Dumping Debt and building wealth with Dave Ramsey JANUARY - Mothering Forums
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#1 of 585 Old 12-30-2007, 03:31 PM - Thread Starter
 
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My disclaimer: I've been described by my mother-in-law as only thinking in Black and White. I can be brash, very straight forward and could be seen as insensitive. Other than that I am empowered to be very wealthy in my future and to have my children forever debt free.

Roll call:

If I get typos please let me know I liked how one poster copied and then filled in, if did the same. It will make it a little less complicated for me too

Shane in CT:
0-- Get current on bills - n/a
1 -- $1,000 to start an Emergency Fund done
2 -- Pay off all debt using the Debt Snowball done
3 -- Three to six months of expenses in savings done
3.5 -- save for downpayment on house if you do not already own a house already have a house with a mortgage
4 -- Invest 15 percent of household income into Roth IRAs and pre-tax retirement doing
4.5 Bar Mitzvah funding saving up to $3000/$21,000
5 -- College funding for children after the Bar Mitzvah's are funded
6 -- Pay off home early I so can't wait to be here!
7 -- Build wealth and give! --- Invest in mutual funds and real estate To be able to share will be a bessing.

Stephanie in AR (tannersmommy):
0-- Get current on bills DONE
1 -- $1,455 to start an Emergency Fund (extra for taxes)DONE
2 -- Pay off all debt using the Debt Snowball
1 DOWN
2 down (medical) 1/08
4 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

Galatea
BS#0 - na
BS#1 - done
BS#2 - $60000+
BS#3:
BS#4:
BS#5:
BS#6: Student Loan, no mortgage

Carrie (bc1995) in SE AR
BS#1:
BS#2: Van
Student Loan

wendygrace
BS#1:
BS#2: In progress

Sarah (mom2dea)
BS#1:
BS#2: Medical bill

Bunnyslippers:
BS#0 -
BS#1 - 40/1000

MonkeyPrincess

Sam: organic-momma in Calgary AB
BS#0 - done
BS#1 - working on
BS#2 - van

wendizbaby
BS# 0 - done
BS#1 - done

BS# 2 - It is there but skipping for now
BS# 3 - $1000

gsmama2
BS#0 - done
BS#1 - 350/1000
BS#2 - Medical $500
cc's $2700
car $9000

Mommyjoy7021
BS#0 - in progress
BS#1 -
BS#2 - cc's $12000
IRS
SL

Piglet68 in
BS#0 - done
BS#1 - done
BS#2 - done 1/08

BS#3 -

phathui5
BS#1 - Done
BS#2 -
BS#2.1 - $593.34/$5000 sell truck fund

Sara in SC
BS#1 - done
BS#2 - done
BS#3 - Verizon Wireless 175.00 done
Greenbriair appartments 1200.00 done
IRS 750.00 done
CC#1 1000.00
CC#2 1250.00
DH school Loan 4500.00
DH Car 7000.00[/B]
BS#4 - 3/6 months expenses in bank
BS#5 - Invest in retirement - 3% currently

Jamie in West Virginia:
BS#0 - done
BS#1 $885.59/$1000.00

Barb in PA:
BS#0 - na
BS#1 - 1/08
BS#2 -

ReikiMommy07
BS#1 - 900/1000

JackieR

Einley in WI

my2girlz
BS#0 -
BS#1 -
BS#2 - gymoree - done
Target - in progress

Starling&Diesel in
BS#0 - done
BS#1 - 5/1000

APBTLuv in
BS#0 -
BS#1 - done
BS#2 - In progress

Guin in New Mexico
BS#0 -
BS#1 - done
BS#2 - working on

Namella in the expensive eastcost
BS#0 -
BS#1 -
BS#2 -

Heather somewhere in the northeast
BS#0 - done 1/08
BS#1 - Step 1: $771.25/1000. WOOOHOOOOO
BS#2 - HD:1867.28
Car: 3681.69
WaMu: 7078.28
At&T: 16,155.03
UCU: 11,465.43
Student Loan: 100,000
BS#3 -
BS#4 -
BS#5 - $200,000 mortgage
BS#7 -

