Dumping Debt and Building Wealth with Dave Ramsey~ MARCH - Page 5 - Mothering Forums

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#121 of 284 Old 03-13-2008, 02:48 PM
 
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Originally Posted by DandeCobb View Post
I've been obsessing over this question, too. I think i've decided to keep 6 weeks expenses liquid in the savings acct. (thinking that would cover any sort of emergency like transmission blows, fridge dies, ect) for the rest i am going to split it up into percents, (don't know how yet) but some in 3 month CDs, 6 month CDs (all with different maturation dates) and T bills and maybe a money market deposit account. lol, honestly, i don't have a real plan. like i said, i am obsessing over this
I have heard Dave say to put it into a money market account where you have check writing privliages. You make more on a money market then a savings account but it is still your money when ever you need it. I have also heard him say the CD are junk and that he would not use them. I have to agree with this as you can't time when you will need your EF and if you need the money but your CD still has 2 months to go where will you get the money to say fix your car?
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#122 of 284 Old 03-13-2008, 03:20 PM
 
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i would never put all my savings into CDs (b/c of what you just said, what if i need that money then) but they do have decent interest rates and i want to figure out some sort of plan like this

50% of ST money market acct with check privledges
then with the other 50% something like

10% 3 month CD matures 6/30
10% 3 month CD bought later matures 8/15
10% T bills matures 9/1
10% T bills matures 10/15
10% in a 6 month CD matures 12/1

so lets just say my savings are 10,000 for easy math. $5K would be available right now and every 4-6 weeks another $1K would come available (plus interest earned)

do you all not think that is prudent enough? i just can't imagine an emergency that would necessitate 100% of my ST immediatly. what do you all do with your short term savings?
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#123 of 284 Old 03-13-2008, 03:21 PM
 
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"I have also heard him say the CD are junk and that he would not use them. I have to agree with this as you can't time when you will need your EF and if you need the money but your CD still has 2 months to go where will you get the money to say fix your car?"

But, but what about those people with a $15000 EF? If they keep all that money in a money market fund and the fed continues lowering the interest rate and inflation keeps growing, they'll get a bad deal. I like DandeCobb's suggestion of keeping 6 weeks worth of money in a savings account (i.e. ING or emigrant or other high interest savings accounts which are actually money market accounts without the brokerage fees) and stepping the rest in CDs. If you have six months of EF money and they are all in 6 different 6 month CDs set to mature in six different months then you'd have one month's worth of EF money available at any given time - but you can't blow it all on non-emergencies. But then again maybe some people have $15000 emergencies that they have to pay immediately.

me, 28 & dh, 32.
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#124 of 284 Old 03-13-2008, 07:11 PM
 
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Originally Posted by DandeCobb View Post
I've been obsessing over this question, too. I think i've decided to keep 6 weeks expenses liquid in the savings acct. (thinking that would cover any sort of emergency like transmission blows, fridge dies, ect) for the rest i am going to split it up into percents, (don't know how yet) but some in 3 month CDs, 6 month CDs (all with different maturation dates) and T bills and maybe a money market deposit account. lol, honestly, i don't have a real plan. like i said, i am obsessing over this
DR would probably say not to make it that complicated. Stick it in a checking account separate from the one you use to pay your bills or a savings account you can get to quickly.

Midwife (CPM, LDM) and homeschooling mama to:
13yo ds   10yo dd  8yo ds and 6yo ds and 1yo ds  
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#125 of 284 Old 03-13-2008, 09:02 PM
 
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Hey Mia_Jean!!!


Not a whole lot to report yet this month. My DP is paid throughout the month (self employed), so we don't know until the end of the month exactly how much money we will have left after paying the bills to snowball. To recap our last month, we had a gas leak and depleted some of our EF. So really we are needing to get that EF brought back up this month.
On the list of other grown-up things we've been doing....
We picked up our life insurance policies yesterday and have opened our health savings account.
I am looking forward to tomorrow because in the afternoon when I'm driving my oldest DS to dance class, I get to listen to Dave Ramsey's show on the radio. It truly gives me the shot in the arm I need to stay on track. I actually get all choked up when people call in and do the "debt free yell."
I'm such a sap.
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#126 of 284 Old 03-13-2008, 10:46 PM
 
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I actually get all choked up when people call in and do the "debt free yell."
I'm such a sap.
Me too. I WILL be calling him one day and saying that!!!!!
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#127 of 284 Old 03-14-2008, 02:32 PM - Thread Starter
 
