Getting Out of Debt - August 2012 - Mothering Forums

Forum Jump: 
Reply
 
Thread Tools
#1 of 44 Old 08-12-2012, 03:54 PM - Thread Starter
 
lilacvioletiris's Avatar
 
Join Date: Apr 2011
Location: Battle Creek, MI
Posts: 3,047
Mentioned: 16 Post(s)
Tagged: 0 Thread(s)
Quoted: 18 Post(s)

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

 


Crafty Geeky lady (37, hypothyroid) married 7/2010 love of my life (42, azoospermia). I believe in MIRACLES! Twin boys born 12/21/13 at 40 weeks 2 days! 3/52 crafts in 2014 Ramsey's BS1: Done! 2/17/12 BS 2 goal: 6/7/17 no sperm initial DX 3/23/12 BFP 4/7/13!
lilacvioletiris is offline  
#2 of 44 Old 08-12-2012, 04:04 PM - Thread Starter
 
lilacvioletiris's Avatar
 
Join Date: Apr 2011
Location: Battle Creek, MI
Posts: 3,047
Mentioned: 16 Post(s)
Tagged: 0 Thread(s)
Quoted: 18 Post(s)

Well, I have been so busy this month but trying to keep focused on keeping our debt snowball going forward.

 

DH finally got all the paperwork to his boss to hopefully get his reimbursement for classes this payday this week.  I really want to go forward with our IVF cycle, but need the extra money from his reimbursement to put us over the top.

 

Excited about a reimbursement for driving to a convention rather than flying - I will get several hundred dollars back in my paycheck on Aug 20, 2012 which we will use for traveling to visit DH's parents.  He is really worried about her health and her recurrent cancer issues. 

 

My baby brother, who is 21, is moving in with us after Labor Day weekend.  He has finally decided that going to school is important to do rather than just wash dishes at a restaurant.  He graduated from high school 2 years ago so this is a good transition to real adulthood.  My husband is a good brotherly influence to make my brother consider a skilled trade so my brother can have an income doing something he enjoys. This will be an interesting change for DH and me.


Crafty Geeky lady (37, hypothyroid) married 7/2010 love of my life (42, azoospermia). I believe in MIRACLES! Twin boys born 12/21/13 at 40 weeks 2 days! 3/52 crafts in 2014 Ramsey's BS1: Done! 2/17/12 BS 2 goal: 6/7/17 no sperm initial DX 3/23/12 BFP 4/7/13!
lilacvioletiris is offline  
#3 of 44 Old 08-12-2012, 05:08 PM
 
dziejen's Avatar
 
Join Date: May 2004
Posts: 1,446
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

Thanks for an August thread, lilacvioletiris!  Sounds like you have some good things coming your way moneywise.  I am glad that dh can visit his parents - it sounds very important to him.

We are still plugging away here.  In addition to making all of monthly payments we have been able to put a little in savings and pay off some medical bills.  We have applied at a local credit union are hoping to lower our car payment so that we can put more towards the payment and pay it off more quickly. 

I look forward to hearing about everyone's progress!

dziejen is offline  
#4 of 44 Old 08-13-2012, 02:00 PM
 
trekkingirl's Avatar
 
Join Date: Dec 2009
Posts: 1,627
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

Well I have had some major unexpected expenses this month. I am so grateful that August has extra pay days for me and DH! My car broke down, I ended up needing a new water pump and thermostat. $350 for that and then two days later my laptop finally went out. I bought it used and got great use out of it for three or four years so it was time. $315 for the new laptop. DD1's birthday is next sunday and she really wants a kindle fire so I am asking family and friends to pitch in so we can make that happen. DH says that if we stick to budget, despite all the added expense this month, we should have an extra $1000 to throw towards the car loan. We are trying to get the car loan balance down so we can refinance for lower payments. Right now we are upside down by about $3000. Hopefully we can get all our debt in order before we get into a mortgage. How is everyone else doing? I would love to hear from you............


living with alopecia universalis (google it), learning alongside my children DD 2003blahblah.gif DS 2007fencing.gifDD 2011jog.gif

trekkingirl is offline  
#5 of 44 Old 08-13-2012, 04:26 PM
 
nstewart's Avatar
 
Join Date: Nov 2010
Posts: 1,721
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

Hi everyone,

 

I haven't posted in a while.

