Getting out of debt in FEBRUARY, 2012!!! - Mothering Forums

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#1 of 90 Old 02-01-2012, 06:32 PM - Thread Starter
 
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Do you want to get out of debt? Start living on a budget? Be able to start saving? Then this is the thread for you! Some of us use Dave Ramsey's method but please join us even if you're following someone else/your own plan. All are welcome!

 

Here's DR's plan:

Pre-Step 1: Get current on your debts and do a budget
0.1 No new borrowing.
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) to help snowball
0.7 Cut lifestyle (Cut cable, cell, extras, eating out) and/or get a second job to raise $1000 EF.
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
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

BS2 Pay off all debt using the Debt Snowball
2.0 Do the debt snowball, paying all your debts from lowest BALANCE to highest.

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: http://www.daveramsey.com or if you want a good DR discussion forum, http://www.llnoe.com is good but hardcore. Gail vax Oxlade's Til Debt do Us Part is great tv show, very motivating. Her website is: http://gailvazoxlade.com/blog Others like Suze Orman or Mary Hunt, really doesn't matter whose method you use, just start the process to getting out of debt

 

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#2 of 90 Old 02-01-2012, 06:33 PM - Thread Starter
 
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We had lots of people join us last month with lots of momentum heading in the right direction. Let's keep it going through February!!

 

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#3 of 90 Old 02-02-2012, 05:39 AM
 
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Back for another month.  Still plugging away at BS2.  We've made tremendous headway over the last several months (we're relatively new to DR).  My job was restructured at work and I got a raise with that -- we're planning on sending all the extra money to debt repayment.  At the rate we're going, we'll probably be completely debt free by December of this year, and able to start working on our FFEF.  After that, our goal will be to start saving to buy a house in cash!

 

We continue to find that our life improves as we get more and more into discerning wants vs. needs.  Life is turning into its own art -- cooking, cleaning, indoor gardening.  All of the things you can just pay someone else to do have so much more meaning when you're doing it yourself.  I read a book last month that had a real impact on me, called Radical Homemakers -- while I'm not quite as radical as the radical homemakers in the book by a long stretch, I think she has a great vision of the home as a unit of production rather than a unit of consumption.

 

Best,

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#4 of 90 Old 02-02-2012, 09:11 AM
 
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I started our tax return last night. We're still waiting on some 1099-INTs (and anything else that might show up...I always seem to be surprised by forms I wasn't expecting) so I couldn't finish it. But right now TurboTax is estimating our return at just over $3,000. Nothing like what we are supposed to get from last year (still waiting on that...), but it will go a long way to building back up our funds and paying off a few little things at least.

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#5 of 90 Old 02-02-2012, 10:41 AM - Thread Starter
 
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Quote:
Originally Posted by AnkaJones View Post

... vision of the home as a unit of production rather than a unit of consumption. ...


I like that idea a lot. I'll have to look into that book. Thanks for sharing! :)

 


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#6 of 90 Old 02-02-2012, 12:19 PM
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I'm here for another month!

Today is the last day that I'll be without money. Tomorrow is payday and hopefully a large one.

I'll be putting money into my BEF and getting my budget taken care of.

I'm so excited.

 

I'm still waiting to do my taxes. My 1099 hasn't come in yet either. Ugh.


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#7 of 90 Old 02-02-2012, 01:46 PM
 
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I wonder for those of you who have done turbotax before, how long it takes for your refund once you've efiled?

 

Yesterday totally screwed up our budget and it was all my fault. DH screws up the budget ALL THE TIME and I never give him crap. Well this time it was me and he won't stop picking on me about it. He says I wanted to fix our finances not him and then I blew it. Jeez, give me a break!