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Originally Posted by lauriem33 View Post

So to start, here's our steps.
0-- Get current on bills : always done
1 -- $1,000 to start an Emergency Fund : done
2 -- Pay off all debt using the Debt Snowball : $29K in student loans at 7.5% which will increase some over the next two years as I'm going back to school (going for my RN though so anticipate making a decent amount to pay this off fairly quickly)
3 -- Three to six months of expenses in savings : just starting, only $100 so far but are working toward this before trying to pay off student loans in BS2
4 -- Invest 15 percent of household income into Roth IRAs and pre-tax retirement : currently invest 5% plus get matching 5%
5 -- College funding for children : ugh, none yet, pray for scholarships
6 -- Pay off home early : owe $128K @ 2% with 27 years left
7 -- Build wealth and give!
Welcome I have added you

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Originally Posted by jeca View Post
Ok I think I am ready to join.

0-- Get current on bills ALWAYS DONE!!
1 -- $1,000 to start an Emergency Fund DONE!!
2 -- Pay off all debt :1850O TO PAY INCLUDING CAR PAYMENT
3 -- Three months of expenses in savings 1800 OF 13200
4 -- Roth IRAs and pre-tax retirement :HAVE ONE BUT NOT SAVING 15% YET
5 -- College funding for children DS HAS ONE
6 -- Pay off home early:NO HOME YET
7 -- Build wealth and give! ---ONE DAY
It is nice to meet you I have you added on as well

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Originally Posted by 3for_me View Post
I am so happy that I found all of you : I LOVE Dave!!!! Dh and I just saw him live in Feb and met with on of his financial counselors last thurs and we are getting our butts in gear. We have no household debt but way too much business debt (DH has a construction/lawn/snow company). We live in Michigan and the economy sucks big time so we are doing our best with what we have to work with. I stay home with the kids but have a small side business encapulating placenta for our local birth center to make some extra money. So far I have funded our Christmas budget and our summer vacation doing this Right now I am trying to save as much as I can from our house $$$ to fund our baby emergancy fund and DH is trying to do the same for the business. One of our problems is that I would go down to bare bones but DH is having non of that so I some times feel like he thinks that I am trying to "mother" hiim and I want him to feel like we are a team. Anyway you will be seeing lots of me know that I found all of you and I am excited to have some support!!!
Welcome! We are glad that yo uare here

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Originally Posted by mommyjoy7021 View Post

The good news though...we haven't used our credit cards in about 10 or 11 weeks (since starting). And...I've only used my debit card twice (I think) in those 10 or 11 weeks. That's huge for me!!!

I'm constantly reading this thread to stay motivated!!!
That is awesome!

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Originally Posted by TattooedMama View Post
Not a whole lot to report yet this month. My DP is paid throughout the month (self employed), so we don't know until the end of the month exactly how much money we will have left after paying the bills to snowball. To recap our last month, we had a gas leak and depleted some of our EF. So really we are needing to get that EF brought back up this month.
On the list of other grown-up things we've been doing....
We picked up our life insurance policies yesterday and have opened our health savings account.
I am looking forward to tomorrow because in the afternoon when I'm driving my oldest DS to dance class, I get to listen to Dave Ramsey's show on the radio. It truly gives me the shot in the arm I need to stay on track. I actually get all choked up when people call in and do the "debt free yell."
I'm such a sap.

What does the debt free yell sound like, I wonder? I have never heard it.

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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#128 of 284 Old 03-14-2008, 03:09 PM
 
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Free from credit card debt!


Sent the last of it today... made sure that I sent it for a few pennies more than the pay off balance so they in turn have to cut me a check!

Following DR for the past 1 year+ and it's been tough sometimes, but it's a great feeling to know that the only debt I know have is my truck loan at about $7K... from last years having $30K in debt to this.. it's fantastic!


Those of you just starting out, work the plan, it will pay off!

Now it's just my truck loan to tackle and I will be debt free.

