Dumping Debt and building wealth with Dave Ramsey JANUARY - Page 17 - Mothering Forums

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#481 of 585 Old 01-20-2008, 02:16 PM
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Barb, call ahead and ask the doc if you can have pain meds for the lying on your back part. They rarely want you to be in pain! Let us know how it goes.

all in green; welcome! YOu're on your way!

phathui5; you're really plugging along. You'll feel that progress soon.


DesireeH; Woo-hoo on that truck payment. I love paying off bills.
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#482 of 585 Old 01-20-2008, 03:00 PM
 
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Congrats to all the successes, big and small, announced by everybody.

We have a success, too. We reached BS3 and have 3 months worth of DH's income in savings. There have been all sorts of little extras coming in this month and we've put all of them in savings. We're ahead of our end-of-year goal already and it's only the first month!

The biggest plus of all this is seeing the change in DH. He no longer looks like a cow going off to the slaughterhouse when he leaves for work in the morning. He does not enjoy his job, but now that we feel we're "milking it for all we've got" and building up wealth and financial health, he's feeling so much better about working. He says he feels he's really doing something worthwhile for our family now (instead of us spending all his income and having nothing substantial to show for it).

Now we're just hoping that the post-Olympics hangover that hit virtually every other host city will hit our fair burg in 2010 so that we can use our Dave Ramsey Wealth to buy a first home for cheap!

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#483 of 585 Old 01-20-2008, 03:00 PM
 
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I'm new to this site and new to the DR way My husband and I have been reading on-line, talking with friends, and reading FPU to learn more. We started our envelope system about 3 weeks ago and are basically still at BS #0. We're not very behind, but I do need to get caught up on 2 of our utilities before we start saving towards the emergency fund.

I'm excited to have the support of this site!!! I'm going to need it because this is going to be a long process. We have about $12,000 in CC debt plus we owe the IRS and I have HUGE student loans. But...we are determined, and I love what DR has to say.

So...anyone else out there been on BS #2 for more than a year or 2? Once we get our BEF, we'll probably be on BS #2 for a couple of years. I need some support!!!!!

Mommyjoy7021
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#484 of 585 Old 01-20-2008, 05:32 PM
 
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Originally Posted by mommyjoy7021 View Post
I'm new to this site and new to the DR way My husband and I have been reading on-line, talking with friends, and reading FPU to learn more. We started our envelope system about 3 weeks ago and are basically still at BS #0. We're not very behind, but I do need to get caught up on 2 of our utilities before we start saving towards the emergency fund.

I'm excited to have the support of this site!!! I'm going to need it because this is going to be a long process. We have about $12,000 in CC debt plus we owe the IRS and I have HUGE student loans. But...we are determined, and I love what DR has to say.

So...anyone else out there been on BS #2 for more than a year or 2? Once we get our BEF, we'll probably be on BS #2 for a couple of years. I need some support!!!!!

Mommyjoy7021
Welcome, Mommyjoy! I just started BS #1, but when we get to BS #2 we'll be there for at least 3 years.
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#485 of 585 Old 01-20-2008, 05:55 PM
 
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Hi! DH and I are new to the DR way. DH is reading the book right now and I'm just raring to go after finishing the book in 2 short days (a feat if you know my 1y/o LOL). We are 350/1000 on bs1 and that will be 850/1000 next friday. We have about $2700 in cc's and a $9000 car payment on a car we don't own anymore, but at least we don't have any other car payments and never will again. We also have a $500 medical bill and after those I think that's all we owe. At the moment DH's wages are being garnished, but it's for a bill we don't actually owe. (It's a long story, but I was a surrogate and we're now paying an $8000 OB bill that the couple never paid and now they're taking about $900/mo out of dh's checks, if the issue isn't resolved before the bill is payed we will be done with it in July if we can get it resolved and reimbursed it may be over sooner.) Even with the 900/mo taken out we are still able to pay all of our utilites and rent and necesities and still have $500 left over a month, so I don't think it will take too long for us to get to bs3. I just cannot wait to get to bs3, after we finish that a huge weight will be lifted off of my shoulders.

