Getting Out of Debt with DR, Oct 2009 - Page 5 - Mothering Forums

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#121 of 219 Old 10-19-2009, 09:21 PM
 
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I'm so glad you're not offended by that! After I posted, I was like - er - uh - I should probably delete that!

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#122 of 219 Old 10-20-2009, 02:52 AM
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Yeah I think I will have to make a super-loose budget until we buy some stuff and get a better handle on prices. All expats complain about prices as a matter of course so they aren't exactly reliable when talking about prices.

Gotta go drop DD off at her first day of kindy.
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#123 of 219 Old 10-20-2009, 04:59 AM
 
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Oh my goodness - first day of Kindy - I'd be shaking too!

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#124 of 219 Old 10-20-2009, 08:42 AM
 
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Yeah I think I will have to make a super-loose budget until we buy some stuff and get a better handle on prices. All expats complain about prices as a matter of course so they aren't exactly reliable when talking about prices.

Gotta go drop DD off at her first day of kindy.
Awww congrats! What a big day!
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#125 of 219 Old 10-20-2009, 10:12 AM
 
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Yay for first days of school!

Does anyone here do a price book? I used to have one but it kind of got away from me.

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#126 of 219 Old 10-20-2009, 12:23 PM
 
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Anyone know how to pay student loans directly from a foreign bank account? Guess I will have to call the student loan people tomorrow.
There may be a way, but I bet it comes with hefty fees, there are a lot of them in the money exchanging/money transfer area. The way we are managing foreign student loans is that my husband kept his US bank account. The student loan is set up to take the payments automatically from that account (or we used to mail cheques drawn on the US account from our address here). Twice a year when we drive to visit his parents, we bring a bunch of US cash to refill the US account. Let me know if you have a better solution.

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#127 of 219 Old 10-20-2009, 03:09 PM
 
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Just stopping by to cheer everyone on.

Annettemarie - I am so very sorry for your loss.

We're getting a bid from a contractor on our "remodel" project in the next few weeks - he wanted to finish up a couple outdoor projects first before the weather turns again. I'm hoping that once we open up those walls we don't find a lot of additional work that needs to be done.
Our budget really needs to be worked on but we're in a bit of a holding pattern. We'll be needing to purchase some baby items and then get daycare lined up for next fall before we can really redo a budget that will work long term. Our miscellaneous category has been creeping up over the last few months as well and I know it is due almost completely to me trying to deal with all my new food aversions. On the plus side, the food pantry will be getting a good amount of food from us this week as I cleaned out all my aversions that will expire before Junior gets here.

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#128 of 219 Old 10-20-2009, 04:09 PM
 
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Oh, and I have a victory! DH and I fight all the time about money. I mean, it's our number 1 marriage stresser, and we just seem incapable of talking about it without it ending in a hue screaming match. So, remember I didn't want to give up my Paypal? I used that to buy clothes for the kids, homeschool stuff, extras. Well, I did transfer most of it over but the budget didn't get changed. I used to get $200 every two weeks for food, another $25 for household expenses (everything from pull ups to vitamins to shampoo to toilet paper) and then another $40 for "blow" before we knew what blow was. Now I'm getting $200 every two weeks for food and $60 for blow, but nothing for homeschool expenses (silly things, like art supplies, co-op fees, $2 a week for Katie Grace's Mandarin Chinese class, I wanted to get nuts to sort and crack, stuff like that) and the household stuff hasn't been getting put in an envelope. So my "blow money" is going towards that stuff. And I was feeling really resentful and a little skeeved out, like I was being controlled/manipulated with money. I talked to him, and it turns out the money was budgeted, it just wasn't getting put in an envelope for some reason. And we didn't fight! I was able to say how I felt and he apologized and said it wasn't his intention. Anyway, it was a small victory, but felt good.
That's the biggest victory of all!! even if you don't snowball and just stop what you were doing before you WIN!

This was our #1 issue also and my DH was just like yours. I talk about Dave Ramsey ALL THE TIME to friends...only because we now have a plan and people think " who drank the kool aid?" But honestly it was the best thing we ever did and I finally after 7 years ( now 8) of marriage have a partner. Sad but we were so stressed and clueless it was so sad and we would not be together I wonder if we had not taken the class. He actually changed!
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#129 of 219 Old 10-20-2009, 04:12 PM
 
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House hunting has resulted in a dream house Really I need to pinch myself...its even better then we deserve!