MissSJ:
0-- Get current on bills Done
1 -- $1,000 to start an Emergency Fund Done
2 -- Pay off all debt using the Debt Snowball Our only debt is our car, what is the Debt Snowball?
3 -- Three to six months of expenses in savings Definately not done.
3.5 -- save for downpayment on house if you do not already own a house Done
4 -- Invest 15 percent of household income into Roth IRAs and pre-tax retirement We are currently putting 8% into dh's 401k but I'm guessing it is more important to pay off the car and build up our savings than to increase this to 15%?
5 -- College funding for children I wanted to open a 529 for the boys next month, per Dave Ramsey is it better to all of the above first? What about the tax benefits?
6 -- Pay off home early I don't even see this happening... What is the benefit, other than obviously not having a mortgage?
7 -- Build wealth and give! --- Invest in mutual funds and real estate

Amanda in
BS 0 - getting current

ILoveMyBabyBird in
BS#0 - getting current

Liz from Maryland (phathui5)
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

TattooedMama
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

CeciMami in NV
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

Amanda (mumkenna&lucas) in CA
0-- Get current on bills we are here should be current in next 2-3 weeks
1 -- $1,000 to start an Emergency Fund Hopefully we will be able to complete by end of Feb.
2 -- 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! ---

Daisie125 (michigan)
0-- Get current on bills - done! Finally!
1 -- $1,000 to start an Emergency Fund - $40.76/$1000
2 -- Pay off all debt using the Debt Snowball
3 -- Three to six months of expenses in savings
3.5 -- save for downpayment on house if you do not already own a house already have a house with a mortgage
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!

esokitty in
BS 0 - getting current

artparent in
BS#0 - done
BS#1 - 700/1000
BS#2 - we have snowballed both credit cards to 0, but allowed them to pop up again. i'm addressing this in another thread!!! have a creditline to pay down, and another loan. i'm hoping to get rid of our car and join a co-op/ride a bike!

Ann in MN:
BS#0 - done
BS#1 - done
BS#2 - in progress

Elizabeth in CT:
BS#0:
BS#1:

Bridget in Missouri:
BS#0 -
BS#1 -
BS#3 -

Kelsi from Maryland
BS#0:
BS#1:
BS#2: working on

TanyaS in
BS#0: in progress

Michelle in an expensive city:
BS#0: done
BS#1: done
BS#2: in progress

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!

Allyoop 20 minutes from NYC
BS#0 -
BS#1 -
BS#2 - in progress

Jean (Red) in Mass
BS#0 - getting current with electric bill
BS#1 -
BS#2 - in progress
BS#3 -
BS#4 - n/a
BS#5 - kids are on their own

Andrea in TX:
BS#0 - done
BS#1 - done
BS#2 - almost done

Wendi in:
BS#0 - in progress

ILoveMyBabyBird
BS#0 - in progress

lalaland42
Get bills current. - done
Emergency Fund - done
Pay off debt using snowball - Working on it!

Viv
BS#0 -

Charissa in OR
BS#0 -
BS#1 - done
BS#2 - in progress

Curvyred in
BS#0 -
BS#1 - done
BS#2 - in progress

Another month is upon us and we are getting intense! We are on baby step 4.5, saving for our three boys Bar Mitzvah's.

Here is our budget for Jan:

CHARITABLE GIFTS:
local radio station - 10
Tzdaka - 2 (yea it's tiny but will grow some day)

SAVINGS:
Retirement Fund: 175 (my dh also has a mandatory pension contribution which gets us to the 15%)
Bar Mitzvah Fund: 100

HOUSINGS:
Mortgage: 771.72
Real Estate Tax: 625
Homeowners Ins.: 70
Umbrella Ins.: 27
Repair: 60

UTILITIES:
Electricity: 109.12
Oil: 130
Phone: 84.40
Trash: 8
Computer: 65

FOOD:
Groceries: 480.76 (we put the budget surplus to food this month)
Eating Out: 0

TRANSPORTATION:
Gas: 240
Repairs: 20
Insurance: 176

CLOTHING:
Children: 30
Adult: 8

MEDICAL/HEALTH:
Drugs: 13 (includes vitamins and homeopath)
Dr. Bills: 20
Optometrist: 100
Pets: 50 (our dog is starting on pain killers permentantly, he's really old!)

