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Dumping Debt and Building Wealth w/Dave Ramsey *October* - Page 2

post #21 of 130
BS1 $50/$1000

I now have DH FULLY on board :
post #22 of 130
Quote:
Originally Posted by p1gg1e View Post
BS1 $50/$1000

I now have DH FULLY on board :
That's great!
post #23 of 130
I may have to dip into savings a little this paycheck to pay off 2 credit cards.
We are getting there! We still have a ways to go but so far on this debt pay-off that we started this year, we have saved almost $400 a month in minimum cc pmts. That is like real breathing room for us.
I also need to save some $$ for our holiday we are taking in November. After I squeeze these cards gone, things will be so much easier...there is a lot more room than ever before, it seems.
Subbing....

Where we are at:
BS1 $1,000 to start an Emergency Fund done!
BS2 Pay off all debt using the Debt Snowball:
paid off 1353.95 on 7/26
paid off 2358.20 on 8/9
paid off 1100 on 8/23
paid off 1826.99 on 9/7
paid off Home Depot card: $1716.46
(we still have quite a bit to go....10000 in cc debt and 8000 van loan)

BS3 Three to six months of expenses in savings
savings is at $400

BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement
we invest 10% right now
BS5 College funding for children

BS6 Pay off home early

BS7 Build wealth and give! Invest in mutual funds and real estate
__________________
post #24 of 130
forgot to sub...
post #25 of 130
Husband and I have started following the baby steps.

BS1- $1000 in savings- DONE this month!
BS2- Debt- I paid off one card last month and will pay off another next month. We're really hitting the CCs hard. I can NOT wait until we have NO CC debt.
BS3- EF- Money automatically goes into savings every month, so now that we're over 1K, the extra money will go to the EF.
BS4- Invest- DH starts a new job next month. We will set up autmatic withdrawls into a 401k, even if it's only $20 a paycheck to start.
post #26 of 130
Do you ever struggle with a balance between spending time with your family and significant other, and maximizing your income to do the snowball faster?

DP works nights right now, and I work days, which saves us money on childcare and lets him work as a waiter, sometimes making pretty good money. I'm miserable with the situation because I miss him, I absolutely hate being alone so much with the kids, and in two weeks I will begin classes again and it is so hard for me to find time to do my schoolwork when I'm either with the kids or at work all the time.

I want him to quit this job and work days again, but I feel like I am doing the wrong thing to get out of debt faster.
post #27 of 130
We're still just hanging out trying to get our snowball started again. We are stuck on BS2 with just under $50,000 in debt left to pay off Mostly student loans.

Rosie we struggle with that too. DH has been working a LOT and I understand your lonliness. We miss DH a lot here. I can't wait until we're debt free and he doesn't have to work so much!
post #28 of 130
P1gg1e, congrats on having your dh on board, that will help a lot!

lunamama, you are doing great on paying off the ccs! Won't be long before you are done.

Virginia884, welcome and congrats on finishing bs1 and getting a card paid off already. I'd take any extra money over 1k (or 2k if that makes you feel more comfortable) and put it straight onto your debt before adding to your ffef.

I'm still having trouble figuring out how to handle the third pay this month. Dh is paid biweekly so this is a 3 pay month. I will pay off this month's bills and do an early pay on some of next months then take the rest and slam the last cc I think. Is that how people do it with the 3rd cheque?
post #29 of 130
We are doing pretty well this month, working on BS3.

Just trying to decide how much I should aim for to have a 'fully funded' emergency fund. I think we need to have 6 months, because in 11 months I know for certain that my DH's job will be changing and he is the only breadwinner.
post #30 of 130

New Here!

We have been trying to get serious about paying off debt for awhile and we always flounder......we like to live too comfortably. BUT, now that we have a little one and I'm a SAHM, we realize the error of our ways.

BS1 - Complete!
BS2 - Going to take all savings except $1000 and put toward car. That would equal $2600 to start.

Debt:
Car = $12,000
Student Loans = Something like $60K for three degrees. :

We don't have a lot of extra to get snowball moving.....I will be working from home as best I can with a 10 week old. We haven't been out to eat since Sunday. :

rosie_plus_one: I also struggle with this. My DH might be able to pick up some extra work, but I hate for him to be away from our little one any more than he has too.
post #31 of 130
We are on BS2 for the 1st month..Unfortunately our snowball for the month is not going to be quite as big as I had hoped..We got slammed with unexpected expenses...
post #32 of 130
Thank god for the EF! Our kitty is sick today and we're taking him to the pet ER. I'm happy we're able to pay in cash.
post #33 of 130
Thread Starter 
Payday yesterday!