 

We bought a new (different) car, and sold our other (newer, more expensive) vehicle this month, enabling us to put $7,700 towards our line of credit.  Last month, DH got paid for extra work he was doing that allowed him to pay off his CC balance.  We are working towards sticking to a written budget, but haven't been very good at doing that (yet, we are a work in progress)  We were paying a fixed amount per month towards debt, but had some unexpected expenses come up this summer.  But, we are re-committed to working on trying to set aside a fixed amount per month to contribute to our line of credit.

 

I also sold some clothing as part of the 2012 in 2012 decluttering challenge, and plan on putting the $96 towards the LOC.  It's not much, but every little bit helps, right?  My idea is to put any reimbursements I get from work, or otherwise (like for KM, etc.) right towards the LOC.  It's usually only $50-60 every couple of months, but that's better than $00 every couple of months!


N, wife to my goofball K partners.gif and mamma to my EC grad D (July 2010) and my new little love S (May 2013).  Exploring the uncharted territory of tandem nursing with my two boys.

nstewart is offline  
#6 of 44 Old 08-14-2012, 03:09 AM - Thread Starter
 
lilacvioletiris's Avatar
 
Join Date: Apr 2011
Location: Battle Creek, MI
Posts: 3,047
Mentioned: 16 Post(s)
Tagged: 0 Thread(s)
Quoted: 18 Post(s)

I think I need to get back to that decluttering challenge and sell some more clothes.  I am bummed, the reimbursement didn't come on this weeks check either (DH gets paid on Tuesdays).  I really want to get the IVF cycles going.  His next payday is a week before I expect my next AF so here's to hoping that the reimbursement comes by then so we can move forward.  Looking forward to my travel reimbursement on Aug. 20.  Need to wait until then to do much else than travel to our next sperm freeze appointment on Friday.  Have the money to pay for that out of pocket since it isn't considered "necessary" by our insurance.


Crafty Geeky lady (37, hypothyroid) married 7/2010 love of my life (42, azoospermia). I believe in MIRACLES! Twin boys born 12/21/13 at 40 weeks 2 days! 3/52 crafts in 2014 Ramsey's BS1: Done! 2/17/12 BS 2 goal: 6/7/17 no sperm initial DX 3/23/12 BFP 4/7/13!
lilacvioletiris is offline  
#7 of 44 Old 08-14-2012, 07:14 AM
 
TallToriV's Avatar
 
Join Date: Aug 2012
Posts: 149
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

Oooh! I want to keep up with you guys. We finally paid off our consumer debt in May (yay!), got our "unplanned expenses" fund all set, had a great plan all set up for a nice 3-6 months of expenses account, movin' and shakin'....annnnnd I'm pregnant with our first now, plus we're moving across country in Oct. Huge upcoming financial changes include 1) me stopping my freelance work to focus on baby and household management (this one's already happened, and means we lose about $600/month after taxes) and 2) losing an additional $600/month by moving into base housing when we move, rather than living way below housing allowance and banking the overage. We'll be able to find a cheap place and go back to the second one once we've been out there a few months and get to know the area, but I didn't want to be pregnant AND move AND house hunt/deal with buying or a new lease all at once. But for the next 8 months or so, we've got a pretty big monkey wrench in the works.

 

So! I worked up a new budget, and it's do-able, but tight. The challenge is going to be not going back into debt due to unplanned expenses with the move and the new baby (due in Feb.). So I've switched us onto the new, reduced budget now and am putting the extra cash (about $300/month) into a separate savings account for unforeseen baby expenses. And I'm brainstorming ways to stay on track with meeting our needs frugally as they come up - for example, we'll need a washer and dryer when we get there. DH immediately jumps to "Let's go to Best Buy and pick them out," while I'm reining him in and planning to put the word out with friends and relatives who live kinda nearby, get him to ask around at his new command in case someone else is going overseas and needs to unload theirs, start checking Craigslist, join Freecycle out there, etc etc. I know we can do it, it'll just take all my money mojo ^_^ Ideally, we'll be able to save a lot on food and lodgings on our way out there, then use a chunk of our military moving allowance toward the appliances.
 


