GETTING OUT OF DEBT IN AUGUST 2013 - Mothering Forums
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#1 of 42 Old 08-01-2013, 08:51 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 42 Old 08-01-2013, 09:01 PM - Thread Starter
 
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Well I have some news................we didn't get the house. The bank decided to go ahead and foreclose on the current owners. House prices have gone up 30% in the last six months so by not selling me the house the bank will make a lot more money. I should be really pissed but for some reason I'm not. I guess it just wasn't meant to be? So now I have all of our house savings to use on paying off debt. On Monday I'm paying off our LOC that we owe $4500 on. Then I'm going to pay off my only credit card. I think I owe $3500 on that. Once that's done I'll have a personal loan to tackle, $6500 there and my car loan, another $6500. I can't wait to get started!


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#3 of 42 Old 08-02-2013, 03:02 AM
 
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sorry about the house. but looks like you hve a plan and wth the debt paid off you will be able to save up for the next house.

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#4 of 42 Old 08-02-2013, 04:00 AM
 
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Subbing


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#5 of 42 Old 08-02-2013, 06:35 AM
 
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Ages ago I was part of this thread, but never REALLY got gazelle intense. Now i'm BACK! I had a different username back then too...

 

Anyway,

 

I'm on babystep 2

This is our second month of doing a budget and envelope system

We paid off our car last month! Wahoo!

Now we are working to pay off Bank of America (credit card...ick) Our snowball is around 2,000 so hopefully it doesn't take too long to knock out (it's around 6,000)

 

I'm actually enjoying the envelope system more than I thought! I'm also constantly listening to Dave podcasts, I heart radio past Dave Ramsey shows, and reading all kinds of get out of debt "stuff" It keeps me fired up and motivated! We've also significantly cut back our food budget (we were spending 1800 a month on food for a family of 4 and I cut it back to 900).

 

Anyway, glad to be here and "meet" all of you!

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#6 of 42 Old 08-02-2013, 08:12 AM
 
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hello I am joining you all, I am not following DR  due to going back to college and needing loans etc for that, but otherwise I am going to get my game plan in order. 

 

Here is my plan: For August I am working toward getting my EF back to 2000$. It is August 2nd and there is only 500$ in my bank accounts due to medical bills and rent coming out on time and xdh is a few days late on his support payment, this is exactly why my EF is at 2000$! One unexpected bill and xdh a few days late and my bank account is almost emptied!

 

I am also working on cutting spending, limiting eating out, which has been going great the past week, also cutting some bills, cut out dental insurance freed up 38$/month, cutting out a sport for ds cut out 20$ a month, one student loan is in deferment and isn't accuring interest so I can put that 70$ to eliminating other debts! Lastly shopping for a new cellphone/plan, going to go to straight talk as soon as I decide on a new phone which will save 45$/month

 

extra income: 80$ a month from a side nursery job (I am setting this aside for gifts/holidays/mas etc) 

 

need to sell some more items laying around the house.

 

I went over my strict budgeting plan and I believe I can get about 500-700$ freed up to eliminate debt and pay off classes I need in a timely manner in the next year if I follow the plan to a T 

 

My current debts:

 

70$ on TCP credit card I will pay off as I get the bill

1300$ on chase card 0% interest for 1 year

1500$ in perkins loan 5% interest

2200 on fed loan (this one is in deferment) at 0% interest

2300 unsubsidized loan at 6.8% interest

1000 unsubsidized loan which will be going through in a couple weeks at 6.8 interest

892 needed in 2 weeks for class (will use CC and pay this and then make payments to CC)

1300$ needed for class in october 

135$ needed for a test for certification

 

Goal 1: Pay off TCP card 70$

Goal 2: Get EF back to 2000$

Goal 3: Pay off chase balance

 

kind of wonky but I realize I cannot follow DR while I am in college, it just doesn't make sense to. My family comes first and I am not going to lose my mind trying to make money while I am in college fulltime and still sahming with kids while living on support from xdh. BUT I need to get a plan for me and need a place to stay accountable or I will slip off track and waste more money...


