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Dumping Debt and Building Wealth with Dave Ramsey- July - Page 6

post #101 of 146
sounds like people are making good progress! Thanks for the reminder about wills. Dh and I need to finalize guardians this weekend and get our wills done. We went camping last week and managed to stay on budget, only minimal whining from ds about wanting stuff too so I think he's starting to get it too!
post #102 of 146
I have a question for everyone:

How do you stay motivated?

Here's what I do:
* My Outlook Calendar reminds me of what Baby Step I'm doing each morning (also has the description. So each day right now I get a pop up that says "Baby Step #1: Build that emergency fund to $1000.00".
* My hubby of course.
* And I also have www.daveramsey.com up all day on my work computer. Just having the page open helps me.
* Each day I log into my bank account and I see the transfers I have planned into my savings account from the checking accout. I also look at what bills I have scheduled to be paid. I pay all bills online. It feels really good to see what I've planned. I love being able to pay bills and save money.

I'm thinking of printing out some reminders to keep on my desk.
post #103 of 146
Good question, I'm having trouble staying motivated too. Especially when I'm bored and feeling like making an impulse purchase. I often check our bank account online and plan out what bills I'm paying over the next few weeks and it helps me to stay on track.

I'm trying to set up a reward right now to keep me motivated. We're thinking of planning a 2 day trip in Oct if we can pay off 2 more debts by then. I like mini goals.
post #104 of 146
I have a spreadsheet that I look at with my total debts and the amount paid off.
post #105 of 146
[QUOTE=cheerma;11708211]I have a question for everyone:

How do you stay motivated?

DH and I are facilitators for Dave Ramsey's Financial Peace University Classes. He goes more than I (I usually stay home to get the kids to bed). It lights a fire under us every week. Listening to the the video, and talking with others. Some people are fired up, some people are grudgingly doing it. Both types of people help keep us motivated.

I really want to scream "I'm debt free!" on Dave's radio program someday. lol.

I am also motivated every time I see the impact it has on my kids. The other day my ds #1 (6) heard the ice cream man and ran inside, got his spend envelope, and treated his brother and cousins to ice cream. Now I wasn't thrilled about the junky ice cream but could appreciate all that the kids did learn from that. Or maybe they were just stoked to get ice cream. lol. Now his Spend envelope has dwindled to pennies. This week he will be highly motivated to do his chores. : )
post #106 of 146
we took our cc debt and our planned monthly payment and it shows how long til we pay everything off. Its posted by the computer and we look at it all the time. Helps us not buy anything new and see how adding even a bit more money helps.
post #107 of 146
Hi all! I am joining you in this program. It is definitley part of my financial planning on paper. Here is where I am at:

BS1 $1,000 to start an Emergency Fund done!

BS2 Pay off all debt using the Debt Snowball

BS3 Three to six months of expenses in savings

BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement

BS5 College funding for children

BS6 Pay off home early

BS7 Build wealth and give! Invest in mutual funds and real estate
post #108 of 146
welcome Luna!
post #109 of 146
I am doing this a bit different. I am also saving for fall/winter clothes for our whole family and, hopefully a couple thousand dollars for other winter stuff. I know that the $1000 is the standard but I will feel more comfortable with more than that. I am also planning on keeping them seperate. I have $1000 in an emergency fund right now. The other $ will be going in a seperate savings account. It is time for us to get real about our $$.
post #110 of 146
Originally Posted by rosegirl View Post
can I post an update???

I wrote a check for 3K (my quarterly bonus) toward the CC!!!!! (we won't be able to do that big of a chunk until next quarter- but it felt GREAT!)

so now we will have about 7k in CC and I checked and I have 7800 in student loans. We are making PROGRESS!!!!!

Good for you! I plan to do the same with dh's bonus next month and I can't wait!
post #111 of 146
Hey! I have been MIA it seems. I have not been on MDC for weeks and weeks, all my computer time has been going elsewhere.

We are still here. If you remember we had our home broken into at the beginning of June and had our clearly marked bank envelopes of cash quite literally stolen. Very disheartening. We got a little less gazelle after that and my DH had a reaction to some walnuts that landed us at the ER in the middle of the night a week ago. So... we'll be paying cash for that out of our HSA money, but we are on track for our August budget even though we will be paying Montessori tuition for our middle child to go to preschool.
I have been working getting my Etsy store up and running so I can hopefully make some money back from my supplies purchased.
You guys are all doing awesome! Keep up the good work!!!! Going into this fall our snowball amount will probably decrease due to increased tuition, but our plan is to make double payments on our van.
post #112 of 146
[QUOTE=Mommy&Will;11733111][QUOTE=cheerma;11708211]I have a question for everyone:

How do you stay motivated?

