Dave Ramsey spring/summer 2016 - Mothering Forums

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#1 of 39 Old 05-21-2016, 08:59 AM - Thread Starter
 
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Dave Ramsey spring/summer 2016

I copied this from the winter 2015 thread from orangemama.


The Baby Steps:

Pre-Step 1: Get current on your debts and do a budget
Before you begin the baby steps, you must be current on your bills and, if you aren't doing one already, begin doing a monthly budget.

Baby Step 1: Save $1000 cash in the bank
Start your emergency fund . If your income is less than $20,000, make that $500.

Baby Step 2: Get out of debt
With Gazelle intensity and using the debt snowball, pay off all your debts.

Baby Step 3: Finish the emergency fund
With the money you were paying towards debt, now with no debts, you can save 3-6 months of expenses into a fully funded emergency fund.

Baby Step 4: Save for retirement
Saving 15% of your income didn't seem possible before, but with no payments, you'll be ready for retirement and not have to take a job as a Wal-Mart greeter.

Baby Step 5: Save for College
Instead of taking out student loans, your kids will be eternally grateful you thought ahead and had a plan for their higher education.

Baby Step 6: Pay off the house

Baby Step 7: Build Wealth and Give It Away

---------------------------------------------
Expanded Baby Steps:
0.1 Commit to NEVER borrow $$$ EVER for ANYTHING other than possibly a house
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 the basics (You MUST have Food, Utilities, Shelter, Basic Transportation)
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 "extras", Internet, Eating out, etc) and/or take a second job if $1000 EF will take more than 30-90 days. (depending on income)
0.8 Get current on ALL bills.

1.0 Save $1000 in Baby Emergency Fund (EF)
1.1 Chop up CC's. (You have an EF now, no NEED to keep those CC's!!!)
1.2 Get Health Insurance NOW (chances of getting sick w/major medical bills are larger than that of death), especially if you have children.
1.3 Get Life Insurance NOW if you have debt/your family couldn't make it financially if you died. Especially important if you have children! Social Insecurity only provides a small amount of coverage if you have dependents.
1.4 Amputate cars that you can't pay off within 24 months (you have an EF to fix "bondo buggy" if something should happen)
1.5 Consider raising insurance deductibles to $500 or $1000 and dropping full coverage on paid for "bondo buggy" (you have an EF ya know)
1.6 Draw up a will.
1.7 Get Long-Term Disability Insurance.

2.0 Do 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!!!)

3.0 Save 3-6 months EXPENSES in EF (FFEF)
3.1 Start replacement car fund.
3.2 Save up 20% for home purchase OR pay down existing mortgage to the point that you can drop PMI.
3.3 Start furniture or other non-essential stuff replacement fund.
3.4 Move up in car if you still feel the need to (must pay cash for it!, you can only buy NEW if you have a net worth over a million dollars)

4.0 Start contributing 15% of your paycheck to retirement.

5.0 Save for kids college fund.

6.0 Pay off the house early.

7.0 Live like no one else since you have lived like no one else! Give, Build Wealth and Have Fun!
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#2 of 39 Old 05-21-2016, 09:06 AM - Thread Starter
 
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I will be working on paying off debt. we are in the process of moving so that is always a tricky time for finances.


I have acrued some debt from the move, about 600$, so I plan to tackle that immediately as we are moving.

I haven't went over the grand debt numbers. We do have 1000$ in emergency funds right now. I prefer it to be 1500 and technically we have 1300 but I may need to use that 300 for moving costs still.

I also plan to start shopping for life insurance soon. even if it is small, I just really need some peace of mind with dh and I.

Spring/Summer goals:

Pay off debts from move 600
Get life insurance
have 1500 in emergency fund
continue paying off debts

debts we have: student loans, van loan, credit card 1,2,3..I think that is it. Don't have exact amount but about 14000$ Will update later.

we have no more preschool payments so that is saving us 328$ per month starting in june. Also dd's not doing gymnastics so that is another 52$ per month we have free. We were spending about 30$ on school lunches as well. Also the dsds will be at their mom's an extra day and night so that will bring our food budget down though small like maybe 5$ a week... so that is about 430$ in savings over the summer months just with the kids stuff!

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#3 of 39 Old 05-21-2016, 03:38 PM
 
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@kindofcrunchy - thanks for putting this up! Will be back soon to post my goals/update.
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#4 of 39 Old 05-21-2016, 06:35 PM
 
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Oh yay! Thanks @kindofcrunchy82 for the new thread. I'll be back later too to update. We've had a LONG day but I definitely want to get started on this!