BS1: $440/$1000.

It looks like our jeep is going to need new breaks and possibly some other work. But we have two cars, so we're going to save up for the car repairs instead of using the EF or a CC. That's a dramatic shift in thinking for us!

Does anyone know a good website that can guide us as to get the most out of our paycheck? I know we pay more taxes than we need to. I know it.
post #34 of 130
Sorry, I don't have any advice for the paycheck info.

Yeah Jilian for not charging!! Sorry for the sick kitty.

We are just 4 days into our budget - which granted is much tighter than originally thought since we are down an income. I'll be honest a lot of it is a little painful. BUT I am keeping focused that it's super important during this lean time to stay on track so that soon we won't be so tight.

Continued : to all job hunting.
post #35 of 130
Quote:
Originally Posted by MCsMom View Post
We are doing pretty well this month, working on BS3.

Just trying to decide how much I should aim for to have a 'fully funded' emergency fund. I think we need to have 6 months, because in 11 months I know for certain that my DH's job will be changing and he is the only breadwinner.
6 months is a great guidleine. However, you personal life might increase your security gland. You say he is changing jobs, any possibility he might be out of work a period of time, or is he just going into a new poistion that is already lined up? If you feel comfortable with your own situation then it's good enough.

I myself am the breadwinner and feel that I will be comfortable with 6 months myself. However, I'm only half way there at the moment with 3 months saved, feels good but will feel better when it's 6 months.
post #36 of 130
Quote:
Originally Posted by Contrariety View Post
Payday yesterday!

BS1: $440/$1000.

It looks like our jeep is going to need new breaks and possibly some other work. But we have two cars, so we're going to save up for the car repairs instead of using the EF or a CC. That's a dramatic shift in thinking for us!

Does anyone know a good website that can guide us as to get the most out of our paycheck? I know we pay more taxes than we need to. I know it.

You can check the IRS calculator here:
http://www.irs.gov/individuals/artic...=96196,00.html

The actual calculator is thru the link at the bottom of the above page, but this page link provided has instructions and explains things before jumping into the calculator. Have your paystubs handy.
post #37 of 130
Quote:
Originally Posted by lunamama View Post

Where we are at:
BS1 $1,000 to start an Emergency Fund done!

BS3 Three to six months of expenses in savings
savings is at $400
_______
You have an additional $400 in the start of your FFEF? Are you counting your BEF in step one as well?
Would you not have $1400 in total liquid savings right now?
Your BEF with grow into your FFEF

When I was in BS2 I had a BEF of $2K just because my job was a bit scary. Before I finally finished BS2, my EF was up to $3K. Now I'm fully in BS3 and just continue to grow it.
post #38 of 130
My kitty is hospitalized and needs surgery It is going to wipe out our entire EF and then some. I feel like crying.
post #39 of 130
Well, after posting last night I got an e-mail from our renters: they are giving their 30 day notice (even though their lease is not up for another 7 months technically) due to a variety of cirumstances. I am so so so thankful that we have been following the budgeting ideas here for several years now though. So that even without the rental income, we will still be able to pay all of our bills. It will make having a FFEF a bit slower, and I am hoping to have new renters soon, but either way, we are still doing fine.

As for my DH, he is currently on leave from his normal job because he was activated National Guard and is in Iraq. We hope and pray that he will have a job when he gets back, but since he works for a small company it is not guaranteed, and it is for a bank, so who knows given the current situation if it will even be a possibility at his previous employeer, or even the sector.
post #40 of 130
Originally Posted by lunamama

Where we are at:
BS1 $1,000 to start an Emergency Fund done!

BS3 Three to six months of expenses in savings
savings is at $400
_______

You have an additional $400 in the start of your FFEF? Are you counting your BEF in step one as well?
Would you not have $1400 in total liquid savings right now?
Your BEF with grow into your FFEF

When I was in BS2 I had a BEF of $2K just because my job was a bit scary. Before I finally finished BS2, my EF was up to $3K. Now I'm fully in BS3 and just continue to grow it.


My total liquid savings is at $1400 right now. I could just have the extra $400 in my EF BUT I am thinking I may have to use some of it to buy food etc. this pay period so that I can reach my goals of paying off a of couple cards. I like keeping my EF at $1000 with the understanding that it is really untouchable except for a REAL emergency. I do not even count it in my budget etc. (Although it is linked to my checking account in case of an overdraft....those fees are wicked). I would love to have more of an EF but it is $1000 right now as it stands until the debt is paid off.
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