward 3 weeks.  My sister, whom he used to live near with a friend of hers, called and said that dear brother's (DB's) money would be on the way on Oct. 15.  Turns out DB gave $500 to a coworker to fix the coworkers's car days before DB left New York to come and stay with us and gave the coworker $200 for having carted him around in the coworker's car and then to top it off he gave the same coworker $300 "because he was trying to be a nice guy and the coworker asked him for money again".  He has since used up all but $2.31 of the $500 he had left in the bank on food and gas to get to Wisconsin to visit our mom and then get back to Michigan.

DB and I had a discussion last night about "don't be a sucker" and give other people money unless it is truly a gift and he never wants it back.  We discussed putting $500 in a saving account that is a different account than his checking account.  We also discussed why it would be better to have cash, than to use "foreign ATMs" and get dinged with $2 transaction fees.

DH took DB out to get job applications Friday (DB has been with us for 1.5 weeks).  Tomorrow DB plans to fill out job applications and take them back to the places near by tomorrow.  I also told him that he needs to fill out his Free Application for Student Aid (FAFSA) so he can get some grants and scholarships to go to school.  I think because he has no money he will qualify for the Pell Grant (which I think is currently $5500 per year).  Monday, he needs to take the college placement test at our local community college, get his high school transcript sent to the local community college, and print a bank statement with his new address so DH can take DB to get DB's Michigan Drivers license to prove residency to the college, so college isn't so expensive.

DB, DH, and I will be watching the Dave Ramsey videos together so all three of us are on the same page. Hopefully I can help my DB from making some of the foolish mistakes I have made with money and avoid repeating some of the foolish things he has already done with money.

Edited by lilacvioletiris - 9/22/12 at 11:11am

[trekkingirl]

Is your brother being there going to cause issues with yall wanting to have a baby, IVF?

[orangemomma]

liacvioletiris; thanks for the suggestion - I may qualify. Based on last year's taxes -which is what they want as proof of income - I would not qualify for a reduced amount. This year I think I will be making $8,000 less which would bring my income down into the guidelines.

One of my part time jobs does not provide YTD earnings with each paycheck (family business). So I have to get my SO to talk to the accountant and get him to type something up. Then I can call student loan company and see if they will take my YTD earnings for both jobs for 2012 instead of my 2011 tax forms. Seems reasonable to me - but who knows with these folks!

Also wanted to say that you are a great big sister!

Good luck everyone!

[lilacvioletiris]

trekkingirl, so far having DB around hasn't slowed my husband down on the TTC path, if you know what I mean. We told DB we would give him a place to live and food to eat but everything else he has to cover himself. The money for IVF is coming from a reimbursement DH is waiting for (theoretically this week, but I will believe it when it is in our checking account and on its way to savings for next summer). I am going to need as relaxed a time as possible and I have June and July 2013 off from teaching, we will have made significant dents into our debt by then and by the time a baby would be born DH's car payment would be gone (May 2014). If we get pregnant naturally before our IVF cycle next summer, which we are attempting each month even though the urologist says there aren't enough sperm to get me pregnant naturally, then we will take that pregnancy in a stride!  We want a little one of our own. We will see what happens with DB.

Yesterday, DB was on the ball - filled out 3 job applications to take back today, filled out college application, started filling out Free Application for Student Aid - but our mom was at work and we didn't know her mailing address at the time she filed her taxes to finish up the FAFSA.  Being a school guidance counselor has its benefits but it is tough to keep objective when it is my own DB who needs to get to college. When I and my other 5 siblings were in college, I was the one who filled out the forms.  When it came to the electronic signature at the end, I would call up my mom and read her the page and get her mission to sign it.  It has been 3 years since my last brother and sister finished their post-secondary education.  I am glad my DB was at least making an effort on filling out the form. One step at a time.  Like DH says, "better to have a 21 year old brother living with us, then to have a 40 something brother living with us. Let's help him get educated so he can be on his own and self-sufficient." 

[trekkingirl]

$2,758.31 in my house fund as of today! Seems to me that we are still a long way off from having enough for a house. We should have our pre approval letter by tomorrow and our realtor will start throwing out offers as houses come up. Where we live there are about 15 offers on a house the same day it goes on the market so this should be interesting. I am really excited but I sure wish we were able to pay off more debt before buying. Were just out of time. Houses are starting to go back up in price here. If we pay off our debts before buying they may be out of our price range by the time we get there.

[lilacvioletiris]

Good luck trekkingirl on the house buying front.  That is pretty intense realty if a house gets 15 offers on the first day it is posted to the MLS.