Michelle
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#5 of 39 Old 05-22-2016, 05:57 AM - Thread Starter
 
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Anyone use everydollar? It is a free budgeting tool from dave ramsey.

https://www.everydollar.com/?ictid=UX6Z51603
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#6 of 39 Old 05-22-2016, 08:04 PM
 
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I don't follow DR exactly but like his guidelines for inspiration. Looking at the list, I think we're at a pretty good starting place.

House, cars and any other possessions are all paid for. Car insurance is liability only. All bills are current and we have a $1000 EF.

Debts:
2 CC's ($400 and $1000)
2 student loans ($3000 and $6000)
1 $51 medical bill I found when I pulled my credit report. I do have the money to pay this once I can verify it and figure out how to get it paid.

Goals:
Check on medical bill to pay it (once verified).
Pay off $400 cc this month.
I do have the $1000 EF but I'm considering using it to pay off the $1000 CC and then start saving for EF again. It would take away my savings but at least the interest wouldn't be collecting on the cc.

I'm hoping we can take care of these first goals fairly quickly. Once that is done I'll be able to start making plans for the savings and student loans. We have more medical bills coming up this year and I need to be prepared for those when that time comes.

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#7 of 39 Old 05-25-2016, 01:29 PM
 
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Payday and I got the first credit card paid off! Still deciding if I should put the savings on the other cc or just pay it off as I get the money. I think I'll probably go transfer the money so I can just pay it off. I do have some extra in the banking account and a teeny tiny amount squirreled away other than that money plus there are the credit cards as backup in a true emergency. I should be able to get the EF back up fairly quickly and it'd save money on the interest.

Goals:
  1. Send out letter about medical bill to verify it and pay it (if legitimate) --- For May/June
  2. Transfer savings to pay off $1000 CC --- For May/June
  3. Work on re-saving the $1000 EF --- As soon as #2 is complete

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#8 of 39 Old 05-25-2016, 03:02 PM
 
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Okay so I just sat here working on my budget for June and figured it all out. I'm going to take the current EF and put it on that credit card. I should be able to refund the EF in June if I stay on budget.

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#9 of 39 Old 05-26-2016, 10:20 AM
 
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Thanks for posting this! One of my summer goals is to work on our financial situation. My husband is unemployed and has been for a few years. I've been upset about this but I suddenly also realized that if I wasn't so bad with money, this whole thing would be much, much easier!

Here's some of the steps I'm taking now:

I took on a small contract job which will pay for our vacation to visit my family.

We have 5 debts. 4 are medical and total: $2500. This week I am working on applying for financial assistance on 2 of the medical bills. I have a payment plan set up for $25/mo. for 1 of the medical bills. With in the next 30 days, I'll pay off 1 of the medical bills.

Our final debt is our cc: totaling $9k, mostly for our new heater and A/C plus some legal $.

We have $10k in savings, so I guess we're just about at that $1k emergency fund if you net it together.

We have about $2,500 of a tax return that I'm waiting to decide what to do with. I know D.R. would say to apply it to our debts. I will likely do that with a portion of it and use the rest for some home repairs. I'm still fine tuning the details.

I'm also teaching extra this summer for some extra income to help lower our debts and have a little fun. That starts at the end of June.

And, I'm going to start listing to D.R. podcasts for more motivation and ideas.

That's my update. I'm looking forward to reading all of your posts for more information. We can do this!
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#10 of 39 Old 05-29-2016, 08:32 AM
 
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I am on pre-baby step 1. Still, after all of this time.

I do a budget every 2 weeks - as that is the frequency that I get paid. I am not perfect at it but have gotten better over the last two years.
My problem is that I am still not current on all of my bills. I refuse to work more. I already work a full time job and a 24 hour part time job. I need to cut expenses. I have a few ideas for how to do that. Will post those ideas once they are solid in my mind.

My goals for the summer are: to get current on all of my bills. Somehow.

One thing that trips me up is that my SO is not on board with DR. We keep most of our money separate anyways honestly. I just think that this would all go faster if he would get on board - particularly with the saving for the $1,000 emergency fund.


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#11 of 39 Old 05-31-2016, 06:52 AM
 
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I can completely relate. My DH and I keep our money in different accounts. I'm the only one listening to and reading DR right now. We can't change anyone else, we can only change ourselves. I've just come back to working on my financial situation and I've already found ways to make several changes. I'm sure it's not as much change as I could create if DH was with me...but it's also a heck of a lot more change than we've made in years!! Let's do this!

