Getting Out of Debt in November - Page 3 - Mothering Forums

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#61 of 106 Old 11-17-2010, 10:12 AM
 
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So I know I have been gone for a while - but our finances knd of took several big hits all at once, too depressing to post about :-)   But the good news is, that finally we seem to have made it through to the other side - put money back into our savings account, have money to pay all the bills and enough left over to still be able to get food and gas.  It has been really draining emotionally to have to put the food/gas onto the credit card (that was paid in full monthly) knowing that I didn't have the money in my account to pay for it till after payday.  The good news - it really solidifies for me that being in debt - is not worth it.

 

So I have another question for you all - where does starting a business fall into the baby steps? 

 

For us, we have a 4-5 month emergency fund, 9% to retirement, some college funding but we are also paying private school tuition so this is not a priority for us.  Do you think Dave would say that the current SAHM could start a business that she would like instead of trying to find a job?


We had to put a few items on out CC this month also, $189 worth, it made me feel so horrible but its all a process and a lesson and as long as we keep on keeping on we will all get there soon enough. I am also wondering when I should try to start my own business, my DH really thinks I should but I am going to need some money to start it (probably a few hundred dollars for extra supplies and such) but I just dont want to pull out any money until we are done with BS3 but if I start it before that I should be able to make extra money to help with BS3. I just don't know what to do. I want to start a sewing and craft style business.

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#62 of 106 Old 11-17-2010, 12:08 PM
 
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So, that $900 the gov't wants isn't a mistake. Ugh. It had to do with my employer contributing to an RRSP and I never got the form I needed (or got it and didn't know what it was for and discarded it), and from my previous employer filing for an old bonus in the 2009 yr that I had received in 2008....not sure if I had claimed it already or not in 2008. I'll look into it, but the bulk of our documentation is back home in our basement). 

 

Storing tax documentation is overwhelming. Paystubs, Gov't forms, etc from years ago that seem so irrelevant. It's all just a mess. How do you keep yours together? (I'm kind of thinking a large ziploc with the tax year written on it might be good....better than a file folder since there are many folded and small papers that don't work well with file folders)

 

We are deffinitely going to an accountant next year (DH usually does our taxes online....it's not the first time it's been messed up and we end up owing).

 

I am soooo ready to get back home, live rent-free for a while, and have a real job that pays real money and MOVE FORWARD. I feel so stagnant here. 

 


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#63 of 106 Old 11-17-2010, 12:35 PM
 
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Apparetnly I haven't figured out how to quote yet. That was deffinitely not how it's done....

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

 

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#64 of 106 Old 11-17-2010, 10:04 PM
 
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I have been a little nervous about my decision to cut back my hours at work after the new year, but this week I'm feeling better! DH's work has picked up like crazy this week, and he may be getting a ton of overtime this weekend! carrot.gifA couple years ago, I would have whined about him being gone so much, but after our tight winter last year, I am just happy that the company is getting business- this means the mortgage won't have to be paid out of the grocery money, and the health insurance will hopefully stay intact.

 

Cash flow Christmas- we are getting each of the kids one 'big' present... DS (18 mos) is getting a big set of play dishes, which we are going to divide up into several boxes so he feels like it's more, and then a few wooden puzzles. DD (5) is getting karate lessons as her big present- may only be 3 mos worth, as I'm not sure exactly what they cost yet, but def not something we can really afford unless we make it be a xmas present. DD is also getting a mancala board game that I found over the summer and some little stocking stuffers. I really don't get them many presents, because the grandparents tend to go *way* overboard.

 

Extended family is mostly done- I will probably just pick up a few gift cards for our siblings. For extended-extended family (DH has a huge family) we are going to make up little plates of holiday cookies to give out. And for all the little munchkins running around (DH's cousins' kids), who up till now we have been buying gifts for each, SIL and I are going to take the initiative and suggest a gift drawing this year, to prevent all of us from going broke buying presents for the gazillion preschoolers in the extended family!


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#65 of 106 Old 11-18-2010, 08:31 AM
 
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That check on Loan #3 cleared the bank and our balance isn't as bad as I thought.  I'm so stoked to start saving for the next five months.