 

It was a pretty bad error though. I went through costco to get diaper wipes. I thought I would be saving by buying in bulk. Boy was I wrong I went through the line and got slammed with a stupid membership fee. So the wipes ended up costing $80 of our rent money. I'm just so tired of being so broke ALL THE TIME. I even gave up our rental to try to free up some slack and I am still just totally broke. I feel so defeated which is totally stupid because I am expecting a GIGANTIC tax return.

 

Great now I'm crying.


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#8 of 90 Old 02-02-2012, 03:14 PM
 
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Hi Trekkingirl,  I think we've all had those moments on our journey to financial solvency.  They really suck, especially if you have someone picking at you along the way.  My own was realizing that I had been paying like $100 per month in recurring payments for things I didn't know I had signed up for. 

 

It gets better, and gradually you plug the leaks (I forgot who used that analogy on this thread in the past... but it was a good one) and things get better.

 

 

 

Anka


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#9 of 90 Old 02-02-2012, 03:34 PM
 
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Quote:

Originally Posted by trekkingirl View Post

 

DH screws up the budget ALL THE TIME and I never give him crap. Well this time it was me and he won't stop picking on me about it. He says I wanted to fix our finances not him and then I blew it. Jeez, give me a break!



Give you a break indeed! I don't care if he's so perfect with the budget that quarters come out his butt while he's looking at it, there's no excuse with him blowing his stack at you for a mistake you accept you made. Cuss.gif

 

I mean, I would be annoyed at DH if he just blew money on crap and didn't care (which is, thankfully, not the case). But if he tries hard and made a mistake? I've got nothin' to say about that.

 

Sorry you're having a hard day. I wonder if you can return the purchase and get your money back on membership. Also, if you find yourself in deeper than you wanted to go, it's ok to say "uh, I gotta think about that" and step out of line and think. It's just an assumption but I imagined you feeling kind of cornered when you were told you had to be a member, and signed the dotted line because you didn't want to be embarrassed and didn't want to hold up the line or anything. Which I totally get. But have gotten old and cranky enough to not care anymore.


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#10 of 90 Old 02-02-2012, 03:48 PM
 
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Yeah I felt cornered but I did ask if I could pay the annual fee my next time in and they said no. I guess knowing we had the big tax return on the way I said yes when I would normally say no. I'm thinking if I had done the opposite DH would probably say something like you took all that time to drive down there and load and unload the  kids and you walked out empty handed. Costco here is always a zoo and a genuine effort.


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#11 of 90 Old 02-02-2012, 03:51 PM
 
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I just listed a stroller on craigslist so maybe I can make up some lost money.


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#12 of 90 Old 02-02-2012, 04:59 PM
 
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 I'm thinking if I had done the opposite DH would probably say something like you took all that time to drive down there and load and unload the  kids and you walked out empty handed. Costco here is always a zoo and a genuine effort.


Sheesh, so you can't win?

 

Wish there was an ass-kicking smiley so I could at least do it for you virtually. For a smile at least. orngbiggrin.gif

 


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#13 of 90 Old 02-02-2012, 05:00 PM
 
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yeah it's a good thing I love that BOY!


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#14 of 90 Old 02-02-2012, 05:44 PM
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Quote:
Originally Posted by trekkingirl View Post

I wonder for those of you who have done turbotax before, how long it takes for your refund once you've efiled?

 

Yesterday totally screwed up our budget and it was all my fault. DH screws up the budget ALL THE TIME and I never give him crap. Well this time it was me and he won't stop picking on me about it. He says I wanted to fix our finances not him and then I blew it. Jeez, give me a break!

 

It was a pretty bad error though. I went through costco to get diaper wipes. I thought I would be saving by buying in bulk. Boy was I wrong I went through the line and got slammed with a stupid membership fee. So the wipes ended up costing $80 of our rent money. I'm just so tired of being so broke ALL THE TIME. I even gave up our rental to try to free up some slack and I am still just totally broke. I feel so defeated which is totally stupid because I am expecting a GIGANTIC tax return.

 

Great now I'm crying.

 

That sucks but don't beat yourself up for it.

