Dumping Debt and Building Wealth with Dave Ramsey~ FEBRUARY - Page 3 - Mothering Forums

Forum Jump: 
 
Thread Tools
Old 02-04-2008, 05:36 PM
 
JackieR's Avatar
 
Join Date: Sep 2006
Posts: 182
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I hope that you've had a chance to get it straightened out by now, Jaime! If not, call again - speak with someone else, and talk to a manager if you need to. My bet is that you were talking to an idiot. *hug!*
JackieR is offline  
Sponsored Links
Advertisement
 
Old 02-04-2008, 06:29 PM - Thread Starter
 
Purple*Lotus's Avatar
 
Join Date: Nov 2007
Location: Fluffyville
Posts: 5,572
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by JackieR View Post
I hope that you've had a chance to get it straightened out by now, Jaime! If not, call again - speak with someone else, and talk to a manager if you need to. My bet is that you were talking to an idiot. *hug!*

You would be correct. It took a couple of hours, but it is finally straightened out. Thank goodness.

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  
Old 02-04-2008, 06:30 PM - Thread Starter
 
Purple*Lotus's Avatar
 
Join Date: Nov 2007
Location: Fluffyville
Posts: 5,572
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by JackieR View Post
I hope that you've had a chance to get it straightened out by now, Jaime! If not, call again - speak with someone else, and talk to a manager if you need to. My bet is that you were talking to an idiot. *hug!*

You would be correct. It took a couple of hours, but it is finally straightened out. Thank goodness. I was really panicing there!

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  
Old 02-04-2008, 06:36 PM
 
Girl In The Fire's Avatar
 
Join Date: Apr 2005
Location: Canarble Wagon
Posts: 1,019
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Jamie I hope you were just talking to someone that had no clue what they were talking about. We had a similar situation recently and it turned out we talked to an idiot and everything turned out fine.

We sold some things on eBay and made enough to pay off the smallest CC plus some. I cant wait to find out what my tax return will be, if it is what I think it will be it will take care of 2/3 of the rest of our debt and it should only be a couple more months till everything else is paid off

ETA: Glad to hear everything worked out
Girl In The Fire is offline  
Old 02-04-2008, 09:00 PM
 
all in green's Avatar
 
Join Date: Mar 2007
Location: desert southwest
Posts: 89
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Jaime, thanks so much for keeping this up!

Well, I had my EBF up to $396.57/1000.00, but then we had a plumbing emergency this weekend and now the EBF is down to $85.28. It felt sooooo good to have the emergency fund there and to be able to pay the bill with a check instead of a credit card that I am almost not upset about having yet another plumbing issue yet again.

So, here's where we're at:
Step #0: Done.
Step #1: $85.28/$1000.00
all in green is offline  
Old 02-04-2008, 11:59 PM
 
my2girlz's Avatar
 
Join Date: Oct 2002
Location: Twin Cities
Posts: 2,444
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Jaime, I'm glad things worked out in the end.

Yesterday dh did our taxes. Because dh is in sales (part commission) we get way too much back, but I'll take it! It's enough to pay off Target, Discover, financing that we did on our A/C back in 2004 , and the majority (2/3) of Capital One. I can't wait till the day when I can say they are GONE! Should have the money deposited on 2/15!

ETA: This will free up $340/month that I will be able to snowball onto AT&T Universal Card!

SAHM to the munchkins (14.5, 11.5, 9.5, 3, and almost 2)
my2girlz is offline  
Old 02-05-2008, 12:30 AM
 
mom2dea's Avatar
 
Join Date: May 2005
Posts: 142
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Well I am finally able to update I have had major sick kids here and just not can think clearly.