Our costs go down by $40 in gas but the housing cost goes up by $150...still do able and I (we LOL , but I do most of the packing ) hopefully NEVER have to move again

Now on to the haggling stage of the process
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#130 of 219 Old 10-20-2009, 04:53 PM
 
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Ok- here is a question that dh brought up last night. If you only have a EF of 1000 and you get rid of all CC- what do you do if disaster strikes? LIke what if there is a plumbing thing that costs 3000?
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#131 of 219 Old 10-20-2009, 04:54 PM
 
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Ok- here is a question that dh brought up last night. If you only have a EF of 1000 and you get rid of all CC- what do you do if disaster strikes? LIke what if there is a plumbing thing that costs 3000?
Pray?

I guess you'd use the fund for what you can and then... I'm not sure what you'd do for the rest. Someone more seasoned than me would probably have a better answer.

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#132 of 219 Old 10-20-2009, 05:00 PM
 
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I'm hardly an expert but here would be my thoughts.....look back at your statements from your CCs. How many emergencies were over 1000.00 that you needed those CCs for? I personally feel comfortable with more than 1000.00 so I just made my EF a little bigger.

Also if you have something like a plumbing emergency and you have cash you may get a discount anyways....plus knowing you have that EF as your "budget" may cause you to call around more etc. Even having 1/3 of the bill would put you in a better position financially to pay off the other 2/3

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#133 of 219 Old 10-20-2009, 05:29 PM
 
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Pray?

I guess you'd use the fund for what you can and then... I'm not sure what you'd do for the rest. Someone more seasoned than me would probably have a better answer.
I just read somewhere recently that if you have a house and/or kids you might want to up your baby ef to 2500-3000. It probably depends on how long it would take you to complete the snowball, as well.

In the end, only three things matter: how much you loved, how gently you lived, and how gracefully you let go of things not meant for you." Buddha

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#134 of 219 Old 10-20-2009, 06:19 PM
 
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Ok- here is a question that dh brought up last night. If you only have a EF of 1000 and you get rid of all CC- what do you do if disaster strikes? LIke what if there is a plumbing thing that costs 3000?
My DH asked this same question, after I was all excited about DR and this debt busting plan. I think my answer was like annettemarie's pray! after which he commented about drinking the kool-aid maybe

But we have a "repairs" (house/car) acct we pay into each month, along with our $1000 EF we've established. Its probably not a DR approved plan, but we've had so many house repair issues, this acct is a need to make sure our house stays up & running (particularily in the plumbing department)

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#135 of 219 Old 10-20-2009, 06:23 PM
 
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p1gg1e, that's great news on the house! That's another one of my dreams. We're a little too tight in this house, but knowing we might be in a better position to expand or move on in a few years makes it easier.

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#136 of 219 Old 10-20-2009, 07:46 PM
 
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Thanks! It's true we haven't had any emergencies that cost much more than 1000. I guess I think we are due for one!!
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#137 of 219 Old 10-20-2009, 07:47 PM
 
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Does anyone here do a price book? I used to have one but it kind of got away from me.
You know, I used to laugh at this idea because it seemed so onerous, but this month I started trying a few new grocery stores and wanted to see if (one in particular) it was worth the drive...it's AMAZING the things you find out when you start looking! For instance, I used to buy my laundry detergent from the bulk bin at the natural food store - it's Country Save - and I decided to see how much the bulk compared to buying it in the boxes, thinking "surely the bulk will be cheaper, why else do it?!" And NO. It's NOT cheaper! It was more expensive than the box of detergent right across the aisle at the same store! I could NOT believe it. Why would I go to the hassle of trying to remember my stupid containers for bulk when I could just get this gigantic (recyclable cardboard) box of detergent for CHEAPER?!? We ended up buying two boxes, because they were on sale. I was just dumbfounded.

We eat a dairy-free veg diet, and buy Earth Balance, a butter sub (non-hydrog). At the regular grocery store, I was also shocked to see that it was $4.49 a tub, while at the usually-more-expensive health food store it was $3.19! Quite a difference. Almond milk was the same way - cheaper at the HFS regularly, plus they were on sale so I stocked up. Don't even get me started on the price of onions ($.38/lb at Winco and $.99/lb at another regular store!)

Anyway, yeah. It's been super educational, and I'm glad that I started the project. I just take my receipts and enter them into a spreadsheet when i get home, noting the quantity/type, and if it's organic or on sale, etc. After a few months I'm hoping to have a better idea of what to buy where, what counts as a good sale/price, etc.

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#138 of 219 Old 10-20-2009, 07:51 PM
 
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Maybe I should start again. We have Wegmans, Weis, Aldis, and Giant, all close enough together that it's really not a chore to go to all three. There's a Surplus Grocery outlet that's about 15 minutes away but super cheap. Out by the mall (15 minutes in the other directions) there's a Big Lots and Target. And I also have access to a Rite Aid, CVS, and K-Mart. All of them are pretty easy to access just going about my every day business. I'm thinking a price book would do me some good.