PERSONAL:
Life Ins.: 34 (we got Zander insurance and our monthly budget for this went way down!)
Toiletries: 26
Hair Care: 19
Education: 0
School Supplies: 0 (we homeschool)
Subscriptions: 7 (covers Net Flix)
Gifts: 10
Blow: 0 (have not been able to put any in here since starting over a year ago)

RECREATION:
Entertainment: 0
Vacation: 10
Scouts: 37 (we alternate this every few months with sports)

TOTAL HOUSE HOLD INCOME: 3518 (mostly dh income and then $400 from my part time job.)

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

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#2 of 585 Old 12-30-2007, 03:33 PM
 
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I need to fine tune my budget before I post it, but I wanted to subscribe to the thread.

Happy New Year.
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#3 of 585 Old 12-30-2007, 07:14 PM
 
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i just finished reading the book last week so we're on bs1. dh is NOT fully on-board so i know this may take a lot longer.

do we have to post our budgets? how do we account for carry-overs that have to be paid on multiple months?

sarah
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#4 of 585 Old 12-30-2007, 07:24 PM
 
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subbing!

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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#5 of 585 Old 12-30-2007, 07:24 PM
 
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You do not have to post your budget. These are support threads, participate as you wish.
If you have excess in one budget area monthly you could adjust that category if you are consistently having an overage. Or you would add it to your EF if that is the step you are on, or the snowball if that is what you are working on.
Or if you are like me with my grocery part of the budget, you can carry it over to the next month... or spend it to zero. I have a pantry and a deep freeze... there is always SOMETHING I can find to buy with grocery money.
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#6 of 585 Old 12-30-2007, 07:54 PM
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I just deposited my December paycheque straight onto dh's visa bill and get a cheque for 1200 mid month so will do a second payment then. Feels so good to have one card paid off and start hitting the second, gives us faith in the snowball. I feel like the end is finally in sight, by this time next year we should have no consumer debt (just mortgage).

Sarah, it took my dh a few months to get onboard too and we never got gazelle intense but after reading the book and watching my credit card get paid off and nothing new put on, dh is a convert.
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#7 of 585 Old 12-30-2007, 08:25 PM
 
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Subbing ...

I read last month's thread with interest and have already spoken with DH about starting an EF, which he is on board with. So far, EF balance is around $125 ... it's a start! When I get home from holidays (we're staying with my IL's at the moment), I'm going to see if I can borrow the Dave Ramsey book from my local library.

Mothering my 4yo DS and 1yo DD
I knit : I sew : I read : I craft : and I very occasionally and irregularly blog
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#8 of 585 Old 12-31-2007, 12:36 AM
 
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Subbing for the first time.

I ordered the Dave Ramsey computer budget software. I hope to get that set up in January. Our only debt is our mortgage, plus the credit cards that are paid off monthly.

However, our necessary expenses are way to close to our income. I would really like to keep an eagle eye on expenses and make sure we aren't losing out. We haven't started saving for DD's college, and I would like to invest more for retirement.

Bridget. Momma to DD (4), expecting DS - 9/09, wife to SAHD. Gardener, coffee addict, urban dweller.
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#9 of 585 Old 12-31-2007, 02:14 AM - Thread Starter
 
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Quote:
Originally Posted by sarahlyao View Post
i just finished reading the book last week so we're on bs1. dh is NOT fully on-board so i know this may take a lot longer.

do we have to post our budgets? how do we account for carry-overs that have to be paid on multiple months?

sarah

When I first started the plan we did not do the budget. We accounted for everything that we spent on paper. For the first three months I just wrote down everything that we spent on lined paper as it was spent. No catagories and such just date, item, and amount. After doing that for the first few months then I began the budget. The budget is very daunting at first. You are to figure what you are actually going to spend for the month to come, not the average of the past year and such. Some things will be consistent: rent, mortgage and such. Some will not: clothing, repairs and such. It takes many months to fine tune a budget, don't give up when you get there.

Have you been writing down all your spending?

Be well,

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

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#10 of 585 Old 12-31-2007, 02:16 AM
 
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HydePark - let us know how you like the software. I was thinking of trying it because I can use all of the extra help I can get to become organized, but I'd like to hear some reviews before I buy it.
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#11 of 585 Old 12-31-2007, 02:26 AM
 
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I can't really post a budget, because I never know what - or even if - dh will get paid each week. Plus, because he was unemployed for 8 months, we are behind on everything. I will be making changes to our monthly bills (cancelling things, changing carriers, etc.) for January.

This is supposed to be a good month for our financial situation, though, so we'll see...