Proud Marine Corps wife tiptoeing into SAH parenting. Living happily ever after with my Beast, baby Ginny (3/1/13), two dogs, and two ratties.

TallToriV is offline  
#8 of 44 Old 08-14-2012, 07:22 AM
 
leafylady's Avatar
 
Join Date: Nov 2001
Location: Southeastern Illinois
Posts: 1,965
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I use credit cards but pay them off monthly. I have designated one credit card to fuel and auto expenses, one to food, and one to "fluff" which is basically all else. I pay them off monthly, but am hoping this helps myself and our household see where we might be spending too much money. I suspect we spend too much on food and that I spend too much on multiple small purchases, which add up.

I could write everything down, but I never do. At least this way, I can look at the statement and see it all laid out for me, and show it to my boyfriend so we can evaluate together. He is the one who is prone to go higher on food costs. I'm the one who is prone to spending too much on low priced fluff.

I don't like using my debit card because I don't think it gives me enough fraud protection. If a criminal gets access to it, it affects my money in the bank and takes longer to get reimbursed.
leafylady is offline  
#9 of 44 Old 08-14-2012, 10:27 AM
 
Pogo0685's Avatar
 
Join Date: Nov 2008
Location: Pueblo, Colorado
Posts: 579
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

Everyone seems like they are doing so good! DH is finally on board with me, so this month we have had no unplanned purchases, we have been sticking to a budget for the most part. All the bills are getting paid so I can't complain much. We did get the news that the guy who is buying our old Jeep from us on payments got fired on Friday, I am not sure if its good or bad news yet, bad news could be he is not going to make this months payment $300 ($250 of it goes to Tahoe payment, $50 to groceries or bills), the good news could be that he said depending on how much his last check is he might just pay us everything he owes us which would be $900, if that happens then we are going to put $250 on Tahoe payment and pay off 1 credit card that is at $200ish and another one that is at $400 that we have SO MUCH trouble with. We can call 5 days before the payment is due, pay over the phone and they still say we paid late. So I want them gone. I do hope to be able to put $25-$50 in our savings account by the end of the month. Its not much, but it will be something. I know I should put the extra money into savings IF the guy pays us all of it, but I am so tired of dealing with one of the CC companies I just cant justify paying them $47 late fees every month even though I know we pay on time. 

 

 

I also got one of my Christmas Gifts finished, and started working on the next one so I feel really good about that.

Pogo0685 is offline  
#10 of 44 Old 08-14-2012, 04:26 PM
 
forestmushroom's Avatar
 
Join Date: Sep 2011
Location: Pacific Northwest
Posts: 1,167
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

I am joining in here :) We don't have a ton of debt, but I do have about 2000 in unsecured debt I'd like to pay off and never grow again. I can't wait to read along and learn and just be motivated to just not use the credit cards anymore.
 


Forest  treehugger.gifMushroom whale.gif

forestmushroom is offline  
#11 of 44 Old 08-14-2012, 05:17 PM
 
honeybee80's Avatar
 
Join Date: May 2005
Location: Rocky Mountains
Posts: 827
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

I'm gonna join too :)  My only debt is my student loan ($35K ish balance right now), but I HATE having debt, so I want to get that paid down as quickly as possible.  I got a raise at work and will have a little more flexibility in my budget, but I want to allocate it wisely instead of blowing it on stuff I think I need ;)  Here's my plan to tighten up my budget to allow me to pay $500 instead of the minimum payment of $282 on SL:  

  • Tighten my food budget so that I'm only spending $300 a month on groceries (I've been tracking it the last few months and have been spending upwards of $500-$600--ouch!).  Specific plan on how to do that:  meal plan a month at a time; one Costco trip a month for staples that will stretch throughout the month; big veggie purchase at the beginning of the month that I can chop and freeze for breakfast scrambles and stir-fries.
  • Keep miscellaneous spending low--only buy necessities.  I would like to limit this to $50 per month.
  • Keep entertainment/eating out/going out spending extremely low--thinking $20 per month max.
  • Keep gas budget how it's been--$120 per month, which seems to work fairly well.
  • Put $200 per month in savings to try to build that up (it's currently at $2500).
  • Any extra money every month will be put into a cash fund to be used for extra stuff that comes up (holiday/birthday gifts, car issues that may arise, necessities for the kids).
  • I get an extra paycheck in December and June, so I'm going to plan to just pay those toward my loan also.
  • I will put at least 75% of my tax refund toward my loan instead of spending it all on fun stuff ;)