When I did turbotax, I think it took two or so weeks. I think. Did they give you an estimated date after they accepted your return? It shouldn't be long.

 

I hear you on being sick of being broke. I am too.

I got my paycheck today. It was a little more than I expected but now that I've sat down to budget, I have maybe 5 dollars left. I wont complain though.

My BEF is back up to $74 so at least that's in the works.

My tax returns came in today too so I'm about to continue working on my taxes. Hopefully that will come in soon though its going to take me a while to finish.

 


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#15 of 90 Old 02-03-2012, 02:14 PM
 
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trekkingirl, I'm sorry that DH is giving you a hard time about your mistake. I hate it when I make dumb mistakes that mess up the budget that I'm trying so hard to work on, and it would be even more devastating if DH got on my case about it too. I beat myself up enough for that stuff.

 

Speaking of which, last night I messed up big time. I forgot to lock up my bike after DH left for work, and this morning when he got home it was gone. We don't have a car and we use our bikes to get everywhere, so it will have to be replaced, which is gonna cost upwards of $250. *Sigh*

 

Other than that, our budgeting and debt-repayment is going well. Without taking the bike (and last month's fridge fiasco, which ended up costing us $800 on a 0% credit card that will be paid off in 17 months) into consideration, we should be poised to have all the credit cards paid off, and our EF funded somewhere between 3 and 6 months, by the fall. And then I think we're going to start TTC. I'm excited!


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#16 of 90 Old 02-03-2012, 05:20 PM
 
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I like that idea a lot. I'll have to look into that book. Thanks for sharing! :)

 


I concur on that Radical Homemaking book.  Just put in a request for our library to get it.  Looks like an excellent read.

 

I used TurboTax to do my taxes and efiled on Jan. 26, they were accepted Jan. 27, and my return was deposited today (9 days later including the weekends).

 

Sorry to hear about the "membership fee".  It is one of the reasons I stay away from "Sam's Club".  I can't buy enough stuff their to agree that the membership fee is okay.  I am trying to break myself of my stuffitis.

 


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#17 of 90 Old 02-03-2012, 08:06 PM
 
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Our tax return is going to be double what we had planned. I'm so excited! We're planning to save the entire thing which will fund 2/3 of our big EF. Unfortunately we had to file on paper, though, so there is no telling how long it'll take the money to get to us.


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#18 of 90 Old 02-03-2012, 08:36 PM
 
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I really enjoyed reading  Radical Homemakers.

 

We are back to the pre-steps, trying to catch up on bills, but we should be getting a hefty tax return, so that should help a lot.  Also, DH's second job just offered him more hours.  Wohoo!


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#19 of 90 Old 02-05-2012, 05:55 AM
 
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Former lurker, newly subbing. I have some financial goals this year so this group has inspired me to get focused!

 

As far as turbo tax...I submitted electronically on 1.26.2012 and my federal was deposited 2.2.12! I was so excited. 

 

For 2012:

 

1) I have paid off my dh's last student loan! Yeah! Those people were driving me crazy. I would make extra payments last year on one so I could pay it off and they would spread it over the 2 loans! Grr! Then they changed their phone system so I was forced to go on their website to check out the balances. So yesterday I made an electronic payment and I am done with them! It feels so good to check another debt off my list.

 

2) I have my $1000 (and some change) in my emergency fund

 

When my state comes in I will pay off a car loan I have which will increase my monthly by $344! After that, I plan on getting caught up on some minor household repairs. And then in March I will start chipping away at my home equity line of credit and continue to add to my emergency fund.

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#20 of 90 Old 02-05-2012, 12:40 PM
 
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Hello Everyone!

 

We have been following Dave's plan for a little while now, and it was around this time last year that we got out of debt.  To encourage those of you who are trying to get out of debt, it is so so frustrating during the times you can't see the light at the end of the tunnel, but when it works out and you pay it off.... it is one of the greatest feelings in the world!