I used to do the CVS Extra Reward bucks for things like shampoo, dish detergent, stuff like that. I'd also get stuff to donate. I haven't done that in forever and I'm almost to the bottom of my free shampoo and dish soap stash.

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#139 of 219 Old 10-20-2009, 09:03 PM
 
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Thanks! It's true we haven't had any emergencies that cost much more than 1000. I guess I think we are due for one!!
LOL that's my way of thinking too. That's why I feel a little better with 1500 - 2000 of emergency money which is what I have now.

I have to tell you 2 things. 1) in some ways my brain tells me I'm due for a huge emergency cost which isn't really true since we were debt free except the mortgage until 2 years ago when we were hit with a 23,000 "emergency" which is what I am now working to get out of (and why I'm here) the emergency fund helps me "feel" like I can handle an emergency if it comes along....even if it won't really protect me it is the security I need to follow the rest of the DR plan. Even if it's a false security it is allowing me to get the rest of the plan enacted. If /when I get to the point that the EF isn't enough - well I'll deal with it but for now I'm past that step and that means I'm making progress on the other steps.

And #2.....I live in a VERY rural town. There isn't another house for miles and the closest town is 8 miles away. That's a town of 2000 and past that is minimum of 1 hour drive. I have 4 kids and expecting #5 in December....okay that's the lead-up. I haven't had a car since June. The head gasket blew, I bought all the repair parts (DH can totally fix it) and they are sitting in the garage with the car. The closest place to buy dog food is in the capitol 1 hour away.....I have the farm truck which DH takes to work but I have it from 4pm to 10pm only and can only take 1 child w/me plus it' not 100% reliable and it's 8mpg :-p. I'm limited to the store in town.....that is "store" not stores. I cannot take my kids anywhere.....I cannot go grocery shopping with any choices....you get the point.

I bring this up for 1 reason - once you apply yourself to this plan you will find that fears and priorities change. Now I'm not saying live without a car, most people wouldn't do that and for good reason. For me every weekend that DH is home (he works 11pm - 7am 14 days on 1 day off at one job and 7:30 - sleepy time usually 3:00pm at the second job but only until debt is paid) I have a decision to make. Is the car #1 on my list or do I need him to X job???? So far X always wins, sometimes it just knowing he needs a break, sometimes it's "fix the fence 'cause the animals are getting out" or "hey I need you to load this stuff and do a dump run" and sometimes the car just loses. What drives me to make these decisions is that I KNOW with every week we get closer to paying off our debt.

I NEVER would have thought o could live without a car with 4 kids and no accessible stores but you know what.....once I made up my mind to start this thing my priorities changed and every day I get closer to my goal.


I tell you this because sometimes we just need to "go for it" because the end result will likely lead to a better place than where we are but staying here won't get us anywhere!!!!!

Sara
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#140 of 219 Old 10-21-2009, 10:47 AM
 
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So, I was trying to decide how to get a handle on my finances and I thought that maybe DR is the way to start, even if I don't follow his plan entirely.

We have $2000 in cash (savings, the min I'm comfortable with)
We have $1200 in CC debt and $2100 in a line of credit.

The biggest issue is what to do with our huge education debt. $100k of it is at 2.5% interest, so I am not worried about it. I do worry about the $18k at a variable with Sallie Mae and the $70k at a variable (currently 6%). I AM NOT PAYING ANY OF THESE RIGHT NOW, which freaks me out. I also don't contribute to retirement. We have suffered a huge salary cut in the last year and we're just trying to keep it together.

So, I don't care about paying off my house, but I want to know what to do with the "high" rate student loans, particularly because they are so high. I anticipate being able to pay off the $3200 consumer debt in the next few months, but generally we don't have more than a few hundred dollars to throw at debt each month, and even that is tight.

Thoughts?
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#141 of 219 Old 10-21-2009, 12:36 PM
 
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Does anyone here do a price book? I used to have one but it kind of got away from me.
what this is? Is it software or like an actual notebook?

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#142 of 219 Old 10-21-2009, 01:00 PM
 
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So, I was trying to decide how to get a handle on my finances and I thought that maybe DR is the way to start, even if I don't follow his plan entirely.

We have $2000 in cash (savings, the min I'm comfortable with)
We have $1200 in CC debt and $2100 in a line of credit.

The biggest issue is what to do with our huge education debt. $100k of it is at 2.5% interest, so I am not worried about it. I do worry about the $18k at a variable with Sallie Mae and the $70k at a variable (currently 6%). I AM NOT PAYING ANY OF THESE RIGHT NOW, which freaks me out. I also don't contribute to retirement. We have suffered a huge salary cut in the last year and we're just trying to keep it together.