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#7 of 42 Old 08-03-2013, 11:35 PM
 
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August already?  That means I have 10 weeks until my EDD, 10 weeks....eek!  I have come to the conclusion that my grocery budget will be more than it usually is this month and next month as I prepare my freezer for post partum. My goal is that I will have about 42 dinners frozen and ready for after the baby is born.  I also want quite a bit of lunches and breakfast items like pancakes and waffles.  I think I am so neurotic about it because I literally did not rest at all after having Dd.  I had her on a Monday and was back in school full time the next Monday, then back to work full time right at 8 weeks while still going to school full time.  I worked myself so hard I ended up with walking pneumonia and it was the sickest I have ever been. I do not want to go through that again so I am trying to make it to where I can just relax and concentrate on healing and taking care of my two kids for the first several weeks PP.  We are going on a vacation to Texas about 5-6 weeks after my EDD so the plan is that I will have enough dinners frozen to get us through then and for like a week after.

 

I have my plan all set but putting it in action is tiring!  I hate handing over the kind of money I am to prepare lol.  I know it will be worth it in the end though.


-Meagan

 

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#8 of 42 Old 08-04-2013, 06:05 AM
 
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well it is augt and because of car problems last month I had to raid the EF,  so as of right now I have 370 dollars in the fund but this month is to replenish that. So I will only be paying min on SL(1499 bal). I was almost done with BS 2 but I will still have that SL paid off by Christmas joy.gif

Meagan your bill will be higher this month but lower the month follow the baby. I think having all those meals in the freezer is awesome :)

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#9 of 42 Old 08-04-2013, 08:06 PM
 
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Ahhhh, Lilacvioletiris!!!!!!!!!! Congratu-freakin'-lations!!! I missed the post that you were even expecting let alone far enough to know the sex(es). So exciting!,

We're chugging along here. Debating borrowing $6,000 from my parents for a roof. In 12 mos we could pay it back easy peasy, but this year with DH in school, it would be nice to just get it taken care of.

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#10 of 42 Old 08-04-2013, 09:10 PM
 
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pollyanna- Yea I keep trying to remind myself of that but it's just so hard lol.

 

eirual-  Depending on how bad the roof needed it I would borrow it and get it done.  In my experience roof problems are something that can go from bad to worse pretty quickly.

 

AFM- My midwife appointment went good today, baby is finally head down-let's hope he stays that way.  Although my midwife did say she was comfortable delivering if he was breech so that makes me happy.  I don't know how Dh would react though.   I also took on an extra day nannying this week so that will be an extra 50.00, the only problem is I found a screw in my tire this morning so I know where the 50.00 is going, but hey the Lord is providing lol.


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#11 of 42 Old 08-04-2013, 10:26 PM - Thread Starter
 
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It felt really good to pay off that LOC!!!!! $4500 less debt on my shoulders. I still really want to buy a home but I don't think that will ever happen here in California. Any of you ladies have any suggestions on where I should relocate to be able to buy a home? I've been thinking about Phoenix, AZ.


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#12 of 42 Old 08-05-2013, 10:37 AM
 
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We are going back home to Texas when Dh gets out of the Army, the COL is lower and although sales tax is higher than most other areas of the country we don't have a state income tax so it evens out.


-Meagan

 

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#13 of 42 Old 08-05-2013, 11:09 AM
 
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so i had 108 rewards points on my CC, took that and got 108$ credit on to the card. Only reason i found out is that my min payment for some reason hasn't gone through, I made it last friday, so i made a 2nd payment online to avoid the late fee, will wait a couple more days to see if the first payment through my bank goes through as it is showing it is processed online on my bank website and it was processed on friday but this new account seems to be slow to get payments to go through. 


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#14 of 42 Old 08-05-2013, 01:05 PM
 
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Trekking, have you heard of Mister Money Moustache? He chose his town strategically. Ended up in Oregon, I believe.

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#15 of 42 Old 08-05-2013, 09:27 PM - Thread Starter
 
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No, I'll check him out.


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#16 of 42 Old 08-09-2013, 07:03 PM
 
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Are any of you on the DR Facebook group?