 

I'm going to faithfully use my budget app on my phone to track purchases to keep myself on track.  I'm fairly good with budgeting, but not quite as good at building my savings.  Once that SL is paid off, it's all about the savings.  I'm a teacher at a low-income school, so I'm eligible for some loan forgiveness after 5 years of teaching, so I'm hoping I can sock a bunch of money at that loan and have it mostly paid off in 5 years.


Single mama to DD 10/18/03 and DS 9/15/05 

honeybee80 is offline  
#12 of 44 Old 08-14-2012, 10:07 PM
 
trekkingirl's Avatar
 
Join Date: Dec 2009
Posts: 1,627
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

Welcome to all the noobies! Are you guys doing Dave Ramsey's total money makeover?


living with alopecia universalis (google it), learning alongside my children DD 2003blahblah.gif DS 2007fencing.gifDD 2011jog.gif

trekkingirl is offline  
#13 of 44 Old 08-15-2012, 05:17 AM
 
dziejen's Avatar
 
Join Date: May 2004
Posts: 1,446
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

Congrats on the baby news, TallToriV! 

dziejen is offline  
#14 of 44 Old 08-16-2012, 10:38 AM
 
TallToriV's Avatar
 
Join Date: Aug 2012
Posts: 149
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

Thank you! ^_^ We couldn't be happier. 

 

I'm not technically doing DR currently, but he's definitely influenced the way I DO handle things. His approach seems so common-sensical to me, but the first time I explained the emergency fund then pay off debt THEN invest concept to DH, I could pretty much hear a popping noise as his mind was blown, lol. He never had enough as a kid, and then as a single Marine he always had more than he wanted to spend, so it's all pretty new to him. Makes me feel like a pro biggrinbounce.gif


Proud Marine Corps wife tiptoeing into SAH parenting. Living happily ever after with my Beast, baby Ginny (3/1/13), two dogs, and two ratties.

TallToriV is offline  
#15 of 44 Old 08-16-2012, 03:24 PM - Thread Starter
 
lilacvioletiris's Avatar
 
Join Date: Apr 2011
Location: Battle Creek, MI
Posts: 3,047
Mentioned: 16 Post(s)
Tagged: 0 Thread(s)
Quoted: 18 Post(s)

Always feels good, doesn't it!

 

Yesterday, I found out that my employer is changing the once a month pay date back a day this month and a couple days at a time until pay day is the last day of the month starting in Jan. 2013.  Thankfully we have our emergency fund, because some of my utilities and credit card bills come due and are automatically debited from the bank account on a particular scheduled date.  Still feeling like it is weird though.  I have always been paid on 20th of the month for the last 12 years.  Changing that date is just weird.  I have known how to budget on the once a month pay, but moving the date back for the next couple of months will be challenging.


Crafty Geeky lady (37, hypothyroid) married 7/2010 love of my life (42, azoospermia). I believe in MIRACLES! Twin boys born 12/21/13 at 40 weeks 2 days! 3/52 crafts in 2014 Ramsey's BS1: Done! 2/17/12 BS 2 goal: 6/7/17 no sperm initial DX 3/23/12 BFP 4/7/13!
lilacvioletiris is offline  
#16 of 44 Old 08-17-2012, 08:30 AM
 
anjelika's Avatar
 
Join Date: May 2004
Posts: 907
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

Well, so far this month we've had some setbacks (car trouble, dental issues, medical bills, oh my!) but we are persevering in our savings.  Quite the rollercoaster though.  Not liking it!  However, I did just slash our September liability by $450 by switching to cheaper insurance (husband now eligible through employer) and cancelling the Y membership.  We go just a few times a year, so paying $250/visit (annual fees cost over a thousand) seemed kind of crazy, yes?

