Dumping Debt and building wealth with Dave Ramsey JANUARY - Page 3 - Mothering Forums

Forum Jump: 
Reply
 
Thread Tools
#61 of 585 Old 01-02-2008, 12:03 AM
 
ALittleBitCrunchy's Avatar
 
Join Date: Jan 2005
Location: Hogwarts library
Posts: 627
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Just subbing

I ordered the home study of FPU for my husband for Christmas and we are still waiting for it to arrive. For what he charges in shipping, you would think he could get it to us in less than 2 weeks. :

So, I have mvelopes set up, a rough idea on our budget and just need the audio CDs and the DVDs for the motivation. I believe that we are on step 3, but I need to check savings again to make sure the holidays didn't destroy it.

We are in this because we managed to drop daycare and save $800 a month...yet have never figured out exactly where that $800 is going... And we want it because we have way too much debt! So, we need to do a better job of tracking and spending, and this system seems to also support my desire for a simpler, less-spendy way of life.

WOHM to DS11 and DD9, both T1Ds

ALittleBitCrunchy is offline  
#62 of 585 Old 01-02-2008, 12:40 AM - Thread Starter
 
shanetedissac's Avatar
 
Join Date: Apr 2002
Location: Sandy Hook, CT
Posts: 800
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by littleaugustbaby View Post
I was also going to start a mini emergency fund for $200 in case DD gets sick. She has a compromised immune system, and $50 should cover any doctor's copays and prescriptions that should come up. Or should that just come out of my $1000 emergency fund? I am really confused on this one. Also, I really need to get new glasses at some point, so how do I budget that? Do I set aside a certain amount each month, or do I just pay it all in one month?
Emergency fund - $27.84/$1000

If it does not fit into the budget then it would come from the emergency fund when the emergency comes up. With the glasses as long as you can save the cash then get them with cash.

In regards to your budget since you have an irrigular income you need to do the irrigular income budget. Listing your expenses from most important to least. Then as the cash comes in you pay #1, then #2 and so forth.

Be well,

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

shanetedissac is offline  
#63 of 585 Old 01-02-2008, 12:43 AM - Thread Starter
 
shanetedissac's Avatar
 
Join Date: Apr 2002
Location: Sandy Hook, CT
Posts: 800
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by Nibor View Post
I started listening to the audiobook version of Total Money Makeover on Saturday and Dave said that he was paying $7/month for term life insurance. I was looking up quotes online for term life insurance and couldn't find anything that inexpensive.

Any ideas how/where he managed to find something at that rate per month?
We just switche to zander insurance. Dave endorses and you can find a link on his web site. We were paying $175 per month to Primerica and now pay $35 per month with Zander. We were getting ripped!!! This is for two policies: dh $500,000 and me $100,000.

Be well,

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

shanetedissac is offline  
#64 of 585 Old 01-02-2008, 12:46 AM - Thread Starter
 
shanetedissac's Avatar
 
Join Date: Apr 2002
Location: Sandy Hook, CT
Posts: 800
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by dealic View Post
I think we should make a list of everyone here and what step they are on, and where they are in it. It was helpful before to know eveyone's progress.
I can put it above my budget on the first page so it is easy to find. Start posting and I will edit.

Be well,

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

shanetedissac is offline  
#65 of 585 Old 01-02-2008, 12:48 AM - Thread Starter
 
shanetedissac's Avatar
 
Join Date: Apr 2002
Location: Sandy Hook, CT
Posts: 800
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by alleyoop View Post
A quick question: We have about $1000 left on our last CC. I heard on the news recently and read on a thread here, that you can call the CC company and ask what amount they would accept if you pay it in full. Do they do that with a small amount? Are some CC easier to deal with than others? Ours is a Chase account.

Also, anyone have any opinions on this? DH doesn't want to do it because he feels we knowingly spent the money and it is our responsibility to pay it off. I say they are CC companies who are already making money hand-over-fist and if we can get something taken off then we should. He feels it is an ethical decision and I feel that if it would benefit us, then why not do it?

TIA.
They will only take a settlement if you are months behind on your payments and think that you will never pay. I agree with your dh.

