Getting Out of Debt with DR, Sept 2009 - Page 3 - Mothering Forums
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#61 of 131 Old 09-14-2009, 10:29 AM
 
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Well I'm back for another month, and we are completely still in pre-step 1, but and I stress but DH & I have a better budget system getting set, and really realizing what we need to have budgeted in terms of expenses. FYI we just bought a house last year, so its like trial by fire in terms of figuring this stuff out a bit.

After this budgeting stuff is set and savings accounts set up (like for house stuff, our insurances, etc.), we're trying to get set on "getting current" on supplies/needs. This is tricky, and it feels like I'm spending more than saving - so do I have this backwards?

A question for anyone who is beyond pre-step 1, what does DR mean by "amputate" extras - is it like get rid of or just stop using? Thanks!


He means if you have things like expensive jewelery, four wheelers, an extra car, unopened gifts that could be returned etc. etc you should SELL them asap to put the money towards your debt.

me, dh and 2 boys = our family (oh and a cat...who is also a male...lol)
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#62 of 131 Old 09-14-2009, 10:35 AM
 
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A question for anyone who is beyond pre-step 1, what does DR mean by "amputate" extras - is it like get rid of or just stop using? Thanks!
Also mean cut things from the budget if you can , cable is a prime example.

Well our snowball is on hold next month ( we already snowballed this month). We apparently are mind readers , DH's Aunt/LL is wanting to list the house we are renting for sale...so we are going to HAVE to look at another place. The kids are sad. DH and I told them that hopefully this will be the last move in a long time. Ive moved so much in my life you would think I would get better at this. I'm ready to settle. Its hard on us as parents also keeps us stressed , not organised and grumpy.

So far we aren't find much in our price range :
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#63 of 131 Old 09-14-2009, 10:51 AM
 
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Well I'm back for another month, and we are completely still in pre-step 1, but and I stress but DH & I have a better budget system getting set, and really realizing what we need to have budgeted in terms of expenses. FYI we just bought a house last year, so its like trial by fire in terms of figuring this stuff out a bit.
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Hi there!

Excited to say that I have decided as of today to join this group! I've read the threads once or twice and then quickly forgotten about it. Time to get my head out of the sand and start getting out of debt!

I'm in pre-baby step one now, with hopes of being full on BS1 by late September/early October.

I've started making a list of all the debts I'm aware of, and just ordered copies of my credit reports to make sure I'm not missing anything.

I started a simple budget with Pear Budget (www.pearbudget.com). Seems way off as of now but I plan to track my spending closely over the next 30 days (tracking every receipt) and then hopefully the budget will be more realistic.

I requested Dave's The Total Money Makeover from the library and should have it shortly.

Feeling really positive about this decision and hoping the momentum will stay with me! Thanks for being here to keep me accountable!
Dh and I bought our first house last year and started DR in January of this year. However, this is only our 3rd month of LIVING WITHIN OUR MONTHLY BUDGET. I'm so ashamed to say that previous to that, I pulled from our savings to cover our monthly expenses thus eliminating $5000 from our savings account. Talk about terrible budgeting.....

Anyway, it took a while to establish a good monthly spending pattern (clearly) but now it seems we've got it down.

I know you both can do it! It takes time to find a groove, but when you do....oh, it is so worth it! Good luck!
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#64 of 131 Old 09-14-2009, 12:27 PM
 
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Originally Posted by hollytheteacher View Post
[/B]

He means if you have things like expensive jewelery, four wheelers, an extra car, unopened gifts that could be returned etc. etc you should SELL them asap to put the money towards your debt.
Aha!! This was a great time for this Q & A, as DH & I were just talking about 1- having a garage sale & posting stuff on craiglist to sell as we have just random stuff in the basement and prolly can get some much needed $$ for it. I totally didn't think about jewelry, but that's such a good idea as I have some diamond earrings I never wear anymore but probably can be sold back to a jewelry exchange or etc. We're on the fence about our 2nd car as both our vehicles are ours without any loans or liens on them to see if we could make it as a 1 car family. hmm this means I need to learn stick shift asap then

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Also mean cut things from the budget if you can , cable is a prime example.
Good point - we cut a lot of "extras" out of our budget when we first moved into the house, no cable, only basic plans for our 2 cell phones, no landline. Working like crazy to reduce our power bill (average used to be $305/month per energy co. by the previous owners!!) We could try again to cut some more like our netflix account ($8), but is there a point where cutting might not be the best thing because the benefit to the family outweighs it?

treehugger.gifAnd you who seek to know Me, know that the seeking and yearning will avail you not, unless you know the Mystery: for if that which you seek, you find not within yourself, you will never find it without.treehugger.gif

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#65 of 131 Old 09-14-2009, 12:31 PM
 
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Dh and I bought our first house last year and started DR in January of this year. However, this is only our 3rd month of LIVING WITHIN OUR MONTHLY BUDGET. I'm so ashamed to say that previous to that, I pulled from our savings to cover our monthly expenses thus eliminating $5000 from our savings account. Talk about terrible budgeting.....