 

We keep the holidays to a minimum around here.  My family decided a few years back that we were going to try to make Christmas a consumer-free event and though we haven't entirely made it we are pretty close.  I get one gift for my parents and occasionally one for my brother if I see something I think he would really enjoy.  In recent years I've been doing handmade items, museum memberships, restaurant gift certificates or donations to non-profits.  My husband's family are gift-giving maniacs, but we've been pretty clear with them that we're not into the frenzy that is Christmas shopping and they've been great about it with no hard feelings.  DS always gets a couple of gifts from his grandparents and some handmade things and books from us.

 

Its partly about the money for us and partly about the fact that I feel like holiday marketing has just gotten way, way, way out of control....so we're trying to keep things simpler and close to home.  I'll probably spend $200 total on gifts this year.

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#66 of 106 Old 11-18-2010, 10:21 PM
 
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I've had some problems with Mint duplicating transactions so I'm finding that I'm spending more time than necessary fixing it up.  However, I've also noticed that Quicken isn't always downloading all of my transactions so I had to manually go through and create a profit and loss statement for my business.  I want something easy that works right the first time hehe.

 

Add me to the list of Amazon.com shoppers.  A few gifts have already trickled in and were immediately stashed in an inconspicuous place hehe.

 

corrie43 - Yay on getting back on track and paying cash for your Disney trip!!

 

MCsMom - It sounds like you guys are doing great!  I definitely think it would be time to start a business if that is what you want to do.  I'm sorry if I missed it but what kind of business is it and what do you think your projected start-p costs would be?  Do you have money set aside to start it or will you save in the coming months to fund the startup?

 

Eirual  - How frustrating about the $900!!  Most of our tax stuff is in electronic format.  We don't receive paystubs and our W-2s are distributed electronically.  When I donate something I scan the receipt and put it in a tax folder on my computer with a couple of backups.

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#67 of 106 Old 11-18-2010, 10:46 PM
 
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MCsMom - It sounds like you guys are doing great!  I definitely think it would be time to start a business if that is what you want to do.  I'm sorry if I missed it but what kind of business is it and what do you think your projected start-p costs would be?  Do you have money set aside to start it or will you save in the coming months to fund the startup?


 

I am not sure what kind of business just yet - and not sure of start-up costs either obviously.  But realistically, I could see needing 5K to do any of them as a start up point.  I wish I had the skills that I could craft a couple of hundred in supplies into a home based business, but that is not my talents.  And I have tried to make it my talent before as a hobby, and no, it does not work.  As for what kind of business, well I have several things in mind, but I don't really want to say other then it would be something where I could keep my kids with me and it is not MLM - that not only do I suck at, I feel guilty while doing it. We don't have any money saved other then our emergency fund, and I feel like if we just saved it up, it would take us longer then I would like to be able to open (before DD get to 1st grade, I can't figure out how to make her stop growing) it if did need more then 5K.  I'm probably answering my own question - I need to suck it up and find a job - bleh.  It is just so hard when I don't 'need' to work, but if we want to really move ahead, then yes, I need to help contribute to bring the money in.


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#68 of 106 Old 11-19-2010, 11:12 AM
 
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Christmas gives me the excuse to shop which can be dangerous.. LOL It is my goal to keep it simple this year and put lots of thought into everyone's gifts..


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#69 of 106 Old 11-19-2010, 11:32 AM - Thread Starter
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Ugh, hopefully it works this time. Multi-quote has been kicking my butt this week. I've given up in frustration a few times. Oh and if someone can tell me how to get rid of the blinding white screen I'd be forever grateful.

 

 

major_mama, glad to hear dh's hours have picked up!


sarah1122, yay on the check clearing. I love the idea of experiences and handmade for Christmas.

 

Eirual, sorry to hear about the tax stuff.

 

I'm sorry MCsMom, its hard when you are trying to figure out what to do and I really wouldn't stres the few things on the cc as long as its a one time thing.

