Dumping Debt and building wealth with Dave Ramsey JANUARY - Page 7 - Mothering Forums

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#181 of 585 Old 01-05-2008, 05:52 PM
 
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I'll go
I'm Elizabeth, independent mom to Areanna. I'm a homebirthing, extended breastfeeding, co-sleeping, selcective vax tree hugger : in CT.
I just found this thread last month and am waiting for my turn to come up at the library for the book. I signed up for the 30 day trial on the website and have been playing around with my budget as the month goes. (i really like the budgeting tool on there, i dont want to pay for the site monthly so if anyone knows of a similiar free one that also gives the % i would love if you posted). I bought my house about 4.5 years ago and have shaved an additional 2yrs off by paying over every month. I read a post from someone about how paying extra on the mortgage only helps at the end of the mortgage, not with my $$ situation now, so i've stopped paying extra on that and put it towards my debts (with the 10k equity loan my debts are about 16k- ) Like i said I'm working my budget, have my goals for the day/week/month & year and i'm pumped to get the he** out of debt... for good this time!
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#182 of 585 Old 01-05-2008, 06:07 PM
 
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Jessica, and others, I think that is the right mindset WE need to be in to support one another. Sorry I got my hackles raised earlier.

After college, I ran up what was big credit card debt to me at the time. My car was also in constant need of repair, and I didn't have a reason to stay at my college town with my cruddy job. I quit and move back home with my mom - who was thrilled to have me. I got a decent job and paid off my cards after many months. Then I started saving for a car.

Since then, I have said "never again" to carrying debt on the credit card. Moving on...
I'm Bridget in Missouri. WOHM, with SAHD. I also go to college at night. One nearly 3 year old daughter. I am pursuing my Masters in Public Administration at night.
I read TTMM a year or so ago, and the baby steps and advice really resonated with me (except for the religious parts). It seemed common sense and similar to the path we are on. Our debt at the time was a car payment and our mortgage. We paid off the car with our tax refund in 2007.
DH isn't into Dave Ramsey or the 'steps', but we negotiate and agree about money for the most part.

Our next step is going back to making and following a budget and tracking monthly expenses. I just started putting some numbers into my new Dave Ramsey software, and the first run through is about an 18% deficit.

My salary is not covering our expenses right now, and that is a big problem. Fortunately or unfortunately with have decent savings in the bank, but we draw on that too often. Some major home repairs have also been painful.

I am trying to cut corners and sell things around the house to make a little more money. I would like to look for a new job, but part of me wants to have another child and finish my degree while at my current employer.

Bridget. Momma to DD (4), expecting DS - 9/09, wife to SAHD. Gardener, coffee addict, urban dweller.
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#183 of 585 Old 01-05-2008, 06:37 PM
 
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I would really like to stick around and follow this thread month to month for at least a year while we are doing TTMM. Kind of like a DDC (due date club).
This works for me.

I'm Liz from Maryland. Married to dh Tim, a smokin' hot commercial lighting salesman who is also a cool drummer. We have four kids, ages 7, 4, 2, and 5 months.
I'm a WAHM who does childcare.
We "found" Dave Ramsey back in the summer, put a budget in effect in October, were done step 1 by Nov 30th and are working on step 2 now.

Midwife (CPM, LDM) and homeschooling mama to:
13yo ds   10yo dd  8yo ds and 6yo ds and 1yo ds  
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#184 of 585 Old 01-05-2008, 06:45 PM
 
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Hi! I'm Stephanie in Arkansas. 30, married, trying to be a SAHM for my 3 yr. old and 1 yr. old (tomorrow!) boys, but WAHMing two part-time jobs instead. Thus my supreme motivation for getting out of debt, and fast. I want to stay home with my kids and homeschool and not have to work additional jobs.

