Getting Out of Debt in November - Mothering Forums

Forum Jump: 
Reply
 
Thread Tools
#1 of 106 Old 10-31-2010, 12:34 PM - Thread Starter
mtm
 
mtm's Avatar
 
Join Date: Dec 2003
Posts: 1,481
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Welcome to November!

Yikes, winter is around the corner and that brings Thanksgiving for the US posters followed by the holidays. Lets make this the month we get our finances in order. If you want to pay off your credit cards, start savings or get budget help, this is the thread for you. Most of us use Dave Ramsey's method but please join us even if you're following someone else/your own plan. All welcome!

Here's DR's plan:

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 us!
mtm is offline  
#2 of 106 Old 10-31-2010, 12:35 PM - Thread Starter
mtm
 
mtm's Avatar
 
Join Date: Dec 2003
Posts: 1,481
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
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
anstar
BelovedK
BonnieNova
chanibell
chistinawc
dfunk98
Gray's_Mommy
kittywitty
lactivistmama
luckybamboo
madsommer
Miasmamma
papayapetunia
punkrawkmomma27
redvlagrl
Stephenie
waldorfknitmama
Zamber

BS#1: Save up $1000
2lilsweetfoxes
annettemarie
Contrariety
CookiePie
crunchymomof2
dex_millie
Evenstar
fairydust020409
greenmom4
hadleys_mom
ILoveMyBabyBird
JamieB
JenniferH
JustKiya
Kaitnbugsmom
Krisis
Ksenia
lj2blessed
ltlmrs
mamabain
mommaknowsbest
mommyto4grits
neveryoumindthere
NWmt_Mama
prana
Sihaya
teenyToona
Tryingforbaby
vannienicole
vmommy

BS#2: Pay off all Debt (except the mortgage)
100%Mom
2Rubies
AAK
AFwife
AllieFaye
astar326
Belia
Bluegoat
canuckgal
claddaghmom
Cody'smomma
ColoradoMama
Contrariety
cparkly
cymbeline
dagny.galt
Deir
dkenagy
eirual
excitedtobeamom
FeelingBlessed
FiveLittleMonkeys
goldfishkate
hadleys_mom
HappyMommy2
Hedgehog_Mtn
herwitsend
hollytheteacher
indie
jeliphish
jjawm
kat.c.stevens
kavita
Keeta
killick
kings5queens4
KnittingKara
ktg
lalaland42
lakeruby
laohaire
Leav97
leigh2006
LittleBirdy
lizziebits
Livi's_Mama
llamalluv
LZP
major_mama11
mamabain
MamaPam
MamatoWill
mamimapster
mich
mrstice
MyTwoAs
my2girlz
Nickarolaberry
okapi
onlygirls
onthemove
Pernillep
PluggingAway
PPK
proudmamanow
Resque
RisingSun
RoadWorkAhead
samandhenrysmom
scrandall1173
Shellie
shllywlly
smallmama
Softmama
stanleymama
stellarae
sweetjasmine
thenaturefreak
Tradd
tricia80
triscuitsmom
tynme
twin_mama
whiddle
wife&mommy
willew

BS#3: Build up to 3-6 months of savings
akichan
annethcz
beansmama
corrie43
Crunchy*VT*Mom
Denvergirlie
HappyHelpmate
MomtoWilmo
mammamo
maryjane
MCsMom
Nora_SEA
phatui5
phillytwinmama
p1gg1e
Rev1053
rionnhannah
sarafi
sparkprincess
Stone_Fence
Turquesa
yasinsmama

BS#4
mtm

BS#5
Maluhia

BS#6
kanga1622
rebeccalynn
Sarah8Jane
mtm is offline  
#3 of 106 Old 10-31-2010, 12:48 PM
 
Melaniee's Avatar
 
Join Date: Apr 2002
Location: California
Posts: 3,740
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Hi there, we are starting down this road. I've heard so many good things about Dave Ramsey's system, and "envelope systems" that we're finally going to try it. We're not able to take any of the in-person classes, so I'm trying to decide which to buy. I was going to get the Financial Peace University online or DVD. Doe anyone have any thoughts or regrets on this? I'm completely confused with people talkinga bout TMMO, FPU, this online forum of his or that one. It seems he asks you to 'subscribe' to things a lot as well. I want to make sure I make this purchase carefully, if it's worth it I am fine with it, but I don't want to just throw more money away on the road to being better with money! LOL.