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#70 of 106 Old 11-19-2010, 07:47 PM
 
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Checking in:) So far so good. I haven't seen any great black friday deals for Amazon YET. But I am hoping and waiting to click on the "buy now" button until black friday 12am!! I have ALL the xmas money!! Now I am saving up money to get myself some new sneakers, and clothes. Its been a long time coming and I am thinking I need about 200-250 worth of stuff. Not for me for xmas just in general need. I am SO excited to truly have enough to cash flow this little xmas!!

 

I am so happy to hear everyone seems to be doing well!!

 

I am off to bed. I am getting a headache I am so tired:( Well night ladies:)


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#71 of 106 Old 11-21-2010, 06:18 AM
 
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 I paid off one credit card and only have $35 left on my other. I am so excited. I just wish my student loan wasn't still 9k!

 

I have been prepping the kids for the holidays and they know it is a 2 item holiday. Ds has chosen legos,so I am watching for deals.My dd asked for a mp3 player and a video game.

 

I have been sticking to my $100 cash a week. I also order a $25 gas card through the kids school,so really $500 a month. It is tough,because I would always just whip out the credit card when I did not have money. No more. I may have to shred the cards,because putting them in the safe is not enough.

 

Emergency fund is pitiful at $100. I asked dh to cut the health card to $50 a week contribution instead of $100 until we get enough in the fund.Property tax,car insurance,and tags are coming up and we have nothing saved for those either!

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#72 of 106 Old 11-21-2010, 09:34 AM
 
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I found a DSI for 119!!! It has to be white but I got a deal:) They are 150 usually.


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#73 of 106 Old 11-21-2010, 10:05 AM
 
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So we're working on Lesson one from FPU.  It took us an embarrassing week and a half to even open the box.  Procrastinate, much? ;)  So far so good...now on to creating our zero  budget.

 

Tough to do this at the holidays, too, but I know it will be worth it come January!

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#74 of 106 Old 11-21-2010, 10:13 PM
 
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I've got $3500 or so on my one cc. It's my only debt. Thank goodness my almost 6 yo car is still running fine.

 

I've got two have two teeth pulled and implants put in. I'm looking at $5K plus. I need to have the oral surgeon redo the estimate since we changed dental insurance in my office. I got $800 from untaken vac time at work (for this year only due to special circumstances). Without the $800, there's $1650 in my BEF. I just enrolled in the FSA in my office for next year at the max of $3K. I was thrilled to find out that I don't have to wait for the money to accumulate in my FSA account before submitting bills for reimbursement! :) That $3K will be $150 out of every paycheck and will help so much with the implant cost. Then there's whatever I get for my income tax refund next year - usually $400 or so (I'm single w/o kids).

 

I'm doing much better with no eating out lunch at work, getting soda, etc.


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#75 of 106 Old 11-22-2010, 11:38 AM
 
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Tradd and Melaniee, This is great time to get started! What a great way to mindful of your spending and keep it in check. Maybe it won't be a good snowball or savings month. It also won't be on the credit card!


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#76 of 106 Old 11-22-2010, 05:52 PM
 
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Tradd and Melaniee, This is great time to get started! What a great way to mindful of your spending and keep it in check. Maybe it won't be a good snowball or savings month. It also won't be on the credit card!



Hello 3times, I've actually done it before, but got waaaay off track. Car was paid off last year, six months early! :) All Christmas gifts, cards, and stamps are bought! I just need to make some banana bread the week before Christmas. I have no freezer space.


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#77 of 106 Old 11-23-2010, 10:19 AM
 
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I got a fabulous deal at bare necessities. My order was suppose to be 152 and I got it down to 119. I am psyched! I have been needing my purchases from there. So if anyone needs anything from there check it out:)

Well off with the babes:)


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#78 of 106 Old 11-23-2010, 03:59 PM
 
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I got a fabulous deal at bare necessities. My order was suppose to be 152 and I got it down to 119. I am psyched! I have been needing my purchases from there. So if anyone needs anything from there check it out:)

Well off with the babes:)


What exactly did you get? I *only* buy Wacoal bras ($60 each) 'cause the girls need support (lol), and they are NEVER on special!


