Dumping Debt with Dave Ramsey/FPU Club - Page 10 - Mothering Forums

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#271 of 287 Old 11-29-2007, 04:06 PM
 
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Desiree,

To put money towards your tag bill: You could try calling research companies in your area and see if there are any studies that you or dh qualify for. I generally make $60-$80 for an hour or two doing that. Is there anyone you could babysit or do temporary childcare for? List things to sell on craigslist so you don't have to mail them?

Midwife (CPM, LDM) and homeschooling mama to:
13yo ds   10yo dd  8yo ds and 6yo ds and 1yo ds  
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#272 of 287 Old 11-29-2007, 04:07 PM
 
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Oh, and I started a blog:

http://frugaltmmo.blogspot.com/

Midwife (CPM, LDM) and homeschooling mama to:
13yo ds   10yo dd  8yo ds and 6yo ds and 1yo ds  
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#273 of 287 Old 11-29-2007, 04:31 PM
 
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If I didnt sell enough on ebay, would that be something to dip into the emergency fund for? Or is that a "no way, no how find another way" type of situation?
A car tag would be something you budget a little every month for. Since you just started, if you have nothing else, I would use BEF, and just make sure you plan for it in your budget next year.

I finished my budget and opened up two accounts, one for BEF (25/1000 woo hoo), and one for occasional expenses, like house insurance/car registrations, inspections/oil & propane bills/home repairs/furniture replacements/car repairs stuff like that. It doesn't amount to much from each check, but from what I read in the book, it will be helpful to plan all these in advance.

I found some cool spreadsheets to track your cash or virtual "envelopes". I also use actual cash envelopes for gas, groceries, entertainment etc, and the savings is my virtual "envelopes".

November was just practice for me, and I mostly just tracked stuff and worked on spreadsheets and found which ways I want to track stuff, found the right budget worksheet. It is difficult right now, because my DH has separate checking accounts from me, so we are now going to combine, and use the $1000 he has going into one account for debt only payments, that is only slightly more than our min payments each month. We are now up to $52,000 in just consumer debt and over $10k of it was just from the last 2-3 months. I am so frustrated. We are both at the point of "sick and tired of being sick and tired". We are expecting a 5k bonus from my DH and then tax returns will pay off debt or finish our BEF. I am hoping baby step 1 to be done by Year end.

Stinks because we aren't really buying many gifts this year. Nothing for each other and only a few for neices/nephews. That is it. DD is only 9 mos so she won't know any better. We did buy her some wooden toys from a coop that should be coming in soon.

I finished the book I borrowed from the library.
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#274 of 287 Old 11-29-2007, 04:33 PM
 
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(Gas is 3.40 here now)

: WOW. I thought $3.05 was alot here in MA. I miss those days when it was $1.50, and that seemed high.
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#275 of 287 Old 11-29-2007, 06:41 PM
 
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:

I got my pay stub for tomorrow's paycheck, and we got a raise! Its only 15 cents, but its retroactive for the whole year, so I ended up with about $250 extra (before taxes of about 30%)! So I will have $400 to apply to my LOC tomorrow, which was my goal that I expected not to reach! So as of tomorrow, I will only owe $1000 on it!!!

:

So I earn 15 cents more an hour, and we get our union raise on the next paycheck (probably around the same amount). I just got my raise for being there 2 years in October, so in the end I will be earning about $1 more an hour than I did a month ago!

We have been discussing our plan when we are done paying off my LOC. We will then be entirely debt free except for the $18 000 we owe on my car. Hopefully we can start this in January. Here is the plan:
1) We will immediately save $1000 to start our savings (separate from our BEF)
2) When we have that saved, we will add $1000 a month to that, then for a few months we will use the surplus to purchase things we absolutely need but have been putting off. We were aiming $1500 a month to the LOC, generally able to pay $1200, so that will be $200-$500 a month for a few months, for clothes, car repairs, etc.
3) After a few months, the extra $200-$500 will become extra car payments (currently we pay $500 a month for the car).

As I have said before, we are switching to saving because we need money so we can move out one day, either as a down payment or first and last month's rent, and moving expenses, possibly having one income while the other finds a job, etc. Its a storm on the horizon, and we want to be prepared. Shawn will begin applying for jobs in the city we want to move to in January, so we may be moving any time thereafter, but probably not before spring.

How does this plan sound?
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#276 of 287 Old 11-29-2007, 06:55 PM
 
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I'll definitely add that in the budget for next year....and life insurance...that's due in Jan. LOL All at once, that's the way it works, huh?! LOL

I've been taking pics today of stuff for ebay/TP! LOL I think I'll make it without dipping into the fund!

I'm going to do redo some craigslist items with better pictures too. Thanks for the ideas!


Heather...sounds like a tough situation. Hopefully next year you will see the debt drop with the debt snowball! Combing accounts sounds like a really good idea.

Desiree

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#277 of 287 Old 11-29-2007, 06:57 PM
 
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Yay Rebecca! That sounds awesome! Congrats on the raise!!!

Desiree

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#278 of 287 Old 11-29-2007, 07:09 PM
 
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Originally Posted by Heather423 View Post

I finished my budget and opened up two accounts, one for BEF (25/1000 woo hoo), and one for occasional expenses, like house insurance/car registrations, inspections/oil & propane bills/home repairs/furniture replacements/car repairs stuff like that. It doesn't amount to much from each check, but from what I read in the book, it will be helpful to plan all these in advance.
This is one of the most useful things I did to help me not dip into my EF. I went through my checkbook for the last year and wrote down things that only come up once a year or quarterly. I added them up and divided by 12 to get my monthly "bill" that I charge myself for these things. It goes directly into my money market account to wait until I need it. Sort of a second EF, but not really 'cause I know I will need that money eventually.

