Dumping Debt and Building Wealth with Dave Ramsey~ April - Page 7 - Mothering Forums
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#181 of 274 Old 04-17-2008, 12:39 AM
 
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dhinderliter

The idea with the Dave Ramsey plan is that you not use credit cards at all. Seeing as you have enough in savings to be able to pay the card off, why not pay it off, cancel it and start working within budget so that you're not feeling like you have to borrow money?

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#182 of 274 Old 04-17-2008, 09:27 AM
 
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dhinderliter

I use my Amex to float the daycare cost, but only because I don't have the money to pay them at the first of the month and I get the reimbursement from my flex spending at the end of the month. The card never ever carries a balance month to month, but eventually, I want to not do it this way either. There are too many risks.

If you can stop using the Chase Visa, I would, and if you can pay it off, I would do that too.

Also, regarding your cars - If you can check out a credit union or something like that you may be able to find a lower interest rate. We did that with both of our vehicles, didn't end up extending the life of the loan at all, and got an incentive back of 1.5%. And it really did end up lowering our payment on them.
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#183 of 274 Old 04-17-2008, 11:41 AM - Thread Starter
 
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I agree with the others, DR says no credit use.

My DH will not let me order anything online with the debit card. So he has one credit card open for online purchases. So on the rare occasion I do need to order something online, I use the credit card, then log on to the website ASAP and make an online payment out of the checking account, which he doesn't have a problem with. So that is how I avoid the problem with interest.

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#184 of 274 Old 04-17-2008, 11:45 AM
 
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Can I hop in here? I just read the book and my husband and I just finished our first month of being super savers and starting our debt snowball a-rollin'!
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#185 of 274 Old 04-17-2008, 12:00 PM - Thread Starter
 
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Can I hop in here? I just read the book and my husband and I just finished our first month of being super savers and starting our debt snowball a-rollin'!
Yep, just hop in!

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#186 of 274 Old 04-17-2008, 12:28 PM
 
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Yay!

Ok here goes.....

1. Bills are all current, have been for years.
2. $1000 in Emergency Fund
3. Credit Card debt completely paid off (down from $2500 or so)
4. Current debts:

Bill Collector: $5600
Student Loans: $12,5000
Car Loan: $17,500
Government Debt: $18,800

Debt snowball started, even though we live paycheck to paycheck on one income (I am a SAHM with 10 month old DS), last month was able to save $250 extra at the end of the month and sent towards Bill Collector!

Expecting: husbands second installment of military bonus, economic stimulus payment, and check from a dealership who helped us sell our truck....these added together will make a huge dent in (if not eliminate) our smallest debt. And then the snowbal begins! Yay! I feel very gazelle intense!

To save money, we do grocery shopping a few days a week and only buy what we will be eating the next couple days.... I noticed a HUGE difference when we started doing this (before we were shopping for two weeks at a time and ending up with expensive foods and too much of it! By shopping more frequently, I was able to cut the grocery bill in half!!)

Switched to generic almost everything, that really saved a lot! Gave up alcohol, we don't shop for ourselves, but to keep from feeling completely neglected, we allow ourselves to eat out once every pay period!
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#187 of 274 Old 04-17-2008, 01:32 PM
 