Be well,

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

shanetedissac is offline  
#66 of 585 Old 01-02-2008, 01:57 AM
 
Purple*Lotus's Avatar
 
Join Date: Nov 2007
Location: Fluffyville
Posts: 5,680
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Due to my fabulous new grocery budget and my mad ban on driving, I was able to get my EF up to...

drum roll please..

$289.59/$1000.00

DH is way impressed. I just started and I already have $289.59 in my EF. Yay!!

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
   
Purple*Lotus is offline  
#67 of 585 Old 01-02-2008, 02:18 AM
 
bc1995's Avatar
 
Join Date: Mar 2004
Location: Northeast Louisiana
Posts: 2,479
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
WTG, Jaime!!

Carrie, mom to Johnathan (7-02), Brodie (2-04), Kate (12-06), Jordan (9-08), (4-09) & Maggie (3-10)
bc1995 is offline  
#68 of 585 Old 01-02-2008, 03:47 AM
 
mumkenna&lucas's Avatar
 
Join Date: Aug 2007
Posts: 911
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by ~*Jaime View Post
Due to my fabulous new grocery budget and my mad ban on driving, I was able to get my EF up to...

drum roll please..

$289.59/$1000.00

DH is way impressed. I just started and I already have $289.59 in my EF. Yay!!

Great Job!!
mumkenna&lucas is offline  
#69 of 585 Old 01-02-2008, 03:52 AM
 
mumkenna&lucas's Avatar
 
Join Date: Aug 2007
Posts: 911
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
We are on pre-step But we should be current and BS1 complete by the end of next month
mumkenna&lucas is offline  
#70 of 585 Old 01-02-2008, 08:37 AM
 
koofie's Avatar
 
Join Date: Sep 2003
Posts: 2,455
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by Denvergirlie View Post
Yes, technically you should pay them off in BS2, but if they are a huge amount and you can not get them paid off in 2 years, then move them to BS6.

Not trying to pry but are you making a substanal wage that would support having that much SL debt? If you have that much SL debt then you should be pulling in enough money to pay that off in 2-3 years, thus leave it in BS2.

Good luck
The SL debt is about 105% of our annual salary. One is at 2%, one at 7%, and a small one at 8%. I was going to consider the small one in BS#2, and the others in BS#6. About $50k of the SLs are from when I was a single student Mommy doing an unpaid fulltime internship
koofie is offline  
#71 of 585 Old 01-02-2008, 11:28 AM
 
ILoveMyBabyBird's Avatar
 
Join Date: Sep 2006
Posts: 1,489
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by mumkenna&lucas View Post
We are on pre-step But we should be current and BS1 complete by the end of next month
Bs #0 for us too. We should be caught up by the 15th. You're not alone!

supermod.gif semi crunchy single student super mama to DS 7wave.gif and DD 3shy.gif. Falling in stillheart.gif with single super dad superhero.gif to DD5kissy.gif and DD2energy.gif 
ILoveMyBabyBird is offline  
#72 of 585 Old 01-02-2008, 11:42 AM
 
tannersmommy's Avatar
 
Join Date: Jan 2005
Location: My college town
Posts: 385
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
For Shane to add to the roll call:

Stephanie in AR (tannersmommy):
0-- Get current on bills DONE
1 -- $1,000 to start an Emergency Fund DONE
2 -- Pay off all debt using the Debt Snowball 1 DOWN, 5 TO GO - $18K (med, cards, & car), $18K SL
3 -- Three to six months of expenses in savings
4 -- Invest 15 percent of household income into Roth IRAs and pre-tax retirement
5 -- College funding for children
6 -- Pay off home early
7 -- Build wealth and give! --- Invest in mutual funds and real estate
tannersmommy is offline  
#73 of 585 Old 01-02-2008, 02:11 PM
 
tannersmommy's Avatar
 
Join Date: Jan 2005
Location: My college town
Posts: 385
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Okay, here I go with my budget for Jan.

Charitable Gifts (10%)
Church 375

Saving 0 (because EF is funded)

Housing (17%)
First Mortgage 509
Second Mortgage 90
Repairs 75

Utilities (11%)
Elec/Water/Trash 89
Gas 160
Phone/Cell/Internet 94
Cable 87

Food (16%)
Grocery 500
Restaurant 100

Transportation (11%)
Car 260
Gas and Oil 120
License and Taxes 26

Clothes (2%)
Children 40
Adults 40

Med/Health (6%)
Dr./Dentist 140
Meds/Vit. 75

Personal (9%)
Life Ins. 47
Hair 27
School 25
Subs. 9
Christmas Savings 100
Misc. 75
Blow 65

Recreation (2%)
Entertainment 60

Debts (17%)
Card 1 15
Card 2 115
Card 3 54
Student Loan 146
Med Bill #2 340 Payoff!