 

Can't wait to see even more results!

anjelika is offline  
#17 of 44 Old 08-17-2012, 08:33 AM
 
forestmushroom's Avatar
 
Join Date: Sep 2011
Location: Pacific Northwest
Posts: 1,167
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by trekkingirl View Post

Welcome to all the noobies! Are you guys doing Dave Ramsey's total money makeover?


not formally... but I like the general ideas. I should review his website again.

 

question....we are a largeish family (7 people, 5 kids 2 adults) but we spend a lot more on food than 500/ month... how do you keep you budget down? De don't eat a lot of meat at all--maybe once per month, and we cook a lot--mostly scratchish stuff (we've been buying bread, so we aren't making that--it is too hot to bake!)...

 

coupons don't seem to help because its stuff that we wouldn't really buy anyway... like prepared foods and stuff...

 

? :)


Forest  treehugger.gifMushroom whale.gif

forestmushroom is offline  
#18 of 44 Old 08-17-2012, 09:06 AM
 
TallToriV's Avatar
 
Join Date: Aug 2012
Posts: 149
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

I hear you on the coupons. My bill would be higher if I did couponing, mainly because I have access to the commissary. It seems best for people who really don't want to give up their pre-packaged stuff. Making a meal plan, too, just doesn't work for me and my husband - we have to have room for spontaneity or we'll rebel, lol.

 

For grocery savings, I've yet to find a resource better than The Tightwad Gazette - I have the big complete book, and it seriously puts many other frugality resources to shame. (Actually, I just bought another well-known frugality author's ebook, only to demand my money back because it was so far below the standard I'm used to!) Amy, the author, advocates pantry-based shopping rather than meal plan-based shopping; if you've been trying meal plans and it hasn't been working for you as well, give this a try! Most libraries have her books. 


Proud Marine Corps wife tiptoeing into SAH parenting. Living happily ever after with my Beast, baby Ginny (3/1/13), two dogs, and two ratties.

TallToriV is offline  
#19 of 44 Old 08-17-2012, 06:28 PM
 
forestmushroom's Avatar
 
Join Date: Sep 2011
Location: Pacific Northwest
Posts: 1,167
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by TallToriV View Post

I hear you on the coupons. My bill would be higher if I did couponing, mainly because I have access to the commissary. It seems best for people who really don't want to give up their pre-packaged stuff. Making a meal plan, too, just doesn't work for me and my husband - we have to have room for spontaneity or we'll rebel, lol.

 

For grocery savings, I've yet to find a resource better than The Tightwad Gazette - I have the big complete book, and it seriously puts many other frugality resources to shame. (Actually, I just bought another well-known frugality author's ebook, only to demand my money back because it was so far below the standard I'm used to!) Amy, the author, advocates pantry-based shopping rather than meal plan-based shopping; if you've been trying meal plans and it hasn't been working for you as well, give this a try! Most libraries have her books. 


that sounds interesting! meal planning sort of works for us, but then we end up sort of eating the same things... we don't really stock our pantry because we live super close (like a block) from  a grocery store so I basically just buy what we need each day... which in a sense is good because we don't have a lot of waste and eat what we buy... but with school returning I know it won't be so easy to do that... I'll have to check the book out! :)


Forest  treehugger.gifMushroom whale.gif

forestmushroom is offline  
#20 of 44 Old 08-18-2012, 07:06 AM
 
TallToriV's Avatar
 
Join Date: Aug 2012
Posts: 149
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

I would guesstimate that getting a pantry going should reduce your costs by a good 25% - 30% within the first two months or so, based on your current method and my experience with both (we live literally right behind a Trader Joe's, next to a Target AND a KMart, and across from a Kroger, so I do understand the siren's call of daily shopping!). Mainly because you can stock up on stuff you use a lot while it's on sale, and branch out and try some potentially less expensive meals that you might not otherwise think of, but wind up being delicious. Seriously, leftover soup in my house winds up being essentially free, since it's tiny bits of a bunch of meals that would probably otherwise be thrown out, and it always tastes as good or better than a planned meal. The last 6 slightly squashy strawberries or blueberries get frozen, and later combined with other frozen slightly squashy fruit for really delicious scones or muffins....that kind of thing. It's a whole different mentality than the one you have when you're buying just what you'll use that day. I think it's a lot of fun ^_^ But I'm slightly crazy, too!