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#17 of 42 Old 08-10-2013, 11:00 AM - Thread Starter
 
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I didn't know there was one. Is it very active?


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#18 of 42 Old 08-10-2013, 04:12 PM
 
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Welcome to the newcomers and returners to the thread. For some reason I didn't catch on that there was a new thread for August.  Oops.

 

Thanks eirual for the congrats. Having two boys has made my DH very excited! I am happy too but had been hoping for a boy girl twin set.

 

Friday morning I sold an antique trunk for $20 and old Lane end table for $10 through a craigslist advertisement.  I have to laugh since both of these items I picked up off the curb so anything above zero was a net gain for me. I spent it on some new maternity pants at the outlet mall - I got one pair for $1.20!!!! and another for $12.00 . With work I still need to dress up a bit when I got to interact with teachers at their schools and it was nice to find some deals.  The $12 pair had been $29.98 but was on the AS IS shelf because one of the legs had a hem that had come undone - yeah, I can fix that in about 5 minutes with black thread and my sewing machine!

 

Talked with the ob insurance person finally.  It was really odd this was our 4th appointment and every time we were there the desk workers would say, "Oh the insurance person isn't here or is just gone for lunch or whatever." I finally told the nurse and then the doctor that at 21 weeks I still hadn't signed any paperwork or seen the charges for coverage.  The doctor finally told us that that day was the insurance person's last day so she would make sure there was someone to take care of the paper work with us. It sort of sounded like the insurance person was being fired. Because of all the medical bills this year, it looks like we have almost reached our out of pocket maximum so we likely won't have to pay the $945 portion of the OB fee because all the ultrasounds I have to have are billed as they come, not part of the global OB charge. Once we reach our OOP max, my insurance pays 100% instead of 80% them, 20% us.

 

Mister Money Moustache is pretty hard core. I follow his blog and some things are useful, others are just a bit out there for me.

 

I follow the DR facebook page. Seems like DR is getting ready to retire from some of the things he has posted as of late.


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#19 of 42 Old 08-10-2013, 10:36 PM
 
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What's the link to the DR facebook page?


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#20 of 42 Old 08-11-2013, 07:57 AM
 
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https://www.facebook.com/daveramsey


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!
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#21 of 42 Old 08-11-2013, 11:14 AM
 
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Thanks! For some reason when I searched it, it wouldn't come up.


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#22 of 42 Old 08-12-2013, 01:20 AM
 
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hi guys been a tough week. well I got a mail from consumer cellular that they had changed their plan that now mins between phones on same plan were free. so took the oppertunity to reduce the plan one level lower.  I had 100 mins for the whole week told my mom we had one hundred mins (shouldn't have done that) and that we couldn't use any mins for the next week. so Friday I get an email from company with my updated mins seems sunday, the day before I talked to my mom her BF called his brother and talked to him for 56 mins so I really had 44 mins for the week. well my mom doesn't know the meaning of not using her phone because I saw calls all week on her phone. I ended up over 11 mins I think but won't officially know til tomorrow.

I was upset when I talked to my mom on sat. I said a few things I'm not happy about.

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#23 of 42 Old 08-12-2013, 02:27 AM
 
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Sorry to hear about your cellular overages, it always seems those are worse than having a slightly bigger plan with the way cell companies ding the consumer with fees.  I hope you can get it worked out.


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!
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#24 of 42 Old 08-12-2013, 08:37 PM
 
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We had unexpected car repairs last month and just about drained our emergency fund. Our checking account is at the bare minimum until payday but it feels good to have cash for grocery money left in our budget and no credit card bills for the repair!
Here's what is on my mind: recently we received a back settlement and now have $5900 dollars in an account. Hubby is buying a much needed lawn mower in the next day or so. We have no debt other than our house and one of our cars. The car we owe about 15k on and are consistently making payments above the minimum - we pay about an extra $150 per month. We have paid $9k towards this loan this year by using tax money and making these extra payments. i do not want to keep this car - it is bigger than I want, it has had quite a few things that have needed fixing, etc. I am afraid it will get more costly as time goes on. We do have equity in the car. Do we pay a chunk of money and keep making bigger payments to pay the loan off ASAP and then sell? Do we trade the car in and use our chunk of cash for the newer car? I don't know that we will buy something brand new (unlikely) but will probably be looking for a few years old and most likely have a payment. Right now our loan is through a credit union and we have really low interest. Also, the amount we could pay monthly will increase but should we be using that money for something else instead of paying nearly double the payment? So conflicted and confused...
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#25 of 42 Old 08-13-2013, 04:51 AM
 