Sooo. I know Utilities and Food are both high and could be trimmed. But I'm still making a really good snowball payment this month. I will be talking to DH about getting more gazelle - like reducing our eating out and maybe our cable package.

I feel like I'm really putting myself out there with lots of financial info, but maybe it will be helpful to others who are budgeting.
tannersmommy is offline  
#74 of 585 Old 01-02-2008, 02:15 PM
 
mom2dea's Avatar
 
Join Date: May 2005
Posts: 142
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Way to go Jamie !!!!

Hi All I am here agian I am Sarah mom to 4 kids and wife to a wonderfull Dh that is so on board with getting debt free Westarted the program in Oct and we have the :
1000.00 in emergency fund started also started 401K , got life insurence on both of us , got reid of a Disney Vacation Home and our Cell phones !!!!
We paid off 2 CC (1,000.00) , Medical bill (125.00), My mom (600.00)
Now we have:
Verizon Wireless 175.00 (We canceled our Contract)
Greenbriair appartments 1200.00 (hoping to settel for less)
IRS 750.00 (just found out about this )
CC#1 1000.00
CC#2 1250.00
DH school Loan 4500.00
DH Car 7000.00

Then we are going to do our 3-6 monthes of Income and then work on paying off the 20% mortgage of 25000.00.

Hope to make lots of prgress in the next few monthes with Dh bonus , school money from GI Bill and also Tax refund !!!!
mom2dea is offline  
#75 of 585 Old 01-02-2008, 02:15 PM
 
tannersmommy's Avatar
 
Join Date: Jan 2005
Location: My college town
Posts: 385
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Read the section in TMM last night about insurance. We have all of the insurance that Dave recommends except for Disability Insurance. Do any of you have that insurance? I'm sure we can probably get it as an option through DH's work, but you're only allowed to make changes to your benefits once a year, and of course it was in Nov.

Just wanted to see what everyone else has.
tannersmommy is offline  
#76 of 585 Old 01-02-2008, 02:19 PM
 
tannersmommy's Avatar
 
Join Date: Jan 2005
Location: My college town
Posts: 385
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Did you guys suspend your contributions to your 401K plans while doing BS1 & 2? I am trying to decide whether to suggest this to DH or not, because I'm sure he is going to balk at it. But that's what Dave says to do (which is funny to type, b/c my DH is "Dave" too - ha ha). DH's work does a 6% match, which is phenomenal, and I hate to give that up, but if it means getting out of debt quicker, maybe we should do it.

Thoughts? Input?
tannersmommy is offline  
#77 of 585 Old 01-02-2008, 02:22 PM
 
mom2dea's Avatar
 
Join Date: May 2005
Posts: 142
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by tannersmommy View Post
Did you guys suspend your contributions to your 401K plans while doing BS1 & 2? I am trying to decide whether to suggest this to DH or not, because I'm sure he is going to balk at it. But that's what Dave says to do (which is funny to type, b/c my DH is "Dave" too - ha ha). DH's work does a 6% match, which is phenomenal, and I hate to give that up, but if it means getting out of debt quicker, maybe we should do it.

Thoughts? Input?
I know Daves says to do it But we just started ours this month and I am so happy about it . Its only 3% and they match the 3% but its better then nothing and I need it to make myself feel better about savings . This is the first time we have ever had a 401K or life insurence next we need a WILL .

So I am prob not the right person to ask .
mom2dea is offline  
#78 of 585 Old 01-02-2008, 02:55 PM
 
PancakeGoddess's Avatar
 
Join Date: Oct 2004
Posts: 5,351
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I haven't read Dave yet, but I don't think it's ever a good idea to turn down free money. I guess you could figure out how to calculate the losses you'd incur by paying interest for a longer period due to smaller payments on your debt, and see if it's worth it.