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#12 of 39 Old 05-31-2016, 08:25 AM
 
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Hopefully your dhs' will get on board soon. Even if they don't any work you put in will still be an improvement

I have to go to the bank to shuffle money to pay off that big cc and still haven't gotten to do that yet. The plan is to do that sometime this week. I just sat down and finished paying bills for June. I need to work out my plans for June with the rest of the money. My big concern right now is still preparing for unknown medical expenses so I'm unsure how to budget. Oh the joy

Michelle
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#13 of 39 Old 06-04-2016, 05:21 PM
 
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So I've been following DR loosely for a while. I have baby step 1 done, baby step 2 I just have the car left. I moved student loans to baby step 3c. 3b is a down payment for a house.

So I have about 6k left on the car but little things are starting to go wrong with it so I'm unsure about pouring a bunch of money into it. I guess I don't have a choice do I? I'll have to pay for it one way or another.

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#14 of 39 Old 06-07-2016, 03:22 PM
 
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So we are in a really decent place, financially, considering I work PT and DH has been unemployed for 4 months. He is going back to school, so we are working out all the moneys involved in that. We are down to a couple medical bills (>$100), a CC (~$1500), and our student loans (~$35k). Our vehicles are in good condition and paid off. Our house needs work, but is paid off. I'll be doing farmer's market again this year, and DH is looking into a crap job to last him until his classes start.

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#15 of 39 Old 06-08-2016, 07:52 PM
 
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So I totally blew it with my budget these past 2 weeks. I did not use credit cards but I did spend money that should have been for bills on "fun" things. I have trouble saying no to my kids sometimes.
Well I get paid again on friday. Working on a new zero budget for the next 2 week period. I WILL do better.
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#16 of 39 Old 06-19-2016, 07:40 AM
 
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Credit cards are paid off! Well... technically I use two of them for the cash rewards so they're constantly getting a new balance but they are "paid off" again with no extra on them that I can't pay off right away. I also have the $1000 EF collected although I need to put it away in the savings account. I do have the money set to the side.

Still need to check on that old medical bill. We need to do all the paperwork stuff like life insurance, disability insurance, will, etc. I'm hoping to get all of that done by the end of the year. We have a lot of things to sell off too. Still a ways to go but I'm really happy with the progress we've made this year.

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#17 of 39 Old 06-20-2016, 10:33 AM - Thread Starter
 
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hi everyone,

we are just about done moving. Gah I forgot how expensive it was. And our new house the ac crapped out so yes we had to buy a new ac a few weeks after moving in. We paid cash but I did rack up some other things on credit cards this month so that is going to have to be paid off and we had to use our ef to help pay for the ac! So we have 4$ in savings right now and a hefty new credit card balance from the move and the extra expenses. I was working numbers for next month and I hope to have about 300 to 600 to put towards ef and the credit card balance. I plan to put 300$ in ef and if there is any extra use that to pay the new cc balance. We were also supposed to get a credit back on that cc for 510$ but haven't yet so I am waiting to see if/when that happens before i report the exact cc amount but it is about 2200$ =/ So not dave ramsey style but this house was just too much to pass up and that is a small amount given the fact that we got such a good deal.

So plan now is to rebuild EF and tackle the new cc debt asap so we can start paying off the other debts and start buying baby items, we don't have much at all right now.

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#18 of 39 Old 06-23-2016, 07:48 AM
 
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Hi everyone!

I think we're doing some amazing stuff here. Here's my update.

We have lowered our cc and medical bills down to 3 from a total of 5 this month. I got one medical bill zeroed out through the financial assistance application. That's a savings of $1,464.97!! We're waiting to hear back on the other medical assistance application. I should hear in a week or two. I moved money out of savings to apply to our debts, applied a cash infusion from my parents and also applied our full tax return to the cause as well. That means our cc bill is $3,500 (down from $9000!) and our medical bill total is $941.12 for the 2 bills.

Our savings stands at $7,282.00. As my income fluctuates, my plan is to leave that money in savings rather than clearing our credit card debt right now. I make more in the summer but less from Sept 1 - January 31. During those money money is REALLY tight so I think that's the best choice. That way I won't be using my cc to make up the budgeting gaps. Do you think Dave Ramsey would approve??

This summer I do plan to continue to keep working on that debt. I have 2 big pays coming up at the end of June and July so I should be able to make good progress if I can stay away from the shops. (I did splurge some on hotels and shopping while we were out of town visiting my family. EEK.) I've also found some small ways to make extra money here and there like UserTesting.com and some other avenues.

I'm inspired by you all. Let's keep this going!