I can't wait to share this ride with you guys!

Sarah loving wife to Scot...joyous mama to...
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#486 of 585 Old 01-20-2008, 06:46 PM
 
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Welcome, Mommyjoy! I just started BS #1, but when we get to BS #2 we'll be there for at least 3 years.
Thank you for your reply....I keep reading posts about people getting through BS #2 in 6 months or in a year, and I wish that could be me. But...as I look at all the debt we've accumulated, I know it will take more than a year to get it taken care of (more like 2, maybe 3) At least we're taking charge of our financial future for once. I'm excited about this site!!!!

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#487 of 585 Old 01-20-2008, 07:08 PM
 
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Hi Everyone!
Just updating....I just did my taxes and we owe $350 this year. I was hoping to get back about $400 and put it towards some debt. Oh well....
I've decided I'm going to work on bs3 before bs2 because I am always worried about my and my dh's job. I really don't think I'll have a job in 4 months and I think I would have peace of mind knowing we have some sort of back up. We already have $1000 saved up (just got there) and I just inherited my grandmother's Cadillac which I think I can sell for $6,000, so that will really help us along on our emergency fund!
I'm hoping to have 3 months saved up by the end of July and then I can start working on bs2.
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#488 of 585 Old 01-20-2008, 10:08 PM
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Lot's of new posters are joining us! Yea!!! Welcome all. Post. We all learn from each other.


Those of you who are worried about how long you'll be on any one step, remember things change. You'll find money along the way...you'll sell something, or get a few small gifts in cash form or babysit for a neighbors kid for a week, or something and if you put it all toward your debt (most of it, anyway! you'll get ahead of schedule.


Piglet68!!!! Congratulations!!!! Celebrate! (cheaply!)
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#489 of 585 Old 01-20-2008, 11:10 PM
 
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I just wanted to suggest to everyone:

1) If you owe, remember you don't have to pay the govt until 4/15 and even can file an extension to delay payment. I know the goal is to pay of debt as soon as possible, but if you can pay off a higher priority debt first (or a higher interest debt), or need to give yourself time to save up the $ to pay the taxes, you'd probably be happy to do so.

2) The govt is considering an economic stimulus package which might include a tax rebate to taxpayers. If they do this in the form of an updated line item on the IRS tax forms, don't forget to file an amended return to get your money. I've heard figures of a few hundred dollars a family, and I don't know about you, but I could use a few hundres extra bucks.

Even though I think I might get a small return, and I do my own taxes with TurboTax, I am planning to wait until closer to 4/15 to file so that if the govt does do a tax return update, I won't have to file an amended return.

Happy night!
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#490 of 585 Old 01-20-2008, 11:31 PM
 
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They are trying to pass a tax rebate for $1600 for a family (800 individual). That would be nice! I doubt you will need to file an amended return, it most likely will be like they did when Bush first got in office and just sent out everyone a $300 check, hopefully it will be like that. Funny thing is that they want to give us that check so we turn around and spend it to stimulate the economy, the fed said they don't like people saving $$ at this point in time. I know they only thing I will be spending it on is debt!!!
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#491 of 585 Old 01-20-2008, 11:46 PM
 
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They are trying to pass a tax rebate for $1600 for a family (800 individual). That would be nice! I doubt you will need to file an amended return, it most likely will be like they did when Bush first got in office and just sent out everyone a $300 check, hopefully it will be like that. Funny thing is that they want to give us that check so we turn around and spend it to stimulate the economy, the fed said they don't like people saving $$ at this point in time. I know they only thing I will be spending it on is debt!!!
Yeah...I was just talking about this with my hubby the other night. I wouldn't blow that money....I'll be paying off some debt with that OR putting it towards my savings in case I lose my job!