Thank you
Melaniee is offline  
#4 of 106 Old 10-31-2010, 01:16 PM
 
chely7425's Avatar
 
Join Date: Aug 2007
Location: Washington
Posts: 3,649
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
We don't really follow Dave Ramsey persay... just kind of our own lose version of it We should start seeing our BAH in our paychecks this month (I hope) so we can hopefully start paying things off!! There are a few things I need to get first (DH needs a camera) but I can't wait to start paying things off!!

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
chely7425 is offline  
#5 of 106 Old 10-31-2010, 01:32 PM
 
excitedtobeamom's Avatar
 
Join Date: Jan 2004
Posts: 816
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Melaniee
I would recommend reading The Total Money Makeover and then join this board http://www.livinglikenooneelse.com/forum/index.php? along with following the no spend and get out of debt threads here.
It is free unlike Dave's board. After that if you want to do FPU online go for it but if you do the things above you will have a good handle on it and they are free if you get the book from the library! Good luck! Dave Ramsey's plan has changed our lives and we are so thankful!

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.
excitedtobeamom is offline  
#6 of 106 Old 10-31-2010, 04:30 PM
 
MyTwoAs's Avatar
 
Join Date: May 2004
Location: In my own little la-la land
Posts: 3,608
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Happy November!

Here's my monthly update:

BS2 Paydown Goal: 50.5%
BS2 Paydown Actual: 49.3%

Savings Goal: $5100/$7500 (68%)
Savings Actual: $7184/$7500 (95.8%)

Goals for December 1
BS2 Paydown Goal: 52%
Savings Goal: $7500/$7500 (100%)

We're cash flowing Christmas with my income this month so we probably won't see a big jump in our BS2 paydown.

Melaniee - I did FPU online and I enjoyed it. I have all of the MP3s saved and on my iPhone so I can re-listen to them on demand. However, I think you can get a lot out of just reading his book The Total Money Makeover, keeping up with this group here and then check in at the llnoe.com forums like excited suggested.

Chely7425 - Good luck with the new income and debt paydown!!
MyTwoAs is offline  
#7 of 106 Old 10-31-2010, 06:08 PM
 
chely7425's Avatar
 
Join Date: Aug 2007
Location: Washington
Posts: 3,649
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Thanks MyTwoAs! It is really the only upside of deployments... getting debt paid off!

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
chely7425 is offline  
#8 of 106 Old 10-31-2010, 08:31 PM
 
eirual's Avatar
 
Join Date: Mar 2006
Location: GTA, Canada
Posts: 4,304
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Here comes another curve ball for us! Looks like we're moving back home. DH has came and done the school thing and decided it's not for him.

Part of me wants to stay here because it's beautiful, but we're just scraping by here and it's not in our long-term interest. If we go back home, we can stay with my parents rent-free, DH can make a decent wage, and so can I and we can pay back what little money we borrowed to do this by summer. We'll find a rental in that neighbourhood so DS won't have to move schools again and stay put for a few years (we hope!).

After 6 yrs of marriage and doing everything newlyweds are "supposed to do" (even though we don't think of ourselves as conventional folk, we still fell into that go to school, get married, get a car, buy a house, have a kid box) we're ready to sell the house we shouldn't have bought, start saving and start again financially. Time to pay our stupid tax, and start from scratch!

We've done all we've wanted to do, we've made mistakes and learned from them, and I think we're both really ready to move onto the next chapter in our lives (moving home, settling contently- at least for a few years), thinking about adding to our family, and finding a balance between work, learning, finances, stuff, simplifying, staying active, and future goals.

Sooo....we need to scrounge up $2,000 to get home, which will come from our RRSP contributions from last year.

As crazy as this experience has been I can't say I regret any of it. We were ready for an adventure and got one, DH got to do what he felt he needed to and won't have any "what-if" regrets. It got us out of living in a house that was really too big for us, having 2 vehicles and long commutes, and just a stretched-to-the-max kinda lifestyle. I'm content with where thing have led and where they're going and am greatly looking forward to moving forward in our life.

