It's July and we're getting out of debt with DR - Mothering Forums

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Old 07-01-2009, 12:59 PM - Thread Starter
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Everyone welcome! Just jump right in and join us.



These are the Baby Steps:

Pre-Step 1: Get current on your debts and do a budget
0.1 Commit to NEVER borrow $$$ again
0.2 Talk with spouse and get him/her on the same page as you concerning finances.
0.3 Do a written budget
0.4 Temporarily stop all retirement contributions
0.5 Get current on all the basics (Shelter, Food, Utilities, Basic clothing)
0.6 Amputate "toys" (bikes, boats, ATV's etc) if they will keep you from completing the snowball within 12 months
0.7 Cut lifestyle (Cut CATV, Cellphone, Regular phone "extra's", Internet, Eating out, etc) and/or take second job if $1000 EF will take more than 30-90 days.
0.8 Get current on ALL bills

BS1 $1,000 to start an Emergency Fund
1.1 Chop up/freeze CC's (You have an EF now)
1.2 Get Health insurance NOW if in the US (chances of getting sick w/ major medical bills are larger than that of death)
1.3 Get Life insurance NOW if you have considerable debt/your family couldn't make it financially if you died.
1.4 Amputate cars that you can't pay off within 24 months
1.5 Consider raising insurance deductables to $500 or $1000

BS2 Pay off all debt using the Debt Snowball
2.0 Do the debt snowball, paying all your debts from lowest BALANCE to highest.
2.1 You can take your first vacation since finding Dave if you can pay cash for it (no using the EF !!!)

BS3 Three to six months of expenses in savings
3.1 Start car replacement fund
3.2 Save up 20% for home purchase OR pay down existing mortgage to the point you can drop PMI.
3.3 Start furniture or other non-essential stuff replacement fund

BS4 Invest 15 percent of household income for retirement

BS5 College funding for children

BS6 Pay off home early

BS7 Build wealth and give! Invest in mutual funds and real estate



Here's the link to Dave Ramsey's website:

www.daveramsey.com

Please join in!
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Old 07-01-2009, 01:00 PM - Thread Starter
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If you need added or removed from the list, or I got your details wrong just let me know and I'll fix it.

Pre-Step 1
BonnieNova
dfunk98
Miasmamma
Leav97

BS#1: Save up $1000
2lilsweetfoxes
Contrariety
crunchymomof2
dex_millie
Evenstar
fairydust020409
JamieB
JenniferH
JustKiya
Kaitnbugsmom
KnittingKara
Krisis
Ksenia
lj2blessed
mamabain
MamaPam
mommaknowsbest
neveryoumindthere
Sihaya
teenyToona
Tryingforbaby

BS#2: Pay off all Debt (except the mortgage)
100%Mom
AFwife
AllieFaye
astar326
Bluegoat
claddaghmom
ColoradoMama
Contrariety
cymbeline
excitedtobeamom
FeelingBlessed
goldfishkate
HappyMommy2
herwitsend
hollytheteacher
indie
jeliphish
jjawm
kavita
killick
LittleBirdy
lizziebits
llamalluv
major_mama11
mamabain
mamimapster
mich
MomtoWilmo
my2girlz
Nickarolaberry
okapi
onlygirls
onthemove
Pernillep
p1gg1e
PluggingAway
Rev1053
samandhenrysmom
smallmama
stellarae
thenaturefreak
tricia80
triscuitsmom
twin_mama
whiddle

BS#3: Build up to 3-6 months of savings
akichan
annethcz
beansmama
Crunchy*VT*Mom
Denvergirlie
KailuaMamatoMaya
mammamo
maryjane
MCsMom
mtm
phatui5
sarafi
Softmama
Stone_Fence
yasinsmama

BS#4

BS#5

BS#6
kanga1622
rebeccalynn
Sarah8Jane
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Old 07-01-2009, 01:29 PM
 
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We are still plugging along but starting FPU last month has really got us remotivated. We had stopped the debt snowball to save for our adoption but ran some numbers and realized that if we got really gazelle intense we could get rid of all the debt except the mortgage and save up for our adoption by our 10th anniversary which is exactly a year from today! Yeah! We are putting our nose to the grind and we aren't even spending a cent for our anniversary today but this time next year it will be just wonderful financially! Best of luck for everyone! If you can make a FPU class I would definately say go for it. We were doing DR for 18months before the class (paid of $36,000) and it has given us the boost to finish BS 2 with intensity.

