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Dumping Debt and Building Wealth with Dave Ramsey~ MARCH - Page 8

post #141 of 284

Our progress...

I figured stuff up and we've decreased our overall total debt by a bit over $2K this year in Jan and Feb. Not as fast as most on here, it seems, but I'm happy about it!

J
post #142 of 284
I've been listening to Dave on this

http://radiotime.com/program/p_20156...msey_Show.aspx

I've been having a ball listening to the debt free yells!


Nothing much to report as far as progress goes. I decided that I wanted a $2000 emergency fund and we are at $1300. Still paying on debt- wish it was gone
Still working on getting the budget right, canceled cable, and still trying to decide if I need that ING account
post #143 of 284
Things are slow around here too...went to Costco today to pick up some butter (they carry Kerrygold around St. Paddy's day for the best price I've found 'round these here parts...) and ended up putting new kitchen shears ( a cool set of 5 different pairs) and an oven probe thermometer (our old one broke) into the cart...after walking around for a while I put everything but the butter back...that is a FIRST EVER for me so I'm kinda proud of myself! I kinda have a Costco "problem"...
post #144 of 284
Yeah, I used to buy a bunch of stuff at Costco too. My friends were making fun of me last night at a dinner when I told them I now can go to Costco for only 3-4 things. (Honey, pecans, spinach, avocados)
DP made an extra $400 this weekend. When we get that check it's going back in the EF. I think that will put us at $650 again.
post #145 of 284
okay so all the dust has settled from our mortgage refinance. Bought a minivan yesterday (and got a great deal its a much newer/lower miles car then we thought we would bet for our $) and i just finished paying off and cancelling ALL THE CREDIT CARDS ($8K on 3 cards with interest rates ranging from 24 - 29%) all we have left is DHs truck and the house!

Jamie, this is my official update

DandeCobb Emily in Kentucky
0: Get current on bills: Done
1: $1,000 to start an Emergency Fund $2500/$5000 (see siggie - maternity leave)
2: Pay off all debt: ALL credit cards PAID OFF and CANCELLED
28,000 Truck loan @ 7%
3: Three to six months of expenses in savings- soon, i hope
4: 15% income into retirement: 6% to get company matching
5: College funding for children: $50/mo to a mutual fund
6: Pay off home early - $118K
7: Build wealth and give!
post #146 of 284
Thread Starter 
I've updated the list
post #147 of 284
Our EBF is FULLY FUNDED!!!!! as of this morning.

That is all.
post #148 of 284
Quote:
Originally Posted by all in green View Post
Our EBF is FULLY FUNDED!!!!! as of this morning.

That is all.
That's awesome!!!!! Congrats. : : :
How long did it take you?
post #149 of 284
Thanks for the congrats! It took us a little over two months. I'm so excited to be starting on our debt snowball!
post #150 of 284
Thread Starter 
That is about how long it took us to fund ours too. Great job!! I have updated it on the list
post #151 of 284
I cancelled 2 items that charge annually and will save some pocket change from those. YAY on the EBF FUND all in green
post #152 of 284
Hi DR people! I just wanted to let you know that I think I will be joining y'all pretty soon on here. I have been doing the March No-Spend Challenge this month to help me start a budget and figure out where our money is doing. I have TMM on order at the library but I'm the 8th person on the list so it might be a while until I get it.

DH is getting an "extra" paycheck in May and we plan on using that to fully fund out emergency fund. We don't really have any extra money at the end of the month (yet, I'm going to try to really pull in the grocery bill next month) but DH does get some big bonuses throughout the year and we plan to use 100% of these towards paying off debt.
post #153 of 284
post #154 of 284
Thanks for the welcome! So are y'all ready for me to lay it on you?

Our total in credit card debt is $37,782.34 . We also have a car loan that has a balance remaining of $5,898.95.

It breaks down like this:

Blue AMEX $14,965.43 ($4,092.75 @ 8.99%, $6,465.36 @ 5.99% and $3,403.85 @ 2.99%)

Delta AMEX $3,893.67 @ 16.49%

Wells Fargo Student Visa $1,500 @ 23.55% (cash advance, OUCH!)

Wells Fargo Signature Visa $8,921.37 @ 9.99%

USAA Mastercard $3,015.12 @ 9.99%

Citifinancial Retail Services (i.e. our bed) $2,719.58 @ 0 interest/0 payments until 02/2009, 22.99% after that

Citi Card $2,767 @ 0.00% until 03/2009 then it will be 10.99%

Wells Fargo Car Loan $5,898.95 @ 6.5%

So there you have it. It makes me embarrassed to no end to share that but I'm getting real. We have a butt load of stupid, stupid, stupid (add about a billion more stupids) debt. We also have a mortgage and oh why not? A second mortgage!