Things that I found were: yearly insurance bills, garbage bill, dues to DH's Lodge, winter oil bills, christmas presents (I estimate the amt needed), insurance deductibles, newspaper subscription, car tags/registration, car inspection/repairs, school expenses (yearbooks etc.) There are lots more really.

At first I didn't have enough to cover the bills as they came in, but after six months I was good to go and all of those "surprise" bills that really weren't a surprise except that I forgot they were coming were covered.
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#279 of 287 Old 11-30-2007, 12:22 AM
 
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Eye doctor (4 people)50.00(3 sets contacts, 1-2 new pair glasses and all the eye exams all year, we do good with coupons, discounts, etc.
Hair care25.00 (I cut most of the hair, the boys and my husband get theirs done, and this covers my, ummmm dye)
Toiletries/cosmetics50.00 (this covers the girls and I makeup, hairspray, hair care, etc.)
Maggi, you asked for feedback, and these three jumped out at me.

First of all, I would ditch the contacts. They make your eyes prone to infections anyhow and contacts and their supplies are pricy. While you're trying to save, I would buy one solid pair of glasses and stick with those. I ditched my contacts when we were in full-on saving mode and only wore glasses to save money on contact supplies. Is $50.00 your monthly cost? If so, I think you can really trim that down by buying glasses only every other year or so.

I would also look carefully at the hair and toiletries/cosmetics items. $50/month for the cosmetics especially seems like a lot to me. I would think you can trim that. Also, I think the girls should be old enough to pay for their own. It would be a good budgeting lesson.

Finally all of you, keep it up!!! You're doing so well. Several years my DH and I implemented our own version of his method (I didn't know about DR at the time). We have been debt-free except for our mortgage (fixed, thank God) since then and it is really a relief. It's hard to see the light at the end of the tunnel but when you get there, it is worth it.
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#280 of 287 Old 11-30-2007, 01:33 AM
 
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BEF = $0 and will be less soon b/c of late fees re. tuition, unless some miracle comes through. : : Could be worse--much worse--but it's bad enough.
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#281 of 287 Old 11-30-2007, 11:01 AM
 
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Originally Posted by Heather423 View Post

I found some cool spreadsheets to track your cash or virtual "envelopes". I also use actual cash envelopes for gas, groceries, entertainment etc, and the savings is my virtual "envelopes".
Would you share what type of spreadsheets you found? Did they come with a budgeting program or some other software or where they free? I love things like spreadsheets and tracking things - but I definitely don't have any cool ones like yours sound

We're on pre-Baby step 1: working on getting everything current.
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#282 of 287 Old 11-30-2007, 03:15 PM
 
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Desiree,

To put money towards your tag bill: You could try calling research companies in your area and see if there are any studies that you or dh qualify for. I generally make $60-$80 for an hour or two doing that. Is there anyone you could babysit or do temporary childcare for? List things to sell on craigslist so you don't have to mail them?
How do you find them in your area ?

Sarah
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#283 of 287 Old 11-30-2007, 03:31 PM
 
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Can I join you all or are you all starting a monthly thread ?

I am sarah mom to 4 child and wife to Joe . We have ben doing Dave's plan for about 2 almost 3 monthes . We are super excited and keep working lots extra to pay off the yucky credit cards here is our debt and were we are at now :
Emergency fund its now at 890.00 /1000.00 due to our battery going on Dh car this week but it was fully funded.
Debt is :
HSBC : 0/600.00 paid Nov 1st
Best buy :336.00/484.00
household :993.00/1041.00 (we had this down and then a annually fee was charged)
Providian :1174.00/1253.00
medical bill for DD theraphy was 120.00 when we started the plan now paid
Verizon cell phone 360.00 canceled our cell phones this is our cancel fee
Greenbriar appartments 1300.00/1500.00
Car 7065.00/7673.00

We also have a Disney Vacation club and we have it up for sale now . So lots of debt but we are slowing moving along .

Infact My mom just sent us 250.00 for christmas and its going to the best buy credit card as soon as the check clears our bank .
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#284 of 287 Old 11-30-2007, 04:24 PM
 
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susanniemeyer, Here is a site with lots of spreadsheets based on DR methods. I like Pam's bi-weekly budget, I customized it to be weekly, since I get paid weekly, and my husband bi-weekly. http://www.jimnkim.net/index.php?pr=Spreadsheets

For the "virtual" envelopes I use: http://www.mdmproofing.com/iym/produ...heck-register/

This is really cool.... (I thought it was anyway).
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#285 of 287 Old 11-30-2007, 10:37 PM
 
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I just canceled my very first credit card-Mervyns. I got it 10 years ago and I probably haven't used it in 8 years. I think I just kept it for sentimental reasons. Thanks to Dave it is dead. Even though it hasn't had a balance in a long time, it was a definate step in going towards being debt free. Now if I could only figure out how to finance an adoption debt free...ugh!

Homeschooling Momma to DD 8 years old, DS 7 years old, DS born 03/11 by adoptionheart-1.gif , waiting for DD born 07/10 and two furry labs. Wife to my wonderful husband of 12 years.
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#286 of 287 Old 12-01-2007, 01:37 AM
 
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Should we start a December thread?! LOL

Great links, Heather!

Desiree

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#287 of 287 Old 12-01-2007, 10:41 AM
 
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Link to the new thread.
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