So, I don't care about paying off my house, but I want to know what to do with the "high" rate student loans, particularly because they are so high. I anticipate being able to pay off the $3200 consumer debt in the next few months, but generally we don't have more than a few hundred dollars to throw at debt each month, and even that is tight.

Thoughts?
I think you're starting off with the right perspective, pay off the consumer debt first, and commit you not going back in debt. Then you should have a little more breathing room for the student loan payments.

I do think you may need to get your income up or your lifestyle down. I know the economy is terrible and you've had a tough time this year, but it's going to be really difficult to pay off $188,000 SL if you can only put a few hundred dollars toward debt each month.

DR says you can put debt that is more than half (is that right?) your annual income into step 6, so you could just focus on the $18k loan and save the $170k for later. You could (try to) bust out that $18k quickly and then move on to the FFEF.

I wouldn't worry about Retirement right at the moment. I'd want to get some traction on the SL first.

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#143 of 219 Old 10-21-2009, 01:08 PM
 
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Anyway, yeah. It's been super educational, and I'm glad that I started the project. I just take my receipts and enter them into a spreadsheet when i get home, noting the quantity/type, and if it's organic or on sale, etc. After a few months I'm hoping to have a better idea of what to buy where, what counts as a good sale/price, etc.
The difficult thing with this is that you only have the numbers for what you've bought. You still have to compare prices on things where ever you shop.

In the past couple years, food prices have fluctuated alot, so I find that my price book is out of date in a month. (In my area we also have seasonal price differences, winter is more expensive than summer)

It's bad maybe, but, I buy most non-perishables at Costco, unless there's an item on super sale at the grocery store. All perishable are bought at the grocery store when they're uber cheap. Not the coupon queen method, but it works for us.

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#144 of 219 Old 10-21-2009, 03:41 PM
 
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what this is? Is it software or like an actual notebook?
It's a little purse-sized notebook for me.

What I do is, one each page, I write something I buy often.

So "Milk, 2%"

Then I write the prices for the different stores. I generally get a good feel for where it's cheapest, but if there's a sale or I have coupons, I can easily look and see if it's really less expensive.

I have mild OCD, so my notebook is actually a bunch of index cards on a key ring. That way I can alphabetize them. For a while, I thought about color coding them as well, but I was able to talk myself down.

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#145 of 219 Old 10-21-2009, 03:42 PM
 
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Hey, this might sound crazy, but I've found myself venting/sharing/laughing a bit about FPU/money stuff on Facebook, and it's been helpful when others going through it have talked me down or laughed with me. If anyone wants to friend me over there, I'm Annette Bransby Frontz.

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#146 of 219 Old 10-21-2009, 09:27 PM
 
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I'm really obsessed with this now! Is this the first flush of falling in love or is it here to stay?

Dh is reading the book and we are getting psyched. I really think given our income and natural frugality- we can kick out our consumer debt quick. I'd love to get the cc's paid way down by the time babe #3 arrives in March.
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I'm really obsessed with this now! Is this the first flush of falling in love or is it here to stay?
It's probably just the first flush of love. BUT, just like marriage, if you keep working at it, it gets easier as time goes on. You'll probably make mistakes along the way (or MANY mistakes if you're like me), but it's worth the effort invested

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#148 of 219 Old 10-21-2009, 11:28 PM
 
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I have mild OCD, so my notebook is actually a bunch of index cards on a key ring. That way I can alphabetize them. For a while, I thought about color coding them as well, but I was able to talk myself down.
I LOVE this idea! I've tried actual notebooks before, but it never seems to work well.

Do you alphabetize by main category... ie Hummus, Red Pepper and Flour, white bread? More examples please

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#149 of 219 Old 10-21-2009, 11:30 PM
 
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I just alphabetize in whatever way makes sense to my twisted brain. And if it stops making sense, I can just move it!

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#150 of 219 Old 10-22-2009, 12:16 AM
 
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Quote:
Originally Posted by Sarah8Jane View Post
DR says you can put debt that is more than half (is that right?) your annual income into step 6, so you could just focus on the $18k loan and save the $170k for later. You could (try to) bust out that $18k quickly and then move on to the FFEF.
I didn't think that was what Dave Ramsey says. I thought only a home equity line/second mortgage could move between BS2 and BS6. In other words, if a HEL is less than half of your income, it goes in BS2. If it is more than half of your income, it goes in BS6.

All non-house debt automatically goes into BS2 regardless of the amount.

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