Subbing for help and motivation.
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#12 of 585 Old 12-31-2007, 04:45 AM
 
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Quote:
Originally Posted by MonkeyPrincess View Post
I can't really post a budget, because I never know what - or even if - dh will get paid each week. Plus, because he was unemployed for 8 months, we are behind on everything. I will be making changes to our monthly bills (cancelling things, changing carriers, etc.) for January.

This is supposed to be a good month for our financial situation, though, so we'll see...

Subbing for help and motivation.
I hope it's a good month for your family!!!
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#13 of 585 Old 12-31-2007, 04:59 AM
 
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My January budget:
Rent (includes water/sewer, trash/recycling): $588.12
Renters Insurance: $20
Phone/internet: $39
Electric: $50
Satellite: $38.73
Gas (cooking): $20
Fuel oil: $136
Alternative healthcare: $30
Savings: $60.24-145.57 (higher end is steep but I hope to make it...)
Household: $10
Food: $200 or less
DH: apparently we're paying to get his PC fixed... Don't know how much it will be, but he's not getting allowance until he pays me back.
DS: $30
gifts/gift-making supplies: $16.66
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#14 of 585 Old 12-31-2007, 12:25 PM
 
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OK, i read the thread last month and asked a few questions, now i'm ready to start. Since i am also compacting it should make it easier to stay on budget. Good luck to me
I will post my budget once i finalize everything!
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#15 of 585 Old 12-31-2007, 02:40 PM
 
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Quote:
Originally Posted by shanetedissac View Post
Have you been writing down all your spending?
We have not been writing all of our spending because we use the envelope system so I don't write the things in envelopes like gas and groceries down.I do track our blow $ though.. I have been keeping track of my non-necessary spending on the no spend thread here.

Here is our January budget
House: $500
Truck: $386
Car Ins. $183
PG&E: $90
Water: $40
Food: $300
Gas: $400
Cable: $50
Credit Crads: $120
Dance: $45
Amerigas: $50
Fidelity: $45
Medical Bills: $190
Garbage: $40
Blow: $100

We actually took alot out and are going to try it this way for a while that leaves alot of extra $$!! so I am pleased with that, however we are not current on a few things since dh did not work as much as normal in Dec. So at first that extra $ will have to be used to play catch up
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#16 of 585 Old 12-31-2007, 02:46 PM
 
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I'm amazed at how low people's housing costs are. We rent a 3-bedroom townhouse for $1354/month, plus water, gas heat and hydro. And that's out in the suburbs; not in town. We did previously rent a 3-bedroom townhouse for $1131, which was cheaper, but the neighbourhood was unsafe with beer bottles broken everywhere, we found firemarks on the side of our house, and we called the police on the neighbours regularly for suspected child abuse. It was terrible. The house itself was a mess also...

I'm going to sub to this thread to get some ideas. We are planning on buying a house this summer, and we've got our financial work cut out for us between now and then. We'd like to cut back our monthly expenses which includes debt expense. Our largest debt is for our student loans.

4 kids under 10
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#17 of 585 Old 12-31-2007, 03:06 PM
 
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I'm going to sub too. We just condensed our CC's into a low interest home equity loan so it's going to help a ton with cash flow. I'm going to borrow the Dave Ramsey book from my SIL. I stink at finances. I used to be awesome but not anymore.

Our house payment is $2400/month if that makes anyone feel better. WAY over budget. Dh has gotten about $25000 in pay cuts since we moved here and the housing market is so bad it makes no sense to sell right now. So we're hanging on by a thread and praying for relief soon.

Amy - Blessed wife to Jesse (the best dad in the world), mother of 10 on earth plus 8 in heaven.   PROUD to be a Catholic! : winner.jpg familybed2.gifhomeschool.gif

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#18 of 585 Old 12-31-2007, 04:30 PM
 
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I read Dave's book yesterday. It was so easy to read. He is really good at keeping up the interest level all throughout it. I couldn't put it down!

I loved reading the stories of the people who managed to get out of debt.

I have decided that I do not want to live like "everyone" else says that I should live. I do not want to buy a car I can not afford or move out of my modest, $420 month rental house and buy my own home that I can't afford right now. I want to be WEIRD

So DH is really excited that I finally found something that made it click in my head. We cut out our eating out and I cut out any extra driving. I am proud to say that I have not been to a Big Box Store in over a month And I have not had any fast food in over a month Not only have I saved money, but I have lost weight What a concept!

