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Dumping Debt and Building Wealth with Dave Ramsey ~ May - Page 13

post #241 of 309
Quote:
Originally Posted by momileigh View Post
Sorry to jump in here, not really a member of your club, but I have a Dave Ramsey question I'm hoping you guys can answer for me real quick. We're not 100% TTMMing (I hate beans and rice) but we have been doing the debt snowball for the last few years and are paying off our last debt, probably next month. The question is, where in the baby step process is buying a house? Or where should it fall? We've been paying rent for the last several years and I feel like once we've knocked off our last debt and saved up enough for a down payment, we should buy a house. Dh was on board but seems to be loosing his nerve, saying we should rent for another year or two so we can have a down payment AND a bunch of savings. What do you think?? Thanks for any replies!
i don't know what DR would say exactly BUT if you have no debt then your basically just saving either way? DR i do know is an avid real estate "pusher" so he would recomend buying. as a personal opinion i would say that if you bought within the next 6-12 months your going to get the best deal on your house, decent interest rates AND having a down payment. i would start researching grants and down payment assistence in your area. its free or extrememly low interest money to help first time home buyers (which is really only if you haven't PURCHASED in 3 yrs...even if you already own!) and that can help make you even more stable.
post #242 of 309
Saving for a house is baby step 3b. So first you'd build your 3-6 month emergency fund and then save for a down payment (some save for 100% down) Congrats on getting out of debt!
post #243 of 309
Quote:
Originally Posted by dhinderliter View Post
i would start researching grants and down payment assistence in your area. its free or extrememly low interest money to help first time home buyers (which is really only if you haven't PURCHASED in 3 yrs...even if you already own!) and that can help make you even more stable.
Well, we have purchased a home before, but it was more than 3 years ago. I had NO IDEA we could get anything for first time home buyers! Any tips on how to start researching grants and down payment assistance? I don't know where to begin.

Quote:
Originally Posted by MyTwoAs View Post
Saving for a house is baby step 3b. So first you'd build your 3-6 month emergency fund and then save for a down payment (some save for 100% down) Congrats on getting out of debt!
Thanks for the info, and thanks for the congrats! It has been in the works a long time with many bumps in the road. I don't want to screw things up by buying too soon, but I also feel like the time is right, both economically with the housing market, and for us as a family, to buy a house. We have a lot to consider. Thanks again!
post #244 of 309
Quote:
Originally Posted by MyTwoAs View Post
As some of you got started did things just make you cry? We cancelled our home warranty in March and of course *now* we could use it. I only have about 1/3 of this repair in cash. I know that the DR plan would say to save for the repair but I don't understand how that is possible with this type of repair here in the desert in Arizona (it has already been 110). This is a total reality check though as we can't cash flow a $2300 home repair on my husband's engineer salary. I was just really down in the dumps this morning.

I'm so sorry! What a discouraging situation.
You could ask if the repair place will let you make monthly payments until you can pay it off. Your $800 down payment ought to be a good indicator to them that you're able to do it.
post #245 of 309
Quote:
Originally Posted by momileigh View Post
Well, we have purchased a home before, but it was more than 3 years ago. I had NO IDEA we could get anything for first time home buyers! Any tips on how to start researching grants and down payment assistance? I don't know where to begin.



Thanks for the info, and thanks for the congrats! It has been in the works a long time with many bumps in the road. I don't want to screw things up by buying too soon, but I also feel like the time is right, both economically with the housing market, and for us as a family, to buy a house. We have a lot to consider. Thanks again!
don't worry i didn't know either. i started training for a mortg. loan position and learned that. i don't have much info so i just googled "federal grant first time home buyer" and got a seemingly good site that has all the states and websites. i would research and find out whats fake and whats REALLY a grant (as with everything else grant doesn't mean free money anymore like its supposed to). i had NEVER heard of a mortgage company that had offered this so asking just any company really won't help unfortuneatly.
post #246 of 309
woohoo, one more week and we'll be in june! I get paid on the weds for my first cheque since being off for a few months. Will hopefully inspire us to get a bit more hardcore. We've been dragging.
post #247 of 309
Quote:
Originally Posted by HappyHelpmate View Post