 

We have completed baby step 3. We have 3 - 6 months in savings, but a small car fund saved.  My husband will be maxing out his retirement soon, which brings us to baby step 5, right?  College saving.  And who knows how long we'll be on this step, but I cannot cannot cannot wait to get to step six and of course, seven.  Anyone have any advice for us on college savings?

 

 

 

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#21 of 90 Old 02-05-2012, 06:07 PM
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Im so glad to read everyone's return is coming back quickly. I'm hoping to file by the end of the week. I'll use it to get out of step 1 and my BEF. 


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#22 of 90 Old 02-05-2012, 08:38 PM
 
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well it's been six days here and the where's my refund tracker still doesn't even register our filing. Could be a while.


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#23 of 90 Old 02-06-2012, 01:26 AM
 
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Is anyone else back at this, after getting their finances under control? I feel like a failureredface.gif

 

We were totally debt free, then made a radical move to another country (my husband moved while I was still pregnant/recovering from last baby ever) and we just made so many mistakes. Fully financed a really expensive car, thinking we had the money to pay it off then promptly jumped into buying a new house. On top of that we owe our employer for a pay advance and a mistaken ginormous pay mistake, and at this point I am feeling very crunched.

 

I had really gotten used to saving tons and fully funding retirement, and now I need to digest the idea that I need to send that money to debt payments and be ok with that.

 

My problem is that our biggest debt with the largest interest is the house and we can make payments only once per year to pay down in addition to regular payments. So I have to watch that savings account grow and stress out about all the little bills I am still plugging away at. (By little I mean 20,000, so you can see why I am stressing).

 

When we moved the plan was to rent for a few years, pay off the car and buy--but we couldn't find anything to rent and just jumped when this house came up to buy. Yikes.

 

So here's to checking in, hope you are all doing well! I'll plug in numbers later this month hopefully to keep accountable, my eldest has been in the hospital and it's been a crazy few months!

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#24 of 90 Old 02-08-2012, 10:25 AM
 
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When do you think it's safe to assume no more tax forms are going to show up? I'm anxious to file, but I don't want to have to amend my return later if something else comes.

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#25 of 90 Old 02-08-2012, 02:32 PM
 
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January 31 is the deadline for your employer to send out w2's


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#26 of 90 Old 02-08-2012, 03:26 PM
 
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Quote:
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January 31 is the deadline for your employer to send out w2's

Thanks! I know we have all of those. What about other form types? Like student loan interest and checking/savings interest?

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#27 of 90 Old 02-08-2012, 09:30 PM
 
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I don't have a student loan and didn't even realize that you could earn interest on money you owe? Also I have never had enough money in a bank account to earn any interest so I'm no help there.

 

AFM I got my state tax return today and was able to pay back a relative and put $300 towards the EF. I will add another $700 when I get my federal return.


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#28 of 90 Old 02-09-2012, 05:01 AM
 
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If you have not received your student loan interest form in the mail by now I would go or check on line. I had one not show and was able to pull the information off my dh's account on line.

 

Good luck!

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#29 of 90 Old 02-09-2012, 04:56 PM
 
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I don't have a student loan and didn't even realize that you could earn interest on money you owe? Also I have never had enough money in a bank account to earn any interest so I'm no help there.

 

AFM I got my state tax return today and was able to pay back a relative and put $300 towards the EF. I will add another $700 when I get my federal return.



Not earning interest, but you get to deduct the interest you paid on student loans. 

 

PP who asked, my student loan form came in mid-January, but if you haven't received it, the info should be on your lender's website. 

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#30 of 90 Old 02-10-2012, 04:31 AM
 
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Still waiting for our tax refund here...trekkingirl did you get yours back yet?  Things are tight but we are getting by.  Our tax refund will pay off one of our debts (bank loan) and help us put some money into bills/savings.  Getting pretty anxious!

 

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