The other day I took a hard look at what I had in the pantry/freezer and I made a grocery list for the next two weeks using cheap meals using up ingredients we already had. I am proud to say that out of the $200 I used to budget for two weeks of food can be reduced. I aimed for $175, but only spent $100!!! That is $75 extra dollars that I can take TODAY out of the envelope and sock in to the EF Plus the $25 I already saved by cutting it out in the first place.

And now I am gearing up to make the next two weeks menus with things we already have

I used to be embarassed about my old house and my old car, but now I am proud of them. Because I am living below my means already, even before reading the book, so I can only go further from here

I have decided that since I work nights and can sleep at work if it is slow, that maybe I will start taking a substitute teaching job once a week or so for extra income. Plus, I have a lot of books that I might be able to sell on Ebay. I am going all out gazelle here, folks!

Now to try to convince DH in to selling his car. Wish me luck on that one :

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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#19 of 585 Old 12-31-2007, 04:46 PM
 
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Subbing.
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#20 of 585 Old 12-31-2007, 05:07 PM
 
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Question about Student Loans... If your SL are huge, like $100+k, should they still be paid off in BS#2 or moved to BS# (um whatever the mortgage one is - I'm still stuck in BS#2)

TIA!
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#21 of 585 Old 12-31-2007, 05:54 PM
 
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Jaime - that is awesome!!!!
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#22 of 585 Old 12-31-2007, 06:16 PM
 
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joining in here. I haven't read tmm over yet, but watched some of dave ramsey's videos on you tube and, luckily dh is sold a few cars yesterday, so he will be getting a decent sized comission check on top of his base salary. Plus, we got a check in the mail from the escrow account, so that was an extra 600$ we weren't expecting. So I am confused on the steps as I haven't got the book yet, so please help me, are you suppose to get the 1000$ in savings first or pay off late bills first? I went ahead and paid the property taxes, and one small bill and the rest of the phone bill: This is what is going on:

107.56/1000 in savings

overdue bills,

94.00$ car insurance
160.00 doctor bill
95.00 cell phone-but I am going to have dh call and dispute it as I don't think they got one debit payment, and i can't call cause I'm not on the account

everything else is current

so w/the extra 600$ do i pay these bills or put on savings?

Gotta go, ds woke

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 
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#23 of 585 Old 12-31-2007, 06:40 PM
 
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Originally Posted by shanetedissac View Post
When I first started the plan we did not do the budget. We accounted for everything that we spent on paper. For the first three months I just wrote down everything that we spent on lined paper as it was spent. No catagories and such just date, item, and amount. After doing that for the first few months then I began the budget. The budget is very daunting at first. You are to figure what you are actually going to spend for the month to come, not the average of the past year and such. Some things will be consistent: rent, mortgage and such. Some will not: clothing, repairs and such. It takes many months to fine tune a budget, don't give up when you get there.

Have you been writing down all your spending?

Be well,
i've been tracking it for about 3 months. it's not pretty. see below.

Quote:
Originally Posted by TattooedMama View Post
If you have excess in one budget area monthly you could adjust that category if you are consistently having an overage. Or you would add it to your EF if that is the step you are on, or the snowball if that is what you are working on.
Or if you are like me with my grocery part of the budget, you can carry it over to the next month... or spend it to zero. I have a pantry and a deep freeze... there is always SOMETHING I can find to buy with grocery money.
i think you misunderstood. i'm carrying forward onerspending in several categories (eg i "budget" 40 for pets but between meds for terminal dog, tests for the dog we're going to breed and food for 4 dogs, fish, & 7.5 parakeets, we always go over). we've been using our savings to cover our losses but i want to stop the bleeding. meanwhile, dh just spent another $100 last night buying dd a toy because it was on sale. :

i have redone our budget for january and finally did a written meal-plan with 14 regular dinners and 2 occasional dinners, including sides, plus breakfasts, lunches and snacks. hopefully, this will help a lot.

sarah
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#24 of 585 Old 12-31-2007, 07:06 PM
 
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hello--this is my first month posting here. I listen to dave ramsey on the radio and have one of his books-which I currently can't find. I am saving our 1000 emergency fund now--and instead of straight off doing a budget I am tracking my spending on an excell worksheet to get an accurate accounting of where our money goes. I am also gettingbalances on our debts and putting them in order to et the debt snowball going.