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#19 of 39 Old 06-23-2016, 11:42 PM
 
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I'm in. I am currently going through a divorce, so I am racking up some extra bills (attorney) that are going on a credit card, but I know that without my SO in the picture, I'll be better off. He buys coffee everyday, and always "forgot" to take the lunch I packed for him, so he would have to buy one.
After the divorce is final, I imagine I will have $0 in savings, but if I am careful with my money, I should be able to complete step 1 by the start of 2017.


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#20 of 39 Old 06-30-2016, 08:59 AM
 
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Mamapigeon, I think it's great that you have a goal to work towards. That's what's been really helping me. I'm laser focused on getting out of credit card debt and it's made a huge difference.

I got paid today and was able to pay $1,410 towards our credit cards!! I can't believe it. Since I'm teaching A LOT extra this summer and I've budgeted very clearly, I was able to do this. In the past I never did this. Last summer I had the same extra teaching load and I didn't do one financially responsible thing with it. Recently, I've been listening to the Dave Ramsey podcasts almost every day, though, and it's helping me stay focused. I really don't want to pay interest anymore on my cc. And they are raising my interest rate to 10.9% starting July 1. So, with this payment my cc debt is down to $1,990. My medical bills are still the same but there's no interest there so I'm waiting to pay those still.

For me, it really takes daily focus or I drift away making good financial decisions. Today I'm looking at the fun things I want to do over the next week and seeing what fits within the budget. Of course I came up with 6 things and all are costly. OOPS! I'll have to make some good decisions today about what to do. It is hard turning down fun but I know it's temporary while I get out of debt. Once my cc is cleared, I won't have that monthly required payment getting in my way. It will help.

That's my update. Thanks for reading it. I'd love to hear how y'all are doing too!

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#21 of 39 Old 07-01-2016, 12:28 PM - Thread Starter
 
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thank goodness is is july! We will still have some ripples of the move to deal with but june was brutal. We just got the 510 check to put on the credit card for the over charge during closing. Plus we got another 55$ check last week for an over charge. The credit card is 2550 so I will pay the 510 plus the extra 40$ this month and get it to 2000. I went over the debt and we are at about 14,800 right now. We will put a huge chunk into paying off this month so I hope to have it to about 14000 by the end of the month plus put at least 300 back into the efund. I may end up doing a balance transfer on the 2000 because i still have another cc with 2000 that 0% interest expires in march that i would prefer to pay off first. So just some moving around and reduction but always trying to go down and reduce the debt fast if we accrue it. I am so looking forward to income tax this year. Last year was great but we used that money for the house downpayment but this year we plan to use most of it to pay off debt so hoping we will be well under 10k after that, maybe even close to 7 or 8k.

I am going to do a major overhaul of the food budget this month. i think I am missing some things about it and maybe not adding all items in right because we just seem to be spending more than i think and not accruing a huge stockpile of food. And we need to stockpile lol. These kids seem to be eating a ton lately!

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#22 of 39 Old 07-06-2016, 09:52 PM
 
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Things are looking up for me financially. Nothing saved, as I am focusing more on debt management right now, but I have found some promising extra income options I'm hoping to find time for soon. I've got to be making around $700 more a month to cover my bills, and even more if I want to save.

Food is definitely a weak area in my budget. Somehow I keep coming home from the grocery with things that weren't on the list. And, for some reason my phone bill was $20 higher this month.


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#23 of 39 Old 07-30-2016, 12:59 PM
 
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Things are looking up for me financially. Nothing saved, as I am focusing more on debt management right now, but I have found some promising extra income options I'm hoping to find time for soon. I've got to be making around $700 more a month to cover my bills, and even more if I want to save.

Food is definitely a weak area in my budget. Somehow I keep coming home from the grocery with things that weren't on the list. And, for some reason my phone bill was $20 higher this month.
Mamapigeon, I'm glad you're coming up with extra ways to make $$. Do you mind sharing? I'm always looking for other ways too. There just isn't enough money to go around here!!

I also wanted to share my update. I got paid on Friday and was able to put $1,000 on our cc. That brings the cc down to $780 from a high of $9033!!! The only way I could pay that much was by working like a dog but I'm happy I did it. We still have over $900 in medical bills. I'm paying $25 on one this week and still waiting to hear back about financial assistance on the other. I can't believe we've come this far on our debts. My goal is to pay the rest of the cc off by 9/1 and get clarification on the medical bills by then too. Then we'll have to go into spending lockdown because my salary drops until 2/1/17 when I can teach extra again. I hate that I may not be able to fire up my emergency fund like I want to but I just have to focus on the progress I'm making this summer.

How's everyone else doing?
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#24 of 39 Old 07-31-2016, 02:16 PM
 
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SpiralChrissy, that is amazing about your credit card! Good for you!