Wendi

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#492 of 585 Old 01-21-2008, 12:12 AM
 
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I've read back through a lot of the posts, and I've read some great information. I am still really curious about envelope specifics. I am planning to use my debit card only for gasoline...that's it. So, the envelopes are really important to my plan. I'm still working it all out. Could people share some envelope specifics with me? How many different envelopes do you have? Do you carry some with you? Did you find you needed a certain envelope that you didn't think about in the beginning? Do you have an eating out envelope and a separate entertainment envelope? If so, how much do you put in those?

I just have tons of questions because I'm so new to this

Thank you!!!

Mommyjoy
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#493 of 585 Old 01-21-2008, 06:06 AM
 
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I can't sleep so I am thinking a lot

I just posted this on another thread. Has anyone else noticed that since starting this plan that you are almost addicted to saving money for your EF or doing your debt snowball or whatever step you are on?

It is almost a perverse thrill to take the money we used to spend eating out and instead sticking it in my pink piggy bank that I have had for like, 15 years I love knowing that I have emergency money in the bank and in cash, and I also love that wanting to order pizza is NOT an emergency

I don't know, maybe I am weird. But I find that I am so much more relaxed now about money. I used to be anxious when pay day came because I never had anything to show for it. Now I look forward to getting the pay stubs so that I can whip out my budget sheet and pay the bills then see how much more I can add to the EF to get it fully funded. And I will be practically popping at the seams to snowball in to our debt. I have a feeling I wont be able to wait for the credit card statement, I will be going online to stick money in every single paycheck

I am so thankful that I found this thread and that I found Dave's plan. I feel so much more at peace now than ever before.

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#494 of 585 Old 01-21-2008, 06:11 AM
 
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I've read back through a lot of the posts, and I've read some great information. I am still really curious about envelope specifics. I am planning to use my debit card only for gasoline...that's it. So, the envelopes are really important to my plan. I'm still working it all out. Could people share some envelope specifics with me? How many different envelopes do you have? Do you carry some with you? Did you find you needed a certain envelope that you didn't think about in the beginning? Do you have an eating out envelope and a separate entertainment envelope? If so, how much do you put in those?

I just have tons of questions because I'm so new to this

Thank you!!!

Mommyjoy
Well I pay the household bills with the checking account, because we live in a small town so we aren't in an area where you can pay all of your bills in cash at a local place, etc. So I don't have envelopes for those, they are on my budget sheet.

I have an envelope for postage, this covers any packages I mail or stamps we might need, etc. I have one for grocery money. I have one for pocket money, that we usually stick in to the EF anyhow, but I still have one And we have one for Entertainment, which is $25 a pay, that is for eating out or going to the movies- however, like my previous post, we have just been putting that directly in to savings as well. We have found that entertainment is not as important to us as debt repayment is, but it is nice to have it as an option for those weeks where you are like "If I do not get out of this house my head will explode"

Those are all of the envelopes that I personally have. At the end of the two weeks in the payperiod all envelopes are zeroed out and the excess is put in to savings, which is the baby step we are on now. Once the EF is funded it will go towards the debt snowball.

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#495 of 585 Old 01-21-2008, 06:13 AM
 
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Thank you for your reply....I keep reading posts about people getting through BS #2 in 6 months or in a year, and I wish that could be me. But...as I look at all the debt we've accumulated, I know it will take more than a year to get it taken care of (more like 2, maybe 3) At least we're taking charge of our financial future for once. I'm excited about this site!!!!

Mommyjoy
I would not worry so much about keeping up with anyone else. This is your journey and yours might take longer than mine, or vice versa. Everyone is different. But the main point is, I think, in all of this is that you aren't creating new debt. That is the best part

ribbonpurple.gif  "And the day came when the risk to remain tight in a bud was more than the risk it took to blossom." Anais Nin
   
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#496 of 585 Old 01-21-2008, 06:15 AM
 
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I just want to thank all of you for the wonderful encouragement in this thread. I've been lurking here for about a month now and check in several times daily just to stay motivated. I can do this, one baby step at a time!

