G.O.O.D (getting out of debt) October thread - Mothering Forums

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Old 10-04-2004, 10:52 PM - Thread Starter
 
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We're almost a week into the month, so I thought i would start the new one, with good news-

i just sold a book on amazon for $100! Granted, with amazon's cut, i only make $85, but its going to pay for my banner/advertising for my wahm business, which will hopefully generate more money, all of the profits of which go to our debt. I am soooooooo .

if you're wondering what the book was... a hardback, good condition copy of The Beatles recording sessions of Abbey Road. When I was in high school, i was a Beatles freak (actually, more like junior high) and got this as a gift. i don't think i ever read it, and apparently, you can't get the hardcover editions any more.So glad i saved it! that's the kind of thing that one might just send to goodwill!

I am a homeopath, offering acute and constitutional consultations for children, babies, and parents. Long-distance treatment is easy, either phone or skype! I also am certified to offer Homeoprophylaxis, a vaccine-alternative program. Message me for more details. www.concentrichealing.com
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Old 10-05-2004, 11:34 AM
 
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WOW! I'm certain I don't have any books worth 100 bucks.

We just finished our basement remodel. Ok so it isn't quite done, but close enough that we decided to move furniture back in and let dh set up his desk. Anyhow, we have three rather tall bookshelves to put back up and put the books back onto. We'll be culling all the books that we no longer "need" or imagine using at any time in the near future. Amazon.com, I figure. Although I hate the steep commission, I like that there's no charge for listing them.

Kristin -- mom of Erin (11/5/02) and Leah (9/29/05)
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Old 10-05-2004, 02:09 PM
 
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Oh ladies I need support

I am having a BAD day instead of a GOOD one

I went to pay bills today, I knew I was a little late in getting to some, but as my usual way goes, I thought I had enough time. I found that one of my CCs had payment due date of the 3rd, and 2 others were today, with yet another due on Thursday. The one I was already late on, well, I jsut am sending it in, too late to do anything about that. The 2 due today and the one on Thursday, I had to call and make "speed payments" on, which is a charge of $14.95 (a piece) to make sure it posts by today. Sigh....when will I learn?

I think what I need to do as soon as I am done with this post is to print out some calendar sheets and write down every monthly payment we have, when they are due (when they should be sent by) and all of that. I have not done this in the past, b/c I didn't want it all written on my kitchen calendar where all of our guests could see our terrible/embarrassing debt.

What I REALLY need to do is to set up all my CCs to be able to get online statements and make online payments. I am really good with the few bills that I pay that way. I can do it while I nak, yk? Actual paying of paper bills requires the baby to be happily playing without me for a bit, and heck, I have to use that short span of time to shower and pee, yk?

Sigh.. I am really bummed right now mamas.

Dh will be starting his new job soon, he has another interview for a different job Thursday, but either way- it will be a new job and the way things are seeming right now, we will be paying COBRA health insurance so $750/month instead of the $600 for the next three months, with less income than he gets right now, so we will be down at least $200/month from where we have been- which was barely scraping by.

So- I am trying to figure out what I can do, where else I can cut back, or what else I can sell.

I HATE this, I am still resolved to get out of debt, and to acquire (sp?) no new debt, but I am just at a loss right now as to what I can do, and then- there's Christmas coming. :

OK, baby fussing again.

Off I go....

:Patty :fireman Catholic, intactalactivist, co-sleeping, GDing, HSing, no-vax Mama to .........................:..........hale:
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Old 10-05-2004, 02:21 PM
 
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Quote:
Originally Posted by Peppermint
Oh ladies I need support
I think what I need to do as soon as I am done with this post is to print out some calendar sheets and write down every monthly payment we have, when they are due (when they should be sent by) and all of that. I have not done this in the past, b/c I didn't want it all written on my kitchen calendar where all of our guests could see our terrible/embarrassing debt.
I did this. Printed a calendar from outlook or some other microcrap program. I printed them for the next 5 months, I think. each Sunday I wrote down all the bills that are due for the week. on friday I wrote down all the incoming pmts that are coming in that week. on saturday I did total in, total out and a penciled running balance on our checking.