This is a great thread - has anyone ever done a compare/contrast with Dave vs Suze?
PancakeGoddess is offline  
#79 of 585 Old 01-02-2008, 04:14 PM
 
mom2dea's Avatar
 
Join Date: May 2005
Posts: 142
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I need some help everyone ... We brought a new house about 10 month ago and now that its cold out I am noticing that the windows and doors are letting in TONS of cold air . Our electric bill was 311.00 with the heat at 65 degress . I can not put it down any lower as we have a newborn ! And we can not afford much more on an electric bill . We are having someone come over to look at the doors , windows and instalation in the Attic .
Would you take this kind of money out of the emergency fund ?
Not do the work and eat the electric cost for this winter ?
Take it out of some of the money you were planning on using to pay off debt (won't see the money for 1-3 weeks ) ?
I do not want to put it on the CC so thats not an option to me ....

Please help what would you do ????
mom2dea is offline  
#80 of 585 Old 01-02-2008, 04:24 PM
 
tannersmommy's Avatar
 
Join Date: Jan 2005
Location: My college town
Posts: 385
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by mom2dea View Post
I need some help everyone ... We brought a new house about 10 month ago and now that its cold out I am noticing that the windows are and doors are letting in TONS of cold air . OUr electric bill was 311.00 with the heat at 65 degress . I cna not put it down any lower as we have a newborn ! And we cna not afford much more on an electric bill . We are having someone come over to look at the doors , windows and instalation in the Attic .
Would you take this out an emergency fund ?
Not do the work and eat the electric cost for this winter ?
Take it out of some of the money you were planning on using to pay off debt (won't see the money for 1-3 weeks ) ?
I do not want to put it on the CC so thats not an option to me ....

Please help what would you do ????
If I were you and I had my emergency fund in place, I would use $ from my EF to get your house checked for efficiency and repair what you could (door jambs, window fittings, insulation in the attic). Then replace the $ in your EF, and move back into debt snowballing. Do not charge it on a CC. That's what your EF is for. $311 is a lot for a heat bill, and if it's possible to remedy the efficiency problem, that bill will go down for the rest of the winter and for years to come, hopefully.
tannersmommy is offline  
#81 of 585 Old 01-02-2008, 04:44 PM
 
Purple*Lotus's Avatar
 
Join Date: Nov 2007
Location: Fluffyville
Posts: 5,680
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by mumkenna&lucas View Post
We are on pre-step But we should be current and BS1 complete by the end of next month
Quote:
Originally Posted by ILoveMyBabyBird View Post
Bs #0 for us too. We should be caught up by the 15th. You're not alone!
You can do this ladies!! Keep your eye on the goal and go for it!

Quote:
Originally Posted by tannersmommy View Post
Okay, here I go with my budget for Jan.

Charitable Gifts (10%)
Church 375

Saving 0 (because EF is funded)

Housing (17%)
First Mortgage 509
Second Mortgage 90
Repairs 75

Utilities (11%)
Elec/Water/Trash 89
Gas 160
Phone/Cell/Internet 94
Cable 87

Food (16%)
Grocery 500
Restaurant 100

Transportation (11%)
Car 260
Gas and Oil 120
License and Taxes 26

Clothes (2%)
Children 40
Adults 40

Med/Health (6%)
Dr./Dentist 140
Meds/Vit. 75

Personal (9%)
Life Ins. 47
Hair 27
School 25
Subs. 9
Christmas Savings 100
Misc. 75
Blow 65

Recreation (2%)
Entertainment 60

Debts (17%)
Card 1 15
Card 2 115
Card 3 54
Student Loan 146
Med Bill #2 340 Payoff!

Sooo. I know Utilities and Food are both high and could be trimmed. But I'm still making a really good snowball payment this month. I will be talking to DH about getting more gazelle - like reducing our eating out and maybe our cable package.

I feel like I'm really putting myself out there with lots of financial info, but maybe it will be helpful to others who are budgeting.
You wont miss the cable. I have not had it for years. When I go to work and my clients are watching TV, sometimes I watch with them and my brain goes numb Sometimes my Mom will record things for me to listen to while crocheting, and it seems ridiculous to me how much time I used to sit and watch TV. As a child I was not allowed to, and I can really tell the difference between myself when I watch TV and when I avoid it.

Quote:
Originally Posted by mom2dea View Post
Way to go Jamie !!!!