Have a great weekend all!
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#129 of 284 Old 03-14-2008, 04:44 PM
 
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Awesome! You are a great inspiration to us heading into the weekend.
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#130 of 284 Old 03-14-2008, 04:50 PM
 
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Originally Posted by ~*Jaime View Post
What does the debt free yell sound like, I wonder? I have never heard it.
Jaime! You have got to listen to one of the shows. Or check YouTube.
People call into the show and give the details of how much money they have paid off in how long, how much salary they were making while they did it. What was easy and hard about doing it, that kind of thing. Then they count down 3-2-1 and literally YELL "I'm debt free!!!!!!!!!!!!" Sometimes whole families do it with their kids yelling too in the background.
It seriously chokes me up every time.
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#131 of 284 Old 03-14-2008, 06:07 PM
 
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For the most part DH is on board with our budget although not so much with the debt snowball. I've been trying to ease into the debt snowball without drastically affecting his way of life (fortunately, he is not prone to lavish or unnecessary spending but he enjoys his usual simple pleasures and it would make him unbearable to live with if I asked him to give them up!) So, I chip away at the debt snowball a little more slowly than I would like!

Anyway, he got this ticket the other day and refuses to go to court to contest it and won't sit down with me and help me figure out where the money is going to come from (ie. what areas can we cut back on to cover it and stay on budget). He won't use his own discretionary allowance money to pay it. What would you do? Is this something that I should just accept and pay from savings/EF? Should I pay it with my own discretionary allowance (most of which I save to either snowball or save up for something I really want). That would probably just make him feel guilty (but not enough for him to help me find another alternative!)

Every time I think he "gets" it, he goes back to acting like there's no budget and that we can afford it just because there's enough money in the bank account. Do I force him to help me decide where the money's coming from in order to encourage him to "get" it or just let it go, keep the peace and pay from EF?

I didn't mean this to be a plea for marriage counselling Just wondering how you all deal with unexpected stupid expenses and stubborn partners.

Thanks for reading!

T
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#132 of 284 Old 03-14-2008, 09:55 PM - Thread Starter
 
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Originally Posted by Denvergirlie View Post
Free from credit card debt!


Sent the last of it today... made sure that I sent it for a few pennies more than the pay off balance so they in turn have to cut me a check!

Following DR for the past 1 year+ and it's been tough sometimes, but it's a great feeling to know that the only debt I know have is my truck loan at about $7K... from last years having $30K in debt to this.. it's fantastic!


Those of you just starting out, work the plan, it will pay off!

Now it's just my truck loan to tackle and I will be debt free.

Have a great weekend all!
That is awesome!! Way to go!!


Quote:
Originally Posted by TattooedMama View Post
Jaime! You have got to listen to one of the shows. Or check YouTube.
People call into the show and give the details of how much money they have paid off in how long, how much salary they were making while they did it. What was easy and hard about doing it, that kind of thing. Then they count down 3-2-1 and literally YELL "I'm debt free!!!!!!!!!!!!" Sometimes whole families do it with their kids yelling too in the background.
It seriously chokes me up every time.
We have dial up at home, so YouTube wont work here. But maybe I can listen at work tomorrow. I would love to hear it in person

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Originally Posted by traycanadian View Post
For the most part DH is on board with our budget although not so much with the debt snowball. I've been trying to ease into the debt snowball without drastically affecting his way of life (fortunately, he is not prone to lavish or unnecessary spending but he enjoys his usual simple pleasures and it would make him unbearable to live with if I asked him to give them up!) So, I chip away at the debt snowball a little more slowly than I would like!

Anyway, he got this ticket the other day and refuses to go to court to contest it and won't sit down with me and help me figure out where the money is going to come from (ie. what areas can we cut back on to cover it and stay on budget). He won't use his own discretionary allowance money to pay it. What would you do? Is this something that I should just accept and pay from savings/EF? Should I pay it with my own discretionary allowance (most of which I save to either snowball or save up for something I really want). That would probably just make him feel guilty (but not enough for him to help me find another alternative!)

Every time I think he "gets" it, he goes back to acting like there's no budget and that we can afford it just because there's enough money in the bank account. Do I force him to help me decide where the money's coming from in order to encourage him to "get" it or just let it go, keep the peace and pay from EF?

I didn't mean this to be a plea for marriage counselling Just wondering how you all deal with unexpected stupid expenses and stubborn partners.

Thanks for reading!

T

Well in my marriage, I would probably defer to what DH wanted to do. However, he would actually have a suggestion, and since yours does not, that puts you in a pickle. I would not pay for it out of my allowance, because that is unfair to you, you are not the one who got the ticket. I guess I don't really know what to suggest, sorry

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#133 of 284 Old 03-17-2008, 12:36 AM
 
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At the beginning of tonight's class, people were sharing their success stories. One man shared his experience closing unused credit card accounts. Here's how it went when he requested the account be closed:

Employee: May I ask why you are closing your account?