Homeschooling Momma to DD 8 years old, DS 7 years old, DS born 03/11 by adoptionheart-1.gif , waiting for DD born 07/10 and two furry labs. Wife to my wonderful husband of 12 years.
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Old 07-01-2009, 02:17 PM
 
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July 2009 Numbers:

BS#1
1.1: $900/1000 - EF - Oops! Gotta repay!
1.2: $875/1800 - Midwife Fund... plugging along. Hopefully done by mid Sept.

BS#2
2.1: $3567.10 - CC
2.2: $13,434.66 - My student loans, currently in repayment
2.3: $9344.60 - DH's sudent loans, in deferment while in school for at least 3 years


We had to use the EF last week to buy groceries since we got a medical bill I hadn't budgeted.

I'm pretty sure that as soon as I get the midwife paid, I'm going to stash lots of money in savings instead of tackling BS2. $1000 just isn't enough of a buffer for me. Both my sister and my mom have had losses of income that have been rough and I see that I need more money in case anything happens to us. Though I should *cross fingers* be able to fully pay off the CC with my tax return in early 2010. Though we might need a new car, as my 20 yr old clunker is on it's last leg. We'll see. I give myself props for driving that thing for so long!
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Old 07-01-2009, 03:10 PM
 
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Still on BS#2! We should be done though by December if all goes well :

YDD's Dr. appointment went well , was not charged : , she has two cavities where I thought they were , he gave us a ped. dentist that could handle her...I hope LOL
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Old 07-01-2009, 03:17 PM
 
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Hi everyone!

This month we are going on a vacation to the ILs (a week on the farm) and two days in NYC - I've saved up cash for the time we are there, now I need to STICK to my traveling budget and not go overboard!

Oh, and of course I hurt my back and am laying in bed days before I need to fly over 10 hours with a four year old. Of course.

Your User Agreement here at MDC, read it and make it your friend and read the FAQ to answer all the questions of the (MDC) world.
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Old 07-01-2009, 05:17 PM
 
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Quote:
Originally Posted by mtm View Post

Pre-Step 1: Get current on your debts and do a budget
0.1 Commit to NEVER borrow $$$ again Done
0.2 Talk with spouse and get him/her on the same page as you concerning finances. Done
0.3 Do a written budget Done
0.4 Temporarily stop all retirement contributions Done
0.5 Get current on all the basics (Shelter, Food, Utilities, Basic clothing) Working on this.
0.6 Amputate "toys" (bikes, boats, ATV's etc) if they will keep you from completing the snowball within 12 months Don't have any toys
0.7 Cut lifestyle (Cut CATV, Cellphone, Regular phone "extra's", Internet, Eating out, etc) and/or take second job if $1000 EF will take more than 30-90 days.
0.8 Get current on ALL bills Working on this


Please join in!
I'm going to join. I'm pre-step 1.

We are Currently behind on Student Loans, cell phone, Direct TV, internet and electric. One month ago I was 3/4's of the way to having an emergency fund. Now my emergency fund is empty, I'm behind on bills, and my CC balance grew. : I should be caught up on all bills by mid August.

PS .7 I don't have a home phone. Internet access is required for my job. We have a contract with Direct TV for another 6 months.

BS #1
1.1 12/1000

BS #2
CC 1 - 477
CC 2 - 1475
CC 3 - 3250
Signature loan - 2092
Car Loan - 15122
SL 3 - 19352
SL 2 - 19399
SL 1 - 24872
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Old 07-01-2009, 06:25 PM
 
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Please add me to BS#2! Thank you!