Jamie if you can update me that would be great

Sarah from SC
BS#0 - done
BS#1 - done
BS#2 - Just paid off 1 card and 3100.00 towards Dh student loan !!! We have 1000.0 left on the student loan and his car will be paid of Friday and our other CC will be paid off on Monday so we only have that Student laon left
BS#3-Have not started yet will in March
BS#3.5 (have house)
BS#4- contributing 3% This is for my sanity
BS#5- college We are starting a small amount After the Student laon is paid off
BS#6- pay off home 125,000.00 We do pay 120 extra every month and have done this sence day 1
mom2dea is offline  
Old 02-05-2008, 12:58 AM
 
organic-momma's Avatar
 
Join Date: May 2007
Location: Calgary, AB, CANADA
Posts: 387
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
How do you keep your spirits up when it feels like you're not going ANYWHERE? DH just got a raise, but then when his paycheque came he is actually now making less because he's in a higher tax bracket! grrr, so now my budget is all out of whack. I work contract and didn't get as much work last month as I expected so my cheque will also be $300 less.

I want to keep the momentum and determination up but it's hard when it feels like we're not going anywhere. And DH is the king of being able to justify purchases, he can't understand the "sacrifice now so we don't have to later" mentality.

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

organic-momma is offline  
Old 02-05-2008, 03:40 AM
Banned
 
Join Date: Mar 2006
Location: the Circle K
Posts: 5,766
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
*sigh* My student loans are being moved around and consolidated. I just received my new student loan repayment schedule and if I just pay the minimum, I will be paying $10,000 in interest in the next 10 years. DD will also be 12 by the time I pay them off if I follow the schedule. It is depressing just thinking about it, I *have* to get these things paid off.

A couple of days ago I sold a box of cat 5 cable (1000 feet) for $50. That is going to cc debt.
lalaland42 is offline  
Old 02-05-2008, 04:13 AM
 
famousmockngbrd's Avatar
 
Join Date: Feb 2003
Location: home
Posts: 6,671
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by organic-momma View Post
DH just got a raise, but then when his paycheque came he is actually now making less because he's in a higher tax bracket! grrr, so now my budget is all out of whack.
I am so sorry, that is just horrible and quite frankly if I were your DH, I would go to whoever is in charge over there and ask them to help. Maybe they can put him back in his old pay level, and roll this raise over into his next one, so you'll actually take home some of it. Surely they don't want to punish him by giving him a raise.

lalaland40, the student loan people are surprisingly flexible. They are just happy you aren't defaulting, which apparently is what most people do. You can call them and tell them you want to pay it back, but you have a kid and you're strapped for cash, and they will lower your payments AND your interest, a lot of times. If you can make lump payments, like when you get your tax check, they will defer payments, and sometimes they will even cut you a deal. For instance, I was in default of a small (1800) student loan. I finally contacted them and agreed to make small payments of $50 a month. After a few years of this, the student loan people contacted me and asked if I wanted to settle the debt for $485 - at the time I owed about $900. I said hell yeah, lol. So be aware you can propose a settlement yourself, and they may take it.
famousmockngbrd is offline  
Old 02-05-2008, 05:07 AM
 
Piglet68's Avatar
 
Join Date: Apr 2002
Location: Vancouver Island, Canada
Posts: 10,977
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I've been out of town for a few days so I'm just catching up on this thread.

We went on a ski trip and it was so awesome! Now before y'all throw tomatoes at me hear me out: we'd committed to this trip with another family before we "Got Dave" and jamming out on them would not have been cool. More importantly, it was my 40th birthday last Sunday - this was my combined 40th b-day AND our christmas gifts to each other. We paid cash that we got from Husband's annual bonus. Less than 1/3rd of the bonus went to our trip - the rest of the bonus went to BS3.5 (see below). AND...with careful meal planning I am proud to say that we came in way under budget. I did not spend one penny on food except for a box of Oreo's I bought for Poker night (we played with matchsticks, lol). I'd been feeling a bit guilty about the trip, nevertheless, but resonated with this:

Quote:
Originally Posted by Galatea View Post
A huge part of making this TMMO work for us is to not feel as though we can never spend money - the difference is now we plan for it and budget it and agree on it...

