Dumping Debt and Building Wealth with Dave Ramsey ~ May - Page 9

[MyTwoAs]

I love Quicken, I end up spending way more time in there than I should hehe. I'm definitely the "nerd" of the family. Funny thing is, I'm also the "spender".

[lauriem33]

I had thought about getting the Quicken starter edition. If I don't want to download from my bank can I just enter transactions manually in a register like a checkbook? And can I enter my recurring bills and stuff too where it will show me what is due each month? That's really all I want. Plus I do like reports too. :-) My only concern is do I have to pay for updates or can I just use it as is indefinitley?

I had looked at YNAB Pro on their website and I agree it fits in perfectly with Dave's philosophy. I just don't think it's quite what I'm looking for in terms of entering monthly bills and transactions in a check register kind of way.

[koofie]

Originally Posted by lauriem33

I had thought about getting the Quicken starter edition. If I don't want to download from my bank can I just enter transactions manually in a register like a checkbook? And can I enter my recurring bills and stuff too where it will show me what is due each month? That's really all I want. Plus I do like reports too. :-) My only concern is do I have to pay for updates or can I just use it as is indefinitley?

Yes, you can enter manually, yes it will show you reoccurring bills, and no, you won't have to pay for updates if you don't use their online features.

HTH!

I'd buy an older version if this is what you are looking for. Maybe try freecycle for free!

[mumkenna&lucas]

ok Ladies since you have been chatting about Quicken, I was trying to figure out if I can delete everything that I have entered so far and start over? or am I stuck with everything I have already entered in (I started trying to figure out quicken months ago, had problems, couldn't link bank account, and then gave up)

[MyTwoAs]

If you delete the file that is associated with the account then when you launch quicken it will ask you if you want to start new or use an existing file. Another thing you can do is just click on File > New and then select the option to create a new quicken file.

[thenaturefreak]

I just wanted to say "Hi". My husband and I are starting our journey of Dumping Debt and Building Wealth after coming to the realization that we make more than enough to be getting out of debt if we only took the right approach.

So this month is dedicated to not spending on anything but necessities for the rest of the month. Next month we start building our emergency fund and then paying off the car loan and cc debt we racked up the past few years.

I have enjoyed reading this thread so far and I believe it will be so much more motivating to be going through this with all of you. I really cannot wait to be debt free again, and more than that to not let stuff own me and actually start saving for the future.

[sarafi]

I am officially starting

you guys are such a great influence on me! I have tried to do this before, but didn't have anyone to talk to about it

BS1 $1,000 to start an Emergency Fund
DONE

*CURRENT STEP BS2* Pay off all debt using the Debt Snowball
Student Loan: $10,349.65

BS3 Three to six months of expenses in savings
$4368.39 current/$15,000 goal
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement
12% current /15% goal

Max out Tradtional IRAs 2008 : 150/8,000
BS5 College funding for children

$0 current/goal TBD

BS6 Pay off home early
no home (we live overseas)

BS7 Build wealth and give! Invest in mutual funds and real estate
$0 current/goal TBD

[TattooedMama]

Good Morning everyone old and new!

[lauriem33]

Welcome to thenaturefreak and safari! This thread is a great motivator and so awesome to have others to talk to who are working toward the same goals.

I just had to post here that over the weekend we bought a new computer and digital camera to replace our 8 year old ones (that died) and while I would have loved to have kept the $$ to add to the EF, it was a great feeling to need something that major and have the money earmarked for it (thank you half of stimulus check) and paying for it with cash. Not buying it on impulse or then feeling guilty about putting it on a cc which would mean we can't really afford it, like we would have in the past when we had cc's. Instead, actually planning for it for about 4 months and waiting till the money came, looking for a great deal, etc.... In other words, not going into debt for it!

[pranamama]

good morning all
YAY on the camera savings plan

[phathui5]

thenaturefreak and safari

[MyTwoAs]

Originally Posted by thenaturefreak

I just wanted to say "Hi". My husband and I are starting our journey of Dumping Debt and Building Wealth after coming to the realization that we make more than enough to be getting out of debt if we only took the right approach.

So this month is dedicated to not spending on anything but necessities for the rest of the month. Next month we start building our emergency fund and then paying off the car loan and cc debt we racked up the past few years.

I have enjoyed reading this thread so far and I believe it will be so much more motivating to be going through this with all of you. I really cannot wait to be debt free again, and more than that to not let stuff own me and actually start saving for the future.

Welcome, your story is similar to ours as to how we came to the program. This thread has really helped keep me motivated.

Originally Posted by sarafi

you guys are such a great influence on me! I have tried to do this before, but didn't have anyone to talk to about it

BS1 $1,000 to start an Emergency Fund
DONE

*CURRENT STEP BS2* Pay off all debt using the Debt Snowball
Student Loan: $10,349.65

BS3 Three to six months of expenses in savings
$4368.39 current/$15,000 goal
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement
12% current /15% goal

Max out Tradtional IRAs 2008 : 150/8,000
BS5 College funding for children

$0 current/goal TBD

BS6 Pay off home early
no home (we live overseas)

BS7 Build wealth and give! Invest in mutual funds and real estate
$0 current/goal TBD

Welcome!