Dh has his record keeping in quicken. That never works for me. so much more rewarding to cross it off on paper, kwim? anyhow we both have our lists now and we meet each week to discuss what's going out/in. He needs me to hold his hand in paying bills, but I guess that means we are talking more about what's going on.

Christmas....what I'm doing is selling off excess stuff and then taking the actual profit in paypal (transfering the postage to checking) and saving up for a christmas gift buying thing. we also have a 200 dollar amazon gift cert. luckily most of my family likes books

Kristin -- mom of Erin (11/5/02) and Leah (9/29/05)
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Old 10-05-2004, 03:38 PM
 
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Patty,
Writing it down helps, I got a notebook and keep all my budget and bills and write down everything in there and cross it off as it clears, helps me not forget anything. Also I too forget when to pay bills, when they are due so I signed up with mycheckfree.com It sends me emails when a new statement comes up and I set the date when it is due. It is a wondeful system for us.
We are doing pretty good finacially, we are getting ready to move across teh country and hopefully everything goes smoothly with the move and we won't have too much out of pocket expenses (military move). I'm hoping to use some (if we have any) of the extra money from the move to pay off some bills. We are very frugil so we are hoping that helps. Does anyone have any good tips for traveling with small kids on the cheap. We are planning on staying at motel 6 because htey are cheap and allow pets and we will bring a cooler, what kind of healthy snacks travel well? Any travel tips would be appreciated to help us cut costs.
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Old 10-05-2004, 08:34 PM
 
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When we travel, we live on rice cakes, peanut butter sandwiches, corn chips, baby carrots and apples with some emergency cookies for when the kids lose it. We usually stop at a restaurant for a hot meal every other day. Good luck with your move.

We're still working on the mortgage- will be paying that down for awhile. Unfortunately the water heater just started leaking and we need that replaced today. The kitchen flooring is also peeling and needs to be replaced this winter or next spring. There are always surprises around the house.

My parents never had a mortgage and own their place. It's always shocking to me how much we still owe on this house after being here as long as we've been.

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Old 10-06-2004, 11:01 AM
 
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we always stop for dinner when traveling. I think it is nice to have a hot meal. preferably some little hole in the wall diner that has room and doesn't care if erin explores a bit.

we've done lots of traveling in the summer - it might still apply where you are. Dh and I like coffee (and ice cream). We often stop at this place about 2 hrs from home for a cup of java and an ice cream cone -- shared among the three of us. It calms us all down and we have fun chatting with the people who own the place.

other ways to avoid just stopping for a quick meal -- we bring along a picnic lunch and often stop at this place -- the great lakes visitors center (right on lake superior). It has a couple of nature trails that are about 1/2 mile long. We just go casually and let my daughter just run as much as she wants. We do it in the winter too...

food -- applesauce can be good when you stop. yogurt too. cheese and crackers. grapes. pretzels are our secret weapon. she loves them and we get them out when she gets pissy.

search in the toddlers forum -- there are LOTS of ideas there for traveling with kids.


i've been reading this yahoo list called something like cindy's porch -- it is about having a cash christmas. She provides daily ideas for how to save up cash for christmas. Now honestly, she's a little too focused on christmas for me, but she has some ideas for scraping together extra cash. peppermint you might check it out. www.cindysporch.net, i think.

We have about 300 bucks socked away in a low-interest savings account. It will come to us in the first of november -- one of those christmas club thingys. It didn't make much interest, but I think of it as peace of mind. We like to travel to see family and having that cash there means there will be no cc useage to attain that. We'll be continuing to put 30 bucks there every month beginning in january.

Kristin -- mom of Erin (11/5/02) and Leah (9/29/05)
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Old 10-06-2004, 07:03 PM
 
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I'm joining in here, So glad I ran across this thread.