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dhinderliter

The idea with the Dave Ramsey plan is that you not use credit cards at all. Seeing as you have enough in savings to be able to pay the card off, why not pay it off, cancel it and start working within budget so that you're not feeling like you have to borrow money?
we DO pay it off every month. I use it like a debit card and then my debit card is used ONLY for paying bills that aren't allowed to use a credit card and to pay off the credit card. we aren't carrying it or paying interest on it at all. plus i just opened this credit card and its the one we want to keep. i am trying to get around to putting both our chase cards together which will eliminate 1 credit card and then i need to get the capitalone card sorted out and transfer the auto payment for our satelite transferred to my chase card and close the capitalone. then i need to see if dh is going to get rid of the military star card. i don't have one...we don't use it (although i think some places that AREN"T military take them??)...ok scratch that..dh uses it even though i tell him not to. : we work COMPLETELY within our budget. in fact i "accidentally" save money cause i hate taking money out of savings even though its earmarked to come out. our paycheck is split so i save $550 from 15th payday to pay towards our mortgage. on the 1st i usually try to scrimp by and the last 2 times or so i've only taken out $200-300 so i end up saving it. so thats where the extra $90 comes in to pay off the credit card "in full". its hard to explain my weird set up but i do think i may back off it. since its not a high limit it gets "filled up" and i know it doesn't show on our credit report that i am paying it off but carrying a huge balance. which irkes me. i guess it will be ok though. i wanted to do it this way cause its a 1% cash back but my new USAA account is 1% back as well on credit type purchases. i just wanted to try and double dip.

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To save money, we do grocery shopping a few days a week and only buy what we will be eating the next couple days.... I noticed a HUGE difference when we started doing this (before we were shopping for two weeks at a time and ending up with expensive foods and too much of it! By shopping more frequently, I was able to cut the grocery bill in half!!)

Switched to generic almost everything, that really saved a lot! Gave up alcohol, we don't shop for ourselves, but to keep from feeling completely neglected, we allow ourselves to eat out once every pay period!
how do you like shopping once every few days? is it stressful? i know that it would help our budget but i am not sure how it will help ME stay sane. i usually have to take 1 of the kids shopping and i have to drive 20 minutes to the base to shop. i have been considering shopping 1x a week instead of on/around pay day but haven't made the leap.
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#188 of 274 Old 04-17-2008, 02:14 PM
 
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how do you like shopping once every few days? is it stressful? i know that it would help our budget but i am not sure how it will help ME stay sane. i usually have to take 1 of the kids shopping and i have to drive 20 minutes to the base to shop. i have been considering shopping 1x a week instead of on/around pay day but haven't made the leap.
I LOVE it...omigosh! I hated shopping for two weeks at a time because I had to sit down and plan 15 meals, all the sides and everything, then I had to get all the recipes out, write down all the ingredients, then go through and add up the things that were repeated, and then grocery shopping took frickin' FOREVER with a slow husband and a baby!

How I do it now is we go to the store, walk to the meat, if something is on sale we get it and whatever sides we need, and then leave! It's fantastic because I will enver change my mind about a meal I planned two weeks ago! And it saves money because we only ever buy what's on sale, whereas with two weeks out you have to buy it all regardless of what's on sale.

I just love it, it takes the pressure off of me to plan meals and it saves SO much money!
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#189 of 274 Old 04-17-2008, 02:33 PM
 
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Can I hop in here? I just read the book and my husband and I just finished our first month of being super savers and starting our debt snowball a-rollin'!

Midwife (CPM, LDM) and homeschooling mama to:
13yo ds   10yo dd  8yo ds and 6yo ds and 1yo ds  
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#190 of 274 Old 04-17-2008, 02:36 PM
 
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I do a bigger shopping trip once a week (about 45 minutes each way) then maybe go into the store closer to us one time if we need for some more veggies or if there is a good meat sale. This works out because I like to plan things a week at a time. More than that would overwhelm me and sales happen weekly.

Jen

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#191 of 274 Old 04-17-2008, 02:46 PM
 
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aww Mama s We must be sharing him for the last 2 years.. It will get better! We are at the bottom right now. Murphy has hit us about 4 times in the last month, I am really discouraged as well, but without a plan I know he will be with us even longer! So I am just trying to look at it that way right now.
s to you too...and that is so true that at least we have a plan and are working towards a goal.

I am feeling much better since my best friend reminded me that we are rich in the Lord because owns the heavens and the earth and the Bible says that all things work together for good for those who love God....I just have a hard time remembering these things when I get into a worry frenzy!!!!