I'm so sorry! What a discouraging situation.
You could ask if the repair place will let you make monthly payments until you can pay it off. Your $800 down payment ought to be a good indicator to them that you're able to do it.
Thanks HappyHelpmate - I asked and their response was "we offer financing" - ugh. LOL I "cheated" and put it on my amex card. I just can't fathom waiting - thankfully the part is in stock and they'll be here today. I figured out if I bust my behind and work a bit more (I'm a freelance writer so it's an at-home job) I can make the $1500 in the next 30 days so I'll definitely be writing. Of course I still have $1000 to put back into the BEF but I should have the majority of that within two weeks not counting what I need for the $1500 (I've earmarked funds from earlier this month to replenish the BEF). I feel a bit better about things this morning.
post #248 of 309
Quote:
Originally Posted by mtm View Post
woohoo, one more week and we'll be in june! I get paid on the weds for my first cheque since being off for a few months. Will hopefully inspire us to get a bit more hardcore. We've been dragging.
Yay! Good luck getting more intense, of course you'll get fantastic support here to help ya with that.
post #249 of 309
Well it is official, my blood pressure is finally under control. I will save money now because I don't have to go back to the doctor for 3 months, instead of every three weeks (those co pays add up!).
post #250 of 309
Quote:
Originally Posted by ~*Jaime View Post
Well it is official, my blood pressure is finally under control. I will save money now because I don't have to go back to the doctor for 3 months, instead of every three weeks (those co pays add up!).
Congrats!
post #251 of 309
Thread Starter 
Has anyone made up their June budget yet? Anyone willing to post it?

Dh and I will be doing ours Thursday or Friday and then I'll put it up.
post #252 of 309
Quote:
Originally Posted by ~*Jaime View Post
Well it is official, my blood pressure is finally under control. I will save money now because I don't have to go back to the doctor for 3 months, instead of every three weeks (those co pays add up!).
Thats great!!
post #253 of 309
Quote:
Originally Posted by phathui5 View Post
Has anyone made up their June budget yet? Anyone willing to post it?

Dh and I will be doing ours Thursday or Friday and then I'll put it up.
I did ours last night..I don't mind posting it, but have a crazy day so I will try and get to it later tonight!
post #254 of 309
I have not done my June budget yet. : Mainly because every cent not devoted to the roof over our heads or the bills to make the house run are going straight to my $1800 deductable
post #255 of 309
I have separate thread about this but...

could you talk me through how you do the envelope system? Do you put it in weekly, monthly, or when you are paid (in our case, every other week). What do you do if there is surplus - do you put that amount less in the next time or do you have more to spend. What do you have envelopes for? Talk me through it, even what seems obvious! Thanks!
post #256 of 309
Our budget doesn't really change from month to month. Does everyone else have a different budget every month?

That is great news, Jaime!
post #257 of 309
We do have a different budget every month because some months DH gets 2 paychecks and then twice a year he gets 3. Plus some months we have car registration, life insurance premiums, etc - basically things that are quarterly or annualized but not monthly. I'm also a freelance writer so my income varies quite a bit but it goes to the snowball so it makes it easier to budget it out.

Here's our June zero-based budget:

Spouse Income: 6382.00 - 2 paycheck month
My Income: 1830.00 - projected if I meet my writing goals, this is 100% in my control though
Total Income: 8212.00

1st Mortgage - 1786.00
2nd Mortgage - 230.00
Car payment - 382.00
Car insurance - 0.00 (made changes to insurance so no payment this month)
Groceries - 450.00
Gas - 250.00 (dh drives a company truck w/company gas card)
Dining Out - 150.00 (I know, I shouldn't see the inside of a restaurant, this is down a lot from where we started, still working on it hehe)
Blow - 100.00
Medical - 100.00 (medicine/doctor copays)
HOA - 20.00
Cell - 75.00
Gym - 25.00
Storage - 58.00 (need to clear out storage and cancel this)
Electricity - 185.00
Sewer - 61.00
Exterminator - 39.00
Garbage - 11.00
Alarm - 36.00
Phone/Cable/Internet - 175.00
Water - 100.00
Dance - 92.00
TD Ameritrade - 50.00
Entertainment - 50.00
Kids - 40.00 (sinking fund)
Clothing - 40.00 (sinking fund)
Household - 25.00 (sinking fund)
Misc. Auto - 30.00 (sinking fund)
Personal Care - 20.00 (sinking fund)
Re-fund BEF - 1000.00
Snowball - 2632.00
post #258 of 309
Quote:
Originally Posted by bc1995 View Post
Our budget doesn't really change from month to month. Does everyone else have a different budget every month?

That is great news, Jaime!
Mine is always the same as well. But I sometimes write it out for each month so I can check things off as I pay them.
post #259 of 309
Quote:
Originally Posted by MyTwoAs View Post
Blow - 100.00
You are budgeting $100 a month for cocaine? Just a tip, file that under Misc Party Expenses just in case the cops are reading.
post #260 of 309
Quote:
Originally Posted by lalaland42 View Post
You are budgeting $100 a month for cocaine? Just a tip, file that under Misc Party Expenses just in case the cops are reading.
ooohhhh...its cause your selling and don't want the cops to know where your income comes from??!! ROFLMAO where was that tribe started??! :
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