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G.O.O.D (getting out of debt) Nov-Dec. Thread - Page 4

post #61 of 90
I had a bad experience with Ditech. I felt like they really took advantage of us and we did not get the type of loan we really needed. I would try someone local.
post #62 of 90
DAJ - is there any way you could barter with a friend for some meals, in exchange for some sort of service?

Has anyone ever heard of making your credit card payment every two weeks instead of once a month? Bascially, you split the payment in half and pay every two weeks. Because of the way the interest is calculated, you can pay your ccs off faster... I heard about this from www.clarkhoward.com but have not tried it yet. I makes sense though.
post #63 of 90
My kids are too picky. They will just live on mac & cheese & PB&J, LOL!
post #64 of 90
Delurking...

Quote:
Has anyone ever heard of making your credit card payment every two weeks instead of once a month? Bascially, you split the payment in half and pay every two weeks. Because of the way the interest is calculated, you can pay your ccs off faster... I heard about this from www.clarkhoward.com but have not tried it yet. I makes sense though.
I have heard of that, but never that the reason was due to interest charges. Rather, if you pay every two weeks you will make 26 payments (the equivelent of an extra month). Additionally, you will be paying slightly earlier, so pay it off even faster than you "should" (not morally, but logically... it takes more than one month off the life of your loan every year). The disadvantage? Well, you are paying an extra months payment every year which we just haven't been able to swing.

Back to lurkdom... :
post #65 of 90
Hey ladies! For some reason I am not getting the e-mail notifications for this thread .

Anywho- here's a thread to inspire us all:
http://www.mothering.com/discussions...d.php?t=223533

I know we'll have lots of those stories here
post #66 of 90
Quote:
Originally Posted by kerc
patty ---> I *just* got that your username, Peppermint, goes with your IRL name. :LOL

:LOL My long-since passed Grandma used to call me Peppermint Patty, and I needed a better username than my former "Jess7396" which just wasn't "me", yk?
post #67 of 90
Thread Starter 
Hey mamas-
just wanted to share that i got a book today that i had ordered on Amazon (with some "found" money.... can't remmeber from where!) anyhoo, it's called _Living Simply with Children_ and goes along wtih YMOYL. So far, it is really good and i definitely recommend! It is re-inspiring. Not that i need more inspriation as dh and I continue to look at a list of upcoming high expense items: new tires for car, home insurance, appriasing the house, possible closing costs to re-fi, etc.. etc... we're dropping our weekly cash allotment by $20. We've actually been going strong with the cash system- anyone else?

We sold a bunch of stuff on ebay for christmas money, but now it is going to the above list, save $100 for gifts. i still need to shop and make the things that I am planning on. Luckily we decided to only do stockings with my immediate family, tho small doesnt' always mean cheap!

anyway.. just wanted to check in. take care-
post #68 of 90

Jen...

I don't know that I would go the interest only route. It scares me to think I might live in my house for 30y and have nothing paid for. If you can continue the way you are going that's what I would do. Because if you get used to paying 100/mo for your house you might find other things to spend your money on, yk? I know I would. We have an interest only credit line but it's not even 10% of the price of my house. And I'm sending in big chunks of money each month to try to pay that off. It's of course a loan basically for my startup of my biz. One wise woman once told me to stop selling my pfs so cheap and raise the prices so A. I don't make a nickel on something that costs so much to ship and B. so I don't have to keep purchasing large amounts of them. So I did that and it's the best move I ever made. I'm not telling you what to do by any means just telling you what I was once told that made total sense to me. I hope you find a solution that works for you. Glad you found this thread. It's really a great one with lots of good advice. Although it has been slow here lately.
post #69 of 90

Beth...

We stopped eating out...except once per week that is. And I now cook most things from scratch...cookies, brownies, bread, rolls, etc. That has made a huge dent in our budget. I also stock up on the sales. For example this week Kroger had sugar for 1.00/4lbs I went and bought 5 of them so it will last me through the winter and I won't have to pay 1.89/4lbs of sugar. Stock up on sales, cook from scratch and cut out convenience foods is the three biggies for us. It's helped so much. We ate out last night...didn't feel good and the whole time I'm thinking of bills we could pay with that 25 bucks...but ds asked if he could have dessert at the restaurant. I said no but I can make brownies, cookies, etc when we get home or you can have ice cream. He wasn't thrilled but it saved me from paying 5 bucks for a freakin dessert. It's really helped me on days that I'm in the mood to make up mixes ahead of time and then just have them stored in the cabinet so it's like a bought mix. Just add eggs, vanilla, and water and you're ready to go. HTH some and let us know if you have more questions.
post #70 of 90

I have a wwyd ?

we have started the adoption process for 2 girls from Russia. Now this is avery expensive undertaking but I know it will be totally worth it. It's a good thing I cd...because I'll have 3 kiddos under the age of 3 and one 7yo. anyway should we A. take out a loan from ourself (401k) to pay for it...if we do do we have to pay it back in a certain amount of time...it's going to cost alot so we are going to need at least 4 years to pay it back...or do we get a low interest adoption loan through the bank. I would guess it would be 4-6%. I guess we should wait until we are out of debt but by then I'll be too old to do this and have the energy to keep up with them, yk. So we will be moving forward and adopting and bringing those sweet babies into all this debt. LOL They won't care i'm sure. My kids don't think we are broke most of the time so what they don't know won't hurt them, right. Ok I'm babbling now. Well any and all responses are welcome.
post #71 of 90
Quote:
Originally Posted by dinade
I don't know that I would go the interest only route. It scares me to think I might live in my house for 30y and have nothing paid for.