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

 

eirual is offline  
#9 of 106 Old 11-01-2010, 12:31 AM
 
vannienicole's Avatar
 
Join Date: Nov 2006
Posts: 1,075
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)


BS1 here! No time for full post, but subbing.
vannienicole is offline  
#10 of 106 Old 11-01-2010, 01:15 PM - Thread Starter
mtm
 
mtm's Avatar
 
Join Date: Dec 2003
Posts: 1,481
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Welcome Melaniee! My advice is to buy/take out of the library My Total Money Makeover. A lot of people like taking the FPU class for motivation but I'd start with TMMO. I also like llnoe.com for support. The advice can be a little hardcore sometimes but well worth it, not to mention its free.

chely7425, post when you make your first payoff so we can cheer you on!

MyTwoAs, your numbers look great! You are so close to the 50 per cent mark. I'm using this month's cheque for Christmas too, sucks to not make progress but its so nice to have Christmas paid for.

eirual, wow that's big news. Will he finish off the semester first before coming back? might be good to get the credits in case he decides to go back at some point and I'm guessing the university won't refund tuition by this point.
mtm is offline  
#11 of 106 Old 11-01-2010, 01:40 PM
 
_ktg_'s Avatar
 
Join Date: Jul 2008
Location: a house in the suburban jungle.
Posts: 2,151
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Recommitting back to destroying our debt once again!!! DH & I have been skating on the thinnest of ice in struggling with life challenges (sickness, appliance breakdowns etc) and some unnecessary spending. We had a brief breakdown and put some on a CC, but its getting all paid off again.

We have decided that November is NO for eating out (beyond our spending cash $$), NO extra spending splurges and NO use of the CC.

We have been lazy about posting items on CL for sale and I will see if I can light a fire for that, and ramp up & promote my work with Barefoot books since taking that on recently.

Yay for November and a swift kick in our financial pants!

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

_ktg_ is offline  
#12 of 106 Old 11-01-2010, 02:09 PM
 
stanleymama's Avatar
 
Join Date: Dec 2003
Posts: 1,353
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Yay for November. This month we should be getting the money gift from dh's aunt and paying off two debts that will total $6800. Then its just student loans, which most are IBR thankfully. Little discouraging at times that dh has a jd and a masters, but because of the economy we make little more than we did before he went on to law and grad school. But I am thankful that we do have an income right now, affordable housing, and food in our bellies.

Anyone feel like they lose that gazelle intensity? I want to have it, but I think because dh doesn't at the moment, I struggle with keeping it. Maybe I will get it back when the above debts are gone.

Anyways, best of November's to everyone.

eirul...so glad you know now that school was for your dh. You will be far ahead in the long run, I believe.
stanleymama is offline  
#13 of 106 Old 11-01-2010, 02:20 PM
 
Melaniee's Avatar
 
Join Date: Apr 2002
Location: California
Posts: 3,740
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Hmm...so you all recommend TMMO over FPU? To elaborate a little more, our current problem isn't debt, it's our propensity to get INTO debt, overspending and lack of budgeting skills. Coupled with having just moved to an area that is more expensive (for employment) and wanting to make sure we can "make it" here. ATM we do not have debt beyond mortgage (for a house we aren't even living in anymore! It's being rented, for now, but if I could sell it we would have. We hope to own a home to live in again, someday, but it's hard to imagine currently) and cars (pretty sure we broke a Ramsey rule with the loans on these, but I'm so happy to have a loan over a lease and own it at the end). We also do not have decent savings, retirement, college funds that have any amount worth speaking of at the moment.

That is why I was leaning towards FPU, but honestly why do they have to make it all so confusing?! Do you all still recommend TMMO over FPU, in my case? We need someone to TEACH us what to do with our money. It's embarrassing and ridiculous that at this point in our lives we haven't figured this out yet. It's not for lack of trying, it's for lack of skill (and willpower).

Thank you everyone!
Melaniee is offline  
#14 of 106 Old 11-01-2010, 02:40 PM
 
excitedtobeamom's Avatar
 
Join Date: Jan 2004
Posts: 816
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Melaniee-I would absolutely recommend reading The Total Money Makeover and taking FPU. I was just suggesting the cheapest way to get started. The more I listened to Dave, the more I got into it all. Taking FPU live at a church somewhere with you spouse is what I would recommend the most but there are ways to do it free if that isn't an option or doing in online is great to but do it together. Get The Total Money Makeover book now and it is a quick read and very motivatiing!!