We are in a ton of credit card debt.
My husband started a business this year, and alot of start up expenses went on cc. Then he wasnt making very much so our living exp started going on the card.
He took on a couple part time jobs until he is up and running so finally, we are making just enough to pay all our regular bills.
I am a diaper sewing wahm, so all I make there goes to bills.
I was reading the old thread this morning, and told my hubby how one of you called the cc and got the interest rate lowered. He wont do it. He says they are a pain in the butt to deal with and wont even try.
Theres only one card in my name, so if I call them what do I say?

we cant even juggle balances around since we have so many cards almost maxed out.


So I have decided NOTHING goes on the cards. If I had to go shopping, and I didnt haev cash, it just went on the card. My hubby has a biz bank acct, so mine never has muvh $$ in it, so I told my hubby from now on, if I dont have the cash, or the $ in my acct for something, he either has to give me the cash, or go to the store himself.

I am going thru my house trying to sell/ebay as much as I can.
This is so depressing, I cant beleive we let it get this far. But we moved out of state, bought a house(that was $13000 down) so at least we have our house now, started a biz, so I guess I dont feel so bad about the debt, but I really want to pay it down.
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Old 10-06-2004, 09:19 PM - Thread Starter
 
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I have a little calendar system too. It's taped on the inside of my bills binder, and i have bills that are due written in on the dates they *usually* are. It so rarely differs, so it works, it doesn't matter if its a day or two off. The rest of my binder is ideas taken from FlyLady, I think. In the pocket of the inside flap of the binder are all the bills that need to be paid. then i have a pocket folder for each month. As they are paid, i put the stub in the folder. On each folder, I have a list of the bills by name and a box to check them off as they are paid. that way, at a glance, I can see what I still need to pay. its been working really well for us. Pretty much the most organized we've been, as far as bills go.

Peppermint, I 've been where you are before and it sucks. But, I guess the bright side is there's always another month coming up to pay ontime and do what you need to do .

I am a homeopath, offering acute and constitutional consultations for children, babies, and parents. Long-distance treatment is easy, either phone or skype! I also am certified to offer Homeoprophylaxis, a vaccine-alternative program. Message me for more details. www.concentrichealing.com
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Old 10-07-2004, 05:43 PM
 
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I have too much cc debt, a van that won't be paid off for 3 years and we scrape by every month. I'm going to take some of your organizing ideas for bills if you don't mind. Here lately I'm always paying a late fee eveyr month. Simply because we don't have any money and I'm tired of trying to come up with it for bills. The cc debt we have is business related and I'm working on not making any more cc debt. But sometimes it's just so hard. We had a little cc debt when I started the biz so that's mixed in with it also. It makes me tired just thinking aboiut paying bills. My dh threw his back out this week and he's off work. Really made me start doing the what if's scenarios. I love my van but sometimes I think it would be so much nicer without that payment.

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Old 10-07-2004, 06:45 PM
 
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We're still kind of a mess. We all went out of town for a wedding and even though I planned for that expense, the gas, easy snacks to take with us, and all the other little incidental expenses really threw us off. So much for my starting over with no extra bills month huh?

I'm hoping that November and December won't bring a bunch of extra spending. DH and I have had a lot of talks about minimizing the Christmas extravaganza. Last year I tried really hard to keep our in-family purchases to a minimum in an effort to simplify and about had a heart attack when i realized that I was ending up spending more on office gifts than for my own child. It really got out of hand - first there was the ridiculously expensive gift someone decided to buy for the boss and "let" everyone chip in on. Then there was the office party where we each (dh and I) had to bring a $20 gift for the gift exchange game. Then, lo and behold, people showed up at the office with the stupid little gifts like red and green candles and birdhouse tree ornaments that no one wants but everyone gives. I decided to forget about the "friendly gifts" and just got a present for my secretary. If people don't like it, they can not get me something next year, right? Does anyone else get bogged down by this?
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Old 10-07-2004, 11:22 PM - Thread Starter
 
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Shannon, theres some great stuff in the Tightwad Gazette about how to not just "chip in" on all that office stuff. have you thought about just making cookies or treats or something? that kind of culture in an office can be so frustrating...