so-
45/1000 emergency fund
tracking cashflow so I can make a budget

mother, wife, sister, friend--step mom to one grown man and mommy to 3 boys-ages 19, 10 and 4
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#25 of 585 Old 12-31-2007, 11:30 PM - Thread Starter
 
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Originally Posted by ReikiMommy07 View Post
My January budget:
Rent (includes water/sewer, trash/recycling): $588.12
Renters Insurance: $20
Phone/internet: $39
Electric: $50
Satellite: $38.73
Gas (cooking): $20
Fuel oil: $136
Alternative healthcare: $30
Savings: $60.24-45.57 (higher end is steep but I hope to make it...)
Household: $10
Food: $200 or less
DH: $40
DS: $30
gifts/gift-making supplies: $16.66
Are you debt free? If so that is GREAT! Otherwise it needs to be listed in the budget how much you are paying to each creditor.

Be well,

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

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#26 of 585 Old 12-31-2007, 11:41 PM - Thread Starter
 
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Originally Posted by arismomkoofie View Post
Question about Student Loans... If your SL are huge, like $100+k, should they still be paid off in BS#2 or moved to BS# (um whatever the mortgage one is - I'm still stuck in BS#2)

TIA!
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,

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

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#27 of 585 Old 12-31-2007, 11:43 PM - Thread Starter
 
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Originally Posted by ILoveMyBabyBird View Post
So I am confused on the steps as I haven't got the book yet, so please help me, are you suppose to get the 1000$ in savings first or pay off late bills first?
Before you are to fund the Baby emergency fund you are to get all your bills current, exactly what you are doing! As soon as you are current and are paying the minimums then get going on the EBF.

Be well,

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

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#28 of 585 Old 12-31-2007, 11:48 PM - Thread Starter
 
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Originally Posted by sarahlyao View Post
i think you misunderstood. i'm carrying forward onerspending in several categories (eg i "budget" 40 for pets but between meds for terminal dog, tests for the dog we're going to breed and food for 4 dogs, fish, & 7.5 parakeets, we always go over). we've been using our savings to cover our losses but i want to stop the bleeding. meanwhile, dh just spent another $100 last night buying dd a toy because it was on sale. :

If you are going over on a catagory then you need to adjust it to the appropriate spending that is going on. So you need to take from another catagory to get it up.

Regarding the $100 toy spent, return it.

You are ready to start the budget if you have been tracking for 3 months. It is not pretty the first 3 months or so, it takes a while before it may get to zero budget.

Keep it up

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

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#29 of 585 Old 12-31-2007, 11:50 PM - Thread Starter
 
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Originally Posted by gnutter View Post
hello--this is my first month posting here. I listen to dave ramsey on the radio and have one of his books-which I currently can't find. I am saving our 1000 emergency fund now--and instead of straight off doing a budget I am tracking my spending on an excell worksheet to get an accurate accounting of where our money goes. I am also gettingbalances on our debts and putting them in order to et the debt snowball going.


so-
45/1000 emergency fund
tracking cashflow so I can make a budget

What a great start. Every dollar will feel like a bunch!

Be well,

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

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#30 of 585 Old 01-01-2008, 12:07 AM
 
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Ok.

I just made my first budget ever, and I feel a little weird posting it online for the whole world to see. Maybe in a few months I'll feel more comfortable.

I made my budget, but I had to guesstimate some of the numbers, because I do not work full time - I can work up to 40 hours, but I am not considered a full time employee, so if one week I only work 36 hours, I only get paid for 36, and I never know ahead of time what my hours will be.

I ended up with about $300 extra, and that will go toward my emergency fund. Since I am new at this, I am going to put the money in my EF at the end of the month, in case I over or underestimated my budget. I put in all of the essentials in my budget, and I should have enough wiggle room to buy any needed toiletries out of my grocery budget, though I should be set on that stuff.

Once I have kind of gotten the hang of this better, I am hoping I can figure this out better. I am going to need to work in some things into my budget -- in a few months I am going to have to take time off work to take DD out of state to see her dad, so I need to set aside some money for that.

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? New glasses are going to cost me about $100, which I could afford to pay for up front, but it would set me back a bit on setting up my emergency fund and starting my debt snowball - so, which should I do?


Emergency fund - $27.84/$1000
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