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#79 of 106 Old 11-24-2010, 01:23 AM
 
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Sigh. While DH and I are on the same page about wanting to be debt free we are not on the same page about how to do it. We have 3 years left on a consolidation loan and I told my DH I would not be taking out another one. He has now indicated that when this one is done that hey we should get another. I have indicated that I want all debts paid off and his comment is, "Everyone else is in the same boat." He doesn't get it. He thinks Dave Ramsey is a joke but this is just not working. Part of the problem is that he is materialistic and keep up with the Joneses but goes around saying I am. I find this really very frustrating. Any advice?


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#80 of 106 Old 11-24-2010, 11:03 AM
 
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Tradd, I got one that was goddess brand to try out. The other four bras are glamorise. Sadly I have to wear two at once to have proper support:( I will be getting a reduction when we KNOW we are done having children. Right now we are considering a fourth. I will have to look into your brand! My deals though were 15% off with a code from retail me not and 10$ for a black friday sale and free shipping for an order of ATLEAST 50 bucks:) So I think if they have your product you WOULD qualify!! I LOVE a deal:)

 

mamatowill, Well I don't know your debt situation.....At this point my family is on step 3. We have yet to save though:( DH wants a 1600$ gun:( I am able to cash flow the purchase that would have been on credit though!!) In January we SHOULD be able to contribute our old snowball to savings however. So I worked with him to get what he wanted to keep us debt free. Is there any way you could work WITH him?? Now my husband won't dare ask for money for a while. When he does I hopefully will have a large enough savings to feel comfy putting off more savings to get him the next thing. Rewards and flexibility often make the ride longer but more reasonable:)

 

AFM, I got two more nieces a zhu zhu on sale at target. So I still have 3 nephews and possibly 4 daycare kids to purchase for. As for my kids the money is set aside and I am waiting for some magical deals. Seriously the deals kind of stink this year! They really are not on the things I am buying! Anyone seen a deal on leapsters???

 

Well I am off to finish roasting pumpkins and making pies and bread:) I hope you ALL have a wonderful thanksgiving!!!


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#81 of 106 Old 11-24-2010, 12:59 PM
 
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Sigh. While DH and I are on the same page about wanting to be debt free we are not on the same page about how to do it. We have 3 years left on a consolidation loan and I told my DH I would not be taking out another one. He has now indicated that when this one is done that hey we should get another. I have indicated that I want all debts paid off and his comment is, "Everyone else is in the same boat." He doesn't get it. He thinks Dave Ramsey is a joke but this is just not working. Part of the problem is that he is materialistic and keep up with the Joneses but goes around saying I am. I find this really very frustrating. Any advice?



Doesn't sound like you are on the same page at all about debt. Except maybe that he is at least apparently willing to wait before taking on more debt, rather than just piling it up and up and up.

 

I wonder if he has a mistaken assumption about Dave Ramsey's plan. Dave Ramsey is plenty materialistic. He has a lot of money and he likes it. He drives expensive cars. The difference is that he did it debt-free, paid cash.

 

If your husband is materialistic, he might appreciate Dave's motto: Live like no-one else, so that later you can live like no-one else. Translation: if you tighten your belts today and pay it all off and save up, when you do, you'll have money coming out your ears and be able to buy all the toys you want with cold hard cash. You can buy MORE toys because you won't constantly be in debt and paying interest up the wazoo for everything. Live like the Jones's? No way, make the Jones's wish they lived like you. That's Dave Ramsey. He is not advocating living the simple life for the long term. He wants you to get your material rewards.

 

If you're like me, you don't have grand plans for big houses and cars and such, and would be content living simply. But my advice to you is to play up Dave Ramsey's goals as described above. The sacrifice is temporary, and then the party is ON.


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#82 of 106 Old 11-24-2010, 01:21 PM
 
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Great advice laohaire!!  DR has his toys - his lake house - his gun collection, etc.  So this tightening of the belts isn't a lifelong change but a temporary thing.

 

mamatowill - I'm one that likes "things" - the first time I attempted the baby steps I never addressed my love of things and so I became resentful after selling my beloved car (heavy sarcasm here) and we stopped.  This time I addressed the materialistic side of me and we've been going strong for almost a year.  I know that this is temporary and if I want fancy things I can get them in a few years...with cash.  However, sometime during my journey I've discovered that I am no longer as materialistic as I once was.  When I looked through my daughter's diaper stash and remembered that I paid $75 for an embroidered wool cover "just because" I thought how silly!  However, when I bought it I was in seventh heaven!  So maybe if he can come to terms with the fact that this is a temporary thing he might change his attitude about "stuff" by the time you make it through.