Anyway, it took a while to establish a good monthly spending pattern (clearly) but now it seems we've got it down.

I know you both can do it! It takes time to find a groove, but when you do....oh, it is so worth it! Good luck!
Thanks twin_mama for the words of encouragement!! DH & I are totally in that pattern right now of pulling from our savings account to cover our expenses. Its just wrong, wrong, wrong, and we feel so yucky doing it, but we keep doing it month after month. argh! I'm ready to just call a do-over if I could

treehugger.gifAnd you who seek to know Me, know that the seeking and yearning will avail you not, unless you know the Mystery: for if that which you seek, you find not within yourself, you will never find it without.treehugger.gif

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#66 of 131 Old 09-14-2009, 12:46 PM
 
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Aha!! This was a great time for this Q & A, as DH & I were just talking about 1- having a garage sale & posting stuff on craiglist to sell as we have just random stuff in the basement and prolly can get some much needed $$ for it. I totally didn't think about jewelry, but that's such a good idea as I have some diamond earrings I never wear anymore but probably can be sold back to a jewelry exchange or etc. We're on the fence about our 2nd car as both our vehicles are ours without any loans or liens on them to see if we could make it as a 1 car family. hmm this means I need to learn stick shift asap then



Good point - we cut a lot of "extras" out of our budget when we first moved into the house, no cable, only basic plans for our 2 cell phones, no landline. Working like crazy to reduce our power bill (average used to be $305/month per energy co. by the previous owners!!) We could try again to cut some more like our netflix account ($8), but is there a point where cutting might not be the best thing because the benefit to the family outweighs it?
We used to get netflix until we discovered www.hulu.com sooooo much free stuff to watch...sometimes even full seasons (such as hell's kitchen lol we're totally hooked now).

Also, if you have "red box" around you...it's only 1 dollar a night for a rental (even new release). So as long as you watch it and return it within 24 hours it only cost you 1 dollar....my dh also discovered there are many coupon codes out there that allow you to get free rentals. We've paid one dollar for one rental and had 3 free movies after that

me, dh and 2 boys = our family (oh and a cat...who is also a male...lol)
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#67 of 131 Old 09-14-2009, 01:54 PM
 
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Aha!! This was a great time for this Q & A, as DH & I were just talking about 1- having a garage sale & posting stuff on craiglist to sell as we have just random stuff in the basement and prolly can get some much needed $$ for it. I totally didn't think about jewelry, but that's such a good idea as I have some diamond earrings I never wear anymore but probably can be sold back to a jewelry exchange or etc. We're on the fence about our 2nd car as both our vehicles are ours without any loans or liens on them to see if we could make it as a 1 car family.

Good point - we cut a lot of "extras" out of our budget when we first moved into the house, no cable, only basic plans for our 2 cell phones, no landline. Working like crazy to reduce our power bill (average used to be $305/month per energy co. by the previous owners!!) We could try again to cut some more like our netflix account ($8), but is there a point where cutting might not be the best thing because the benefit to the family outweighs it?
"Thanks twin_mama for the words of encouragement!! DH & I are totally in that pattern right now of pulling from our savings account to cover our expenses."

I would say YES, some things are a must for one family that aren't for another. We do not have cable (that means no tv in my area), internet, or cell phones. We DO have $5 netflix though.

BUT everything must be IN THE BUDGET. You may be justifying an $8 expense that you don't have the money for.

me, 28 & dh, 32.
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#68 of 131 Old 09-14-2009, 04:09 PM
 
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"Thanks twin_mama for the words of encouragement!! DH & I are totally in that pattern right now of pulling from our savings account to cover our expenses."

I would say YES, some things are a must for one family that aren't for another. We do not have cable (that means no tv in my area), internet, or cell phones. We DO have $5 netflix though.