I am a homeopath, offering acute and constitutional consultations for children, babies, and parents. Long-distance treatment is easy, either phone or skype! I also am certified to offer Homeoprophylaxis, a vaccine-alternative program. Message me for more details. www.concentrichealing.com
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Old 10-08-2004, 10:46 AM
 
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On office gifts---- IMO it would be the rare person who would rather have a birdhouse tree ornament over yummy fudge . I am with newmainer on yummy treats.

:Patty :fireman Catholic, intactalactivist, co-sleeping, GDing, HSing, no-vax Mama to .........................:..........hale:
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Old 10-08-2004, 04:53 PM
 
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Hi everyone. I was meandering around MDC and decided to check out this forum...I'm not usually here for deep thought, kwim? I'm so glad I did, though -- this is just what I need. My dh makes a great amount of $$, but we have accumulated so many bills that we are now looking at an almost $300 deficit in our monthly budget.

I'm having a hard time cutting back and controlling my spending. Anyway, just wanted to say hi & subscribe to this thread for support -- and hopefully to help out, too!
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Old 10-08-2004, 05:16 PM
 
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I'm gonna need to hang out here for support too, esp. now that Christmas is coming.

I just filled out the RSVP card for a friend's wedding and had to say we won't be coming. It would be an 800 mile drive (or flight) plus a hotel & meals and there's just no way we could manage it.

It's one thing to deny myself Dunkin' Donuts or just avoid going to the thrift store for clothes every weekend, but not being able to go to a friends wedding really makes me feel how broke we are, kwim? He came to my wedding, (5 years ago) and I feel like such a jerk that I can't do the same for him.

I often daydream that Ed McMahon or whoever will just show up on my doorstep with a giant check. But I know the only thing that will really make a difference is if we spend less. A lot less. And that is so hard to do.
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Old 10-09-2004, 04:30 PM
 
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welcome to the new mamas. I can't wait till I can get off this thread -- but it will be a darn longggg time.

anyone heard from piglet in a while? did she have the baby?
yeah. i know I could just look her up and pm. but asking ya'll is easier and then i don't feel like a stalker.

christmas....i *just* realized that it is like two months away. Two very busy work months. So I need to get my butt in gear and get my gifts made. I also realized that I have a list of stuff to sell on the TP and some fleece and knit fabrics to maybe swap or sell and I should get on it. I promised myself (a) to buy dh's bday gift with paypal $ and (b). to try to save for a serger for myself. Thus far I've got 26 bucks. I want to get my dh ice skates for his bday, 26 bucks won't get me very far!

this is kind of a sewing board question, but I'm making a feltboard for my dd's birthday. She'll be two. She's getting a crown with her name on it and the feltboard from us for her bday. Anyhow...the thought is to cut shapes, numbers and letters out of felt. And/or shapes cut like clothing -- think paper dolls. Anyone have any other ideas? DH is reasonably handy at cutting stuff out (i know this from scrapbooking) and we are spending next friday night making said feltboard and her halloween costume.

Kristin -- mom of Erin (11/5/02) and Leah (9/29/05)
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Old 10-09-2004, 08:40 PM - Thread Starter
 
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anytime you want to swap or sell that fleece, lmk...

I am a homeopath, offering acute and constitutional consultations for children, babies, and parents. Long-distance treatment is easy, either phone or skype! I also am certified to offer Homeoprophylaxis, a vaccine-alternative program. Message me for more details. www.concentrichealing.com
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Old 10-09-2004, 10:04 PM
 
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Can I join in. We are trying to get out from under more debt than I care to think about.

A couple good things so far this month:

1.) We had a yard sale a couple weeks ago and I sorted the "leftovers" into donate and sell on eBay piles. The eBay pile has all sold and will cover our November car payment

2.) I needed basic speakers to hook my XM radio up to and the cheapest we could find were $17. Not a huge cost, but more than we wanted to spend. As we were heading to the checkout we noticed a 50% off table and there were speakers on there for $5!
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Old 10-10-2004, 12:38 PM
 
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Welcome to the new posters to this thread- it is a place of great support.