Today is pay day!  Got about $50 more in my paycheck this month - not sure why, but I will see when the pay stub comes in the mail today and my DH got his prescription reimbursement so a bit extra there.  Need to save that medical reimbursement for the next round of his asthma meds.  Still not gotten his education reimbursement yet which is a huge chunk of money we will use for IVF.

[dziejen]

Originally Posted by lilacvioletiris 

  Like DH says, "better to have a 21 year old brother living with us, then to have a 40 something brother living with us. Let's help him get educated so he can be on his own and self-sufficient." 

I like your hubby's attitude, lilacvioletiris!  Sounds like a good way to look at it. 

We have another FPU class tonight.  Interestingly enough, we had our emergency fund all set up before the first class and then I got a flat tire on the way to work this Saturday(which led to two new tires) and dh's car had a big problem last night and he had to take the day off from work today to get the parts and fix it today.  Murphy's Law right?  We talked about this in class last week and how it is better to just have a car problem and not a car and a money problem and how it feels good to have the cash to be able to just fix what is needed.  So true.  A little frustrating though. 

This has been such a busy week here and we haven't found the time to do our "homework" for the class since we want to do it together and we've been working opposite times and falling into bed right after the kids/work but I hope we can get ourselves together before class tonight. 

[eirual]

Just created a much-needed "hands-on" budget. This is only regularly occuring monthly payments, things I don't pay with cash (i.e. paid electronically). The numbers on the left are the dates they are either automatically withdrawn or the dates around which I RECEIVE a bill (if I don't pay it right away it gets forgotten about. Organizing according to DUE DATES has not worked for me). Clips without a number are varrying payments (e.g. paid every Friday so the date change). If you remove the clip and look on the inside, I have the totals or rough estimate of the bill written there. Hydro is double sided for months were electric and water are both paid I'll just flip it over.

1st, 2nd, etc. mortgage is not really a second or third mortgage, but the 2nd or 3rd weekly mortgage payment. As we move through the month, the clips get moved up (I have the bottom three to go this month).

I literally just made this but have been thinking about it for months- writing it on paper is fine and dandy, but then it's so stationary and I just write it and forget about it through the month. This way I can see it and feel it and manipulate it as things change.

Regular cash (groceries, gas, etc.) I will withdraw bi-weekly.

I also want to do this same sort of manipulative for "needs" or "wants" to prioritize all those cash purchases and SEE what my next goal is (e.g. I bought the soap we needed, next I'm aiming for winter boots, so no I don't really want the latte). 

[Surfacing]

Eiural that is freaking brilliant!! What a great idea!! And such a good idea for helping yourself stay on track using a way that works for YOU. Creative and effective. Thumbs up!!

Dziejen - I like the way you look at it: "It's better to just have a car problem than a car and money problem." That puts it into perspective but I hear you on the frustration.

Lilacvioletiris - You've really had success selling on ebay? Did it take a lot of work to make everything organized, presentable and nice? How much time do you think you put into it? And with getting supplies to ship your clothing, it still worked out in the end to be worth the money and effort?

Trekkingirl - good luck with the house hunting and saving!

Orangemama - Yay on the $10/mo. saved on the cell phone bill! Yes, it's "little" but it still adds up. There are times when $10 can feel like a lot of money when you really need it!!!

***********************

My happy update:

I have cycled home from work twice this week and parked at my parents' house so saved money on parking and bus fare. Buying the $0.25 coffee at work and taking packed lunches thanks to dh's fantastic Midnight Lunch Making Efforts! <3  Off to check the bank account today and check my monthly budget to see where things are at.

I've been reading The Wealthy Barber by David Chilton and am thinking about starting RRSP contributions for dh and I... maybe $100/mo. for him and $50/mo. for me (as he is older than I and mine will have more time to accrue interest, etc. Ideally.) I know I have to not just think about it but do it. I am excited about it but think I need to wait until I confirm 100% our childcare subsidy next week and then be totally clear on our ongoing financial picture.

Keep on keeping on Mamas!
 

[lilacvioletiris]

Surfacing - yes I sold probably $200 worth of close this last spring?  I think it took me about 2 hours each weekend for about a month - so average out 4 sundays at 2 hours each for photographing and listing I was getting paid $25 an hour.  Since the clothing was pretty heavy, it had to be shipped priority mail by the US Post Office.  They provide free shipping containers for priority mail and they will mail them straight to your home - I got self adhesive tyvek "bags" that fit the clothing perfectly for free.  I paid for the shipping labels (I was getting annoyed at attaching pieces of paper with the postage to the packages with packing tape so I bought self adhesive shipping labels, but it was so worth it).  I have things I still need to sell, but I already have the listings created for them (since they didn't sell the first time) so it should be easier. Commit to the time and it happens.  So much better than a garage sale where you "hope someone comes along to buy your stuff".

eiraul - I like the visual manipulative you created. In my budget, I use different colors for bills that are scheduled, but not yet out of checking, then another color for things that have come out of checking, and a no color for things I haven't even gotten a bill for yet. Visualization is the best though to keep all members of the family in focus for how much money still needs to be paid out each month/paycheck.