Mom to : DS1 (11), DS2 (8), DD3 (4), : DS4 (1), and : : :
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Old 07-01-2009, 06:33 PM
 
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We're Back To BS 1 I think

Pre-Step 1: Get current on your debts and do a budget
0.1 Commit to NEVER borrow $$$ againdone
0.2 Talk with spouse and get him/her on the same page as you concerning finances. done
0.3 Do a written budget done
0.4 Temporarily stop all retirement contributions haven't had any since I lost my shirt post-9/11 and Dh had to liquify his the same year to pay for his late wife's doctor & hospital bills
0.5 Get current on all the basics (Shelter, Food, Utilities, Basic clothing) Done. We're actually ahead a bit on food and clothing
0.6 Amputate "toys" (bikes, boats, ATV's etc) if they will keep you from completing the snowball within 12 months Done/didn't have any to begin with
0.7 Cut lifestyle (Cut CATV, Cellphone, Regular phone "extra's", Internet, Eating out, etc) and/or take second job if $1000 EF will take more than 30-90 days. Done except second job. DH is on UE right now and we're both applying like mad and getting nowhere
0.8 Get current on ALL bills done


We were on BS2 before dh lost his job but that ate our EF so we're working on building that back up now and getting totally back on track.
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Old 07-01-2009, 10:11 PM
 
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I'd like to join! DH is on board with the plan and I'm really excited about that. : We're on Pre-baby Step 1.

Pre-Step 1: Get current on your debts and do a budget
0.1 Commit to NEVER borrow $$$ againDone
0.2 Talk with spouse and get him/her on the same page as you concerning finances. Done
0.3 Do a written budget Done
0.4 Temporarily stop all retirement contributions Done
0.5 Get current on all the basics (Shelter, Food, Utilities, Basic clothing) Done
0.6 Amputate "toys" (bikes, boats, ATV's etc) if they will keep you from completing the snowball within 12 months Working on, although nothing really big to that could be sold
0.7 Cut lifestyle (Cut CATV, Cellphone, Regular phone "extra's", Internet, Eating out, etc) and/or take second job if $1000 EF will take more than 30-90 days. Consider what else, if anything can be cut
0.8 Get current on ALL bills Not Behind on Anything, Although have a couple medical bills going to collections even though we've made regular payments
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Old 07-01-2009, 10:20 PM
 
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I just watched my dad's business go under and he is laid off now. (Lost contract after inbev took over) It has added an emotional oompf to really get cracking.

We have an EF. We are on a cash only system. Our only downfall is a pile of student loans. And to maintain our debt repayment levels, we are taking out about $1k each more in student loans this year.

These are the Baby Steps:

Pre-Step 1: Get current on your debts and do a budget
0.1 Commit to NEVER borrow $$$ again-DONE
0.2 Talk with spouse and get him/her on the same page as you concerning finances. DONE
0.3 Do a written budget DONE
0.4 Temporarily stop all retirement contributions DONE for me, but DH still does an auto 401K. It's only 35 a paycheck so I think I will leave it for now.
0.5 Get current on all the basics (Shelter, Food, Utilities, Basic clothing) DONE
0.6 Amputate "toys" (bikes, boats, ATV's etc) if they will keep you from completing the snowball within 12 months. DONE
0.7 Cut lifestyle (Cut CATV, Cellphone, Regular phone "extra's", Internet, Eating out, etc) and/or take second job if $1000 EF will take more than 30-90 days. *sigh* We cut eating out. I cut out all but the basics for our phone. We have internet.
0.8 Get current on ALL bills DONE

BS1 $1,000 to start an Emergency Fund
1.1 Chop up/freeze CC's (You have an EF now) DONE
1.2 Get Health insurance NOW if in the US (chances of getting sick w/ major medical bills are larger than that of death)DONE
1.3 Get Life insurance NOW if you have considerable debt/your family couldn't make it financially if you died. DONE
1.4 Amputate cars that you can't pay off within 24 months. All cars paid off, but we could probably sell a couple.
1.5 Consider raising insurance deductables to $500 or $1000. DONE

BS2 Pay off all debt using the Debt Snowball
2.0 Do the debt snowball, paying all your debts from lowest BALANCE to highest. WORKING ON IT!
2.1 You can take your first vacation since finding Dave if you can pay cash for it (no using the EF !!!) Already bought the tickets to Disneyworld!

BS3 Three to six months of expenses in savings
3.1 Start car replacement fund.
3.2 Save up 20% for home purchase OR pay down existing mortgage to the point you can drop PMI. Starting
3.3 Start furniture or other non-essential stuff replacement fund.

