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Dumping Debt and Building Wealth with Dave Ramsey~ MARCH - Page 10

post #181 of 284
I havent posted in forever! Getting off track a bit with some business expenses for me.

However we did pay off DH's truck ($4415.00) with our tax return. It used the whole tax return but it frees up $240 a month to put toward other bills.

I do need to build my EF back up....used some of it for my business.
post #182 of 284
I am sad, we have to drop the price on our condo more today. We are near the point where we will have to either take it off the market and stay here (This is almost a no-go for me, I am so sick of living in a condo on the third floor with no where for my kids to play outside (so my 5yo runs around the house like a NUT). We may be able to live with my Mom for a time and save $, but between the rent and paying for a storage unit, it will be slow saving. In addition, my Mom is 30 min south of where we are moving to and 45 min south of where we are presently and ~1.5 hours from my work (where I am only staying at to the end of the school year, ~30 min- 45 from here). Anyway, our house hopes are diminishing and it looks more like we will have to stay here or live with mom, neither of which are fun or workable long term. Rent is as much as a mortgage, so that isn't a real possibility.

On a good note, we are still cc debt free, with only SL left that we will not tackle until much later as they would take ~5 years to pay off even if we worked on them aggressively.

post #183 of 284
Phatiu5, that's awesome :

arismomkoofie, I'm sorry to hear that. The housing market sucks. Does the condo assoc. allow sub-letting? I dunno.


On another note, I'm still playing with numbers, but I got both our fed and state returns, and it looks like I'll be about 2/3 of the way done fully funding our full emergency fund, and put a little extra towards the vacation fund. I'll post when the numbers are more firm [need to enter all transactions into YNAB ], but a little mini-cheer.
post #184 of 284
Quote:
Originally Posted by Mama Rana View Post
arismomkoofie, I'm sorry to hear that. The housing market sucks. Does the condo assoc. allow sub-letting? I dunno.
We could, but rent is running almost exactly what our mortgage is, which is why we don't want to rent a house if we sell our condo. The upside is that the market is going down enough that we need a smaller downpayment, but not enough to make up for what we have lost in the lower price of our condo. One reason we may move in with Mom is that we do need to sell the condo soon, before the prices drop below where we can't afford to sell. If the prices continue to drop, we may be able to afford something when we save enough $.
post #185 of 284
0-Current on bills DONE
1- BEF is $80/1000
2 debt, well I'll think about that later. One step at a time
post #186 of 284
Quote:
Originally Posted by arismomkoofie View Post
We could, but rent is running almost exactly what our mortgage is, which is why we don't want to rent a house if we sell our condo. The upside is that the market is going down enough that we need a smaller downpayment, but not enough to make up for what we have lost in the lower price of our condo. One reason we may move in with Mom is that we do need to sell the condo soon, before the prices drop below where we can't afford to sell. If the prices continue to drop, we may be able to afford something when we save enough $.
yeah, duh. Math in my head not always my strongest thing. I wish you luck!
post #187 of 284
Quote:
Originally Posted by Mama Rana View Post
yeah, duh. Math in my head not always my strongest thing. I wish you luck!
I'm always open for suggestions! Thank you!
post #188 of 284
well i really don't know the whole story about this or the abbreviations your useing but i get the idea. i think zero budgeting is that you budget even the smallest $20 take out meal so you know where every penny goes?

Well I guess we are doing pretty well. I am very surprised actually and wondering WTH happened...we bought a house and i SWEAR that we would be pinched every month but i feel like we have so much MORE money than we did living on base!?? crazy but true.

1- up to date on bills CHECK!
2- Emergeny fund *see below

i still have $3000 from our tax refund which is partially earmarked:
$1k landscaping for our NEW house
$1k For savings???
$500 new clothes for me and kids

ok so technically i have 900 in the savings account right now but $400 goes to the mortgage (we get a split paycheck so its not like i am relieing on my savings...15th paycheck i put in $550 and only need about $400). it seemed like i had earmarked all of the money from our tax return but i guess we're ok!

we owe $7700 on dh's car and about $9800 on my car and then $153k or so on our mortgage. we pay off our cc every month so no debt there. dh DOES have a $400 bill on the star card but its all his purchases that he didn't want to tell me about so thats his responsibility and he said he's going to try and get some extra work to pay it off...

after bills, and a planned $100 savings we have approx $400 left every month and lately I have not been spending it all.

so whats the next step? i am supposed to put my extra $300 or so towards my car payments? dh's payment is technically higher than mine.