 

Happy Thanksgiving to those of you celebrating tomorrow.

 

 

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Quote:
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Sigh. While DH and I are on the same page about wanting to be debt free we are not on the same page about how to do it. We have 3 years left on a consolidation loan and I told my DH I would not be taking out another one. He has now indicated that when this one is done that hey we should get another. I have indicated that I want all debts paid off and his comment is, "Everyone else is in the same boat." He doesn't get it. He thinks Dave Ramsey is a joke but this is just not working. Part of the problem is that he is materialistic and keep up with the Joneses but goes around saying I am. I find this really very frustrating. Any advice?



Doesn't sound like you are on the same page at all about debt. Except maybe that he is at least apparently willing to wait before taking on more debt, rather than just piling it up and up and up.

 

I wonder if he has a mistaken assumption about Dave Ramsey's plan. Dave Ramsey is plenty materialistic. He has a lot of money and he likes it. He drives expensive cars. The difference is that he did it debt-free, paid cash.

 

If your husband is materialistic, he might appreciate Dave's motto: Live like no-one else, so that later you can live like no-one else. Translation: if you tighten your belts today and pay it all off and save up, when you do, you'll have money coming out your ears and be able to buy all the toys you want with cold hard cash. You can buy MORE toys because you won't constantly be in debt and paying interest up the wazoo for everything. Live like the Jones's? No way, make the Jones's wish they lived like you. That's Dave Ramsey. He is not advocating living the simple life for the long term. He wants you to get your material rewards.

 

If you're like me, you don't have grand plans for big houses and cars and such, and would be content living simply. But my advice to you is to play up Dave Ramsey's goals as described above. The sacrifice is temporary, and then the party is ON.



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#83 of 106 Old 11-24-2010, 01:59 PM
 
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My DH is also one who likes toys, but the way we have approached it is that we want to pay everything so he CAN get those toys.  For example, when he asks to buy an Xbox with money from savings or on a CC or with money that we had earmarked for our debt snowball I ask if he would rather have the Xbox now or the ATV or truck that he wants... it usually helps him put it in perspective.


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#84 of 106 Old 11-24-2010, 07:40 PM - Thread Starter
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3timesamom, good luck black friday shopping. I had to resist the HP dvds on amazon yesterday as I'm supposed to be all done for my boys already.

 

mattemma04, congrats on paying off one card and being so close on the next one! Will that be it for cc debt for you? I've seen some lego deals on the lego site depending what you're looking for, check out the sale section. Great job sticking to your cash.

 

Melaniee. meh, as long as you've now got the box open and have started going through it, I don't think a week or two is that bad to get started. How is the budget building going? 

Tradd, nice to see you back posting. Ouch on the dental work. We were pleasantly surprised with dh's dentist recently, he managed to do repair work when we initially thought dh needed all new veneers, much cheaper. Needing dental stuff done sucks, its so expensive. Great job on the reduced eating out and less soda campaign. I'm in envy of all your cards and shopping being done.


mamatowill, can you get him to read some of the success stories on the DR site or llnoe so he can see that it is doable? Maybe show him what you could do with the money that currently pays the consolidation loan when you're debt free? My dh jumped on board a whole lot faster when he saw that after bs3 I had budgeted a couples vacation for our wedding anniversary and some fun stuff.

One week left in November everyone, lets try and go out on a high note!  Happy Thanksgiving to our US posters.