Jaime, you can add this to my status:

BS0 -- N/A (bills were current)
BS1 -- Done.
BS2 -- Currently have two low-interest debts and one small student loan (I've been paying into it for years and it's almost done). We're reversing this step with BS3.5.
BS3 -- Done. (Three months' worth)
BS3.5 -- Goal is to save 30% of DH's salary by December 31, 2008. With this we'll pay off all debts and put the rest towards a downpayment. As someone else said: we "want to own a house so badly, we can taste it"!
BS4 -- Doing this already.
BS5 -- My father is doing this for both of my kids; his idea, a (generous) gift.
BS6 -- Hope to one day!
BS7 -- More hoping!

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

Piglet68 is offline  
Old 02-05-2008, 10:52 AM
 
TanyaS's Avatar
 
Join Date: Jun 2003
Location: in a people house
Posts: 3,347
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 1 Post(s)
Jaime, you have me listed on BS3 in the OP.

Here's where I am:

TanyaS in
BS#0: DONE
BS 1 DONE
BS 2 working on
TanyaS is offline  
Old 02-05-2008, 02:20 PM
 
organic-momma's Avatar
 
Join Date: May 2007
Location: Calgary, AB, CANADA
Posts: 387
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by famousmockngbrd View Post
I am so sorry, that is just horrible and quite frankly if I were your DH, I would go to whoever is in charge over there and ask them to help. Maybe they can put him back in his old pay level, and roll this raise over into his next one, so you'll actually take home some of it. Surely they don't want to punish him by giving him a raise.
The issue is that it's a company wide raise, and he works for a very large engineering company, so they won't make an exception for one person. The good news is that he'll get another raise in July so we'll see an increase then. Plus we'll end up getting the money back when we file taxes next year since I don't work. Still a PITA right now though

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

organic-momma is offline  
Old 02-05-2008, 03:04 PM
 
artparent's Avatar
 
Join Date: Jun 2005
Posts: 2,726
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
what about investing that increase in whatever the usa's equivalent to a registered retirement savings plan is, to reduce your taxes....if you can reduce them enough, you may get money back in the end...that's what i would do.

*
artparent is offline  
Old 02-05-2008, 03:31 PM
 
my2girlz's Avatar
 
Join Date: Oct 2002
Location: Twin Cities
Posts: 2,444
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
organic-momma, you could also change your withholdings and that should bump it back up.

I have a question. Does it make more sense to pay for auto insurance monthly or every 6 months. There is a "fee" of $2/month if you decide to pay monthly. I'm currently transfering the amount into a savings account and will pay it when I receive the bill in June. Or does it make more sense to start paying monthly in June and use the money ($68/month) now to pay down debt. Did that make sense? I'm being interrupted by my 3.5 year old.

SAHM to the munchkins (14.5, 11.5, 9.5, 3, and almost 2)
my2girlz is offline  
Old 02-05-2008, 05:20 PM
 
CrunchyDoula's Avatar
 
Join Date: Jul 2007
Location: Colorado
Posts: 737
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Hi! I'd really like to join this thread! I don't have Dave's Book and I can't seem to find the previous thread that explained it all. Can somebody post the guidelines? I know the first two are current with bills and $1000 of savings right? TIA!

Jessica, Single Mama to Lailah(4) and Christopher(2)
CrunchyDoula is offline  
Old 02-05-2008, 09:05 PM
 
cdahlgrd's Avatar
 
Join Date: Sep 2002
Location: Seattle, WA
Posts: 2,155
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I am joining! I have been taking the finances over again, after a 2 1/2 year hiatus because of twins, and . . . well, it isn't pretty

#0 in proress
#1 in progress
#2 3 credit cards, 1 student loan, van loan

We are saving for retirement, but all 401K and just adding onto our debt. So I am trying to get dh to drop this down to 5% and use the other 10% to pay off our debt, etc.

Courtney wife to geek.gif and mom to 4 boys: chicken3.gif   . I need caffix.gif !
They're not typos. . . I can't spell!
cdahlgrd is offline  
Old 02-05-2008, 11:25 PM - Thread Starter
 
Purple*Lotus's Avatar
 
Join Date: Nov 2007
Location: Fluffyville
Posts: 5,572
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I will get everything updated tomorrow when I get home. I am not having a very good day right now. But I hope everyone is well.