THINKING OUTLOUD:
DH car $260 owe $7700 if paying off in 12 months would be $642/mo-$260/mo already budgeted= $382 needed/mo i could try and put my $200 extra and $100/mo savings towards that and have almost enough to pay it off in 1 year. is this a good idea? it would leave about $100 for ALL extras, eating out, clothes, extra gas or trips, etc.

TIA and will be back!
post #189 of 284
I'm having a hard time with snow ball thing. I mean I have a plan but it's not working so well. I wanted to work on our smallest debt first which would be DH's star card. It's due on the 1st I paid it and then made the same payment on the 15th paying double on it for this month, great start right? Then DH goes and puts $94 charge right back on it. I was so mad. I feel like what's the point if he says he's on board but doesn't follow through. I think I will stick to my things which at least then I know won't go in vain. It's a horrible way to start out but he's not as disciplined as I am and I don't want to waste making the extra payments unless someone has a better idea. We are both going to a DR total money makeover seminar the first of April maybe that can help us get on the same page. We have talked about it but then he goes and does something anyway saying thanks to the cash only system he didn't have enough money on him to get the things he needed. (read that as a couple of shirts I didn't know he was getting anyway.)
post #190 of 284
Quote:
Originally Posted by jeca View Post
I'm having a hard time with snow ball thing. I mean I have a plan but it's not working so well. I wanted to work on our smallest debt first which would be DH's star card. It's due on the 1st I paid it and then made the same payment on the 15th paying double on it for this month, great start right? Then DH goes and puts $94 charge right back on it. I was so mad. I feel like what's the point if he says he's on board but doesn't follow through. I think I will stick to my things which at least then I know won't go in vain. It's a horrible way to start out but he's not as disciplined as I am and I don't want to waste making the extra payments unless someone has a better idea. We are both going to a DR total money makeover seminar the first of April maybe that can help us get on the same page. We have talked about it but then he goes and does something anyway saying thanks to the cash only system he didn't have enough money on him to get the things he needed. (read that as a couple of shirts I didn't know he was getting anyway.)
Either cut up the card, or freeze it in a block of ice so that you can only use it in REAL emergencies. But that means your DH has to be gazelle. I think going to the seminar together will help: he'll either "get it" or you'll figure out exactly how committed he really is.
I don't think there's anything wrong with focusing on "your" debts for now. Maybe once he sees how it well it works, he'll get on board.
GL!
post #191 of 284
Quote:
Originally Posted by dhinderliter View Post
well i really don't know the whole story about this or the abbreviations your useing but i get the idea. i think zero budgeting is that you budget even the smallest $20 take out meal so you know where every penny goes?

Well I guess we are doing pretty well. I am very surprised actually and wondering WTH happened...we bought a house and i SWEAR that we would be pinched every month but i feel like we have so much MORE money than we did living on base!?? crazy but true.

1- up to date on bills CHECK!
2- Emergeny fund *see below

i still have $3000 from our tax refund which is partially earmarked:
$1k landscaping for our NEW house
$1k For savings???
$500 new clothes for me and kids

ok so technically i have 900 in the savings account right now but $400 goes to the mortgage (we get a split paycheck so its not like i am relieing on my savings...15th paycheck i put in $550 and only need about $400). it seemed like i had earmarked all of the money from our tax return but i guess we're ok!

we owe $7700 on dh's car and about $9800 on my car and then $153k or so on our mortgage. we pay off our cc every month so no debt there. dh DOES have a $400 bill on the star card but its all his purchases that he didn't want to tell me about so thats his responsibility and he said he's going to try and get some extra work to pay it off...

after bills, and a planned $100 savings we have approx $400 left every month and lately I have not been spending it all.

so whats the next step? i am supposed to put my extra $300 or so towards my car payments? dh's payment is technically higher than mine.

THINKING OUTLOUD:
DH car $260 owe $7700 if paying off in 12 months would be $642/mo-$260/mo already budgeted= $382 needed/mo i could try and put my $200 extra and $100/mo savings towards that and have almost enough to pay it off in 1 year. is this a good idea? it would leave about $100 for ALL extras, eating out, clothes, extra gas or trips, etc.

TIA and will be back!
Your next step, according to DR, is to get yourself $1000 in a "baby" emergency fund, before you start tackling those car loans. That way, if an emergency comes up, you won't need to put it on the cards. That $1000 should be liquid, but separate from your regular spending money so that you can't just tap into it to cover day to day things. some people do an ING account, another person had 10 $100 stacked in a frame in her closet, my DH keeps the same in our safe stapled together... you get the idea. Once you have that, THEN start putting every extra penny toward your car loans, the smaller first, DR says.

