or Connect
Mothering › Mothering Forums › Natural Living › The Mindful Home › Frugality & Finances › Dumping Debt and Building Wealth with Dave Ramsey - AUGUST
New Posts  All Forums:Forum Nav:

Dumping Debt and Building Wealth with Dave Ramsey - AUGUST - Page 3

post #41 of 145
Update:

Thanks to a very generous one time bonus at work:
Baby Step 0: always done
Baby Step 1: EF: Fully funded :
Baby Step 2: Pay off debt:
CC # 1: Paid off :
CC#2:
CC#3:
Car Loan:

I am making great progress so far! I am very happy
post #42 of 145
Jaime.. Thats great!! :
post #43 of 145
Thread Starter 
Hey all. We returned earlier this week from a trip to Chicago. Man, the city is expensive! But fun, and we had a vacation that didn't follow us home. Woo-hoo.

This week the boys decided to have a lemonade stand to raise money so they could go up to the local water park. They made $30!!!! So we are taking them and their cousins to the park tonight - all paid for with their money from the lemonade stand. They are very proud. Our next plan is to raise money for the local pet adoption shelter. We'll sell lemonade and popcorn during our neighborhood garage sale.

These little successes help me so much as we continue to chunk away at the home equity line that seems to be eternal.

I'm glad to see new people on board. Sending all positive and prosperous thoughts to those on this thread. :
post #44 of 145
Mommy&Will- that is awesome that they worked to earn their fun money I also think raising money for a good cause is great for them to do!
post #45 of 145
Mommy&Will that is wonderful, what a great lesson they are learning.

Jaime, congrats to you too for making progress!

I'm still plugging along. My first month on the zero balance budget is going well, it is amazing how much "extra" money we have now that we are not allowed any frivolous money this month. We literally have hundreds extra, what the heck were we doing with this money before? This month it is going towards paying down the cc. The cc will surely be paid off by Sept
post #46 of 145
I had a link to a simple online free budget of Dave Ramsey's, but before I could investigate further our computer crashed and I lost all of my bookmarks.
Does anyone have a link for me. It was a very simple one, but held a lot of promise for us.
post #47 of 145
Good Morning!

This is our first month of doing DR. And so far, we are : We made our budget and are working on BS1.

I am : : : the envelope system for groceries! We are : so much more at home! I have hired a friend to clean our kitchen each month...and I can't believe how much MORE we eat at home just because it's so nice to BE IN our kitchen. (I LOVE LOVE LOVE HER! Ok, and her wonderful family!)

I need to sit down this week adn see where we are so far in the month...and then I will post our progress!

Mrs B
post #48 of 145
We're just treading water this month, waiting for baby #2 next month.
post #49 of 145
Quote:
Originally Posted by Mammo2Sammo View Post
I had a link to a simple online free budget of Dave Ramsey's, but before I could investigate further our computer crashed and I lost all of my bookmarks.
Does anyone have a link for me. It was a very simple one, but held a lot of promise for us.
I found this as I was looking for the same thing. Hope this helps.

Basic Quickie Budget
post #50 of 145
can someone outline the quickie budget for me? all of the budget tools on DR seem to be PDFs and my puter warns me of 'possible' conflicts and refuses to open those
post #51 of 145
Quote:
Originally Posted by Kaitnbugsmom View Post
can someone outline the quickie budget for me? all of the budget tools on DR seem to be PDFs and my puter warns me of 'possible' conflicts and refuses to open those
I'm not sure if it is the same but we do a zero balance budget that Dave suggested in his financial peace DVD. Basically, we assign a job to every single dollar that we have coming in. We do the budget out a month in advance and make adjustments as necessary. We have our basic budget and then we have a list of extra things to pay (in order of importance) in case we have any "surprise money" that comes in. That way every dollar has a purpose so we are less likely to blow money. We do have an envelope titled "frovolous spending" that one day will be filled but for now we're focusing on paying off all debt. Its been working really well and it is pretty easy to set up because you just spend every single dollar by assigning it a purpose.
post #52 of 145
Feeling yucky about debt right now even though we do pretty well chipping away at it every month, because our old car died and we had to get another car, more debt. I don't follow all of DR's ideas, but I like this BS list. I hope its ok if I post here.

BS1 $1,000 to start an Emergency Fund - Done.

BS2 Pay off all debt using the Debt Snowball
Car loan
My student loan
DH student loan
Mortgage (I put this here because its the highest interest rate of all our debts, working on this now)

Extra money is going to the mortgage, up to what the terms allow, anything above those terms is going to the car loan.

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
BS7 Build wealth and give! Invest in mutual funds and real estate
post #53 of 145
: Jaime!!!! On to step 2!
post #54 of 145
We are officially DEBT FREE! (We rent now, but paid off CC debt, student loans and bought our last car with CASH after we turned in our two leases!)

We have our $1000 Emergency Fund, and are holding off on any other 3-6 months expenses saving until January. We are taking a small victory break and saving for our first family vacation -- TO DISNEY! :

I never thought this would be possible! I love Dave!:

We have had to dip into our $1000 EF on occassion, but always fund it back at the next payday. I am so glad to not own even ONE CC anymore! We plan on renting until we can buy land to build on. We hope to be mortgage free!