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.
excitedtobeamom is offline  
#15 of 106 Old 11-01-2010, 05:00 PM
 
Pogo0685's Avatar
 
Join Date: Nov 2008
Location: Pueblo, Colorado
Posts: 579
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Hi everyone, I am just checking in. we are still waiting for money from MIL, still waiting for the stupid insurance company and I am still waiting for my windows to be fixed (so it was raining in my bedroom when I got out of bed today ). I found out we might qualify for a program that will weatherize out house though so I am going to look into that. We went over budget on groceries last week so I cant go shopping this week but that's ok because I have enough food int he house to feed us for an extra week. Hope everything is going well for all of you guys!
Pogo0685 is offline  
#16 of 106 Old 11-01-2010, 07:18 PM
 
moonlitemama's Avatar
 
Join Date: Oct 2004
Location: Moscow, ID
Posts: 128
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Hi, I'd like to join! I've recently decided I've had enough of this paycheck-to-paycheck and have been looking into the Dave Ramsey stuff. I listened to TMMO last week (audio version) and watched a couple of dvds from FPU. A friend is going to send me a book and workbook that she has.

My dh is not involved in our finances, but I finally got him to look at and agree to a budget for November, which is a HUGE step. This is the first budget I think I've ever made - I've always handled our finances rather reactively, not proactively, so I'm excited by this step in the right direction. We're actually just starting BS2 - we have a couple of cc's and a big student loan. I'm struggling with finding ways to pay extra on the cc's - our finances are pretty tight. I can't figure out much of anything we own that would be worth selling. I've been looking for pt work that I can do, but my availability is pretty limited with one ds still at home with me and having to cook all of our meals from scratch due to food intolerances. I think I've trimmed our spending down almost as much as possible. So, that is my current challenge (well, that and actually sticking to our new budget).

Raechel, mom to 3 boys (J-14, K-11, & T-8), car seat tech/instructor, gluten-, dairy-, and soy-free cook, chicken-raising, wannabe gardener living on 5 acres.
 
 

moonlitemama is offline  
#17 of 106 Old 11-01-2010, 08:19 PM
 
MyTwoAs's Avatar
 
Join Date: May 2004
Location: In my own little la-la land
Posts: 3,608
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
eirual - Wow you've been on a roller coaster this year. What was your DH going to school for? I know that returning to school, especially with a family, is much different than going straight out of high school (speaking from experience here heh). At least he's figured it out sooner vs. later! It sounds like your plan going forward will definitely be beneficial - near family, getting back on target financially, etc. When do you think you'll start to make the move?

mtm - It is definitely nice going into Christmas with a plan. We've already notified the kids that the lavish Christmases of the past won't make an appearance this year and since they both know about DR they're a-ok with it (my daughter is almost 7 and my son is 9 so they're old enough to start to get it). How's your BS4-6 progress going?

keg - Welcome back and welcome to recommitting! Good luck with your NOvember - NO eating out, etc. Sounds like a good way to ramp up for the winter!

stanleymama - Yay for getting two debts paid off this month. Did your husband take the bar exam? When I tried this TMMO thing in 2008 I lost gazelle intensity after a few months and stopped. Looking back I wish I'd stuck with it because life would be quite a bit different now! Sooooo…having been intense and lost it and now coming back to it two years later, I encourage you to do what you can to get it back into your household hehe.

Melaniee - If you read TMMO first it will set you up for what you learn in FPU. Although you can go into FPU without having read TMMO, the book is definitely a good precursor to the program and it does discuss the getting into debt aspect of life as well as the getting out of debt (plus savings, etc). In your case I'd still recommend TMMO and the forum and then if you still want more, definitely do FPU.

Pogo - good luck with the insurance and money as well as the weatherization. I've covered the weatherization assistance program pretty extensively for a client of mine. I hope that you're able to qualify for it - if it is the one I'm thinking of you'll get a full energy audit, they'll determine the weatherization options that will make the biggest difference in your energy consumption, etc.

moonlitemama - Welcome! Yay for getting your DH to look at the budget. My husband wasn't involved in our finances at all - beyond a "just give me the bottom line" with regards to our total debt. Now I keep the budget on a Google Apps account so he can access it whenever he wants (since he travels for work) and it is helping! With regards to earning extra income - I see that you blog, have you thought about trying to get into freelance writing? It's what I do as a part-time from home business and although it started off slow nearly 4 years ago, it has blossomed into a full-fledged little business for me.
MyTwoAs is offline  
#18 of 106 Old 11-01-2010, 09:58 PM
 
eirual's Avatar
 
Join Date: Mar 2006
Location: GTA, Canada
Posts: 4,304
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
DH is (was?) doing his Bachelor of Science. He's going to finish off the semester and hopefully get the credits anyways. There's one CRAZY intense writing course that he's thrown his hands up at and I can't blame him; it's absolutely brutal (this coming from the gal who found APA formatting fun).