I totaly agree with the impact on the children. They are very intune to what debt is and how not to have it. I'm also motivated when we can come up with $1000 car insurance deductible in 2 weeks. Now, we were impressed with that. We have not touched out emergency fund since we fully funded it 1 year ago. That is pretty cool.

We are also encourage in that we are pretty comfortable and can save for most of what we want or need.


post #113 of 146
0: Get current on bills: Always done
1: $1,000 to start an Emergency Fund: 500/1000 always working on this
2: Pay off all debt:
CC1: 4000-PAID
CC2: 3800-PAID
BIL: 1150;
MIL: 5000
Above is my goal to pay off for this year.
Student loans: about 21000 not thinking about this yet

Everything is basically the same. We are going on Vacation this frid. so not going to try do anything until we come back. DH has also taking a next job - A contract to hire one, the contract is 4months and then a permenant position but we will be saving for those 4 months just incase of anything. He will be getting more pay w/ this one which will be great. He may also get a next offer at JHU(a university) he has a phone interview tomorrow, if the pay is good he would take this one over the other as they will pay for him to get a degree. I plan to pay off BIL first and then build a FFEF if the contract job is what he will be doing.
post #114 of 146
Mid-July update:

July 1 Debt Numbers:
Mastercard 2...4916.35
Student Ln 1...3087.49
Student Ln 2...6843.48
Auto Loan.....10537.92

July 23 Debt Numbers:
Mastercard 2...3,798.40
Student Ln 1...3,020.25
Student Ln 2...6,842.43
Auto Loan.....10,141.62

Decrease of $1582.54 - our goal is another $417.46 (for an even $2,000) but I had an unexpectedly large cost at the eye doctors. $100 eye exam and $276 for new LENSES in my own frames! : (We will get reimbursed next month from the insurance....)
post #115 of 146

We just started with the total money makeover in June. So far, we haven't been perfect but have done pretty well.

BS2 We've paid off my midwife of 300 and change, an overpay from disability of four hundred and change, and are working on the smallest student loan. We are planning to leverage dh's bonus next month to get a smaller paid-for car and sell the van. Then we'll hopefully be able to pay down that debt of $12,000. Then we can start working on the credit cards.

To stay motivated, we listen to the audio cds in the car on the way to work. It is great education/motivation!


WAHM/WOHM to three fiery redheads, one lovable lab/pit mix and one obese but also lovable cat.
post #116 of 146
back for motivation. I have 3 yrs to save for another car and I'd like to do it in 2.
post #117 of 146
Welcome mamaTT!

I received my DR DIY kit today and I'm excited. I'm working on my envelopes right now. I've also entered into the world of couponing and my grocery bill has gone down quite a bit because of it. I'm hoping to get our cc paid off within the next few weeks and start snowballing my second student loan. I'm feeling excited about getting out of debt!
post #118 of 146
Thread Starter 
Is anyone else here beyond Step 3? I'm finding now that we're working on steps 4-6, it's hard for me to be motivated to be frugal, because it's going to take way longer to pay off the house than it did to do steps 1-3.
post #119 of 146
Im still trying.
Im in the red and for the first time I am about to fall behind on bills Im having one of those periods of time where I seem to be stuck in a money pit. Everything that can fall apart or get sick or needs money is rearing its head and taking a toll on my bank account. Im trying not to stress about it, because Ill have no money wether I worry about it or not. Its hard not to think about though. A month is a long time.
Next month should be better (I hope).
post #120 of 146
Somebody a few pages back asked about mint.com. I tried it when it was in beta but apparently my bank's security (Regions) was too tough to crack, so it couldn't regularly import my stuff.

And for those of you having trouble with the envelopes system because of cash, I'm right there with you! The cash system got gnarly at our house. My mother swore by it when she was a SAHM living on a shoestring, but it doesn't translate into my WOHM world. We use mvelopes.com and it has completely changed the way we use our money. It's basically Dave's envelope system online, so no cash. Way more proactive than mint, which only tells you where the money went, not what the money is there for! It's much harder to spend that $30 on an "extra" when I know I'll have to pull it out of our "vet bills" envelope. There's a fee for the service but I've found it to be completely worth it. You can even set up your paychecks on a funding plan to have a certain amount automatically assigned to certain envelopes-- $20 each paycheck to Holiday Gifts, for example.

Anyway, we love it-- more practical than stashes of cash but you still "pay yourself first". We're not Dave Ramsey converts (I used to listen in the car occasionally when I traveled for work, just haven't made a commitment to it) but this system has kept us debt free for 2 years while we build our savings... so I guess we are following the baby steps!
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