It is hard passes up all those things, like a gym membership, high end preschool, a massage etc. etc. I "think" we have the money, but we don't! We have to save it! lol!
post #55 of 145
Congrats!!!

Can I ask did you turn your lease in early or just when it was up? Dh just bought a cheap car with cash but then I still have a lease until June 09. Sigh. Oh well.

I need to come back and post here! I had some business expenses and then got off track...double sigh. Doing better now though, just need to keep on it! LOL
post #56 of 145
Quote:
Originally Posted by Green Phoenix View Post
We are officially DEBT FREE!
We are taking a small victory break and saving for our first family vacation -- TO DISNEY! :

I never thought this would be possible! I love Dave!:
Congrats! Enjoy your vacation - you deserve it, it sounds like you've been working really hard! Disney is so much fun!
post #57 of 145
well we're off the wagon...and i don't feel like climbing back on i know it could be a lot harder and we spend extra where "gazelles" wouldn't but darn it i don't wanna! (can you see me stamping my feet?)

we are wanting to get a Free to air satellite box which is $400 and then $200 to cancel our satellite. we do have the cash and saving the $50/mo from the sat. will "repay" us in 12 months....we still have 18ish months on contract plus after 1 year we will be "clearing" that extra. So theres $600 out of our savings. Plus we need to finish the back yard ($300, rock several trees $??).

I just bought $120 worth of shoes this weekend...which is EXTRAVAGENT for me..really. although there is 5 pair of name brand shoes for the family and my sis's bday present (which is in JANUARY. ) and i also need to buy 2 external hard drives which will be about $160 when i find the right deals. Plus i need to decide whether to replace my broken lcd screen on my puter now ($200 if i do the wor), never fix it (which means its a weird looking desk top but works fine), or buy a new puter when the BEST deal comes along whenever (which i would say would be less than $900...my lappy is decent for me though..no probs).

I also would like to buy some new clothes for the kids ($100 or less for both), xmas presents (hopefully $100 or less for the kids) and i would like to have a tv for our bedroom but dh gave our 27" "old" tv to the shop to "borrow" which means we'll never get it back : and never get paid for it :: p's me off.

i have been getting several 'refi your VA loan' offers in the mail. i wonder if its worth it. mostly 2 months of no mortg. payment would save us $2k which really doesn't do much of anything right now. i don't think we'll be in this house for more than 2 more years though...i hope just one or so. we owe just over $153k. i just don't know about that.....

not to mention dh charged $400 last month on "his" cc. :::: it now has $1k+ on it and i have not wanted to deal with his stupid spending. BLah blah blah blah...yuck.

sorry i hope no one minds me shooting off my irks.

i hope everyone else is happy and good luck with what you guys need luck on!
post #58 of 145
Quote:
we are wanting to get a Free to air satellite box which is $400 and then $200 to cancel our satellite. we do have the cash and saving the $50/mo from the sat. will "repay" us in 12 months....we still have 18ish months on contract plus after 1 year we will be "clearing" that extra. So theres $600 out of our savings. Plus we need to finish the back yard ($300, rock several trees $??).
I would take a step back and start budgeting to pay for this in cash. That's $600 still in your savings for when you have an emergency. The same with the backyard. Unless you have 3-6 months of expenses in savings, I'd really leave it alone. I thought dh and I would both be employed still, but it's my childcare income, his unemployment pay (1/2 what he was making) and our big ole emergency fund. And I am so glad we didn't spend it.
post #59 of 145
Hi all! I'm new to this thread, but not new to DR.

We have steadily paid off credit cards and our car loan over the last few years. (We had pretty big cc debt). Right now, all we have is our mortgage and student loans. Our student loans are pretty significant ($100,000), and in a break from DR, we're putting paying them off in the "pay off mortgage" baby step.

I just came in to brag that my dh is finally on board after several year of listening to me spout "Dave said". LOL

He is taking a new job, and he's loosing his company car (and gas card! Waa!!) He asked for a raise for the new job, to compensate the loss of the car, but no dice. We have some savings put aside because we've seen this coming for a couple of months, but not much. At first, he was all about financing a new car. But, yesterday, he told me he thought that he'd buy something with cash, then save money to upgrade it to something nicer.

This is a HUGE step. I'm so excited to see him on board.
post #60 of 145
Quote:
Originally Posted by phathui5 View Post
I would take a step back and start budgeting to pay for this in cash. That's $600 still in your savings for when you have an emergency. The same with the backyard. Unless you have 3-6 months of expenses in savings, I'd really leave it alone. I thought dh and I would both be employed still, but it's my childcare income, his unemployment pay (1/2 what he was making) and our big ole emergency fund. And I am so glad we didn't spend it.
we do have this in cash. i've managed to save $39xx to date...mostly just from tax refunds though. its pointless to put the money into the car payment cause it doesn't reduce our interest so i've just had it in savings. and really some of that money WAS earmarked for landscaping....i just have this (good) habit of saying "oh its in savings...i'm not supposed to use it" etc and then feel really guilty for useing it or like i am failing somehow. but yes...we have cash.
New Posts  All Forums:Forum Nav:
  Return Home
  Back to Forum: Frugality & Finances
Mothering › Mothering Forums › Natural Living › The Mindful Home › Frugality & Finances › Dumping Debt and Building Wealth with Dave Ramsey - AUGUST