BS4 Invest 15 percent of household income for retirement

BS5 College funding for children

BS6 Pay off home early

BS7 Build wealth and give! Invest in mutual funds and real estate

Mama to expecting Babe 2
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Old 07-01-2009, 10:20 PM
 
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On the above list I am BS4, but in reality we are still in BS3.

Yes, the 6 month FFEF is done, but are working on car replacement fund and house/ land downpayment fund, so it will be sometime in this step still.

However, regardless of the progress come 2010 I will be scaling back on the down payment fund and restartig retirement savings. I was contributing 6% for a 3% match at work, even while in BS2. However, as of May the whole company was hit with a 6% salary reduction as well as the stop of matching funds. In order to maintain the intensity with car/ house fund, I stopped all of my 401K contributions as well.

Sigh.... getting out of debt was just half the battle, but it's progress is progress and I am pleased with being debt free and 6 months of expenses in the bank.

Chin up
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Old 07-02-2009, 12:57 AM
 
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We are on BS 2 and will be there until we get this car loan paid off. Good news is that DH is one month ahead on car payment. I just received an unexpected bonus check from work today, which will be just enough to get us an extra month ahead on the car payment. So yay there, slowly but surely getting extra paid on that...

BS1 $1,000 to start an Emergency Fund- DONE

BS2 Pay off all debt using the Debt Snowball-
$996 paid / $12,784 remaining on car loan (7% paid)

BS3 Three months of expenses in savings- $4500 / $7000 (64%)
(pausing this step in order to pay off car loan)

BS4 Invest 15 percent of household income for retirement
(DH saves ~3% in IRA and he will keep this up)

BS5 College funding for children

BS6 Pay off home early

BS7 Build wealth and give! Invest in mutual funds and real estate

“War is peace.
Freedom is slavery.
Ignorance is strength.”
― George Orwell, 1984
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Old 07-02-2009, 08:48 AM
 
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Still on BS2 here, and due to some unexpected expenses looks like we won't be done until Aug of next year. That's okay, though. We're plodding along at a steady rate and will get there when we get there. The best part is we have not needed or even been tempted to put anything on credit. Well, we did use the Target cc to purchase Christmas presents, but as soon as we did we set up a payment with our bank to take the money out of the Christmas fund. Dh just wanted to keep the card active.

It's been nice and easy, not painful like I thought it would be. When we got started even a $150 payment felt like a jail sentence. Like there was never enough in the account to cover all of the expenses. Now....now we have funds set up to save a little here and there (so our insane car repair bills this month won't kill us), we're sending more to the cc company than we thought we could, and we still breathe easy. There's never much in the checking account the day after payday but it's always enough for everything budgeted.
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Old 07-02-2009, 11:23 AM
 
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We're on BS3...Technically, we had it saved, but it was in reality a vehicle fund. But man did it ever feel good to write a check to purchase our new (to us) vehicle outright. There's nothing extra at the end of this month b/c we're on Uneployment/SSI for the time being, but hopefully DH's union will get a call very soon and we can rent out our house (Travelling jobs typically) to save on double bills while he is working. Thankfully, UI plus SSi covers all our bills. I'm just worried about travelling this month for specialists for DD. If we get into RMH for the 4 days we're down there, we should be good
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Old 07-02-2009, 12:52 PM
 
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June was not a good snowball month for us. Too many expenses and shopping in general which ate the added car payment I had planned on making.
On the bright side we did not have to use credit cards to replace the vacuum which had lost suction and was being held together with a bungee cord or to remodel our bathroom. The bathroom had to get done before the baby since it was a disaster and I couldn't imagine laboring in there without it being done.

For July the goal is to go under budget and then put any additional money towards the car. I just want that stupid thing paid off so we can be debt free.
August should be even better since we are expecting the baby and I won't have commuting expenses or lunch at the office expenses to worry about. I really is cheaper to stay home for me. Now if I can just not buy a ton of stuff for the baby we will be in a much better place once my leave is over. Hoping not to spend what I have saved for the unpaid time and then being able to knock a big chunk off the car.

I haven't decided yet if we are leaving out student loans in BS2 or moving them. They would be nice to have paid off but honestly it is over $60k combined and will take a while. I think I would feel better to have our emergency fund larger and to start participating in 401k again as my match kicks in in August.