Proud Marine Corps wife tiptoeing into SAH parenting. Living happily ever after with my Beast, baby Ginny (3/1/13), two dogs, and two ratties.

TallToriV is offline  
#21 of 44 Old 08-18-2012, 09:18 AM
 
EmsMom's Avatar
 
Join Date: Dec 2001
Posts: 1,389
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 10 Post(s)
Quote:
Originally Posted by TallToriV View Post

I hear you on the coupons. My bill would be higher if I did couponing, mainly because I have access to the commissary. It seems best for people who really don't want to give up their pre-packaged stuff. Making a meal plan, too, just doesn't work for me and my husband - we have to have room for spontaneity or we'll rebel, lol.

 

For grocery savings, I've yet to find a resource better than The Tightwad Gazette - I have the big complete book, and it seriously puts many other frugality resources to shame. (Actually, I just bought another well-known frugality author's ebook, only to demand my money back because it was so far below the standard I'm used to!) Amy, the author, advocates pantry-based shopping rather than meal plan-based shopping; if you've been trying meal plans and it hasn't been working for you as well, give this a try! Most libraries have her books. 

The pantry method from this book has worked well for me for years.  I seldom do much meal planning except as in, what should I make for dinner tonight?   I always have everything that I need, bought at the best prices possible because I basically only shop for sale items, especially loss leaders.  Also fuels my creativity and I can usually easily go a couple of weeks without needing a grocery store, except for fresh produce or perhaps milk.  Of course, to be able to do this, you do need to be able to cook creatively (as in not needing recipes except as idea starters) and also to bake, because children need to eat much more than adults and baking muffins, desserts, etc. helps to fill them up.  But these are skills that improve with practice. 

EmsMom is online now  
#22 of 44 Old 08-18-2012, 04:15 PM - Thread Starter
 
lilacvioletiris's Avatar
 
Join Date: Apr 2011
Location: Battle Creek, MI
Posts: 3,047
Mentioned: 16 Post(s)
Tagged: 0 Thread(s)
Quoted: 18 Post(s)

Pantry cooking sounds interesting.  I have heard of the Tightwad Gazette, but have never read it.

 

Waiting impatiently for payday on Tuesday, Aug. 21.


Crafty Geeky lady (37, hypothyroid) married 7/2010 love of my life (42, azoospermia). I believe in MIRACLES! Twin boys born 12/21/13 at 40 weeks 2 days! 3/52 crafts in 2014 Ramsey's BS1: Done! 2/17/12 BS 2 goal: 6/7/17 no sperm initial DX 3/23/12 BFP 4/7/13!
lilacvioletiris is offline  
#23 of 44 Old 08-19-2012, 05:26 AM
 
nyssaneala's Avatar
 
Join Date: Mar 2007
Location: USA
Posts: 344
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

DR influences the way we pay down debt, and we use one of his worksheets to track debt, but I do deviate from him.

 

My biggest achievement in July was paying off our car loan. This means we only have student loans and a mortgage.

 

Of course, DH's student loan is bigger than most people's mortgages, if you happen to look at my post last month which detailed our debt, you'll see. whistling.gif

 

We haven't made any extra payments yet this month. We had a possible leak in our roof, so we were holding on to any extra money until we found out the cause and cost of that! Thankfully, it was a very minor problem, and easily solved!! Right now, we're anxiously waiting to find out how much his one-year production bonus is, we should know this week. A chunk of that will go towards student loan #1, as well as our retirement account. I'm optimistically hoping we can pay off student loan #1 in the next 12 months, but right now it stands at $40,000...I think I'm being overly optimistic.

 

This is probably where I deviate from DR. We could put DH's entire bonus towards student loan #1, the DR way. Our tentative guess is his bonus will be around $12,000. With that number, we plan on putting $5,000 towards student loan #1, $3,000 in retirement, and give ourselves $2,000 to buy a few things for ourselves and the house. His road to finishing residency has been such a hard and long road. This is his 1 year anniversary since finishing residency and being a real doctor, and we sort of want to celebrate; I feel like we earned it. Plus, I sort of want chairs for my breakfast table, and furniture for my home office. smile.gif The remaining bonus money will go into our savings, and then right out again in a few months to pay for DH's board exam and the rest of our daughter's preschool tuition for the school year.