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  
Old 02-06-2008, 02:45 AM
 
shanetedissac's Avatar
 
Join Date: Apr 2002
Location: Sandy Hook, CT
Posts: 797
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by my2girlz View Post
organic-momma, you could also change your withholdings and that should bump it back up.

I have a question. Does it make more sense to pay for auto insurance monthly or every 6 months. There is a "fee" of $2/month if you decide to pay monthly. I'm currently transfering the amount into a savings account and will pay it when I receive the bill in June. Or does it make more sense to start paying monthly in June and use the money ($68/month) now to pay down debt. Did that make sense? I'm being interrupted by my 3.5 year old.
We do sink funds for things like this. We put the monthly payment in an envelope and then write a check when the bill comes due. Saving the monthly service fee.

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

shanetedissac is offline  
Old 02-06-2008, 02:49 AM
 
shanetedissac's Avatar
 
Join Date: Apr 2002
Location: Sandy Hook, CT
Posts: 797
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by Crunchy Doula View Post
Hi! I'd really like to join this thread! I don't have Dave's Book and I can't seem to find the previous thread that explained it all. Can somebody post the guidelines? I know the first two are current with bills and $1000 of savings right? TIA!

Welcome!

check out dave's web site

www.daveramsey.com

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

shanetedissac is offline  
Old 02-06-2008, 02:53 AM
Banned
 
Join Date: Mar 2006
Location: the Circle K
Posts: 5,766
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by famousmockngbrd View Post

lalaland40, the student loan people are surprisingly flexible. They are just happy you aren't defaulting, which apparently is what most people do. You can call them and tell them you want to pay it back, but you have a kid and you're strapped for cash, and they will lower your payments AND your interest, a lot of times. If you can make lump payments, like when you get your tax check, they will defer payments, and sometimes they will even cut you a deal. For instance, I was in default of a small (1800) student loan. I finally contacted them and agreed to make small payments of $50 a month. After a few years of this, the student loan people contacted me and asked if I wanted to settle the debt for $485 - at the time I owed about $900. I said hell yeah, lol. So be aware you can propose a settlement yourself, and they may take it.
Thanks, I can actually pay the minimum on my student loans. They are being moved around because they were sold. Looking at the lump sum total is upsetting to me just because it seems like they will never be paid off. I like looking at them individually much better because I can certainly pay off the smallest before the end of time.
lalaland42 is offline  
Old 02-06-2008, 04:03 AM
 
CrunchyDoula's Avatar
 
Join Date: Jul 2007
Location: Colorado
Posts: 737
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by shanetedissac View Post
Welcome!

check out dave's web site

www.daveramsey.com
Ha. Thanks for the link! I was looking on there today, but for some reason I missed the baby steps

Jessica, Single Mama to Lailah(4) and Christopher(2)
CrunchyDoula is offline  
Old 02-06-2008, 04:06 AM
 
curvyred's Avatar
 
Join Date: Jan 2006
Posts: 256
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Hi ladies! Sounds like there's a lot of progress being made here! January was our first "Dave" month and our budget was . . . busted. We failed to plan for some specific things we knew were coming--ie, a visit from the MIL meant more running around, so our tight gasoline budget didn't work, and we got our last lawyer's bill for a few hundred, but it all worked out ok.

We're doing something just a little different than the strict Dave plan for our budget, but I found it on another Dave site and it works pretty well so far. We're doing "month ahead budgeting." I always have extra income the first of the year from holiday pay, overtime, etc so over a couple paychecks, it was enough to cover a month's expenses.

So, when we sat down to do February's budget, we were only allowed to count January's income (whatever was left.) As the paychecks come in this month, they will be set aside and then the total of those will go towards March's budget as income. Yes, we float the money for a month, but there's no question of which check a bill comes out of and it gives us the peace of mind of a slightly larger emergency fund. The envelopes are funded, the extra has been mailed off to the credit card company, and there was enough "extra" to catch up a couple of our sinking funds like car insurance (I get to mail off a check for the remaining three months tomorrow ) and our property insurance.