We have my DH's 18K in Student Loans, and 18K in credit card debt & car loan. Just started on the envelope cash system, budgeting, and Baby Steps in Dec. The support I'm getting from all of you is so great. I know that it will especially keep me going as I start attacking our car loan later this month - no more paying something off each month momentum like I have had going here at the beginning...

I'm your typical MDC ::::
(2 attempts/hospital transfers ):

:
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#185 of 585 Old 01-05-2008, 06:48 PM
 
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This works for me.
I'm a WAHM who does childcare.
Liz, me too. I keep two little girls, ages 18 mo. and 12 mo. :yawning:
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#186 of 585 Old 01-05-2008, 07:29 PM
 
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Hi! I'm Kelsi from Maryland, a WOHM to one almost 5 yo and one 9mo DD. I started reading about DR last summer but I only just read TTMM. DH is on board somewhat, and we have paid off most of our CCs, but have yet do save our baby emergency fund because we keep paying too much toward CCs and then don't have enough to pay the bills um, yeah, we need to work on budgeting. We also will be buying a home soon as we all need to get OUT of our condo, so we are going kind of backwards on the DR thing, but this house should be our *dream home* - it is a fixer upper

We are hoping to have our BEF in place when we get our taxes, as well as finish paying off our CCs and have part of our house downpayment. We have lots of SLs as well, so much that at least some of them will be pushed back to pay off with the mortgage. Our hope is that I can stay home to homeschool in a few years.
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#187 of 585 Old 01-05-2008, 07:49 PM
 
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DH is on board somewhat, and we have paid off most of our CCs, but have yet do save our baby emergency fund because we keep paying too much toward CCs and then don't have enough to pay the bills um, yeah, we need to work on budgeting.
Ooh this was my DH too before the TMM. He would want to throw a bunch of money at a bill to get us out of debt, but we didn't have any savings and no budget. It.Didn't.Work.

You gotta love learning to be smarter.
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#188 of 585 Old 01-05-2008, 07:53 PM
 
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I lurked a bit on the thread last month. I would like to join this month on BS0. We will have both BS0 and BS1 complete with our tax return by mid-February. We will also start the snowball with whatever is leftover. We have a ridiculous (and embarrassing) amount of debt and are ready to change it. Our church is hosting a 13 week Financial Peace University starting later this month. I hope they have child care available because we won't be able to attend otherwise. Looking forward to seeing DONE by BS0 and BS1 on next month's thread!
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#189 of 585 Old 01-05-2008, 08:17 PM
 
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I lurked a bit on the thread last month. I would like to join this month on BS0. We will have both BS0 and BS1 complete with our tax return by mid-February. We will also start the snowball with whatever is leftover. We have a ridiculous (and embarrassing) amount of debt and are ready to change it. Our church is hosting a 13 week Financial Peace University starting later this month. I hope they have child care available because we won't be able to attend otherwise. Looking forward to seeing DONE by BS0 and BS1 on next month's thread!
Hi, friend! (Tanya and I are buddies IRL).

Welcome to our little tribe. We're all going to be DEBT FREE and it's going to feel SO good!
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#190 of 585 Old 01-05-2008, 11:48 PM
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I'm Michelle, married to dh with 2 boys and a third baby on the way. We live in an expensive city so while dh makes good money its hard to get ahead with me staying home. I plan to sah until the kids are all school age. We owed 15,000 and have paid off almost half in the past year through careful budgeting, less crap spending (eating out, coffees, watching groceries, sale shopping ahead of time) etc. A big chunk of our debt came from my parents dying within 2 years of each other and the related expenses, the rest from us being stupid about money.
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#191 of 585 Old 01-06-2008, 01:40 AM - Thread Starter
 
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Hi! My name is Shane. I'm married to Mark and we celebrated 10 years this past June. We are the parents to three boys Theodore (8), Issac (6) and Harrison (4). I work part-time at a grocery store called Big Y. I used to be a perdium doula at our local hospital but had to get a regular paying job since getting on the Dave Ramsey Plan! I could not stand being on call so much and not going in. We only got pain when we actually got called into a birth. I was getting called about once a month. The only paid $275 per birth. I still did a few this past year for repeats. I found Dave Ramsey in October 2006. Oh, and I found him here at MDC!!!! We only had $2000 on a credit card but had always paid them off in the past. 2006 was the first year we were carrying a balance and I did not like it! So, here we are today, debt free and loving it. My dh is a teacher so our income in CT is very modest. We are able to budget for all the needs and some of the wants but I would like to see our big ticket items get more money. I'm the nerd of the family and my dh is the spender.