Felt boards- cut out pieces to go along with her favorite stories so she can "tell" the story along with you. For example- The Very Hungry Caterpillar, you'd have a caterpillar that is small, all of the foods which she could make the caterpillar eat, then a big caterpillar, then a cacoon, then the butterfly. Kids love to tell stories with the felt board .

We will be finding out this week whether the next few months here will be feast or famine, dh is up for 2 different jobs, one paying not enough and the other paying at least $10,000 more than he makes right now. Wish us luck!

I've been wondering about Piglet too, hoping all is well.

:Patty :fireman Catholic, intactalactivist, co-sleeping, GDing, HSing, no-vax Mama to .........................:..........hale:
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Old 10-10-2004, 03:27 PM
 
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Hi everybody,

This is my first time posting on this thread, but I'm so glad to find it. I worry about money constantly.

DH and I just finished law school. In three years of law school, we managed to rack up more than $200,000 worth of student loan debt. In January, we have to start paying it off. It is just so much money that just paying off our fixed expenses (housing, insurance, etc) puts us in the red. We're trying to cut down on expenses, but I can't tell you how bleak our financial future looks.

I know I have to get a job, but I'm really chafing at the idea of working. I'm just so happy right now being a SAHM that I'm really in denial about the idea that I will probably be working in three months. I don't want to slow down on breastfeeding. I don't want to leave DS with a bunch of strangers all day. I know that I got myself into this, but I just feel so much pain at the thought of separating from DS so soon. I don't know how to make myself accept it.

Hypatia
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Old 10-10-2004, 03:39 PM
 
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hypatia -- could you do research stuff for another atty. in the area & work from home? I believe I've heard of other atty.'s doing that. Good luck, I can't imagine having to leave mine, either.
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Old 10-10-2004, 09:51 PM
 
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welcome....on being a lawyer and working and all that stuff -- kofduke is a lawyer, i think, and posts quite frequently on the working mamas board. she might have ideas for you.

I went to IKEA this afternoon and returned the unopened 2 packs of laminate flooring and didn't buy a darn thing!! Yay me! I looked around and then finally realized I didn't need one thing there.

Then I stopped and bought felt and some interfacing at the fabric store. Tonight I'm going to try my hand at making fabric bowls (potentially gifts for all those people I give xmas gifts to, i have the fabric need the interfacing stuff). Hopefully it will go well. i think the hardest part will be cutting out a circle.

Kristin -- mom of Erin (11/5/02) and Leah (9/29/05)
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Old 10-10-2004, 10:13 PM - Thread Starter
 
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Welcome Hypatia! Tough situation you are in. I hope that you connect with some other working moms in your boat who might have some ideas. There are some great ideas and tips that run through this forum that can make a big difference too.

My update... well, I finished my second weeeknd of craft fairs today. I only sold enough to cover my tent rental fee and the entry fee, but made some good connections. Both from other wahms who are interested in collaborating, one on the web and the other has an actual store and is looking for wholesale stuff. She was interested in both what i was selling and my friend, so that is a good potential lead. I was extremely frustrated when a vendor from another tent who sells fleece items came over and remarked about my stuff that is was original and she had never seen it before. I am convinced she is going to start making them and selling them- probably at half my price. She uses low quality fabric-store fleece and sells her stuff for rock-bottom prices. I considered walking back over to her tent and telling her that i am considering pursuing a patent to scare her off, but realized it probably isn't worth it. I am not planning on doing craft fairs as my main deal, and if she does it with cheap stuff... so be it. still frustrating though.

in another arena, the 500 minute long-distance calling card I bought in the middle of August for $25 still has almost 200 minutes on it!! I *knew* was waaaay overpaying for my long-distance, and now we are saving over $40 a month by using the card.

that's all from here...