My only downer right now is that we have a HUGE tax return coming--not intentional, but a result of only working half the year but having taxes withheld at the normal rate AND an adoption tax credit. We don't, however, have a birth certificate for babe yet, nor a SSN, so we have to wait a few weeks until his tax ID number shows up so we can file. It irks me to know I'm paying the credit card company interest during that time because it will ALL be paid off as soon as the tax return arrives. :

So--here's my status

BS#0 - already done
BS#1 - done + month ahead budgeting
BS#2 - approx $60k, aiming to get $36k done this year!
BS#3 - not there yet
BS#4 - Still contributing company match. Not willing to stop.
BS#5:- Nothing yet--babe is still young though, so we'll catch up!
BS#6:- Can't wait!
curvyred is offline  
Old 02-06-2008, 04:14 AM
 
CrunchyDoula's Avatar
 
Join Date: Jul 2007
Location: Colorado
Posts: 737
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Okay so you can add me now


0-- Get current on bills - Just about, this was the first month we weren't able to make a bill
1 -- $0/$1,000 to start an Emergency Fund - Starting
2 -- $0/$7450 Pay off all debt using the Debt Snowball - Ring, Capital One, Capital One, Chase, Discover, Us Bank; will have Ring, and both Capital Ones paid off completely in a week and the other three will be very low.
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 -- Paid down mortgage n/a
7 -- Invest in mutual funds and real estate

Jessica, Single Mama to Lailah(4) and Christopher(2)
CrunchyDoula is offline  
Old 02-06-2008, 05:19 AM
 
kittywitty's Avatar
 
Join Date: Jul 2005
Location: The Room of Requirement
Posts: 13,061
Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 8 Post(s)
Joining! I've been using Dave's program for about a year but got behind!

We are getting ~$10k within the next 7 days-6 months from taxes, overtime, etc.

We have to pay off some medical bills and much of the cc and start our emergency fund. We will use $3500 of this to help buy a house this summer.

For feb. I haven't paid bills with debt yet, so:

1. $0/1000
2. $0/$37k (including car and student loans). Will be ~$4800/37k by end of month,
3. 0
4. 8% being taken out right now
5. College funding free for my kids, will save for extras like study abroad later
8. No home yet!
9. n/a
10. n/a

AP Mom to 5 knit.gifhomeschool.giftoddler.gif
 
  

kittywitty is offline  
Old 02-06-2008, 12:33 PM - Thread Starter
 
Purple*Lotus's Avatar
 
Join Date: Nov 2007
Location: Fluffyville
Posts: 5,572
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by APBTLuv View Post
We sold some things on eBay and made enough to pay off the smallest CC plus some. I cant wait to find out what my tax return will be, if it is what I think it will be it will take care of 2/3 of the rest of our debt and it should only be a couple more months till everything else is paid off
That is wonderful!

Quote:
Originally Posted by all in green View Post
Jaime, thanks so much for keeping this up!

Well, I had my EBF up to $396.57/1000.00, but then we had a plumbing emergency this weekend and now the EBF is down to $85.28. It felt sooooo good to have the emergency fund there and to be able to pay the bill with a check instead of a credit card that I am almost not upset about having yet another plumbing issue yet again.

So, here's where we're at:
Step #0: Done.
Step #1: $85.28/$1000.00
Isn't it nice to have that money instead of reaching for a credit card?

Quote:
Originally Posted by mom2dea View Post
Well I am finally able to update I have had major sick kids here and just not can think clearly.

Jamie if you can update me that would be great

Sarah from SC
BS#0 - done
BS#1 - done
BS#2 - Just paid off 1 card and 3100.00 towards Dh student loan !!! We have 1000.0 left on the student loan and his car will be paid of Friday and our other CC will be paid off on Monday so we only have that Student laon left
BS#3-Have not started yet will in March
BS#3.5 (have house)
BS#4- contributing 3% This is for my sanity
BS#5- college We are starting a small amount After the Student laon is paid off
BS#6- pay off home 125,000.00 We do pay 120 extra every month and have done this sence day 1
I've got you updated

Quote:
Originally Posted by organic-momma View Post
How do you keep your spirits up when it feels like you're not going ANYWHERE? DH just got a raise, but then when his paycheque came he is actually now making less because he's in a higher tax bracket! grrr, so now my budget is all out of whack. I work contract and didn't get as much work last month as I expected so my cheque will also be $300 less.