Originally Posted by lauriem33

Welcome to thenaturefreak and safari! This thread is a great motivator and so awesome to have others to talk to who are working toward the same goals.

I just had to post here that over the weekend we bought a new computer and digital camera to replace our 8 year old ones (that died) and while I would have loved to have kept the $$ to add to the EF, it was a great feeling to need something that major and have the money earmarked for it (thank you half of stimulus check) and paying for it with cash. Not buying it on impulse or then feeling guilty about putting it on a cc which would mean we can't really afford it, like we would have in the past when we had cc's. Instead, actually planning for it for about 4 months and waiting till the money came, looking for a great deal, etc.... In other words, not going into debt for it!

Congratulations, it definitely feels good to have the funds earmarked for something plus knowing that you saved for it makes the purchase even more sweet.

[phathui5]

Found this on Dave's website. It's a FFS CD.
http://www.daveramsey.com/shop/Free_CD_P170C48.cfm

[TanyaS]

I've been meaning to share this for a while. We learned about it through FPU.

Drive Free, Retire Rich

[crazyeight]

Originally Posted by TanyaS

I've been meaning to share this for a while. We learned about it through FPU.

Drive Free, Retire Rich

ah yes that was pretty good...everything always does on paper. its hard to know which to do first though. do you start a car fund or pay off debt with snowball? cause your going to get bit by the car bug most likely before you pay off the car and can pay cash for another....so its a hard road to know which to take! although we pay 510 for BOTH our cars so not quite as much per car as what was mentioned. its actually a possibility for us to do though. hopefully we'll pay off my car in may 09 and dh's car oct 09 or so (haven't done the math yet with snowball) and then move out of country (most likely a place with public transit) so that would give us about 2 yrs+ of saving our car payments! sounds like a plan is forming in my head...if only the mutual funds would go up!

[TanyaS]

Originally Posted by dhinderliter

ah yes that was pretty good...everything always does on paper. its hard to know which to do first though. do you start a car fund or pay off debt with snowball?

We only have one car loan right now. Dh's car was a rare find. We paid $1200 for it two years ago and it had 40,000 original miles. Our van is a 2004 and will be done with payments about the same time the rest of our snowball is completed. We have plans to hang onto the van and his car for 10 months (or so) and buy dh a newer car first. Something like a Sentra or a Corolla (thinking gas prices and commuting here). Then we will keep putting the money in for another van until ours gives out, basically. If something happens to the van, we'll just switch the plan and do his car last. The trick is not to give in to the car bug. My van is a Kia (let's call it a stupid tax ).....we already have the new car bug because it is such a POS! But we keep driving it, it's still under an extended warranty, but I'm sure it'll implode, explode and generally fall apart when it expires in about 15,000 miles. :

[willowbean]

Confession time - My brother has always been a Dave Ramsey nut and I've always thought he was just one more of those get rich schemers.
Yeah. Now I'm kinda seeing how wrong I was
That car payment video was kind whoa
I also can't believe that that's the regular car payment for people. It's just kind of astonishing to me.

Anyways...
My DP and are starting the baby steps pretty much now.

BS1 $1,000 to start an Emergency Fund: DONE
*CURRENT STEP BS2* Pay off all debt using the Debt Snowball
CC1 - 200(ish) - working on killing by the end of the month
CC2 - 1200(ish)
CC3 - 2500(ish)
Car - 4584.81
Private Student Loan - 19,000(ish)
Sallie Mae (mine) - 36,604.43
Sallie Mae (DP's) - 58,857.72
BS3 Three to six months of expenses in savings
$1075 current/$10,000 goal
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement
BS5 College funding for children: N/A at moment
BS6 Pay off home early N/A at moment
BS7 Build wealth and give! Invest in mutual funds and real estate
$11,000 invested at moment (yay for retirement gift trusts)

The ish amounts are debts in my DP's name and she has some pretty serious anxiety around money and can't look at the balance right now without it causing a panic attack (poor thing ), but she has agreed to talk with me about it in the near future.

Making a zero balance budget has already taken some of her anxiety away. She's leaving her job in a few weeks and is uncertain what she'll be doing next. I made the budget with my income and a really low temp. job income for her and everything was fine. All bills paid, some extra thrown at the first CC on the list, and still money to be able to live well (ie no giving up our netflix, or a few meals out a month). Now we know that things will be okay instead of having to guess.

I was doing the math the other night and it seems reasonable to shoot for the end of the summer to have all the CC's paid, and the car by early next year. Then we can finally make a dent in those student loans, and see them go down significantly each month
It's such a different feeling from expecting to be paying them until we're 80.

[mumkenna&lucas]

Originally Posted by MyTwoAs

If you delete the file that is associated with the account then when you launch quicken it will ask you if you want to start new or use an existing file. Another thing you can do is just click on File > New and then select the option to create a new quicken file.

Thank you! Thank you! I am sooo not computer savy!

[mumkenna&lucas]

Are any of you single moms on this plan? (if you don't mind me asking) If so how is it going? any successes? I "may" be going at this alone soon and I am scared to do this program alone It is hard enough now with 2 of us..

[TattooedMama]

I just wanted to offer a hug.
I have been a single mom before, which is when I racked up credit card and student loan debt. So you are already starting out better off and smarter than I was. Best wishes with whatever happens and stick around for the support.