I am a homeopath, offering acute and constitutional consultations for children, babies, and parents. Long-distance treatment is easy, either phone or skype! I also am certified to offer Homeoprophylaxis, a vaccine-alternative program. Message me for more details. www.concentrichealing.com
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Old 10-11-2004, 12:34 AM
 
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I need to join you.

My name is Megan and my family has debt.

I have excuses for it all but I'm tired of them. I just need to work to get them paid down. We have no extra money to pay extra but I need suport on paying my current debt on time. I am notorious for being late.

My best news for the last week...we paid off a credit card and ten CANCELLED it!! I got the paperwork this week stating our account was closed! We sold our motorcycle to pay off a CC. It is huge weight off. We should get enough back on our taxes to pay off one car, a loan, and 1/2 a CC. I'm looking forward to the first of the year

The bad news. I called our car insurance co abou a letter I got. hey messed up and our monthly payment is 80.00 MORE a month. So, now we pay 250 a month for car insuance.

More bad news. After losing our last church dh looked for 6 weeks for new employment. He found it but its less than half the salary we were making. We struggled before and now we make LESS than we need to pay just our bills. That doesn't count food or gas or anything.

Well, I think thats all. I look forward to paying off debt with you all

Single Mom to 2 amazing little men. T(7) and B(5)
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Old 10-12-2004, 02:08 PM
 
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I was just thinking that this thread had gotten quiet so I decided to go hunting on MDC - sure enough, I hadn't subscribed to the new thread.

Things still seem to be moving along smoothly with the refinancing. I also upped my 401K contribution to the max. Even with that being taken out, my new pay rate gives me an extra $50 bi-weekly. Rather nice.

My family of 3 (plus pup) Indigo (Aimee), Rob (dp), Ryne (ds) & Phebe (dog), plus my BIL's family of 3.

 
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Old 10-12-2004, 02:38 PM
 
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Hey ladies, I have a happy update for a change, dh got a new job- a great new job (actually he was offered 2 different new jobs, but he is taking the one he was just offered last night).

We are so excited, I am not sure what the actual take home per month pay will be, but once we get that figured out- we can make a budget, up until now, there was no need for a budget as there was NOTHING left over at all, anything I made on ebay went straight to debt, etc.

Now, I get to prioritize things like getting out of debt and putting into savings both for a safety net and to get the kid's account going.

I am so thrilled, dh will actually be making like $10,000 more per year, before he was making $38,000 and we were paying $8000 out in health insurance, now- we will have health insurance and he'll be making $40,000. We are thinking the actual take home difference will be around $6000/year. I think our 2 year plan to get out of debt has finally become realistic and I am sooooo excited. I still intend to skrimp and save and work hard to bring in some extra from home to put toward the debt.

I admit that since finding out about the new job at like 6:30 last night, my mind has been seriously tempted into a lot of things. Little things mostly, but I know those add up. I was thinking- great- today I should go buy the kids new Church shoes and Mary some tights to go with her dresses, etc. I resisted temptation and am trying to remember to buy used for the reduce, reuse, recycle mentality that is important even when not trying to get out of debt. So- I will be shopping ebay for new Church shoes for the kids, and Mary will wear khakis until Christmas when I can buy her some cute tights and put them in her stocking .

Dh and I talked about going out to dinner to celebrate tonight- but I don't know that we will, I think I could just make some cupcakes for after dinner and we could celebrate just as well here. Maybe I'll make something special for dinner .

I admit that when having enough to make minimum payments on everything- I am going to have a harder time with this- I will be tempted constantly, and this is where we have fallen before. So- I am really going to be needing this thread to keep me motivated.

It is a sad thing that dh gets a $10,000 "raise" and really it'll just go toward debt for 2 years - we so have to resolve to get out of this and NEVER have it happen again.

And- I am going to start giving the kids an allowance- $1 per year of age per week, and teaching them to save, spend and give to charity . The best thing that can come out of this being in debt is to teach my children how to use money wisely.