I want to keep the momentum and determination up but it's hard when it feels like we're not going anywhere. And DH is the king of being able to justify purchases, he can't understand the "sacrifice now so we don't have to later" mentality.
I am sorry, htat sounds very frustrating!

Quote:
Originally Posted by lalaland42 View Post
*sigh* My student loans are being moved around and consolidated. I just received my new student loan repayment schedule and if I just pay the minimum, I will be paying $10,000 in interest in the next 10 years. DD will also be 12 by the time I pay them off if I follow the schedule. It is depressing just thinking about it, I *have* to get these things paid off.

A couple of days ago I sold a box of cat 5 cable (1000 feet) for $50. That is going to cc debt.
Yep, I am the same way, they have me on the 10 year repayment plan. I am hoping it wont take that long, thanks to the snowball

Quote:
Originally Posted by Piglet68 View Post
I've been out of town for a few days so I'm just catching up on this thread.
Jaime, you can add this to my status:

BS0 -- N/A (bills were current)
BS1 -- Done.
BS2 -- Currently have two low-interest debts and one small student loan (I've been paying into it for years and it's almost done). We're reversing this step with BS3.5.
BS3 -- Done. (Three months' worth)
BS3.5 -- Goal is to save 30% of DH's salary by December 31, 2008. With this we'll pay off all debts and put the rest towards a downpayment. As someone else said: we "want to own a house so badly, we can taste it"!
BS4 -- Doing this already.
BS5 -- My father is doing this for both of my kids; his idea, a (generous) gift.
BS6 -- Hope to one day!
BS7 -- More hoping!
Glad you had fun, and I have you updated

Quote:
Originally Posted by TanyaS View Post
Jaime, you have me listed on BS3 in the OP.

Here's where I am:

TanyaS in
BS#0: DONE
BS 1 DONE
BS 2 working on
Fixed it

Quote:
Originally Posted by my2girlz View Post
I have a question. Does it make more sense to pay for auto insurance monthly or every 6 months. There is a "fee" of $2/month if you decide to pay monthly. I'm currently transfering the amount into a savings account and will pay it when I receive the bill in June. Or does it make more sense to start paying monthly in June and use the money ($68/month) now to pay down debt. Did that make sense? I'm being interrupted by my 3.5 year old.
I set aside the amount each month to pay 4 times a year. That is our only option with our company, 4 times a year. I don't think I would want to pay an extra $2 a month to pay each month, I am cheap

Quote:
Originally Posted by cdahlgrd View Post
I am joining! I have been taking the finances over again, after a 2 1/2 year hiatus because of twins, and . . . well, it isn't pretty

#0 in proress
#1 in progress
#2 3 credit cards, 1 student loan, van loan

We are saving for retirement, but all 401K and just adding onto our debt. So I am trying to get dh to drop this down to 5% and use the other 10% to pay off our debt, etc.
Welcome!! Glad to see you here

Quote:
Originally Posted by curvyred View Post
So--here's my status

BS#0 - already done
BS#1 - done + month ahead budgeting
BS#2 - approx $60k, aiming to get $36k done this year!
BS#3 - not there yet
BS#4 - Still contributing company match. Not willing to stop.
BS#5:- Nothing yet--babe is still young though, so we'll catch up!
BS#6:- Can't wait!
I have updated you

Quote:
Originally Posted by Crunchy Doula View Post
Okay so you can add me now


0-- Get current on bills - Just about, this was the first month we weren't able to make a bill
1 -- $0/$1,000 to start an Emergency Fund - Starting
2 -- $0/$7450 Pay off all debt using the Debt Snowball - Ring, Capital One, Capital One, Chase, Discover, Us Bank; will have Ring, and both Capital Ones paid off completely in a week and the other three will be very low.
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 -- Paid down mortgage n/a
7 -- Invest in mutual funds and real estate
Welcome! It is nice to see you in here

Quote:
Originally Posted by kittywitty View Post
Joining! I've been using Dave's program for about a year but got behind!