The plan will be to leave after final exams (they're the first week of December, so we should be packed up by the second week of December).

The more and more I think of it, the happier I am that we've decided to go back. My job is making me very thankful for teacher's unions!...I've been working for just over what I was making working PT (i.e. half-time) for the school board back home, doing an insane amount of coverages and duties and of course there's planning, prepping, and marking that go ontop of it all. Knowing that we'll be leaving I keep catching myself thinking "good riddance" more and more as the days go on!

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

 

eirual is offline  
#19 of 106 Old 11-02-2010, 11:11 AM
 
stanleymama's Avatar
 
Join Date: Dec 2003
Posts: 1,353
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
MyTwoAs... yep, dh took the bar and is licensed, but after applying everywhere and being told he was 1 of HUNDREDS applying, he tried starting his own practice, but it was just too much. So we headed back home to family in another state where he is working as an pt administrator for the county and full-time as a chimney-sweep/wood stove installer. He will be running for city council in the spring, and has a good chance of getting in since he was on the same city council in the past and the gentleman he is going against is not liked at all. Dh is a guy who does well at everything and is a mix between a blue-collar and a white-collar. Honestly, we are really happy with where life has taken us. Dh is getting good experience working for the county that could open up doors for him in the future to the job he is most interested in.
stanleymama is offline  
#20 of 106 Old 11-02-2010, 01:55 PM
 
MyTwoAs's Avatar
 
Join Date: May 2004
Location: In my own little la-la land
Posts: 3,608
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Stanleymama - Wow, talk about a saturated market! I'm glad he found something that he enjoys doing and good luck to him on the city council bid!

Eirual - I had a few courses like that - I actually broke down and cried one day last fall because the class was just so overwhelming. Good luck to your DH finishing up this semester!
MyTwoAs is offline  
#21 of 106 Old 11-02-2010, 02:58 PM
 
moonlitemama's Avatar
 
Join Date: Oct 2004
Location: Moscow, ID
Posts: 128
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
MyTwoAs- Thanks for the welcome!
I wish I was talented enough to go into freelance writing. Alas, my blog is merely a way to pass on recipes and info about gluten, dairy & soy-free living. I was facilitating an in-person group for it, but wasn't able to coordinate with enough people enough of the time to make it worthwhile - hence the blog. Thanks for the suggestion, though.

Raechel, mom to 3 boys (J-14, K-11, & T-8), car seat tech/instructor, gluten-, dairy-, and soy-free cook, chicken-raising, wannabe gardener living on 5 acres.
 
 

moonlitemama is offline  
#22 of 106 Old 11-02-2010, 07:57 PM - Thread Starter
mtm
 
mtm's Avatar
 
Join Date: Dec 2003
Posts: 1,481
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
_ktg_, keep us posted on how the no eating out, no splurges goes. I'm thinking about trying it for January.

stanleymama, sounds like a good month coming for you with the loans about to be paid off. I defnitely wax and wane on my motivation/intensity. Posting here and reading finance blogs helps me keep on track.

Melaniee, if you like books and can learn through reading, TMMO for sure. If you want the cd's and the class setting, FPU. Really though, you can't go wrong with either one. Both will walk you through building a budget and getting your financial house in order.

Pogo0685, I hope the program for winterizing comes through. Nothing worse then sitting around waiting for stuff you can't control.

moonlitemama, welcome! If you want the budget sheets before your workbook arrives, let me know. I saw some good ones posted at llnoe.com and I can find the link for you. Great news that your dh is on board for the budget, it makes a big difference.

MyTwoAs, bs4/5 is going okay. I automated my payments so I don't see them but I was hoping to have extras to throw towards bs4 and I haven't done so hot with those. We're catching up on a few big expense things (veneers for dh to the tune of 2000) and Christmas so I think its January before I feel like we're getting more traction.

eirual, sounds like a good plan.
mtm is offline  
#23 of 106 Old 11-03-2010, 11:15 AM
 
3timesamom's Avatar
 
Join Date: Oct 2010
Location: no where ville USA
Posts: 340
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Off for a walk. I wanted to jump in.
I am sourd of new here. I am from June 2005. Long story short I have a new ID here and come from another forum.