Good luck, and congrats on teh house!
post #192 of 284
dhinderlite,

Do you and your dh have a written budget that covers all of your bills, debts, and household expenses?

You said you're up to date on bills, that's good.

Do you have $1000 in an emergency fund set up? (Not for paying bills, this is only for emergencies. If not, the next step is to get this funded.

If you haven't already, list out your debts. Once you have the $1000 emergency fund set up, stop contributing to savings and put every extra penny you can towards your debts. Dave Ramsey says to pay them off from the smallest debt to the largest, so it's easy to see progress.
post #193 of 284
Keep your fingers crossed for us today. DH is taking a big weld test, and if he passes (he should as he knows the test inside and out) we will be able to have: No debt other than mortgage AND a fully funded BEF and money to pays all the bills on a reasonable budget for April, May and June (We refigured after that first fiasco!). I would be oh so thrilled!! That gives us time in June to get him started working again and make some more $$ towards the rest of the years expenses
post #194 of 284
Quote:
Originally Posted by Mama Rana View Post
Either cut up the card, or freeze it in a block of ice so that you can only use it in REAL emergencies.
GL!
It's a card made just for purchases at the base Px so if I cut it up all he has to do is go to customer service and request a temp card they issue one right there on the spot. I will just be focusing on mine though and our car payment instead.
post #195 of 284
Thread Starter 
Quote:
Originally Posted by Kierdan'sMom View Post
OKay, so apparently, I'm not quite ready for this We got our first night away from kids in 14+ months, so we blew money we didn't need to blow. But i hadn't written any blow money into the budget so DH and I have decided to revamp that as its just not realistic. We get a babysitter (Family I mean) once in a blue moon, and that time is well needed with 2 SNs kiddos, so I can't feel completely guilty, but hey.

On a side note, 2.15 of what I blew was charitable giving...Someone said he was starving and didn't want money, but would we buy him a sandwich, so I got him a couple burgers and felt better about wasting $$
We sometimes budget for eating out, and sometimes we skip it. It varies by the month.

Quote:
Originally Posted by TattooedMama View Post
Yeah, I just realized after talking to DP yesterday that our "wiggle room" or potential snowball money is essentially going to get shut down over the summer. He has been teaching a side job at a community college and he won't be teaching over the summer. Ouch that's a chunk of money that we have gotten used to.
Sorry to hear that :


Quote:
Originally Posted by phathui5 View Post
I'm mailing Capital One a check tomorrow and then calling them to close the account!

BS#2 -
$466 Capital One- PAID OFF!
Bye bye Van Loan
$1091 Best Buy
$1770 Midwife
$2184 HSBC Retail Services
$14,249.63 Truck loan

On another note, dh is looking for a more stable job (his work is having issues), so that puts us keeping the Honda (at least for now) in case he gets a job without a work vehicle.
Congrats on paying one off I updated you

Quote:
Originally Posted by DesireeH View Post
I havent posted in forever! Getting off track a bit with some business expenses for me.

However we did pay off DH's truck ($4415.00) with our tax return. It used the whole tax return but it frees up $240 a month to put toward other bills.

I do need to build my EF back up....used some of it for my business.
Congrats on paying off the truck :

Quote:
Originally Posted by arismomkoofie View Post
I am sad, we have to drop the price on our condo more today. We are near the point where we will have to either take it off the market and stay here (This is almost a no-go for me, I am so sick of living in a condo on the third floor with no where for my kids to play outside (so my 5yo runs around the house like a NUT). We may be able to live with my Mom for a time and save $, but between the rent and paying for a storage unit, it will be slow saving. In addition, my Mom is 30 min south of where we are moving to and 45 min south of where we are presently and ~1.5 hours from my work (where I am only staying at to the end of the school year, ~30 min- 45 from here). Anyway, our house hopes are diminishing and it looks more like we will have to stay here or live with mom, neither of which are fun or workable long term. Rent is as much as a mortgage, so that isn't a real possibility.

On a good note, we are still cc debt free, with only SL left that we will not tackle until much later as they would take ~5 years to pay off even if we worked on them aggressively.

Sorry to hear about the condo trouble :

Quote:
Originally Posted by Mama Rana View Post
On another note, I'm still playing with numbers, but I got both our fed and state returns, and it looks like I'll be about 2/3 of the way done fully funding our full emergency fund, and put a little extra towards the vacation fund. I'll post when the numbers are more firm [need to enter all transactions into YNAB ], but a little mini-cheer.
Yay

Quote:
Originally Posted by BunnySlippers View Post
0-Current on bills DONE
1- BEF is $80/1000
2 debt, well I'll think about that later. One step at a time
I have you updated

Quote:
Originally Posted by dhinderliter View Post
Well I guess we are doing pretty well. I am very surprised actually and wondering WTH happened...we bought a house and i SWEAR that we would be pinched every month but i feel like we have so much MORE money than we did living on base!?? crazy but true.