We are getting ~$10k within the next 7 days-6 months from taxes, overtime, etc.

We have to pay off some medical bills and much of the cc and start our emergency fund. We will use $3500 of this to help buy a house this summer.

For feb. I haven't paid bills with debt yet, so:

1. $0/1000
2. $0/$37k (including car and student loans). Will be ~$4800/37k by end of month,
3. 0
4. 8% being taken out right now
5. College funding free for my kids, will save for extras like study abroad later
8. No home yet!
9. n/a
10. n/a
I have you added

Well the other day I took $500 of the EF out of the bank to keep at home in the safe. It was thrilled to count out that much money. I am 29 years old and this is the first time in my life that I have savings. What a concept! When I fully fund it to $1000 I think I will take out the other $500 and keep that at home too. My bank doesn't give me the option of not having the savings tied to the checking and I don't want that temptation, you know?

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  
Old 02-06-2008, 04:37 PM
 
TanyaS's Avatar
 
Join Date: Jun 2003
Location: in a people house
Posts: 3,347
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 1 Post(s)
http://www.daveramsey.com/etc/cms/in...ContentID=4123

0. Get caught up on all bills.
1. $1,000 to start an Emergency Fund
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! Invest in mutual funds and real estate
TanyaS is offline  
Old 02-06-2008, 09:28 PM
 
Guinevere's Avatar
 
Join Date: Apr 2004
Location: New Mexico
Posts: 1,085
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by shanetedissac View Post
We do sink funds for things like this. We put the monthly payment in an envelope and then write a check when the bill comes due. Saving the monthly service fee.
We try to do this, as well, but what do you do when you're just starting up, i.e. you've been paying monthly and want to switch to every 6 mos.? If you don't have the 6 mos. payment up front, you really can't switch, can you?

Thoughts about this?

Guin

caffix.giftoddler.gifnocirc.gifBusy, grateful mama to: Kieran (12); Hanna (10); Cameron (8);
Charlotte (6);Sophie (5) Down Syndrome & so beautiful! brokenheart.gif(9/08), & rainbow1284.gifDuncan 8/26/09
Guinevere is offline  
Old 02-06-2008, 10:53 PM
 
lafemmedesfemmes's Avatar
 
Join Date: Nov 2003
Location: lawrenceville, ga, usa
Posts: 468
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by Guinevere View Post
We try to do this, as well, but what do you do when you're just starting up, i.e. you've been paying monthly and want to switch to every 6 mos.? If you don't have the 6 mos. payment up front, you really can't switch, can you?

Thoughts about this?

Guin
my only idea would be to budget really tightly for six months-- essentially paying your car insurance twice a month, once to the company and once to yourself in savings-- and then once you have your six months worth, pay the insurance company, and then continue budgeting for your car insurance monthly. or you can wait until you get a lump sum, like a tax refund and do it that way.

personally, i haven't had the opportunity to do it either way, so i pay the $2/mo "broke tax" to pay my insurance monthly.

christina

meafro.jpg, and dhyikes2.gif, -- parenting joy.gifsince 2004, and bouncy.gif since 2007.
"IF YOU ARE NOT OUTRAGED, THEN YOU ARE NOT PAYING ATTENTION." signcirc1.gif
lafemmedesfemmes is offline  
Old 02-07-2008, 02:35 AM
 
shanetedissac's Avatar
 
Join Date: Apr 2002
Location: Sandy Hook, CT
Posts: 797
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by Guinevere View Post
We try to do this, as well, but what do you do when you're just starting up, i.e. you've been paying monthly and want to switch to every 6 mos.? If you don't have the 6 mos. payment up front, you really can't switch, can you?

Thoughts about this?

Guin
I started right after making a 6 month payment. It is tough to get out of the cycle. I made a point in one month to put the lump sum payment in our budget for the 6 months so we could start the sink fund. Can't quite remember how I started it. It may take a few months.

Be well,

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

shanetedissac is offline  
 
User Tag List

Thread Tools


Forum Jump: 

Posting Rules  
You may not post new threads
You may not 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