Hi All I am here agian I am Sarah mom to 4 kids and wife to a wonderfull Dh that is so on board with getting debt free Westarted the program in Oct and we have the :
1000.00 in emergency fund started also started 401K , got life insurence on both of us , got reid of a Disney Vacation Home and our Cell phones !!!!
We paid off 2 CC (1,000.00) , Medical bill (125.00), My mom (600.00)
Now we have:
Verizon Wireless 175.00 (We canceled our Contract)
Greenbriair appartments 1200.00 (hoping to settel for less)
IRS 750.00 (just found out about this )
CC#1 1000.00
CC#2 1250.00
DH school Loan 4500.00
DH Car 7000.00

Then we are going to do our 3-6 monthes of Income and then work on paying off the 20% mortgage of 25000.00.

Hope to make lots of prgress in the next few monthes with Dh bonus , school money from GI Bill and also Tax refund !!!!
You are doing really well!! Keep it up I would love to get rid of my cell phone, I can't stand feeling like I am at everyone's beck and call. However, I am on call 24 hours a day with my job So I think I went in to the wrong line of work Although my job has only ever called me once in the months I have worked for them. It is everyone else who calls me all the time that I have an issue with

Quote:
Originally Posted by mom2dea View Post
I need some help everyone ... We brought a new house about 10 month ago and now that its cold out I am noticing that the windows are and doors are letting in TONS of cold air . OUr electric bill was 311.00 with the heat at 65 degress . I cna not put it down any lower as we have a newborn ! And we cna not afford much more on an electric bill . We are having someone come over to look at the doors , windows and instalation in the Attic .
Would you take this out an emergency fund ?
Not do the work and eat the electric cost for this winter ?
Take it out of some of the money you were planning on using to pay off debt (won't see the money for 1-3 weeks ) ?
I do not want to put it on the CC so thats not an option to me ....

Please help what would you do ????
I am not sure about the financial side, since I am new to Dave. However, we rent out house and last year DH took one of the panels out of our drop ceiling and noticed this huge hole in the underceling part, below the actual roof. So he bought some $15 insulation and stuffed in up in the hole and wow, what a huge difference it made.

Also, if you can not afford to replace the windows, then I would suggest the plastic you put over your windows inside. DH did this every year before our landlord went insane and bought us new windows a few months ago. It takes time to really get it tight with the hair dryer, but it is well worth it. Only a few dollars at the local hardware shop for a kit.

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
   
Purple*Lotus is offline  
#82 of 585 Old 01-02-2008, 05:38 PM
 
SugarAndSun's Avatar
 
Join Date: Feb 2005
Posts: 3,095
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I was just thinking about Dave's plan today. He says to have 6 months of savings to cover expenses. Why not just stay six months ahead on the mortgage at all times and then keep in savings enough to cover other expenses for 6 months?
SugarAndSun is offline  
#83 of 585 Old 01-02-2008, 06:07 PM
 
PancakeGoddess's Avatar
 
Join Date: Oct 2004
Posts: 5,351
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
My only thought is what if your emergency requires you to sell or move? Why not just have the cash?
PancakeGoddess is offline  
#84 of 585 Old 01-02-2008, 06:48 PM
 
tannersmommy's Avatar
 
Join Date: Jan 2005
Location: My college town
Posts: 385
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
tannersmommy is offline  
#85 of 585 Old 01-02-2008, 06:49 PM
 
phathui5's Avatar
 
Join Date: Jan 2002
Location: Oregon
Posts: 17,474
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 1 Post(s)
Quote:
Originally Posted by shanetedissac View Post
According to the plan you are to put your student loans in BS#2. So far what I have heard is that the only debt your would put with the mortgage would be a second mortgage that is more than half of your income.

Those of you that are gazelle are awsome. It takes time to get there, I can remember

Be well,
I've heard Dave say on the radio that if student loans are that big, to move them in with the mortgage.

Midwife (CPM, LDM) and homeschooling mama to:
13yo ds   10yo dd  8yo ds and 6yo ds and 1yo ds  
phathui5 is offline  
#86 of 585 Old 01-02-2008, 06:57 PM
 
phathui5's Avatar
 
Join Date: Jan 2002
Location: Oregon
Posts: 17,474
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 1 Post(s)
For the roll call. We're on step 2.