Be well,

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

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#192 of 585 Old 01-06-2008, 01:55 AM
 
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Mommyddeville

0-- Get current on bills - n/a
1 -- $1,000 to start an Emergency Fund *currently at $800
2 -- Pay off all debt using the Debt Snowball *snowballing right now
3 -- Three to six months of expenses in savings *will do
3.5 -- save for downpayment on house if you do not already own a house *already have a house with a modest mortgage
4 -- Invest 15 percent of household income into Roth IRAs and pre-tax retirement *currently at 7%
5 -- College funding for children *not started
6 -- Pay off home early *I want to move into a big enough house for our family, and then pay it off
7 -- Build wealth and give! --- Oh, to be at that point!
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#193 of 585 Old 01-06-2008, 02:04 AM - Thread Starter
 
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I'm going to post these daily or as much as I can daily

******************************************

How do I get started managing my money?
Get on a written game plan. John Maxwell says, “A budget is telling your money where to go instead of wondering where it went.” You don’t have to start with a perfect month. Just start where you are. Write down what you have today – income and expenses – and spend your income on paper before the month begins. Get free, downloadable budgeting forms

http://www.daveramsey.com/fpu/home/i...ContentID=3006

Also try using Dave’s envelope system to help you spend cash where you’ve budgeted it to be spent. Take some envelopes, write the budget categories on the envelopes, and use only the allotted money to purchase specific things. When an envelope is empty, don’t buy anything else in that budget category.

http://www.daveramsey.com/etc/cms/in...ContentID=3461

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

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#194 of 585 Old 01-06-2008, 02:50 AM
 
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Hello, everybody. I just found this thread and don't have time to read through the whole thing. I haven't even read Dave Ramsey's book but I'm reading "Affluenza" and am committed to Living Simply and getting control of our finances. I'm going to reserve Dave's book from our library and follow this thread.

DH got married only 6 years ago and both of us came into it with nothing (me because I'd just finished a PhD and him because he lost everything in a previous divorce). We've had our share of ups and downs financially in the first few years of marriage, but for over a year now DH has been making very good money. We keep a monthly budget spreadsheet but seemed unable to stick to it. Truth be told, having a large income was hard b/c it *felt* like we should be able to afford everything. Just before Xmas I realized that for the money he's bringing in (and I'd be embarrassed to even tell you how much) we really aren't saving very much and we are spending too much money on stuff that isn't necessary. I resolved to get a handle on our finances.

Mostly I'm looking for ways to live simply. My biggest challenges are getting my grocery bill down - we have a plan now and this month will be the big test to see if we can make a significant difference. Up until now our bill has ranged from $800 to $1000 (that includes all eating out). We're trying for $500 this month. Our other challenge is the extraneous spending on things that are nice to have but not necessary.

We've recently made a plan to leave the city and buy 3 - 5 acres in a more rural setting. Our goal is to save 27% of DH's gross income this year for a downpayment. If you're interested in following, my blog about it is here.

teapot2.GIF Homeschooling, Homesteading Mama to DD ('02) and DS ('04)  ribbonjigsaw.gif blogging.jpg homeschool.gif

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#195 of 585 Old 01-06-2008, 02:52 AM
 
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Question... To which I prob. know the answer, but it worries me.
Do you pay the govt first if you owe, or save the BEF?
I'm asking prematurely, b/c I don't know if I owe yet! But it's going to be way scary if I do! : And I want to get it paid ASAP!
Would sure appreciate any good thoughts/vibes/etc that everything works out ok!
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#196 of 585 Old 01-06-2008, 03:36 AM
 
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So...seeing as how tax time is virtually upon us (I start worrying early ) Do you all do your own taxes? Or do you go to an accountant? When DH and I were both working we had an accountant because we were pretty complicated. Now DH gets a W-2 and I get a 1099-misc and I'm wondering if the expense is worth it of if I should just buy Turbotax or something...