Man: Because we are getting out of debt and not going to use credit cards any longer.

Employee: Are you doing that "Dave Ramsey" thing?

Man: Yes, I am.

Employee (whispering): Me, too!


It made me chuckle a bit and thought I'd share. It's been quiet around here. How is everyone doing with the baby steps? Anything especially challenging for you right now? How about any success stories?

I'm seriously thinking of having a garage sale the first weekend in May. I've got a few things to sell on Craigslist. Dh is on call this week. He rarely has to work on Saturdays, even when on call. But this Saturday, he was called for a problem that resulted in about 5 hours OT pay. Then there was work scheduled for Saturday night, which is really unusual, and it resulted in six more hours OT pay! Of course, this is hard on him so I'm glad it's not a frequent thing. But I am glad that we will have some extra money for our snowball! Dh also got a bonus a week ago we are putting toward the snowball.

I have to admit that I am very frustrated with the pace of this right now. I hate the slow chipping away at debt. I have done some thinking on this, and I want to spend some time relishing the feelings I will have once all our debt is paid off. I think focusing on what it will feel like for all our money to be OURS will help me a lot. How will/do you feel when your debt is paid off? Gimme some visuals.
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#134 of 284 Old 03-17-2008, 01:03 AM
 
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Cute story, TanyaS!

Things are going v.e.r.y. s.l.o.w. for us right now as far as debt repayment goes. I am paying what we planned as far as our monthly budget goes towards the snowball, but I was not able to put all of our tax return towards it like I had hoped. We moved from AR to LA 6 weeks ago, and it is taking more $$ than I had hoped to get our house in order. Admitedly I could of gone without some of what we have bought, but at least we have not charged a thing! We payed cash for dh's new riding mower (had to get a zero turn radius to be safe on major slope in our backyard). We are paying cash for the mini remodel we are doing in one of the bathrooms. In the past the plan would of been, how much more can we afford as far as cc payments go and we would charge up to that amount. The extra $$ is just about gone though, and it will back to living simply on our budget. In the past few months we have paid of $10000/$15800 of our cc debt. I think it is going to take us through the end of the year to finish paying it off. Then we can start tackling my van loan hard and heavy.

Carrie, mom to Johnathan (7-02), Brodie (2-04), Kate (12-06), Jordan (9-08), (4-09) & Maggie (3-10)
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#135 of 284 Old 03-17-2008, 02:11 AM
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traycandian, where does your DH propose the money come from? It sounds kind of passive aggressive that he won't contest the ticket. As long as he doesn't have too many old tickets, they will just reduce it.

I am doing something new. I usually buy a $5 drink from Starbucks every day. I know, I know but since it is frequently my only human interaction I budget it as an entertainment expense. Anyway, I have decided to cut back and drink coffee from home (my dad sells coffee and sends it to me free) more often. So I put an envelope in a drawer in my kitchen and every day I skip, I put $5 in that envelope. I know it is going toward debt but I cannot decide whether to put it to DH's cc or my student loan. DH is being kind of a PITA about the cc, not using it but about paying it off, so I kind of want to put it toward my student loan. It would be in our best interest to pay off the cc but DH can be a big, effing baby about sharing information. (I'm mad at him right now)
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#136 of 284 Old 03-17-2008, 03:25 PM - Thread Starter
 
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Things are okay here. Just struggling to perfect the budget. I can never get it just right each month.

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#137 of 284 Old 03-17-2008, 05:16 PM
 
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Things are okay here. Just struggling to perfect the budget. I can never get it just right each month.
No, me either. I keep forgetting things! Like I still owe my friend some money from when we combined an order for some dyeable clothes. Oh wel.

Hey, I just saw that you're in WV. My parents live near Belington.
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#138 of 284 Old 03-17-2008, 06:44 PM
 
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I can only post quickly, but need to keep my place here in the thread.....

thursday night last week I cut up my cc.

I also cut up my extra debit card (for my online account. why did I even have a debit card?)

I turned over my debit card to my husband, along with the control of the cash. If I'm going someplace where I'll need access to a debit card, then I'll take the card. If I'm going grocery shopping or to get gas, I'll take cash. My hubby is WAY WAY better about not stopping just ot pick up a soda and breaking a 20 -- which you know just frees that 20 from bondage and it just flies right out the hole in my pocket.