My story: Since becoming a SAHM after my youngest was born a little over two years ago, our finances have spiralled out of control. We live in an older home and over the last two years it seems like EVERYTHING major that could go wrong has. We've had to redo our plumbing, replace our AC and other minor things besides. About $20k all on credit because I wasn't bringing in money any more and with one income were on a bare bones budget with no emergency fund. The debt hanging over our heads has been overwhelming for me, so I got a job a little over a month ago (working graveyards so I can still be with my children quite a bit) and have dedicated myself to getting us out of this mess. My husband is on board too, though I know it's going to be difficult getting him to stick to a budget now there's more money available (he's a spender!). I'm proud to say that for the first time in many months we are all caught up on our bills and not only that, have $92.30/$1000.00 of our EBF. Yay!

Thanks again for this thread and all the fine advice and just general sharing.
Welcome to the thread

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#497 of 585 Old 01-21-2008, 11:50 AM
 
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I would not worry so much about keeping up with anyone else. This is your journey and yours might take longer than mine, or vice versa. Everyone is different. But the main point is, I think, in all of this is that you aren't creating new debt. That is the best part
GREAT point...."But the main point is, I think, in all of this is that you aren't creating new debt." I didn't really think about it in that way. It will be HUGE for me to not be creating new debt or adding to old. I know I'll see a difference in the months to come. Thanks for making me think about this. I think I'm just a little overwhelmed because our debt is so high (IRS and school loans mostly). I wish it was lower, but I can't change that now. Oh well....it will be fine Thanks!!!!!

Oh, and about the addicting part (saving)...I think you're right. My husband and I are getting so excited about not eating out and staying within budget. It's like a game. It's exciting!!!

Mjoy
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#498 of 585 Old 01-21-2008, 01:22 PM
 
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Well done Piglet!
I look forward to being where you are now. I am also happy for your husband being able to go to work with a new spring in his step. It is horrible to have to do something day after day with no light at the end of the tunnel.

Decluttering 500/2010
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#499 of 585 Old 01-21-2008, 07:53 PM
 
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Last night was our first night at FPU. The kit comes with a lot of great things to help us along the way. DR is funny and it is very easy to learn from his lectures. We watched a video for the first section in the workbook, then we broke into small groups to discuss our situations and why we were there. There were over 40 people at the class! Our "small" group had 13 people! DR does help keep you excited along the way. Now I just have to make sure we do our homework this week.

I've already done our taxes. We should receive it by 2/1. I already have a list of our debts and which ones we will pay off first. We have a few small debts that I am not paying off first with the lump sump. Two reasons: 1) they are higher interest than the smaller balances and 2) to give us incentive to keep going by paying off cards/debts quickly. I can have three of them paid off in four months using the debt snowball. Now to get dh to make changing our withholdings and 401K a priority. Mondays are busy. I'll be after him again tomorrow, though! We need it done by the end of the week so we can start the debt snowball in February.
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#500 of 585 Old 01-21-2008, 10:16 PM
 
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Has anyone else noticed that since starting this plan that you are almost addicted to saving money for your EF or doing your debt snowball or whatever step you are on?
OMG, yes! It's completely changed my attitude towards virtually everything! As soon as a cheque comes in I get this perverse thrill in adding it to the savings account. And when I go out I actually find the idea of spending repulsive! My mum and I went out shopping the other day (she bought me new bras for my birthday) and she wanted to check out Williams and Sonoma. I used to shop there alot before DH and I had kids and I always thought their stuff was so lovely. But when we went there the other day I just thought it was all INSANE. Why would someone buy a $64 potato masher when they could stick that in their savings? I just shook my head at the people in there, thinking about how much they were being SUCKED IN to thinking this stuff was worth all that money (okay, a good set of knives or cookware is a great lifetime investment, but the rest of it...insane!). As my mother said "that $64 potato masher is what pays the rent in this high-end shopping district". We went to several stores and normally I would have come away with at least $30 - $50 worth of stuff. Instead I bought a small bamboo cutting board to replace a broken plastic one ($7.95). That's it! A trip through high-end shopping central and I spent only $7.95. It felt so GOOD!