Quote:
DONE0-- Get current on bills
DONE1 -- $1,000 to start an Emergency Fund
$5k to sell dh's truck, then about $5k more for other ones2 -- Pay off all debt using the Debt Snowball
3 -- Three to six months of expenses in savings
4 -- Invest 15 percent of household income into Roth IRAs and pre-tax retirement
5 -- College funding for children
6 -- Pay off home early
7 -- Build wealth and give! --- Invest in mutual funds and real estate

Midwife (CPM, LDM) and homeschooling mama to:
13yo ds   10yo dd  8yo ds and 6yo ds and 1yo ds  
phathui5 is offline  
#87 of 585 Old 01-02-2008, 07:28 PM
 
TattooedMama's Avatar
 
Join Date: Aug 2005
Location: knitting,cooking,laundry,rinse,repeat
Posts: 1,824
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
On BS#2 for the roll call:

0-- Get current on bills DONE
1 -- $1,000 to start an Emergency Fund (was done but some was just used to pay back taxes. Will be replenished this week)
2 -- Pay off all debt using the Debt Snowball (working on this)
3 -- Three to six months of expenses in savings
4 -- Invest 15 percent of household income into Roth IRAs and pre-tax retirement (still investing $100 monthly in Roth IRA)
5 -- College funding for children
6 -- Pay off home early
7 -- Build wealth and give! --- Invest in mutual funds and real estate
TattooedMama is offline  
#88 of 585 Old 01-02-2008, 07:28 PM
 
CeciMami's Avatar
 
Join Date: Nov 2005
Location: Vegas baby, VEGAS!!!
Posts: 544
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
To add to the roll call:

0-- Get current on bills DONE
1 -- $1,000 to start an Emergency Fund DONE (more actually since DH has unreliable income)
2 -- Pay off all debt using the Debt Snowball $16K CC, $13K SL, $20K Minivan
3 -- Three to six months of expenses in savings
4 -- Invest 15 percent of household income into Roth IRAs and pre-tax retirement
5 -- College funding for children
6 -- Pay off home early
7 -- Build wealth and give! --- Invest in mutual funds and real estate[/QUOTE]

I'm VERY excited on the progress we will make in 2008! Here's to a prosperous New Year!

Me my DH 4.5 year old DS and who just arrived on the scene 6/10 Excited to be blogging! Decluttering in 2010: 2010 / 2010
CeciMami is offline  
#89 of 585 Old 01-02-2008, 07:57 PM - Thread Starter
 
shanetedissac's Avatar
 
Join Date: Apr 2002
Location: Sandy Hook, CT
Posts: 800
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by tannersmommy View Post
Read the section in TMM last night about insurance. We have all of the insurance that Dave recommends except for Disability Insurance. Do any of you have that insurance? I'm sure we can probably get it as an option through DH's work, but you're only allowed to make changes to your benefits once a year, and of course it was in Nov.

Just wanted to see what everyone else has.
My dh has it through his work. He got it when he started because he works mostly in the woods and such. Check it out.

Be well,

Shane

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

shanetedissac is offline  
#90 of 585 Old 01-02-2008, 08:33 PM - Thread Starter
 
shanetedissac's Avatar
 
Join Date: Apr 2002
Location: Sandy Hook, CT
Posts: 800
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by tannersmommy View Post
Did you guys suspend your contributions to your 401K plans while doing BS1 & 2? I am trying to decide whether to suggest this to DH or not, because I'm sure he is going to balk at it. But that's what Dave says to do (which is funny to type, b/c my DH is "Dave" too - ha ha). DH's work does a 6% match, which is phenomenal, and I hate to give that up, but if it means getting out of debt quicker, maybe we should do it.

Thoughts? Input?

Yes you are supposed to suspend your contributions. Yes, you will loose the match during your snowball and emergency fund raising. This will motivate you to get gazelle!

Be well,

Shane

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

shanetedissac is offline  
Reply

Quick Reply
Message:
Drag and Drop File Upload
Drag files here to attach!
Upload Progress: 0
Options

Register Now

In order to be able to post messages on the Mothering Forums forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
User Name:
If you do not want to register, fill this field only and the name will be used as user name for your post.
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:

Log-in

Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.



User Tag List

Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page


Forum Jump: 

Posting Rules  
You may post new threads
You may 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