Our plan is not to pay off our debt entirely, but we've challenged ourselves to $5000 by May 15. I'm printing off a chart at work -- like one of those thermometer deals that the United Way uses to show the fund drive. I'll post it on the fridge and we'll color it in. It will be a pinching few months, but totally worth it I'm sure. I should add that I'm not counting the stimulus check that will also go to debt retirment.

So...that's our plan. And then dh found out today that soon we should get some backpay because the union has finally settled the contract with the administration (we both work for the state university system). So bingo, found money.

Kristin -- mom of Erin (11/5/02) and Leah (9/29/05)
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#139 of 284 Old 03-17-2008, 07:54 PM
 
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I am cutting expenses, I think I can see a tomorrow with $0 balance on the credit card
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#140 of 284 Old 03-17-2008, 09:24 PM
 
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I got a check in the mail today: I double-paid for some labwork. $56 of found money, baby!
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#141 of 284 Old 03-17-2008, 10:10 PM
 
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I figured stuff up and we've decreased our overall total debt by a bit over $2K this year in Jan and Feb. Not as fast as most on here, it seems, but I'm happy about it!

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#142 of 284 Old 03-17-2008, 11:26 PM
 
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I've been listening to Dave on this

http://radiotime.com/program/p_20156...msey_Show.aspx

I've been having a ball listening to the debt free yells!


Nothing much to report as far as progress goes. I decided that I wanted a $2000 emergency fund and we are at $1300. Still paying on debt- wish it was gone
Still working on getting the budget right, canceled cable, and still trying to decide if I need that ING account
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#143 of 284 Old 03-18-2008, 12:35 AM
 
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Things are slow around here too...went to Costco today to pick up some butter (they carry Kerrygold around St. Paddy's day for the best price I've found 'round these here parts...) and ended up putting new kitchen shears ( a cool set of 5 different pairs) and an oven probe thermometer (our old one broke) into the cart...after walking around for a while I put everything but the butter back...that is a FIRST EVER for me so I'm kinda proud of myself! I kinda have a Costco "problem"...

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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#144 of 284 Old 03-18-2008, 09:42 AM
 
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Yeah, I used to buy a bunch of stuff at Costco too. My friends were making fun of me last night at a dinner when I told them I now can go to Costco for only 3-4 things. (Honey, pecans, spinach, avocados)
DP made an extra $400 this weekend. When we get that check it's going back in the EF. I think that will put us at $650 again.
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#145 of 284 Old 03-18-2008, 08:35 PM
 
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okay so all the dust has settled from our mortgage refinance. Bought a minivan yesterday (and got a great deal its a much newer/lower miles car then we thought we would bet for our $) and i just finished paying off and cancelling ALL THE CREDIT CARDS ($8K on 3 cards with interest rates ranging from 24 - 29%) all we have left is DHs truck and the house!

Jamie, this is my official update

DandeCobb Emily in Kentucky
0: Get current on bills: Done
1: $1,000 to start an Emergency Fund $2500/$5000 (see siggie - maternity leave)
2: Pay off all debt: ALL credit cards PAID OFF and CANCELLED
28,000 Truck loan @ 7%
3: Three to six months of expenses in savings- soon, i hope
4: 15% income into retirement: 6% to get company matching
5: College funding for children: $50/mo to a mutual fund
6: Pay off home early - $118K
7: Build wealth and give!
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#146 of 284 Old 03-19-2008, 11:12 AM - Thread Starter
 
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I've updated the list

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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#147 of 284 Old 03-19-2008, 02:36 PM
 
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Our EBF is FULLY FUNDED!!!!! as of this morning.

That is all.
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#148 of 284 Old 03-19-2008, 04:01 PM
 
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Originally Posted by all in green View Post
Our EBF is FULLY FUNDED!!!!! as of this morning.

That is all.
That's awesome!!!!! Congrats. : : :
How long did it take you?
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#149 of 284 Old 03-19-2008, 06:03 PM
 
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Thanks for the congrats! It took us a little over two months. I'm so excited to be starting on our debt snowball!
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#150 of 284 Old 03-19-2008, 06:34 PM - Thread Starter
 
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That is about how long it took us to fund ours too. Great job!! I have updated it on the list

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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