Share your G.O.O.D. success story! - Mothering Forums

Forum Jump: 
 
Thread Tools
Old 01-14-2005, 10:06 PM - Thread Starter
 
stretchmark's Avatar
 
Join Date: Apr 2003
Location: in my deepest intuition
Posts: 1,948
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I don't have one yet but could use the inspiration.

Please tell your getting out of debt success story including how long it took and just what you had to do to do it.

Thanks.
stretchmark is offline  
Sponsored Links
Advertisement
 
Old 01-19-2005, 01:41 PM - Thread Starter
 
stretchmark's Avatar
 
Join Date: Apr 2003
Location: in my deepest intuition
Posts: 1,948
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Anyone?
stretchmark is offline  
Old 01-20-2005, 03:59 PM
 
bamboogrrrl's Avatar
 
Join Date: Apr 2002
Location: Upstate NY
Posts: 420
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Maybe I can jump in? Dh and I have always lived below our means (mostly paying off our credit cards, no student loans, no car payments - we drive older Volvos), but a few years ago, he started acting kinda strange. Like something was really bothering him. He said nothing and I couldn't figure it out. He finally fessed up. Turns out his business (he's self-employed with a small business) was $7k in debt. Ouch! So I took over the books for the business and in about a year (maybe a little longer) of black belt frugality, we paid off that debt. Began to track all expenses and see where we could cut back. There's nothing quite like tracking expenses to see the dumb things we spent money on.

We don't have cable (our TV is for movies only), no cell phones, no new cars, little new furniture (both sets of parents downsized and we got lots of stuff). We don't shop for fun. I get all movies from the library. I'm vigilant about tracking our expenses. Books and music continue to be my purchase downfalls. Dh just turned 50 this year, so I'm really trying to get us as financially healthy as possible so he doesn't have to work forever. My sights are now set on paying off our mortgage - we refi-ed to a 15 year mortgage last year, and have already paid down to 12 years. DH is completely uninterested in financial stuff, but trusts me to handle it - not optimum, but at least I can channel our money toward paying off the last of our debt.

There are many books out there that helped me on this journey:
How to Retire at 35 - Paul Terhorst
Your Money or Your life - Jose Dominguez & Vickie Robin
The Tightwad Gazette - Amy D.
The Total Money Makeover - Dave Ramsey
Suze Orman at first, but now she irritates me

Hope that helps a little! Join us over on the GOOD thread...
bamboogrrrl is offline  
Old 01-30-2005, 01:06 AM - Thread Starter
 
stretchmark's Avatar
 
Join Date: Apr 2003
Location: in my deepest intuition
Posts: 1,948
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
That does help.

I do belong to the GOOD thread.

Maybe you could say just how you cut back and where.
stretchmark is offline  
Old 02-15-2005, 02:39 PM
 
goodcents's Avatar
 
Join Date: Dec 2002
Posts: 3,373
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I paid off $18,000 worth of back taxes and credit card debt in about two years.

What changed?

My whole lifestyle.

I got married and had a baby. No more single and in new york city expensive living for me.

No cabs.
No drinking (I converted to Islam during that period so that really helped. But alcohol is SOOO Expensive!)
No travel jaunts on a whim, AND on credit with single friends.
No new clothes (except for a few maternity)
I had someone to split bills with (rent, phone, meals etc became a shared expense with me and my dh).
I switched to online banking. Everytime I saw a scrap of money around I made an online payment to a debtor. I am not kiddinng - like $10 payments and all - I was consistent and persistent!

It was such a relief and IT CAN BE DONE!
goodcents is offline  
 
User Tag List

Thread Tools


Forum Jump: 

Posting Rules  
You may not post new threads
You may not 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