BUT everything must be IN THE BUDGET. You may be justifying an $8 expense that you don't have the money for.
I know exactly what you are saying, and our netflix is in the budget, along with some other items which maybe able to be cut & then those funds diverted to areas which need to be saved or funding put aside. These expenses are more of dealing with issues of owning a house which DH & I have been ill prepared for such as plumbing problems, having the chimney cleaned, broken windows, random repairs etc, along with some must haves for us as a family (zoo membership, childrens museum membership etc.) which we need to have for the kids. This is the area, along with household goods (target shopping) in which I'm running into problems and hence our dipping into the savings.

treehugger.gifAnd you who seek to know Me, know that the seeking and yearning will avail you not, unless you know the Mystery: for if that which you seek, you find not within yourself, you will never find it without.treehugger.gif

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#69 of 131 Old 09-14-2009, 05:09 PM
 
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Pre-Step 1 - 536

BS #1
1.1 100/1000

BS #2
CC 1 - 200
CC 2 - 1300
CC 3 - 3200
Signature loan - 1760
Car Loan - 14270

When I started in July 09 I had 22,416, I now have 1150 less to pay off.

The bad news: Made an uplanned trip to San Fran and still have 536 pay off before I can continue.

The good news: I'm getting a promotion and a raise.
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#70 of 131 Old 09-14-2009, 11:08 PM
 
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I have a question for anyone willing to share.....I've been curious about this for awhile.

Is anyone here in serious "attack mode" regarding their debt?

What I mean is....while dh and I are snowballing our debt and put more than the minimum on our snowball, we are not necessarily living an extremely frugal life to do so.

We still have netflix, still get our own personal allowance (I'm talking $150 or so a month for each of us), still spend money for date nights, go on weekend coffee trips, etc.

I feel fine with what we are paying towards our debt but know that if we were more frugal we could attack the debt and have it paid off even sooner. Yet....quality of life is important to me, and we're not necessarily willing to give that up...as long as we stay within our budget.

Thoughts? Anyone willing to share their view on this and what your family does?
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#71 of 131 Old 09-15-2009, 08:37 AM
 
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Is anyone here in serious "attack mode" regarding their debt?

What I mean is....while dh and I are snowballing our debt and put more than the minimum on our snowball, we are not necessarily living an extremely frugal life to do so.
If it were just me in this family, I would be in a lot more serious attack mode than we are now. DH does not feel it is worth it to cut back on lifestyle to reduce debt faster, given that we can afford to make extra payments without cutting back.

Mommy to  N baby.gif, born 2/20/12.

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#72 of 131 Old 09-15-2009, 10:19 AM
 
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I am somewhere in between. BUT...Our total debt is around 2500-2600$ right now, which if we're frugal enouch, could be paid off before December starts. And thats pretty motivating!
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#73 of 131 Old 09-15-2009, 10:46 AM
 
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I have a question for anyone willing to share.....I've been curious about this for awhile.

Is anyone here in serious "attack mode" regarding their debt?

What I mean is....while dh and I are snowballing our debt and put more than the minimum on our snowball, we are not necessarily living an extremely frugal life to do so.
Nope, if it were just me I would push it a little harder. But, it is going to take almost 2 years to pay off everything but the mortgage and student loans. That is a long time to be in "attack mode".
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#74 of 131 Old 09-15-2009, 04:21 PM
 
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I have a question for anyone willing to share.....I've been curious about this for awhile.

Is anyone here in serious "attack mode" regarding their debt?

Thoughts? Anyone willing to share their view on this and what your family does?
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If it were just me in this family, I would be in a lot more serious attack mode than we are now. DH does not feel it is worth it to cut back on lifestyle to reduce debt faster, given that we can afford to make extra payments without cutting back.
Same here, if it were just me I'd be in SERIOUS attack mode. Dh is willing, to some extent, to help cut down on small things here and there but not aggressively enough for me, even temporarily.
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#75 of 131 Old 09-15-2009, 05:29 PM
 
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I am so excited! We paid off our van today! Since starting the Dave Ramsey plan 2 years ago we have paid off $41,000 and cash flowed the start of our adoption. We, as of today, have no credit card or car payments! We actually have positive equity in our vehicles-weird! I am so very excited! It feels good! It has been hard but SO worth it. I have taken on side jobs, newspapers and babysitting, to supplement our income since I am a SAHM. My husband even got rid of cable a few months ago-that is huge. I just have to say keeping plugging at it you will get there. I can't wait to have the adoption money saved and an emergency fun-now that will feel great!