[orangemomma]

trekkingirl - did you get your letter of approval for your house? Must be so hard to make a decision when houses are getting several offers per day! With something BIG like a house, I always want to take my time and think about it - sleep on it, ask others etc... How do you do that if others could be outbidding you while you do a sensible thing like think????? Good Luck!

eirual - love the visual!

surfacing - what are RRSP contributions?

I am still working on the student loan angle - no change in payment plans yet. For the first two weeks of October, I have the chance to pick up extra hours at work because someone is taking a vacation.  I am really wanting to take those extra hours but my SO acts helpless when he has do more than the usual number of hours of watching his own daughter. He works too and sometimes he can't arrange his schedule to accommodate watching her more than the usual. That's reasonable.  I just wish he would pick up the phone and call a babysitter or two - like I do. Duh!

I did a budget for October and I know how much I am short - hoping to take the extra hours at work to make a bigger contribution to the income column.

Good Luck to All!

[trekkingirl]

I love all the mamas on MDC that consistently take the time to comment on everyones posts and make them feel like they aren't just talking to cyber space. Love you ladies! I never remember all the user names and therefor seldom comment specifically.

Got my pre approval letter yesterday. $275,000

I am going to try to grab something around $240,000 if I can.

As for time to think, I may not have that luxury. I told my realtor, once were ready just make offers as soon as the house pops up then we'll go look at it and decide. That way we have an in.

[lilacvioletiris]

Congrats trekkingirl on your preapproval. I hope you can find a home that works for you and your family.

orangemomma, RRSP contributions have to do with Canadian retirement accounts. My DH, who is Canadian, has one but rolling it over to the U.S. is something we have been discussing lately.

AFM, new month, sick husband :( and only 6.5 hours of sick time. I go to work unless I am so out of it I can't walk.  He has a sore throat, he stays home.  Whatever. We need every dollar his paycheck is supposed to contain.

I am so thankful for our emergency fund that covered the 3 new tires I had to have.  Okay so they had 70K miles on them and were going bald.  I guess they needed to be replaced.

[orangemomma]

Is there going to be a thread for October?

Wanted to report in on my goals for Sept - lowered cell phone bill by $10/month.

Finally got up the mental stamina to call student loan folks - the IBR plan is going to take documentation I don't have - plus wouldn't lower my payment. I chose to go with something called extended graduated plan - will save me $11/month in payments. I had hoped for MUCH more of a reduction but I will take it, of course. Every little bit has to count for something - or at least that's what I keep telling myself.

[eirual]

Started it last night http://www.mothering.com/community/t/1365084/getting-out-of-debt-in-october

P.S. I was starting new threads there for a while, but please feel free to just start it when need be!

[mamayogibear]

I've spent all year desperatly trying to get out of debt and I'm almost there, well sort of!

I did a credit report last Dec and have spent the past year paying off some and disputing other debts! A lot of them were things my ex put in my name through online accounts so I've been able to get out of some of those as well as an old medical bill that was willing to take my curent insurance. The rest I've been paying off one by one and just sent out the last money order today. I have two accoutns that I owe on that I am not late on and have not gone into collections. I've spent almost all my 'non essential' money on debts instead of buying like anything this year.  I plan to pay one off the first week of next month and the last is a phone account I am not sure what to do about.

The account is in my name (I thought I was just signing because I used my credit card to pay a portion of one of the phoens) but when we broke up my ex took them. When I realized the account was in my name I had it suspended for one year. If I want to close the account I have to pay what is owed on each phone, about 500 per phone and 400 in termination fees. If I want to use the account when the year is up I have to get new phones and pay the montly plan for the next eighteen months at the rate it was when he got the account a year and a half ago. I have about six months to decide what to do. I've tried disputing this with tmobile but they keep saying since I signed the form I am responsible which makes sense since I should have read the forms instead of just signing where my jerk ex told me to! Is there any reason I should keep the account and pay more but pay monthly instead of closing the account and having to owe it all in ninty days? The only plus I can think of is I would not have to pay for internet since the plan includes data and hotspots, but internet only costs about a third of what the account does...

Okay this is getting to be too much to think about right now, lol.