We are on BS3. We are on our first month of starting our FFEF. Super excited to keep up with you ladies and see what is going on for all of you

Well off for that walk. It takes us FOREVER to get out the door!!

Living a life like no one else, with my husband, and all our children
3timesamom is offline  
#24 of 106 Old 11-03-2010, 03:05 PM
 
root*children's Avatar
 
Join Date: Mar 2004
Location: the South-East's Worst Kept Secret
Posts: 2,782
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I'll join in! I was on BS4 only a couple years ago, then after a yucky divorce, am back to BS2 (this was after crawling out from starting it ALL over!). Oh well, life goes on! Literally, as we are expecting DC#3 - with a new partner who is oh so wonderful with money, it makes me so happy to know we will not have huge financial differences like my last partner and I had. In fact, I am going to cut up my credit card, on DP's advice

Last week I took my kids on a plane trip across the country. My mom was supposed to be getting married, but it was cancelled fairly last minute. I hadn't bought the trip insurance stuff, figuring that even if the wedding was cancelled (yes, I had thought of this being an outcome since I heard the plans), we still hadn't been back to see her for 5 years, so a trip was due. Anyhow, of course on short notice, I didn't have the money to buy plane tix, so I bought using my CC. As the trip got closer, especially since we knew about the revised no-wedding plans, I was started dreading it - I REALLY don't get along with my mom AT ALL!

Laying in bed the morning of the trip, DP and I were talking about CC's and I said, "Well, it was a good thing I had that credit card because I never would have been able to come up with that money on such short notice and if the wedding had gone through, I wouldn't have been able to go, and we haven't been there in so long, blah blah..."

He replied with, "No honey, if you hadn't had a credit card, you would have had to say, 'sorry we can't make the wedding on such short notice since I don't have a credit card'! And then you wouldn't be dreading this trip and trying to pay off $1000 tab on a trip you really don't want to go on, especially when the card was almost paid off!"

ugh. he's totally right ... i love that guy! The trip sucked, by the way. I should have been *paid* to do it, I'm in pain thinking that I will now be reminding of the dreadful weekend for the next few months while I pay it off

Mama of 3 amazingly sweet kids jumpers.gif, living the dream on our urban farm chicken3.gif

root*children is offline  
#25 of 106 Old 11-03-2010, 03:14 PM
 
blissful_maia's Avatar
 
Join Date: Feb 2005
Location: Alberta
Posts: 3,566
Mentioned: 13 Post(s)
Tagged: 0 Thread(s)
Quoted: 6 Post(s)
Hi mamas! I'd like to join in to BS2! I have read a few of Dave Ramsey's books, and usually lurk in this thread for ideas and inspiration, but I will admit I have been a bit lax on actually implementing the ideas!

My name is Sabrina... I am a midwife and I have three gorgeous, healthy children and a super-fabulous stay-at-home husband!

Here's our situation:

CC 1: 500
CC 2: 1900
CC 3: 2500
CC 4: 2500
Student line of credit: 52K (!!!)
Student loan: 34K

We have had a few major setbacks since I returned to work this summer (dh is a SAHD) such as unexpected major dental work, our water softener breaking, our chimney liner needing to be replaced, and a couple of accidents resulting in a MAJOR hike in our insurance premiums. Also, my income is quite irregular since I am a midwife and the number of women I have booked per month varies, as well as the 3-month delay in billing from the government!

But, we REALLY want to eradicate our debt since we want to buy a farm sometime in the near future (a little over a year), which will eventually produce income for our family. The student loan I am not super duper concerned about since it has a low monthly payment, is tax deductible and can be deferred in times of struggle etc. We own our home outright also. The credit cards and credit line, on the other hand, HAVE to go if we are going to qualify to purchase the farm with the special government program (15-year fixed loan).

I have worked the numbers, and we should be able to pay off all 4 credit cards and a little over 80% of the credit line (about 45K) in 12 months if we are really, really committed. We already have a BEF of $1000 and so will jump right into BS2, starting next month (I get paid the 1st of every month).

I am really going to need support and encouragement through this process, and will happily cheer all of you on too! I plan to join the No-Spend thread as well, since staying within a budget will be somewhat new for me. I think we have enough wiggle room in each category, it will just take careful planning and discipline.