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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#76 of 131 Old 09-15-2009, 05:37 PM
 
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In regards to the serious gazelle attack mode-yes we have been there to pay off this debt but not every month. Do the no spend challenge on this board and it will open your eyes to how much you can save and pay off towards debt? It is that challenge that got our eyes open and along with The Total Money Makeover and www.llnoe.com has changed our lives? We still went camping and trips to visit family but other months we spent nothing eating out and we don't do blow money. My husband even got rid of cable to motivate himself for this year-huge. The gazelle gets more serious over time. When you are throwing newspapers to get extra money you don't want to blow it as easily. Do spreadsheets and see how much faster things will get paid off if you cut this or that? Decide where you want to be in a year and do everything in your power to get there. If you go hardcore to get it done fast then you can keep the motivation otherwise you might tucker out. We have done a lot of little things to get where we are. It is a lifestyle change but we are changing our family tree. The things our kids have learned has been so worth it as well. You can totally do it.

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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#77 of 131 Old 09-15-2009, 09:45 PM - Thread Starter
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twin_mama, we went gazelle in some ways and not in others, we always kept one eating out a month for instance but have no cells, basic cable etc. Our biggest change was becoming mindful spenders.

excitedtobeamom : how's that paid for van feel? I loved reading your post!

Leav97, tsk, tsk on the unplanned trip, get it paid off as soon as the raise comes through.
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#78 of 131 Old 09-16-2009, 12:38 PM
 
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Well we aren't sure now what we are doing. House hunting was a bust in our price range..well I had one house I liked.

I'm looking into the time frame that we have to move out and then will look for rentals....as soon as I get in the mood to look 2 x in 14 months has me unmotivated.
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#79 of 131 Old 09-16-2009, 12:39 PM
 
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I am so excited! We paid off our van today! Since starting the Dave Ramsey plan 2 years ago we have paid off $41,000 and cash flowed the start of our adoption. We, as of today, have no credit card or car payments! We actually have positive equity in our vehicles-weird! I am so very excited! It feels good! It has been hard but SO worth it. I have taken on side jobs, newspapers and babysitting, to supplement our income since I am a SAHM. My husband even got rid of cable a few months ago-that is huge. I just have to say keeping plugging at it you will get there. I can't wait to have the adoption money saved and an emergency fun-now that will feel great!
Wow congrats!!:
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#80 of 131 Old 09-16-2009, 12:56 PM
 
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Congrats, excitedtobeamom!! How exciting!! I was paying double payments for several months on our car loan then wasn't strict enough with the budget earlier this year. I quit paying on it over the summer since we're several months ahead on it. But that's not what I want, it won't get paid off sooner if I keep that up! Still tweaking the budget. Its getting easier but I'm a work in progress.
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#81 of 131 Old 09-17-2009, 08:57 AM
 
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Way to go, excitedtobeamom!!!


We paid off Discover yesterday with some found money courtesy of reading about snowflakes Depending on how many paychecks we get (DH hasn't figured out his paydays yet), we may getting paid for 2 extra weeks this coming month (budget based only on checks received). We also get 1 more month of full SSI for DD, so if all goes well, we could be on BS #3 by November
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#82 of 131 Old 09-17-2009, 09:54 AM - Thread Starter
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Great job RoadWorkAhead! What's your last bs2 debt? We'll cheer you on for the next 2 months.

Sorry househunting isn't going well p1gg1e. Houses in my area are so expensive and we go back and forth over moving all the time.

sweetjasmine, spank. Get back to paying on the car loan, those extra payments were to get you out of debt sooner, not let you coast along. Anything we can help with, we're good at looking at budgets.
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#83 of 131 Old 09-17-2009, 10:09 AM
 
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mtm- American Express to the tune of $2238 before interest is assessed again (though its our best "rate").

p1ggle: sorry about the house hunt. I know here there are a ton of houses on the market, both rental and sale, but values are again increasing (.8% per month for the last 2 ). With the rental market flooded though here, people are having to come down on rents. We actually rented out our house for mortgage (incl. tax and insurance) plus pest control and HOA dues. We planned to then cashflow any expenses beyond that, but we did rent to my BFF, and now we share common areas and camp in the driveway so I'm glad for that choice.

Speaking of, anyone else done something fairly crazy sounding to get out of debt/save? My parents and BFF's think we're crazy for this, but we have our camper in the driveway for nights and alone time. BFF has the bedrooms in the house, and then we share the guest bath and main areas. We share chores, so I do a lot of cooking and dishes. We keep each others laundry going, and share a lot of groceries. It allows us each to save over 300$ a month and we both eat out less, eat healthier, and do less over all chores it seems
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#84 of 131 Old 09-17-2009, 10:22 AM
 
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Also, I just started thinking about tax time this year. I'm thinking that with tax $ back (from being poor this year!) plus some good strong savings, we could realistically save a very well stocked BEF by mid summer. I know Murphy is surely around the corner, but we're finally getting close
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#85 of 131 Old 09-17-2009, 11:31 AM
 
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Another $700 into my BS3.1 .... car replacement fund.