 

Feel free to convince me otherwise!


 

I am also a lover of books reading.gif, treehugger treehugger.gif, and occasional soapbox stander! soapbox.gif

 

nyssaneala is offline  
#24 of 44 Old 08-19-2012, 12:29 PM - Thread Starter
 
lilacvioletiris's Avatar
 
Join Date: Apr 2011
Location: Battle Creek, MI
Posts: 3,047
Mentioned: 16 Post(s)
Tagged: 0 Thread(s)
Quoted: 18 Post(s)

Sometimes I think we all have to remember that "blow money" is part of the DR way.  I think your idea of keeping $2000 for yourselves to "cash flow" some of the "fun things" you haven't been able to buy or do is okay because you still have your eyes on the prices of paying off DH's student loans.  Getting rid of the car mortgage is a big thing!  Congratulations.  I can't wait until my DH's car loan is paid off.  It is so painful each month to send a huge lump sum to Canada to pay down his car payment.


Crafty Geeky lady (37, hypothyroid) married 7/2010 love of my life (42, azoospermia). I believe in MIRACLES! Twin boys born 12/21/13 at 40 weeks 2 days! 3/52 crafts in 2014 Ramsey's BS1: Done! 2/17/12 BS 2 goal: 6/7/17 no sperm initial DX 3/23/12 BFP 4/7/13!
lilacvioletiris is offline  
#25 of 44 Old 08-19-2012, 01:01 PM
 
nyssaneala's Avatar
 
Join Date: Mar 2007
Location: USA
Posts: 344
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by lilacvioletiris View Post

Sometimes I think we all have to remember that "blow money" is part of the DR way.  I think your idea of keeping $2000 for yourselves to "cash flow" some of the "fun things" you haven't been able to buy or do is okay because you still have your eyes on the prices of paying off DH's student loans.  Getting rid of the car mortgage is a big thing!  Congratulations.  I can't wait until my DH's car loan is paid off.  It is so painful each month to send a huge lump sum to Canada to pay down his car payment.

 

It has been a few years since I read a Dave Ramsey book, so I am rusty on the details of his philosophy. I guess I also thought he advised paying off debt before putting money into retirement accounts? If not, I guess I am more of a DR follower than I realized! I love his snowball debt worksheets, although we chose to pay off highest interest debt first, no matter how large or small the debt.

 

I'm wondering how our choice to continue to travel and take vacations fits in with his philosophy? smile.gif I know we would pay our student loan debt much faster if we didn't say, go to France last spring (not incurring any more debt from the trip, but taking 2 months off from making extra payments)....but that's something I won't sacrifice. Watching my 4 year old DD experience a new culture for the first time, and get to travel outside the country 10 years earlier in life than I was able to....priceless. happytears.gif


 

I am also a lover of books reading.gif, treehugger treehugger.gif, and occasional soapbox stander! soapbox.gif

 

nyssaneala is offline  
#26 of 44 Old 08-19-2012, 11:03 PM
 
trekkingirl's Avatar
 
Join Date: Dec 2009
Posts: 1,627
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

DH was itching to take a trip so we spent the weekend in Reno, Nevada. It turned out being a five hour drive when it is usually a three hour drive due to road work.  Today is DD1's birthday and she had a great day! She turned 9 today!


living with alopecia universalis (google it), learning alongside my children DD 2003blahblah.gif DS 2007fencing.gifDD 2011jog.gif

trekkingirl is offline  
#27 of 44 Old 08-20-2012, 03:49 AM - Thread Starter
 
lilacvioletiris's Avatar
 
Join Date: Apr 2011
Location: Battle Creek, MI
Posts: 3,047
Mentioned: 16 Post(s)
Tagged: 0 Thread(s)
Quoted: 18 Post(s)

nyssaneala, yes, DR says to pay off debt before making substantial deposits to retirement (although I think he does say to put in whatever a employer will match, but no more).  I was talking more about the "blow" money for things that aren't on the budget per se.  DH and I save up money so we can cash flow our trips to see family (9 hours west to see my mom, 9 hours east to his parents).  We aren't going to stop visiting them just because we are trying to pay off debt.  My opinion (not Dave Ramsey's), is if you can go on a vacation without incurring new debt and go on vacation only in moderation to keep yourself sane in the what may be a long haul to pay off debt, do it.  If a vacation means new debt, then DO NOT DO IT.