Oh, and the other day I had to buy a kettle (the frayed cord on my other one finally shorted out). I hummed and hawed over the selection for ages, passing up on the fancy $60 one I would have bought before, and settled on a nice $25 one. I made a mental list of what I *needed* in a kettle versus what I wanted, and was very pleased with my purchase. I use my kettle every single day (I'm a tea drinker!). Anyways, point is that buying things has totally changed for me and it doesn't feel AT ALL like I'm denying myself. I feel like I have this little secret that all those shoppers out there just don't get!

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#501 of 585 Old 01-22-2008, 12:02 AM
 
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Thank you so much for the additional info - that would be awesome to just get the check and I won't wait to file if that's how it will go!

I'll spend it on debt too!!!

J

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They are trying to pass a tax rebate for $1600 for a family (800 individual). That would be nice! I doubt you will need to file an amended return, it most likely will be like they did when Bush first got in office and just sent out everyone a $300 check, hopefully it will be like that. Funny thing is that they want to give us that check so we turn around and spend it to stimulate the economy, the fed said they don't like people saving $$ at this point in time. I know they only thing I will be spending it on is debt!!!
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#502 of 585 Old 01-22-2008, 12:12 AM
 
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Well I have decided to get AAA . But on a diffrent note I was able to pay 520.00 towards the CC instead of buying a new door . We did 95% of our taxes and we are getting enought back to pay off DH car so we are super excited this bumped our debt repayment plan up by 3 monthes !!!

Anyways thats our update !!!
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#503 of 585 Old 01-22-2008, 12:50 AM
 
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Wow, you ladies are all so inspiring! DH and I have just realized that we need a financial wake up call, and I'm really thinking that DR's plan is exactly what we need right now. So I'm joining in!

We're on BS#1 right now, and I'm excited to get it started! I had put my envelope system into place last week and so far haven't spent ANYTHING, funny how that works.

A little premature, but I just wanted to get your advice - we have a car loan for our minivan, but it's 0% financing, so would you pay that off as a debt in BS#2, or go on to BS#3 because it's free financing anyway.

SAM, momma to 3 beautiful babies: Tristan (5), Gabriel (4) , & Brighton (2)

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#504 of 585 Old 01-22-2008, 01:07 AM
 
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Originally Posted by ~*Jaime View Post
I can't sleep so I am thinking a lot

I just posted this on another thread. Has anyone else noticed that since starting this plan that you are almost addicted to saving money for your EF or doing your debt snowball or whatever step you are on?

It is almost a perverse thrill to take the money we used to spend eating out and instead sticking it in my pink piggy bank that I have had for like, 15 years I love knowing that I have emergency money in the bank and in cash, and I also love that wanting to order pizza is NOT an emergency

I don't know, maybe I am weird. But I find that I am so much more relaxed now about money. I used to be anxious when pay day came because I never had anything to show for it. Now I look forward to getting the pay stubs so that I can whip out my budget sheet and pay the bills then see how much more I can add to the EF to get it fully funded. And I will be practically popping at the seams to snowball in to our debt. I have a feeling I wont be able to wait for the credit card statement, I will be going online to stick money in every single paycheck

I am so thankful that I found this thread and that I found Dave's plan. I feel so much more at peace now than ever before.

I feel exactly like you do! DH get's his next paycheck on the 25th and this is the first one since reading TTMM. I am dying to get this paycheck. I mean I'm thinking about it A LOT! and I can't wait for our bef to be done so we can tackle our debt. And I feel so relaxed. It's a very nice feeling and I can't wait to see what it feels like for our money to be ours again. It's going to feel so good!!!!