Pernille, Married to : mom to my 2 littel boys :4/12/07 and : 8/24/09
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Old 07-02-2009, 02:54 PM
 
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Still chugging away at BS3.

I thought that I wouldn't have any money to put towards savings this pay period, since we had some large bills and expenses. But somehow I've managed to put $270 into savings this time around. It seems like such a drop in the bucket compared to our goal amount, but every little bit helps, right?

BS1: done
BS2: done
BS3: 32% of FFEF

New signature, same old me: Ann- mama of 2 boys and 2 girls, partnered to a fabulous man.
I'm an unintentional weasel feeder and I suck at proofreading.
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Old 07-02-2009, 08:34 PM
 
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July totally snuck up on me! Don't know how much I'll be getting from STBX this month because he's starting a new job, I just know it will be much less than what I got the last two months. And I was already just barely scraping by, so these next couple of months will be a test of my abilities!

BS3: 0/$21,000 --YIKES! Probably won't complete until 2014!

Akie, single mom to M (02/18/06), E (08/04/07) and Z (06/22/09)
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Old 07-02-2009, 08:51 PM
 
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Happy July everyone :

I am now in BS3.3 (If I remember them right) saving for some non-emergent purchases. We have the 6 months FFEF now and are saving this month for the yard work (which we should get done by the end of this month) and then for our deck (which is such a disaster that everybody refused to give me an estimate to fix it and instead handed me numbers for people who would replace it because that would be cheaper and less work. yikes). I have no idea what that will cost as I am still awaiting estimates. The cost will determine if we save and do it or ignore the deck for another year and just look like the trashy neighbors bringing down the neighborhood
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Old 07-02-2009, 09:32 PM
 
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We are on bs2. I thought we were going to have to charge our flood insurance on a cc even though it was going to KILL me - there was no way around it. I recently started a speech therapy private practice and I am waiting for insurance to pay me. We have not paid COBRA yet and we are hoping to get reimbursement from a program my son is in - but it has not been approved yet - we have about 20 more days before we have to pay the $1600 out of pocket. Then our flood insurance increased from $350 to $1250 and was due on June 15. We have until July 15th to pay and we have to have it or our mortgage will buy an alternative for us for $3500. So, we do not have $2800 extra. I was telling DH I was going to charge the flood insurance and we can probably cash flow the COBRA insurance. He said - don't charge it, I have cash in the safe and we can pay for it with that and then we can pay the safe back. I did not know we had that much in there. I am relieved we do not have to go into debt!!!!
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Old 07-03-2009, 01:08 AM
 
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I am SO relieved. I finally had a sit down talk with dh about our finances and it went so well. I wasn't sure how it was going to go down. Up until now the burden has all been on me, but we've agreed to sit down twice a month (paydays) to look at/discuss our budget together. We've got a plan!

The only thing is....I'm not sure we are really doing the DR plan now. Dh is adamant that we put $$ in savings all the while working on our snowball. Well, I suppose we will just call it a modified DR plan. ;-)

BS2-
CC1 - snowballing
Car Loan - minimum payments
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Old 07-03-2009, 04:43 AM
 
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What do you do about car insurance? Pay a little more overall and pay monthly, or suck it up and pay all in one month so the overall bill is less? Car and motorcycle insurance are due this month, paid car in full, wondering what to do about motorcycle.

Other big things this month that will probably keep me from putting anything into savings this month too, are:

car maintenance estimated to be around $400
car seat purchase $200? depends which one I buy?
preschool tuition deposit $205

Off to make my budget now . . .

Akie, single mom to M (02/18/06), E (08/04/07) and Z (06/22/09)
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Old 07-03-2009, 04:48 AM
 
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Quote:
Originally Posted by akichan View Post
What do you do about car insurance? Pay a little more overall and pay monthly, or suck it up and pay all in one month so the overall bill is less? Car and motorcycle insurance are due this month, paid car in full, wondering what to do about motorcycle.
We pay the 6 month premium in full. We cashflow the expense, which means that there is less to put into savings that month.

New signature, same old me: Ann- mama of 2 boys and 2 girls, partnered to a fabulous man.
I'm an unintentional weasel feeder and I suck at proofreading.
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Old 07-03-2009, 05:02 AM
 
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I'm on prestep 1.8

Kelly,newly single mom of four wonderful children.