My Intro: I'm Cecilia, maried to DH and mama to DS (2.5). I stopped working full time almost exactly 1 year ago and found Dave on these boards. It was the kick in the pants that we needed and we've been buckling down and trying like crazy to stick to the budget and pay stuff down. We were successful in paying about $8K towards our CC's last year but still have a long way to go. I'm excited to be a part of this thread because I need the support to not fall off the wagon!

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
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#197 of 585 Old 01-06-2008, 04:02 AM
 
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CeciMami, I use Tax Act's online version, and it ROCKS!!!!! You pay when you file, and it's less than $20--I have a 1099-MISC, too, and other things--and in most cases you can file your state return with it as well, if you want to. Whatever you file is electronic, and you can either answer the 1666666 gazillion questions (if you're not sure what to fill out) or choose the right forms.
HTH!
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#198 of 585 Old 01-06-2008, 04:06 AM
 
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Heres my info.

I am Amanda, 26 years old from California. I am married to dh Rich, and we have 2 kids (ages 4 and 2) I am a SAHM. We are just starting out with the Dave Ramsey plan..maybe about 2 months now.
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#199 of 585 Old 01-06-2008, 10:04 AM
 
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Welcome everyone old and new
We do not do our own taxes, we have an accountant do them. We are thinking about using my friend's acct. this year though because I don't feel like our tax preparation is "quite right."
For a self employed family of 5 with a house, I think we may not be getting all the tax credit we should be. We pay a lot of taxes.
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#200 of 585 Old 01-06-2008, 10:49 AM
 
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Re: Taxes
We use Turbo Tax. It still comes with a few headaches, but it helps us a lot. Especially after that one year that we ended up owing another $1000 because we could do addition/subtraction. :

I have another question for everyone.
Where do you 'keep' your baby step #1 emergency fund and/or baby step #3 3-6 months emergency fund. Bank? Credit Union? Mutual fund?

I think we have that much in savings, but I would really like to break it out and keep it separate. That way I would know what we have to invest and to use toward the never-ending home repairs.

Bridget. Momma to DD (4), expecting DS - 9/09, wife to SAHD. Gardener, coffee addict, urban dweller.
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#201 of 585 Old 01-06-2008, 11:32 AM
 
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but I'm reading "Affluenza" and am committed to Living Simply and getting control of our finances.
Hi mama! I recently read this book too. But, I bought it rather than borrowing :. Great blog--I look forward to hearing about the property you choose!

4 kids under 10
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#202 of 585 Old 01-06-2008, 01:06 PM - Thread Starter
 
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Question... To which I prob. know the answer, but it worries me.
Do you pay the govt first if you owe, or save the BEF?
I'm asking prematurely, b/c I don't know if I owe yet! But it's going to be way scary if I do! : And I want to get it paid ASAP!
Would sure appreciate any good thoughts/vibes/etc that everything works out ok!

If you don't have the payment notice yet then work on the BEF. Once you get the notice try to get a payment plan and then pay the minimum until you get your BEF done. When you BEF is funded then begin your snow ball of debts with IRS first.