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hi guys I have a question right now my only debt is an old student loan in collections. I'm paying 150/m min on it but have called and paid extra. well the question is that they want me to rehab the loan and if I pay it off before the 9 payments are made it can't be rehabbed and that will effect my credit report because it will not be removed as it would be if I continue the rehab. does this sound right? because my goal is to have this paid off by Christmas and that will be before the 9 payments.

I'm not sure about the car thing what kind of repairs did you have done and what are you afraid you might need in the future. I myself hate car payments of any kind. What I plan on doing with my extra money after debt is paid off is save for a house. and then retirement savings.

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#26 of 42 Old 08-13-2013, 06:48 PM
 
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dziejen, that is a tough decision. Do you think you can sell the car to make enough money to pay it off and use the $5900 to get an "ok" replacement?

 

pollyanna, I know that DR "doesn't care about a credit score" because he expects you to buy everything after you get out of debt with cash. I guess if you want a good credit score, the "rehab" may be worth it rather than paying off. But if you plan to do what DR suggests a credit score won't matter "eventually".


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#27 of 42 Old 08-13-2013, 07:28 PM
 
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thanks lilac

I really have the goal of getting it paid by christmas so rehab wasn't something I cared about. just wondering what the woman was talking about. I guess they just assume everyone wants good credit :)

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#28 of 42 Old 08-13-2013, 09:29 PM
 
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Quote:
Originally Posted by dziejen View Post

We had unexpected car repairs last month and just about drained our emergency fund. Our checking account is at the bare minimum until payday but it feels good to have cash for grocery money left in our budget and no credit card bills for the repair!
Here's what is on my mind: recently we received a back settlement and now have $5900 dollars in an account. Hubby is buying a much needed lawn mower in the next day or so. We have no debt other than our house and one of our cars. The car we owe about 15k on and are consistently making payments above the minimum - we pay about an extra $150 per month. We have paid $9k towards this loan this year by using tax money and making these extra payments. i do not want to keep this car - it is bigger than I want, it has had quite a few things that have needed fixing, etc. I am afraid it will get more costly as time goes on. We do have equity in the car. Do we pay a chunk of money and keep making bigger payments to pay the loan off ASAP and then sell? Do we trade the car in and use our chunk of cash for the newer car? I don't know that we will buy something brand new (unlikely) but will probably be looking for a few years old and most likely have a payment. Right now our loan is through a credit union and we have really low interest. Also, the amount we could pay monthly will increase but should we be using that money for something else instead of paying nearly double the payment? So conflicted and confused...

 

I would trade the car in first and go from there. If you don't need that particular car, there is no point in paying for it longer than necessary.


 

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#29 of 42 Old 08-20-2013, 06:58 PM
 
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I know i'm still working on my baby steps, but i'm also trying to get my mom out from under her debt. She is selling 2 of her yearlings Thurs I asked her what she was going to do with the money she said hold onto it for a bit. told her she would be better off paying off the loan she has for the shed. (about 400 left) and holding onto the rest she will save the interest on the rest and have that 117 payment to help with next month's bills. right now she is living with 2 roomates one retired the other unemployed so their money is very tight. I'm trying to get her to do dave ramsey but she seems to think there is no point.:(

I know I can't force her to take the baby steps but I did bribe her into paying off that loan. told her if she paid it off Daniel(myson) and I would get her a surprise Friday. was that wrong?

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#30 of 42 Old 08-21-2013, 02:57 AM
 
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Parents have a hard time when kids try to talk to them about money issues. Especially when parents make choices that we perceive as not the best. Can't force an adult to something they don't want to do but if you can encourage better choices through sharing how similar changes have enhanced your life go for it!

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!
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