:Patty :fireman Catholic, intactalactivist, co-sleeping, GDing, HSing, no-vax Mama to .........................:..........hale:
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Old 10-12-2004, 03:30 PM
 
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peppermint, that's great news. I think my family will be having a nice spaghetti supper (with chicken in the sauce, that's the celebration) for you!

and editing to add: welcome to megan. Have you read the book "your money or your life?" I also recommend "the overspent american" ... both are not books about how to budget. More like the first is how do YOU think about money and the second is about consumerism in america.

Kristin -- mom of Erin (11/5/02) and Leah (9/29/05)
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Old 10-12-2004, 03:46 PM
 
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Woops! I didn't even see your post Megan- WELCOME! I am glad to see you here (not glad you are in debt, but YKWIM).

Are you still looking into getting out of the house work to make up the difference? I thought I saw you talking about that somewhere.

:Patty :fireman Catholic, intactalactivist, co-sleeping, GDing, HSing, no-vax Mama to .........................:..........hale:
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Old 10-12-2004, 04:17 PM
 
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Jumping in here. I don't really post here much, but I do read a lot and you ladies really inspire me to be frugal and work on GOOD.

I have a question for you. Patty, you talked about this, prioritizing your debt and savings. I was just wondering how you all decide to do this. What gets priority?? I have gone through our budget several different times, and it seems that with living frugally and not buying extra's we should have about $500/month extra (after all bills, food, gas, money to church, and $50 to go to savings automatically etc. (we have to do this to avoid having "under minimum balance fees" of 3.00/month) As of right now we have less than $300 in savings and the way the the market is right now we get about 1-2% interest rate. Our debts include one car loan at 4.5% interest, about $3000 left which will be paid off by Nov. 2005 if we only make the minimum). DH also has about $12,000 in student loans at 6.5% interest rate. DH thinks all extra money should go towards the student loans since that has the highest interest rate. I would like to put slightly more into savings ($100/month instead of $50/month) and all extra money into the car and pay it off in 4 months instead of a year and than put all extra money including the money which had gone into the car into students loans (which should pay those off in two years). After that put all extra money into savings. I can see his point though, we are losing the most money on the student loans since it has the highest balance and the highest interest rate. I just feel nervous having almost no savings and it would be psycologically thrilling to get out of the debt with the car first and in only a few short months? Any advice or words of wisdom. How much priority do you put into getting our of debt vs. building up savings?? Obviously our debt interest rates are higher than our interest rate in savings, so it makes "sense" to get out of debt first, but I also like to have that cushion of savings, YWIM??

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Old 10-12-2004, 04:52 PM
 
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Amelia- I believe that what got *us* into debt was not ever having enough savings, so I am really going to work to build up a 2-3 month "cushion" although I think financial "experts" suggest a 6 month "cushion".

I also feel very strongly about saving for my kid's college while we work to get out of debt, b/c the younger they are when I put the money in, the better it will grow in time for college, I should be putting $600/month away for their college, and once we are out of debt that will be do-able- but- now- when it really matters- I'll be lucky to put in $100/month. (though dh and I both have life insurance that we put a total of $130 a month into, and it will eventually be cashed in to pay for their college, and they each started with $5000 in their college accounts from my dad)

I am thinking my priorities will be this (when dh's new salary begins):
#1- pay all minimum bills
#2- start tithing
#3- build up that 2-3 month "cushion"
#4- put all extra toward credit card debt, b/c that is where my guilt feelings lay(or is it lie? ).
#5- pay off dh's car
#6- save again when credit cards and car are done, while paying down dh's student loan.

I see your dilemma between paying down your dh's student loan (which will take you a long time- we have just a bit less than that on my dh's) and paying off the car. I am sure from a purely monetary standpoint it is always better to pay off higher interest things first, but if I were you, I'd do the car first just to have that stop hanging over my head, and feel the more immediate sense of accomplishment, then all of the money from that could go to the student loans.

So- IMO- I'd save a "cushion" first, then pay down the car, then pay on the student loan, but you and dh will have to plan that out.

:Patty :fireman Catholic, intactalactivist, co-sleeping, GDing, HSing, no-vax Mama to .........................:..........hale:
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