Be well,

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

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#203 of 585 Old 01-06-2008, 01:11 PM - Thread Starter
 
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So...seeing as how tax time is virtually upon us (I start worrying early ) Do you all do your own taxes? Or do you go to an accountant? When DH and I were both working we had an accountant because we were pretty complicated. Now DH gets a W-2 and I get a 1099-misc and I'm wondering if the expense is worth it of if I should just buy Turbotax or something...
We hired an accountant. I got the name from Dave Ramsey's ELP list on his web site. The accountant cost us about $400, less than H&R Block cost us. We have a pretty complicated returns and I get so confused. I look forward to the day of a simple return. I do a ton of mystery shopping and don't want to screw it up. We also seem to sell investments each year and that confuses me. Not sure if we sold anything this past year because we had sold the last item to fully fund our 3/6 month emergency fund.

I am comfortable saving the cash for an accountant, I like the added security from the IRS.

Be well,

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

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#204 of 585 Old 01-06-2008, 01:17 PM - Thread Starter
 
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I have another question for everyone.
Where do you 'keep' your baby step #1 emergency fund and/or baby step #3 3-6 months emergency fund. Bank? Credit Union? Mutual fund?

I think we have that much in savings, but I would really like to break it out and keep it separate. That way I would know what we have to invest and to use toward the never-ending home repairs.
Keeping it separate is an excellent plan! It needs to go into an account that is very easy to get at. With check writing privilages. A money market account is a very good place to put it. You don't want to put it in a mutual fund because those are for long term investments and are not very liquid. I currently have mine in a money market fund with CapitalOne direct on line. I found after I started the account that they do not have check writing privilages and have not found another location yet. I'd like to hear what you all have also done so I can check it out. I currently have to wait about 3 days to get my money. Remember that the interest is not important, have it readily available it.

Be well,

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

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#205 of 585 Old 01-06-2008, 01:26 PM
 
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Not from this thread, but other F & F threads I think ING is a popular account.
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#206 of 585 Old 01-06-2008, 04:36 PM
 
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Intro:

Hi, I'm a WOHM, married to self employed DH, with a four year old. We live about 20 miles from NYC. We've been doing DR for a year now and made tremendous progress last year. We have a $1000 on cc and DH's work truck left and we are determined to pay it all off this year.

I love to budget. For those just starting, it took about 3 months to make it work, and I wouldn't spend money without it now. I do a spreadsheet at the beginning of every month and pay bills and spend according to how the money is allocated. If it isn't there, I don't spend it. As I said, budgeting was difficult and horribly discouraging at first, but is such an important tool to keep track of money and find out where it is going and what may not be really necessary. (At least for me .)
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#207 of 585 Old 01-06-2008, 05:38 PM
 
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Hi, my name is Jaime. I am married to Bryan, he works for a company that handles airline parts for the government. I manage a domestic violence shelter 70 hours a week. Yes, I don't see DH very often, but I have my eye on the out of debt prize

I brought in a significant amount of credit card debt to the marriage because I have a lot of medical problems and did not have insurance. I also have a student loan to pay off.

We rent our house. Our goal is to pay off our debt, so that we can TTC and I can be a SAHM and homeschooling Mom. That is the big goal for us.

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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#208 of 585 Old 01-06-2008, 06:16 PM
 
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Anyone else have someone do their taxes? I would love to get help since both my husband and I have 2 home offices, we're an audit waiting to happen. but I can't imagine spending 400-500 to get it done, we have done it ourselves using turbo tax, but it does get complicated. Last year, we still had our rental property and business and it did take a bit, turbo tax kept giving usthe wrong calculations, just wondering what everyone else is paying?
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#209 of 585 Old 01-06-2008, 07:00 PM
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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,

I just settled on two cc. I was behind on one, not on the other. THey both settled for $400 off what I owed. I did tell them that we were having some trouble and this was a way out for us. They were extremely nice!
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#210 of 585 Old 01-06-2008, 07:26 PM
 
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Red,
Did settling like that have a negative impact on your credit rating? How did it show up on your credit report? We were thinking of calling our creditors and talking with them, but since we want to move out of here when possible, we don't want to hurt our chances of getting another mortgage?
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