1- up to date on bills CHECK!
2- Emergeny fund *see below

i still have $3000 from our tax refund which is partially earmarked:
$1k landscaping for our NEW house
$1k For savings???
$500 new clothes for me and kids

ok so technically i have 900 in the savings account right now but $400 goes to the mortgage (we get a split paycheck so its not like i am relieing on my savings...15th paycheck i put in $550 and only need about $400). it seemed like i had earmarked all of the money from our tax return but i guess we're ok!

we owe $7700 on dh's car and about $9800 on my car and then $153k or so on our mortgage. we pay off our cc every month so no debt there. dh DOES have a $400 bill on the star card but its all his purchases that he didn't want to tell me about so thats his responsibility and he said he's going to try and get some extra work to pay it off...

after bills, and a planned $100 savings we have approx $400 left every month and lately I have not been spending it all.

so whats the next step? i am supposed to put my extra $300 or so towards my car payments? dh's payment is technically higher than mine.

THINKING OUTLOUD:
DH car $260 owe $7700 if paying off in 12 months would be $642/mo-$260/mo already budgeted= $382 needed/mo i could try and put my $200 extra and $100/mo savings towards that and have almost enough to pay it off in 1 year. is this a good idea? it would leave about $100 for ALL extras, eating out, clothes, extra gas or trips, etc.

TIA and will be back!
I have you added to our list

Quote:
Originally Posted by jeca View Post
I'm having a hard time with snow ball thing. I mean I have a plan but it's not working so well. I wanted to work on our smallest debt first which would be DH's star card. It's due on the 1st I paid it and then made the same payment on the 15th paying double on it for this month, great start right? Then DH goes and puts $94 charge right back on it. I was so mad. I feel like what's the point if he says he's on board but doesn't follow through. I think I will stick to my things which at least then I know won't go in vain. It's a horrible way to start out but he's not as disciplined as I am and I don't want to waste making the extra payments unless someone has a better idea. We are both going to a DR total money makeover seminar the first of April maybe that can help us get on the same page. We have talked about it but then he goes and does something anyway saying thanks to the cash only system he didn't have enough money on him to get the things he needed. (read that as a couple of shirts I didn't know he was getting anyway.)
Sorry to hear that he used it again. I agree with the others, cut it up.

Quote:
Originally Posted by Kierdan'sMom View Post
Keep your fingers crossed for us today. DH is taking a big weld test, and if he passes (he should as he knows the test inside and out) we will be able to have: No debt other than mortgage AND a fully funded BEF and money to pays all the bills on a reasonable budget for April, May and June (We refigured after that first fiasco!). I would be oh so thrilled!! That gives us time in June to get him started working again and make some more $$ towards the rest of the years expenses

I am crossing all of my crossables
post #196 of 284
Thread Starter 
In Jaime news:

My doctor was not happy with the plan that the nutritionist had me on (I think the 6 eggs a day put her over the edge) and she sent me back to Weight Watchers. I pre-paid for 3 months to save money. It ends up being more money per week than the nutritionist, however, I can eat a wider variety so I am saving a lot of money at the grocery store.

Grocery prices are going sky high in our area. My Mom gave me her old bread machine that she never uses and I have been baking our bread instead to save money. I also found a grocery store that is in the same town as the Weight Watcher center, and they sell the Bio-Kleen products there. That will save me money because before I had to order my laundry supplies online because we have no selection locally. So that is a plus.

I also talked to a woman the other day who is going to donate some yarn to me for my Blanket Mission. That will help a great deal for when I make blankets for the kids in my shelter.

DH and I had budgeted for going out to eat this month, so we went the other day. We went to Chilis, which was huge for us because we never get to go some place that nice. We had never been there before. I will admit that I was not impressed. I don't know who here said it, but she said that she finds that she prefers her own cooking to going out to eat. Well count me in, because the hamburgers that we ordered weren't that great. I like mine better. So it was a dissapointment to go there and spend $35 on something I could have made myself for less than $5 at home. And my version would have been healthy too.

Right now I am using up my white flour for my bread baking, but when it's gone I am going to switch to whole wheat flour to make the bread healthier.
post #197 of 284
Quote:
Originally Posted by phathui5 View Post
dhinderlite,

Do you and your dh have a written budget that covers all of your bills, debts, and household expenses?

You said you're up to date on bills, that's good.