Jen

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#192 of 274 Old 04-17-2008, 03:33 PM
 
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I have no idea who Murphy is : I must have missed that part in the book.
I don't think I saw an answer posted for this.

Murphy is referring to Murphy's Law- if anything can go wrong, it will.
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#193 of 274 Old 04-17-2008, 04:12 PM
 
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Hi there, just popping in to update:

When I last posted, I was stressed and unhappy b/c I had just discovered that DH, who is self-employed, had underestimated his quarterly tax payments all last year and so we owed thousands of $ to federal and state, none of which he had saved up to pay. : On top of this, his business has declined significantly since January and this is the last month we will be able to count on any income from his business until he gets new clients. Very, very stressful indeed.

So I've spent the past couple of weeks significantly trimming things out of our budget and brainstorming with him about what plan B (or C or D, if necessary) is going to be.

Thanks to TattooedMama's (I think it was her?) suggestion, we will be paying our taxes off on a payment plan to the IRS. While we will incur some extra charges and interest this way, the bulk of it will be paid off with the tax incentive coming this Spring, and I thought paying it off this way was a FAR better alternative to DH putting the tax charges on his business credit card (his first suggestion ) or taking it out of our savings/EF (since we're going to be draining that in the coming months in order to stay afloat.)

He has also advertised to tutor Spanish (and has already gotten two students within a day of placing the ad on Craig's list ) and teach guitar (another 2 students so far have contacted him.) And he's enrolled in a bartender course to be able to take a second job that will pay relatively well while leaving him daytime hourse to work on his primary business.

As for me, I'm in charge of watching and trimming our budget and I am making plans to go back to school to become a pharmacy tech, which I think will be a good and stable part-time job for our family. In the meantime, we have gone back to using cloth diapers exclusively (no more sposies at nighttime or on trips), we've cut down our cleaning help to 2x/month and will get rid of it altogether next month, I'm night-training my 5yo DS to eliminate pullups, and DH and my "date nights" now consist of doing extremely low- or no-cost activities -- no more eating dinners out. We'll see how this month turns out before I continue cutting further.

Can I just say how grateful I am that I insisted on holding on to our savings/EF (currently around 3 mos.' salary) instead of using it to pay off our no-interest cc (around 6500K), since we're really going to need that $ cushion to get us through the summer?

I respect DR's advice very much, but sometimes deviating from his plan is the right choice.

Guin

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#194 of 274 Old 04-17-2008, 08:15 PM
 
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Guin, that sounds great. I'm glad you and your family have a plan. For what it's worth, my sister worked her way through college as a pharm tech. [And then went on to pharmacy school on student loans!!! But now she's making the big bucks---but that's another story.] Good luck with that!
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#195 of 274 Old 04-17-2008, 08:36 PM
 
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Some pharmacies have tech training, Bartell's around here is one that comes to mind.
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#196 of 274 Old 04-18-2008, 12:59 AM - Thread Starter
 
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I am bummed. My DDDC's are gone. I had that one for like, ever! I feel so naked

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#197 of 274 Old 04-18-2008, 01:01 AM
 
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No! I just gave you the cc one! : Off to PM someone.
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#198 of 274 Old 04-18-2008, 09:31 AM
 
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Alrighty, I meant to do a check in every week but I'm a little late this week! Oh well. Here is where we are, category wise.

Food: 245/280
Gas: 133/175
Entertainment: 11/50
Clothing: 9/35
Gifts: 20/30
Medical/Dental: 50/20
Miscellaneous: 70/50
Fun Money: 40/40 (Distributed)

Overall we are going strong. We also found out some good news in the past couple of days. First, my deposit for nursing school is only $150. I had thought it was $500 and had budgeted that much. Second, my DH received the results of a teaching exam he had to take (to stay current I guess), and since he passed (with flying colors I might add!), we get reimbursed for the cost of the exam -- $150. We also found out that he will definitely be doing summer school this summer, which means extra money while working at home. So that is really nice. Now we just wait to find out how many students he'll get! Hopefully a lot!