 

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I was hoping to be able to pay off another credit card when we get paid on the 30th (it has 450 left on it) but I am going to finish my holiday shopping instead.  I will be able to pay that card off on the 15th and since our statement comes out the 20th it won't make any difference interest wise.  It feels SO good to be paying all cash for christmas stuff this year!!  We have never been able to do that... Also, we had the cash to buy a gps on amazon that was on sale for 90 (usually 220) that we have been planning on getting :D


Rachel, proud Army wife to my superhero.gif and SAHM to my crazy boys jumpers.gif... Trevor 4/08, Trenton 6/09 and Travis 10/10
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#86 of 106 Old 11-25-2010, 06:40 AM
 
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Morning ya'll quick update as DH & I have been plotting to address a couple of items which I think will help us in the long run.  First we figured out that one of our CC which has a huge amount 7.5k (out of 10K) via a balance transfer rate is set to expire (1.99 to 23.99%) either in Dec2010 or Jan2011.  So we have figured out a way to raise the cash to pay it off, but it means using another card for a bit for my school tuition.   Which when we figured it out actually is a better method than we currently have which is to pull it out of our saving, but we were never paying it back. nono.gif and this way it will make sure we pay it down each semester which we can easily do.

 

It feels weird, but in the end with the cash we scrape up (from tuition reimbursement, tax return and etc) we should be able to pay off this CC and not worry about this rate hike and still knock out 10k of our debt. That would put us down to having only 12k which is pretty darn nice. 

 

I know its not very DR but this is the only way we've come up with.  At least I'm still making DH keep the holidays in cash vs. trying to put it on the card! 


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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#87 of 106 Old 11-25-2010, 08:19 AM
 
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Happy Thanksgiving, ladies!  Anyone else Bah-Humbuggin' it and staying home tomorrow? thumb.gif 

 

Some bad news--I'm on BS 3 and I think we're going to have to eat our emergency fund with window replacements.  We're losing heat and holding my hairdryer up to the windows to melt all of the ice!  Repeat after me--It could be worse, it could be worse, it could be worse...


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#88 of 106 Old 11-25-2010, 08:33 AM
 
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Originally Posted by Turquesa View Post

Happy Thanksgiving, ladies!  Anyone else Bah-Humbuggin' it and staying home tomorrow? thumb.gif

 

Some bad news--I'm on BS 3 and I think we're going to have to eat our emergency fund with window replacements.  We're losing heat and holding my hairdryer up to the windows to melt all of the ice!  Repeat after me--It could be worse, it could be worse, it could be worse...



Having to eat the emergency fund is never fun... but at least you have the cash to pay for it!


Rachel, proud Army wife to my superhero.gif and SAHM to my crazy boys jumpers.gif... Trevor 4/08, Trenton 6/09 and Travis 10/10
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#89 of 106 Old 11-25-2010, 09:54 AM
 
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Turquesa - Guess you can't hang out with your hairdryer to defrost the windows daily, huh?  hehe  I'm not trying to make fun of the situation - just trying to make you smile in the midst of having to eat up your EF.  Like chely said, at least you've got it - that is the good in the situation, right?

 

_ktg_ - It sounds like you're plan makes sense plus you'd knock a huge chunk out of your debt and avoid the big interest rate hike.

 

chely - Yay on cash-flowing Christmas.  I like your plan of finishing the holiday shopping now then paying off the debt.

 

I woke up to find out that my husband's paycheck was deposited this morning.  It was commission plus bonus day - the bonus we've been waiting on since summer plus some commission left over from his company's FY2010 (which ended 7/31) and then October commission.  We had all but given up on the bonus from summer so it was a pleasant surprise to see it actually get paid out.

 

I just logged on and paid off two more accounts!  Since we don't have any more pay periods in the month I went ahead and calculated my progress.

 

Savings Goal - $7500/$7500

Savings Actual - $8200/$7500 

 

BS2 Paydown Goal - 52%

BS2 Paydown Actual - 58.9%

 

Goal for January 1 - BS2 Paydown - 66%

I want to get this debt paid off by April 2011!

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#90 of 106 Old 11-25-2010, 10:07 AM
 
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Congrats MyTwoAs!!  That is always a great feeling to pay stuff off :)  You are making great progress!!  I was debating between paying off a CC and finishing Christmas shopping but I just need to get the shopping done... it is stressful having that list and I will be glad when I have everything purchases so I can focus on paying off debt!


Rachel, proud Army wife to my superhero.gif and SAHM to my crazy boys jumpers.gif... Trevor 4/08, Trenton 6/09 and Travis 10/10
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