Do you have $1000 in an emergency fund set up? (Not for paying bills, this is only for emergencies. If not, the next step is to get this funded.

If you haven't already, list out your debts. Once you have the $1000 emergency fund set up, stop contributing to savings and put every extra penny you can towards your debts. Dave Ramsey says to pay them off from the smallest debt to the largest, so it's easy to see progress.
yes we have a budget! gosh i couldn't live without it! it took us 3 months of being married before i jerked the reins out of dh's hands!! lol. its not zero budgeting but it shows when and where all bills, food, and savings are going and then how much is left over.

EF is funded pretty much.
$1500/$1000 or so.

i am going to focus on putting an extra $150 into savings or into the car payment since this IS our first year in our house and I am NOT sure how much our A/C is going to run this summer and also we'll spend a little (i hope) more on water when our landscaping goes in. I budgeted anywhere from $50-$200 more per month because of summer a/c and I have no idea what its going to cost. Heating is (obviously) rarely used here so it deosn't give a very accurate picture of useage for the whole house. I also NEED to buy 2-4 ceiling fans to help it feel cooler and curtains to help keep out the afternoon heat.

Oh and my dh has the same problem with the darn star card! Since only he has it and I can't access it online I NEVER know whats going on with until I get the bill in the mail and I always get angry about it. URGH! i feel like pulling my hair out. I haven't messed with it in months and dh understands I am NOT payin it for him. I do however need to think about upping his allowance b/c I am not sure its enough. Thats another $50ish I need to budget towards him.

Question about your tax stuff: DH and I got over $6k back this year and although its WONDERFUL to get such a huge chunk about $900 of it was from actual taxes we paid I am wondering if it would be better to take our tax down to zero throughout the year and also get an advance EIC instead of waiting. I guess if we just took those 2 it would be about $3k over 12 months so we would get an extra $250 each month which I could just put towards the extra car payment and we would still feel like we have extra play money. Or should I just squirel bits of money (not quite the 12 month plan mentioned above but more than the min. i put away now) and then tax time next year just pay off his car. We pay 7ish % or something like that now.

oh and since we actually have $1500 towards the EF I should stop putting my $100 savings in? I guess that makes sense. I could easily put $400/mo to dh's car which would greatly reduce the amount needed to pay off if we waited till 08 tax time.

Oh and one more question...i know i am full of them. DH has life insurance but I don't. Also we have not started any kind of retirement/401k etc account. Military is different but I am not sure which steps I should take yet cause dh still thinks hes on the fence of whether to stay in or not.....
post #198 of 284
Ok, infrequent poster, but avid reader here. I haven't had any updates, but since our tax refund, I'm happy to report I have paid off the following:

Bank of America: just finished paying them the remaining $2999.96.

Good bye Citicard: paid them $700

The rest went to buying some clothes for the whole family and saving for a vacation we have in May. It went fast.

Now, I am focusing on paying off our van. We just have the one car payment, but DH's salary was just cut by $12,000 a year, so things are tighter than they ever been. I can't complain, we are still very blessed, but it's frustrating to see his hard work not only not being rewarded, but seeing the salary actually go down (he's in the mortgage business)

Getting it done, ladies, getting it done.
post #199 of 284
Ary I know thats tough. I once got a letter telling me my pay was being cut by a couple bucks an hour about 4 days after they had decided to do it on the check from the 2 weeks prior. I was a single mom at the time and about cried! I can't imagine what its like with the housing industry being what it is! And great job on paying off those CCs!

Job update: He didn't get it We are both upset as he has the skills but then flunks in real life situations...He did worse this time than last on the same test. BUT, the good news is they offered him a helper position that will still give us about 1000$ in income. It means he now has to ask his union bus. mgr to find him work before the end of the school year so we can keep going, but at least the bills stay paid without any new debts now which is a positive!

Danielle: I wouldn't personally, but I'm always paranoid that tax laws will change and I will end up owing. I do take all the deductions I can, but I never just cut it down to 0 or take advanced EIC. I would def. take the 100$ for savings plus whatever extra you can and throw it at your DH's car loan. Then when you do get that nice chunk next year, it can go towards whatever is eft and your auto loan rather than you feeling the extra cushion in your budget now. I think *for me at least* if I had more now, I'd just allot more free money/blow money...But I can be naughty like that
post #200 of 284
urgh. I got a speeding ticket this morning -- the police officer was a complete jerk about it, even though I wasn't paying attention and admitted to speeding.

And we got two parking tickets over the weekend. urgh. On Sundays we move to the other side of the street for parking and this Sunday we forgot. grrr.

So I'm ticked at myself because both were my fault.
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