We will not be staying in this house. It is too small. I figured we could refinance again anyway when we get caught up. Well we didn't qualify anyway. Too many dings on credit.
post #72 of 90

I understand...

about not wanting to stay in a too small house. I'm sorry Jen. That stinks.
post #73 of 90
just checking in to say we have been terrible lately. life has been crazy and nothing really unexpected, but we haven't sat down to do bills in three weeks. nothing is late I just don't feel up to date. and I leave tomorrow to go out of town for five days.
post #74 of 90
Quote:
Originally Posted by dinade
we have started the adoption process for 2 girls from Russia. Now this is avery expensive undertaking but I know it will be totally worth it. It's a good thing I cd...because I'll have 3 kiddos under the age of 3 and one 7yo. anyway should we A. take out a loan from ourself (401k) to pay for it...if we do do we have to pay it back in a certain amount of time...it's going to cost alot so we are going to need at least 4 years to pay it back...or do we get a low interest adoption loan through the bank. I would guess it would be 4-6%. I guess we should wait until we are out of debt but by then I'll be too old to do this and have the energy to keep up with them, yk. So we will be moving forward and adopting and bringing those sweet babies into all this debt. LOL They won't care i'm sure. My kids don't think we are broke most of the time so what they don't know won't hurt them, right. Ok I'm babbling now. Well any and all responses are welcome.

Oh, Congratulations! First, I would go with the bank loan probably, buut the bank financial advisor might be able to direct you better.

Now- I have had it in my head that we'll have to wait to adopt b/c I didn't ever think we'd be able to while in such deep debt (I guess I thought there would be a credit check or something ).

Since my baby is only 10 months, I'll probably wait a while anyway, but I am now wondering if we could do it before we are completely out of debt. I guess I should spend some time in the adoption forum.

Kerc- just get back on the wagon, if you see this message before you leave for your trip, GET THOSE BILLS PAID BEFORE YOU GO! Or, at least take them and your checkbook with you and take them time to pay them before bed tonight, you'll sleep so much better!
post #75 of 90
I would probably also do the bank loan and then be scrupulous to make sure that any tax savings from the $10K adoption tax credit went to pay off the bank loan, as well as making sure to make regular payments as I went. There are some serious penalties tax-wise to borrowing from a 401K and not making the repayment within the specified timeframe and you don't know how your expenses might change when you get your little girls home and settled, you know?

Paying for international adoption is frusterating, isn't it?
post #76 of 90

Thank you ladies

for your replies. We will have to take a bank loan now. The company isn't set up to borrow against your 401k. I think I like that better anyway.

Peppermint you know you're only young once. I'd adopt when you feel ready and not worry about the debt. But that's the kind of person I am. I'm not the kind of person that's only going ot have 2 children because oh my I can't pay for them to go to private school. I say the more the merrier. I will adopt and we'll be broke and they'll go to public school at the same time. LOL

I will tell you that some countries won't let you start the adoption process until your baby's 1. So you have exactly 2 months to get your booty in gear. LOL

Merry Christmas ladies.
post #77 of 90
I so need this thread right now, and I really need a budgeting maven to take me under her wing.

My story is that dh and I have been living with our head in the sand, throwing money here and there and paying bills when we get shut off notices. On an average day I couldn't tell you how much $ we have in the bank or what we owe and where. I just didn't want to know! Now I am trying to take a hard look at our finances and become more responsible (and hopefully life will get less stressful).

The problem I am having, big problem, is that I can make a budget but hwo do you start? I mean, theoretically my electric and heating bills come to, say, $250/month. I can budget to pay that, easily. But in REALITY, the bill is so far behind that I am going to have to come up with more than that to avoid shutoff, so then my budget is crazy out of whack. In order to do that, I will have to ignore some other expenses, and then they will get overdue and huge and yadda yadda.

It's almost like I can't do this without a big chunk of money to start out with. And last I checked, there's no big chunk of money on it's way. This is just the monthly expenses stuff, I haven't even gotten to the debt yet. I am so busy trying to dig myself out of this mess that I can't even begin to attack the debt. (Which, surprise surprise, is mostly overdue bills that went to collection agencies and NOT credit cards or anything like that.)

Am I hopeless?
post #78 of 90
Attila - The first part of budgeting is to figure out all your expenses. I have all of mine on Microsoft Money, but you can do it el cheapo by simply carrying a little notebook around with you, recording all your expenses, and totaling them up. Read "Your Money or Your Life" and you can find out more about straightening out your finances. Budgets will never work if you don't know your expenses...

If you want to hone your simple living, debt reduction skills, check out these forums:

http://www.simpleliving.net/forums/default.asp

http://www.frugalvillage.com/

Welcome Attila!
post #79 of 90
hi mamas!!! I'm back from our big trip to san francisco. I had to buy a stroller for the trip and I am SOOOOO glad I had it. I live in a small city (100k people) and was so pleased to have a safe place for my kiddo when we were walking around downtown! We managed it on the cheap -- my expenses were paid for work and she ate off my plate at any chance.

attila ---> I'd start by scrounging a little notebook and keeping track of where every penny goes. Commit to that for a month or two. A lot of us started with a reading of your money or your life and that's where that book asks you to begin your search. In terms of planning, etc. I'd first have a goal of getting current on everything/knowing where your money goes and then focus on debt reduction, etc. The fees one pays for shut off or late payments go a long way toward having more money. and lastly ----> It is never hopeless, you just have to remember that baby steps are still steps in the right direction.
post #80 of 90

It's been so sloww on this thread...

how is everyone doing? Christmas is over...shopping the sales or staying at home? I went to Joanns yesterday to buy buckles for my son's overalls that the buckle broke on and they had tons of stuff 70% off. I only bought 3 small 2.99 gifts for his teachers for next year. No christmas stuff nothing. I was very happy with myself. Gotta save for that adoption. How is everone else?
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