 

trekkingirl, congratulations on being a mama for 9 years!  Say happy birthday to your little girl.


Crafty Geeky lady (37, hypothyroid) married 7/2010 love of my life (42, azoospermia). I believe in MIRACLES! Twin boys born 12/21/13 at 40 weeks 2 days! 3/52 crafts in 2014 Ramsey's BS1: Done! 2/17/12 BS 2 goal: 6/7/17 no sperm initial DX 3/23/12 BFP 4/7/13!
lilacvioletiris is offline  
#28 of 44 Old 08-20-2012, 08:38 AM
 
nyssaneala's Avatar
 
Join Date: Mar 2007
Location: USA
Posts: 344
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by lilacvioletiris View Post

 My opinion (not Dave Ramsey's), is if you can go on a vacation without incurring new debt and go on vacation only in moderation to keep yourself sane in the what may be a long haul to pay off debt, do it.  If a vacation means new debt, then DO NOT DO IT.

 

 

That's where I'm coming from. I love to travel, and it used to be a part of my job. We had 5 long years of no vacations (other than visiting family) while hubby was in his residency program, because it would have caused new debt. Our France trip was the "WOOHOO it's over!!!!" trip we had been saving up for, for two years. :-)

 

I buck DR on the retirement front because we made zero contributions during DH's 4 years of medical school and 5 years of residency. There was just no extra money, it was hard enough to put food on the table. That was our entire 20's, so now we're trying to pay catch up on that front so 10 years from now, we hopefully won't be behind in our retirement goals. 


 

I am also a lover of books reading.gif, treehugger treehugger.gif, and occasional soapbox stander! soapbox.gif

 

nyssaneala is offline  
#29 of 44 Old 08-21-2012, 07:00 AM
 
TallToriV's Avatar
 
Join Date: Aug 2012
Posts: 149
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

I think enjoying the ride is a vital part of getting to financial freedom. There's a huge difference between blowing money on something and arranging your goals to allow for a high quality of life along the way, and if the second course is an option, it's great!

 

I have a friend who worked her tail off to get out of a huge credit card debt on a non-profit salary. She did this by living for years with what I'd call black-belt frugality rules. By this I mean a very rigid structure, with no room for treats - even frugal, cost-effective ones. Any extra money at all, even $20 saved on a bill, went to the credit card. She succeeded, but instead of feeling accomplished and secure, she immediately set a very high emergency fund goal for herself, stayed on the black-belt plan, and funneled all of her previous credit payments into savings. Now, on paper, that sounds great! But as her friend, I've watched her actually become MORE stressed out and anxious since the debt was paid off! It makes me sad.

 

I think it's so important to understand the difference between your bank balance and your feeling of security and peace, and work on both!


Proud Marine Corps wife tiptoeing into SAH parenting. Living happily ever after with my Beast, baby Ginny (3/1/13), two dogs, and two ratties.

TallToriV is offline  
#30 of 44 Old 08-21-2012, 05:48 PM - Thread Starter
 
lilacvioletiris's Avatar
 
Join Date: Apr 2011
Location: Battle Creek, MI
Posts: 3,047
Mentioned: 16 Post(s)
Tagged: 0 Thread(s)
Quoted: 18 Post(s)

Balance in all things! 

 

Excited because I got my reimbursement today.  I am so happy.  I think I really have to be careful of how money can mess with my emotions though.  I want peace and security, but money shouldn't be the only thing that peace and security are attached to.  The reimbursement will give us the money for our trip up to visit DH's parents for Labor Day. 


Crafty Geeky lady (37, hypothyroid) married 7/2010 love of my life (42, azoospermia). I believe in MIRACLES! Twin boys born 12/21/13 at 40 weeks 2 days! 3/52 crafts in 2014 Ramsey's BS1: Done! 2/17/12 BS 2 goal: 6/7/17 no sperm initial DX 3/23/12 BFP 4/7/13!
lilacvioletiris is offline  
Reply

Tags
Finances , Frugality

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