The extra income ideas I have are: getting my car wrapped with advertisements- supposedly reputable sites are listed on here http://moneypantry.com/get-paid-for-driving-your-car/
Starting a blog (not as interesting as it requires money up front and a large time investment)
Posting a craigslist ad offering to babysit since my kids are here anyway and I don't earn money during the day
My friends and I are starting an Etsy store (also has a start up cost, but with 3 of us working on everything, ought to be manageable).

I also downloaded Slidejoy on my phone. It's an app that gives you points for having ads on your phone. You can trade them in for amazon gift cards. I've had it 2 weeks and have already earned 5 dollars for swiping past the ads several times a day and doing a few surveys for free product samples (just got my first sample in the mail a few days ago, so at least one was legit).



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#25 of 39 Old 08-03-2016, 07:20 PM
 
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Cool! I get Bing Rewards. Just for searching, I usually earn a $5 giftcard a month. It doesn't seem like anything at all. I've been doing it for awhile. You might want to check that out. I've thought about a blog too but haven't settled on what to write. I do love writing so the time might be worth it...if I can find the time.

We'll get there!!!

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#26 of 39 Old 08-07-2016, 09:55 AM
 
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Seeking suggestions-
Where do you all "hide" your baby emergency fund from yourself?
I have tried a box in the back of the closet and my savings account at my bank. Neither of these have been secure enough for me and my tendency to rationalize anything as an "emergency".Thanks for any thoughts.
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#27 of 39 Old 08-08-2016, 10:19 AM
 
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Seeking suggestions-
Where do you all "hide" your baby emergency fund from yourself?
I have tried a box in the back of the closet and my savings account at my bank. Neither of these have been secure enough for me and my tendency to rationalize anything as an "emergency".Thanks for any thoughts.
I transfer the money to a savings account on ally.com, an online bank. Since it takes 2-4 days for a transfer to go through, I have to plan ahead or pay myself back with the account. It keeps me from just spending the money.

Check out my radio blog, Pagan Musings, and my writing (as Selina Wolfcat & Sarah Buhrman).
I'm a head-covering witchy mama to DS ('06) and DD ('10) with DH, Stormie, a Heathen breadwinning daddy.
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#28 of 39 Old 08-18-2016, 10:35 AM - Thread Starter
 
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just checking in.

Kids are back in school. Most expenses are taken care of. Ds wants to orchestra so I am waiting to see how much an instrument will run. I have one I can borrow, but apparently the cello comes in different sizes and I don't know if the size will be right for him. So if i need to rent one that would be about 50 per month, ex should pay half. I have his tennis paid for and just mailed off the registration fee for gymnastics for all 3 girls. Fortnunately our exs will pay some of their ec's so we likely won't be footing the full bill.

We have 200 in savings. I am hoping to keep that stable this month. I ended up not being to save anything last month. It may take a few months to get the 1000 ef back with all the baby needs.

That's about all with me. No great news or bad news, just trying to rebuild savings from that a/c debacle at the beginning of the summer. Luckily the utilities are going to be going way down in the next month since we aren't paying for the rental utilities anymore. We only got half our deposit back for the rental. We expected it and are just glad to be done with that place for good.

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#29 of 39 Old 08-18-2016, 11:25 AM
 
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Hi everyone! I'm super excited to report that I paid off our credit card TODAY!!!!! We had $665 left on it. The company charged us more in interest this month than they did last month so I got mad and just went ahead and paid it off. I used savings to do it. I feel so much freer! I still have 2 medical bills but 1 is on payments and I'm waiting to hear (still) about financial assistance on the other one. This is a big day for us. I'm super excited. I didn't think I could pay off $9033 in 3 months but we did by working extra hard and skipping out on extra meals, camping trips and summer fun. It was hard but totally worth it now!!!!

And now we're on to building our 3 - 6 months EF. We have $7,000 but need $20,400. So, we're at 35% on building that goal. All our extra dollars will go there but in the fall we'll be making less money so we may have focus in on the basics of bills and survival. I'll do what we can to stay focused, though.

We still have to pay for DS activities. He wants to do photograph, which I LOVE, but the class is $250. I'm going to see if we can sell a piece of furniture or something to cover it. Thankfully the only other activity is piano and that's just $25!!

As for the question about savings, we too have our extra savings set up at another bank. It does make it harder to access and that helps!

Kindofcrunch, $200 is GREAT. You're 20% of the way there!!!
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#30 of 39 Old 08-26-2016, 08:47 AM
 
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@SpiralChrissy and @kindofcrunchy - way to go !! YAY !!


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