Thanks mamas!

 Grateful midwife and peaceful mama to three blissfully birthed, amazing children: dd (10)dd (7) and  ds (5).
blissful_maia is online now  
#26 of 106 Old 11-04-2010, 10:37 AM
 
3timesamom's Avatar
 
Join Date: Oct 2010
Location: no where ville USA
Posts: 340
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Blissful-Oh I wish you luck!!! You have some big plans I hope you have great success!

Root- We all have setbacks and we ALL have a little Murphey in our world. I wish you luck on your journey as well.

As for me- I am very proud of us being debt free. Staying there is just as big a challenge though. We do still have a mortgage. We are going to build our FFEF and then begin on that mortgage with a SMALL amount of money being saved for retirement. We will make up for retirement with our old house payment. I will also go back to work one day and fund retirement with that.

I must say I like the support of this forum. The forum I come from is very judgy and rude! I am glad to have found you ladies

Living a life like no one else, with my husband, and all our children
3timesamom is offline  
#27 of 106 Old 11-04-2010, 11:32 AM
 
Turquesa's Avatar
 
Join Date: May 2007
Posts: 4,062
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 31 Post(s)
Checking in here while on BS 3. Nose to the grindstone during the Holidays, ladies! I tend to get all "people-pleasy" and overspend bc I don't want to "look cheap." Feel free to hold me accountable for this ridiculous thinking....

In God we trust; all others must show data. selectivevax.gifsurf.gifteapot2.GIFintactivist.gif
Turquesa is offline  
#28 of 106 Old 11-04-2010, 11:55 AM
 
major_mama11's Avatar
 
Join Date: Apr 2008
Posts: 1,165
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Hi everyone, can't believe it's November!

We're still on BS2, and after months of making large over-payments on my car loan, there is an end in sight! ~$3500 remaining at this point, should be paid off in 4 months at current rate.

Speaking of gazelle intense- I did a FFEF first (3 months worth) and then paid off debt, backwards of Dave Ramsey order. Would you empty half of your FFEF to finish paying off a loan? I want this debt gone, but the idea of taking away part of my cushion scares me, even though I could rebuild the cushion in about 3 months, with no more payments to the car loan...

I posted on this thread a few months back, very excited about getting to move from per diem to part-time at work. Well, after only 4 months of PT, I have requested to go back to per diem. I wanted the job for the benefits, due to my worry over DH's job. On paper, it didn't look like any more hours than what I was already working. BUT... With the added on-call time, the every third weekend thing, and the fact it's 100% night shift, it was taking over my entire life and having bad effects on the entire family.

So... we have chosen to be a little more stretched financially, but to have a better quality of life, since all of us are much happier when I don't work as much. I still have 3 more mos in my current schedule, but now that an end is in sight, I'm okay with that.

Yay for paying for holidays with cash not credit, everyone!

“War is peace.
Freedom is slavery.
Ignorance is strength.”
― George Orwell, 1984
major_mama11 is offline  
#29 of 106 Old 11-04-2010, 12:00 PM
 
root*children's Avatar
 
Join Date: Mar 2004
Location: the South-East's Worst Kept Secret
Posts: 2,782
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I would totally pay off that loan major mama!! borrower is SLAVE to the lender, and all Plus, you're scheduled to work for 3 more months, so you'll totally have that 3 month emergency fund back in place before you know it!

Mama of 3 amazingly sweet kids jumpers.gif, living the dream on our urban farm chicken3.gif

root*children is offline  
#30 of 106 Old 11-05-2010, 03:58 PM
 
3timesamom's Avatar
 
Join Date: Oct 2010
Location: no where ville USA
Posts: 340
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Major mama, I would just go ahead and pay it. Once you are debt free your money is yours We hated the low savings account number BUT it feels good to be debt free Now when we get back taxes this year we owe NO ONE!! Its fabulous!!!

Living a life like no one else, with my husband, and all our children
3timesamom is offline  
Reply

Quick Reply
Message:
Drag and Drop File Upload
Drag files here to attach!
Upload Progress: 0
Options

Register Now

In order to be able to post messages on the Mothering Forums forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
User Name:
If you do not want to register, fill this field only and the name will be used as user name for your post.
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:

Log-in

Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.



User Tag List

Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page


Forum Jump: 

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off