DH and I have been having some very serious talks about our debt lately. DH gets an extra paycheck in May that we will be using to fund our emergency fund fully. We are also going to put the stimulus check in our emergency fund (I am having a baby in July so we want the EF to be well padded). In July/August DH will hopefully be caught up with his business and start getting his commission check which will go towards debt 100%. The check in July/August will be at least $3000 but probably more. Then we will be rolling the snow ball. We have 18 car payments left on DH's car and then after we have that paid off we can use that towards debt too.

As daunting as it is, I know with a little patience, sacrifice and hard work we will get through this. Also, we are current on all of our bills, we don't have creditors calling or anything like that.

Thanks for listening!
post #155 of 284
Thread Starter 
Quote:
Originally Posted by JennaW View Post
Thanks for the welcome! So are y'all ready for me to lay it on you?

Our total in credit card debt is $37,782.34 . We also have a car loan that has a balance remaining of $5,898.95.

It breaks down like this:

Blue AMEX $14,965.43 ($4,092.75 @ 8.99%, $6,465.36 @ 5.99% and $3,403.85 @ 2.99%)

Delta AMEX $3,893.67 @ 16.49%

Wells Fargo Student Visa $1,500 @ 23.55% (cash advance, OUCH!)

Wells Fargo Signature Visa $8,921.37 @ 9.99%

USAA Mastercard $3,015.12 @ 9.99%

Citifinancial Retail Services (i.e. our bed) $2,719.58 @ 0 interest/0 payments until 02/2009, 22.99% after that

Citi Card $2,767 @ 0.00% until 03/2009 then it will be 10.99%

Wells Fargo Car Loan $5,898.95 @ 6.5%

So there you have it. It makes me embarrassed to no end to share that but I'm getting real. We have a butt load of stupid, stupid, stupid (add about a billion more stupids) debt. We also have a mortgage and oh why not? A second mortgage!

DH and I have been having some very serious talks about our debt lately. DH gets an extra paycheck in May that we will be using to fund our emergency fund fully. We are also going to put the stimulus check in our emergency fund (I am having a baby in July so we want the EF to be well padded). In July/August DH will hopefully be caught up with his business and start getting his commission check which will go towards debt 100%. The check in July/August will be at least $3000 but probably more. Then we will be rolling the snow ball. We have 18 car payments left on DH's car and then after we have that paid off we can use that towards debt too.

As daunting as it is, I know with a little patience, sacrifice and hard work we will get through this. Also, we are current on all of our bills, we don't have creditors calling or anything like that.

Thanks for listening!

Don't be embarassed. You are brave to share it, but you are helping other people by doing so I actually admire you, because I always wear the denial hat when it comes to opening my credit cards. You do have a bit of debt, but it can be paid off. Other people on this thread have paid off massive amounts of debt in short times.
Welcome to the thread
post #156 of 284
Ha! Don't admire me, I didn't even know what the interest rates were on some of my CC's until this week. I was wearing quite the denial hat for a long time.

I appreciate your words of encouragement. I know we can pay this debt off.

Our income last year was 93K. DH got some amazing bonuses though so I'm not sure if we will be pulling that in this year but we still do well financially. It's time to be smart with what we have been blessed with.

You know what I look forward to the most? Being able to help out others. It breaks my heart when I see Mama's on here struggling to eat. I want to be able to have money to donate to organizations that help people but I can't right now because of credit card debt. I really look forward to the day when things aren't pay check to pay check.
post #157 of 284
Thread Starter 
I agree, I also want to be able to give. I just tithe now, but one day I want to be able to give over that amount. I work at a shelter and I see so many people who struggle. It makes me so thankful for what we already have.
post #158 of 284
Quote:
Originally Posted by ~*Jaime View Post
I agree, I also want to be able to give. I just tithe now, but one day I want to be able to give over that amount. I work at a shelter and I see so many people who struggle. It makes me so thankful for what we already have.
Jaime, don't undervalue your time. You give of your time in the shelter, and doing your Blanket Project. That helps people just as much as money. And tithing is not insignificant!
post #159 of 284
Thread Starter 
I do spend a considerable amount of money on yarn every year Except now, I don't hardly ever buy yarn anymore, unless I have money left over somewhere. I have like, 150 skeins : So I don't really need more

I don't make a lot of money at my job, but I think the emotional payoff is worth a lot. What I lack in a good income I make up for in good feelings
post #160 of 284
Jenna,

Do you have your basic emergency fund in place? If you do, then you're ready to start killing off those debts. You'll be amazed how fast the list starts to shrink.

We're planning to pay off two more debts in April and I am excited.
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