Sarah loving wife to Scot...joyous mama to...
Emilee and Elaina and our newest addition Elliot Bell 9/15/10
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#505 of 585 Old 01-22-2008, 01:23 AM - Thread Starter
 
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How many different envelopes do you have? Do you carry some with you? Did you find you needed a certain envelope that you didn't think about in the beginning? Do you have an eating out envelope and a separate entertainment envelope? If so, how much do you put in those?
Mommyjoy
We have a few dozen envelopes. I take the envelope I need for the item I'm purchasing. So, for tonight I needed the grocery envelope for frozen vegs, carrots, and salt. I also took the house repair/improvements fund to purchase potting soil for our house plants.

Those are just two of the many. We keep all the envelopes in a basket hanging on the wall. It is envelope size so we just flip through it to find the one we need.

We do have an eating out fund, entertainment fund. I've thought of mixing these but then we would spend it all on eating out and never get to do non food fun.

Shane - Homeschooling mom to three boys (12, 1-, 8) and living the open life with my husband.

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#506 of 585 Old 01-22-2008, 01:35 AM - Thread Starter
 
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A little premature, but I just wanted to get your advice - we have a car loan for our minivan, but it's 0% financing, so would you pay that off as a debt in BS#2, or go on to BS#3 because it's free financing anyway.
I would put it into the snowball because it is a debt.

Shane - Homeschooling mom to three boys (12, 1-, 8) and living the open life with my husband.

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#507 of 585 Old 01-22-2008, 11:35 AM
 
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Last night was our first night at FPU. The kit comes with a lot of great things to help us along the way. DR is funny and it is very easy to learn from his lectures. We watched a video for the first section in the workbook, then we broke into small groups to discuss our situations and why we were there. There were over 40 people at the class! Our "small" group had 13 people! DR does help keep you excited along the way. Now I just have to make sure we do our homework this week.

I've already done our taxes. We should receive it by 2/1. I already have a list of our debts and which ones we will pay off first. We have a few small debts that I am not paying off first with the lump sump. Two reasons: 1) they are higher interest than the smaller balances and 2) to give us incentive to keep going by paying off cards/debts quickly. I can have three of them paid off in four months using the debt snowball. Now to get dh to make changing our withholdings and 401K a priority. Mondays are busy. I'll be after him again tomorrow, though! We need it done by the end of the week so we can start the debt snowball in February.
Oh wow, it must have been exciting to hear him speak in person. Awesome!

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Wow, you ladies are all so inspiring! DH and I have just realized that we need a financial wake up call, and I'm really thinking that DR's plan is exactly what we need right now. So I'm joining in!

We're on BS#1 right now, and I'm excited to get it started! I had put my envelope system into place last week and so far haven't spent ANYTHING, funny how that works.

A little premature, but I just wanted to get your advice - we have a car loan for our minivan, but it's 0% financing, so would you pay that off as a debt in BS#2, or go on to BS#3 because it's free financing anyway.
Welcome to the thread

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#508 of 585 Old 01-22-2008, 11:41 AM
 
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Oh wow, it must have been exciting to hear him speak in person. Awesome!
It probably is, but it was just Dave on video. Still very exciting, though!
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#509 of 585 Old 01-22-2008, 12:00 PM
 
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It probably is, but it was just Dave on video. Still very exciting, though!
Oh, sorry I was wondering how he could keep up with so many FPU's going on

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#510 of 585 Old 01-22-2008, 12:13 PM
 
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Does anybody listen to Dave on the radio? Since I've not been going out at lunch recently, I don't hear it as much. But it's a good reminder of the basics, and gives me some hope that we can tackle our situation.

Bridget. Momma to DD (4), expecting DS - 9/09, wife to SAHD. Gardener, coffee addict, urban dweller.
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