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Old 07-03-2009, 10:17 AM
 
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Quote:
Originally Posted by annethcz View Post
But somehow I've managed to put $270 into savings this time around. It seems like such a drop in the bucket compared to our goal amount, but every little bit helps, right?
Every little bit helps.

Still on BS2. I hope to be moving to BS3 by the time the baby comes in August but I think it wont be till a month after the baby comes. We are sooooo close! Ugh.
We had a garage sale this last month and that really helped this month. : I am still looking for more stuff to sell. If anyone needs a loft bed and is in my area.....

Mom to '97, '07, '09 and birth mom '00 and wife to my BFF
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Old 07-03-2009, 11:45 AM - Thread Starter
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excitedtobeamom, good job getting remotivated, debt free in a year sounds great!

Contrariety, you have been doing great! Now refill the ef. I think upping the ef is a good idea. I personally like 2000 in mine.

p1gg1e, good news about your dd's dental appt.

KailuaMamatoMaya, sounds like a great vacation. Sorry to hear you hurt your back. Dh and I are flying with our 7, 4 and 1 year olds mid-month and its the 4 year old who will be hardest to entertain. Have a good trip.

Welcome Leav97 Let us know if you want help with your budget or need motivation.

Welcome cymbeline

Kaitnbugsmom, may it be a short trip back to bs1. Is your dh back to work?

Welcome MamaPam Its good to have your dh on board.

claddaghmom, I'm sorry to hear about your Dad's business, its tough to watch. I'm glad its turning out to have a positive to get you moving. You are off to a good start with an ef and cash only already. Can you cashflow the school for this year if you pay minimums on your debt? You want to commit to no new debt if possible.

Denvergirlie, I moved you back to bs3. I hear ya on the sigh. bs3 is a tough one for me to maintain motivation.

major_mama11, good job using that found money for the car payment.

LilyGrace, good job on paying off the Target cc once you used it. Why does dh want to keep the card active?

RoadWorkAhead, great work paying off the car outright!

Pernillep, stop shopping! You can do this.

annethcz, every little bit does help. I set up a few small streams of money to go into savings so even in a bad month we get something put away.

akichan, I hope stbx comes through for you.

Softmama, can you do some of the deck work yourselves?

samandhenrysmom, wow flood insurance is expensive. Any chance calling different providers could get it for cheaper?
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Old 07-03-2009, 12:13 PM - Thread Starter
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twin_mama, great news your dh is on board. Does your dh have a dollar amount in mind? I had to up my ef to 2000, 1000 just wasn't enough for us.


Rev1053, you are so close!

Oh and our update, our city services are on strike so I'll be getting a refund on the kids swim lessons or likely keep it as a credit for the fall. Trying to find a silver lining.
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Old 07-03-2009, 01:46 PM
 
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OMG! It looks like we are renting out the house starting in August or there about. This is huge for us. Our household bills run around 900$ a month right now, and we can camp far cheaper - not to mention traveling together when DH works saves us mucho $$. Downside is we are renting at cost, so we'll need to save up a bit more for emergency repairs, but we will also now be selling my vehicle which should put a big chunk back in savings as its long been paid off. I'm so stoked!
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Old 07-03-2009, 07:08 PM
 
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Quote:
Originally Posted by mtm View Post
twin_mama, great news your dh is on board. Does your dh have a dollar amount in mind? I had to up my ef to 2000, 1000 just wasn't enough for us.
This is a good question and one I didn't address during our first talk. I'll ask this at our next sit down meeting. Maybe we can fund a $2000 or $3000 EF to make dh happy and once that is funded, we can begin to put that extra $$$ towards our snowball again....you gave me a lot to think about, thanks!
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Old 07-03-2009, 11:31 PM
 
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I think we are going to have to increase our BEF to $2000-$3000 too.

MTM - Flood insurance is federally underwritten so it is based soley on the value of our house and the risk of the area we are in. They redrew the map so we are now in a flood plain and the value of our house has not decreased (good news if we ever want to sell). Anyway, we cannot shop around. It is always one price and they want the whole thing at one time.
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