Feels like I will never get out of BS3.... alas still plugging along.

I will be moving onto BS4 in 2010 even if my other goals are not yet met in BS3 expanded steps.
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#86 of 131 Old 09-17-2009, 02:51 PM
 
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Speaking of, anyone else done something fairly crazy sounding to get out of debt/save? My parents and BFF's think we're crazy for this, but we have our camper in the driveway for nights and alone time. BFF has the bedrooms in the house, and then we share the guest bath and main areas. We share chores, so I do a lot of cooking and dishes. We keep each others laundry going, and share a lot of groceries. It allows us each to save over 300$ a month and we both eat out less, eat healthier, and do less over all chores it seems
Wow what a great set up!

We are still looking at houses and found a couple more that we like...having trouble waiting for the Realtor to call back
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#87 of 131 Old 09-17-2009, 05:24 PM
 
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sweetjasmine, spank. Get back to paying on the car loan, those extra payments were to get you out of debt sooner, not let you coast along. Anything we can help with, we're good at looking at budgets.
I know. I am humbly chastised. I've been too careless.

okay, here's my budget:

Total monthly take home (mine and dh) 4775

Monthly expenses:

child support- 1200 my youngest stepchild is 11 years old
automatic savings- 600
rent- 865 good deal in my part of tx for 2 bdrm/2 bath
water- 38
electric- varies (summer bills are generally around 230 to 250/mo)
landline/internet- 47 already cut out caller id, etc., and cut internet down
cell- 55 am thinking of going prepaid
cable- 77 not an option for dh, but I talked him out of premium channels
cc- 100 about $2k left
auto loan- 291 payoff is Jun 2011
auto gas- 85 this is my car, dh drives a company truck
mdo- 125 I pay for my 4 yo grandson's preschool 9 mos of year
food/nfc- 500 I have my stepkids part time
rent insurance- 32
auto insurance- 54
dining out- 30-60 once or twice a month
misc/clothes/gifts- 100 sometimes we don't spend this
car maint/repairs- 50
cash- 60 mostly for dh
dad- 25 my dad needs a little help by the end of the month

total expenses- 4486
The 4486 doesn't include electric although its in my regular budget. it varies wildly from about 60 in fall and spring to 260 in summer.

This is really LOTS improved from years past but I'm sure it can be further improved.
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#88 of 131 Old 09-18-2009, 01:38 PM
 
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Sweetjasimne- Instead of autosaving that 600$, you should send it straight to knock out that CC. Along with the 100$ you already pay, it'd be gone by Christmas! Then roll that 700$ into your car loan. Restart your auto savings as soon as you're out of debt. If you've already got more than a basic EF, transfer some to these debts.

As for us - officially confirmed 3 paychecks, and the amount after taxes- even after a generous budget including Halloween and some new winter pants/shoes for DS, we'll be out of debt by the end of October. I am so stoked. Now I just need to know how much health insurance will be come December.
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#89 of 131 Old 09-18-2009, 02:43 PM
 
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Quote:
Originally Posted by RoadWorkAhead View Post
Sweetjasimne- Instead of autosaving that 600$, you should send it straight to knock out that CC. Along with the 100$ you already pay, it'd be gone by Christmas! Then roll that 700$ into your car loan. Restart your auto savings as soon as you're out of debt. If you've already got more than a basic EF, transfer some to these debts.

As for us - officially confirmed 3 paychecks, and the amount after taxes- even after a generous budget including Halloween and some new winter pants/shoes for DS, we'll be out of debt by the end of October. I am so stoked. Now I just need to know how much health insurance will be come December.
That is so great that you're almost there!!

And thanks for the suggestions. You're right, my cc could be gone by Christmas, how exciting is that?? I do have more than my basic EF so its doable. Thanks again!
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#90 of 131 Old 09-19-2009, 01:51 PM
 
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This is our second month going DR-style. We whipped together an EF, have stuck to our budget and looking forward to maintaining momentum with our snowball, but our car has decided to get finiky all of a sudden (and it's not even payed off yet- that's our next snowball target and should be in 3 months) and we've dropped our whole snowball for this month on the bleepin' car.

While it's incredibly frustrating, I'm also incredibly thankful that it meant we just don't move forward this month, not backwards and further into debt like we normaly would have. By DH doing the labour the hit's been big but manageable compaired to what it would be to have to bring it to a shop 3Xs. Next month's gotta get better, right?

Laurie, wife to guitar.gifDH (Aug/04), mom tobikenew.gifDS1 (Nov/05) and bfinfant.gifDS2 (June/12).

 

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