It looks like we'll have about $500-$600 extra this month. I'm dying to snowball it, but I have a bill for nursing summer classes due next month to the tune of $1100. Oh, and, send math vibes my way because I have a challenge test for one of my classes this summer (Math for Nurses) and if I pass, I don't have to take the class. The test is this afternoon. If I do pass, it is a savings of around $300, as well as saving me 4 hours a week in travel and class time.

Mommy to two super cute kids.
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#199 of 274 Old 04-18-2008, 09:32 AM
 
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I think that it is okay to take any kind of plan or approach with the idea that you have to take what works for you and leave the rest. We have deviated a bit from the plan too, we have a 2K BEF, and once we get the CC paid off, we are going to then work on our second mortgage instead of the cars, which would be next. I feel more secure getting rid of the second instead of the cars, which are fixed interest, and have a set term that will expire.

Ultimately, you have to do what works for you and yours. That's all there is to it.
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#200 of 274 Old 04-18-2008, 10:33 AM
 
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I am bummed. My DDDC's are gone. I had that one for like, ever! I feel so naked
Cheer up Charlie! I don't think I'll ever get one even though I have recently posted a doozy in the indoor cat thread. I thought for sure someone would use it against me!
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#201 of 274 Old 04-18-2008, 10:42 AM
 
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Ultimately, you have to do what works for you and yours. That's all there is to it.
I totally agree here. I am not efficient enough with my shopping yet to trust the envelope method.... I will for sure run out and then I will have to use the EF for groceries.

The way we do it is we pay the bills, we buy our groceries every few days and save as much as we can, and then whatever is left over on the day we get the next paycheck, that's the amount we snowball.... the amount is always a little different but by no means it is piddly (last month it was $250!).

We are by no means overusing or overbuying, but we don't feel comfortable saying ok here is $150 for groceries and that's it, especially not with a baby. I need full access to everything we have. If there's a month where there's nothing left over, so be it. But we are definitely making progress just by being frugal!
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#202 of 274 Old 04-18-2008, 11:05 AM
 
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Liz, I'm going to be starting nursing school too! In the fall I'll only be taking three generals that I didn't get with my BA degree but I'm set to start the nursing classes in Jan. I can't wait to get through it and make the $$ to pay off my stupid student loan (from a private college sociology BA, ugh....).

Anyway, today is payday so I thought I'd update. Since dh gets paid 3 times in May (plus the stimulus check) our bills work out to be able to have this weeks check be the "extra", although I did have to pay a big bill for dc's summer gymnastics so that cut into it quite a bit. Still, my goal is to have $3000 total saved by the end of June so we're a little over halfway there.

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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 : $30K in student loans at 7.5%
3 -- Three to six months of expenses in savings : $700/$9000 - doing this before snowballing BS2

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#203 of 274 Old 04-18-2008, 11:32 AM - Thread Starter
 
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No! I just gave you the cc one! : Off to PM someone.
Yeah I was thinking that I hadn't had that one very long.

Today is payday! Yay!!

The only non household budgeted item I had to take out of this pay was enough for a pair of shoes for me and for two undergarments for me. I have been searching for shoes but can't find anything yet that I like. I am supposed to wear Crocs because of the heel spur and my knee, but I haven't found any for under $30 yet, and I am not paying $30 for shoes :

My Mom said they could have them at the mall for less, so I may drive up there Monday when it is slower and find a pair.

Tonight at work I will sit down and figure out the bills, then see how big my snowball is going to be.

Now might be a good time for my husband's Chase card to start praying to the credit card Gods Because I am going to hurt it on Monday evening

I think the only bills I have this pay are the rent, my student loan, gas (which is sky slipping high here now at $3.65 a gallon , groceries and the clothing/shoe items. Also setting aside for the car insurance and the water bill, which are not monthly items.

I hope everyone has a great weekend I am working for most of it, so I wont be enjoying much sunshine. Although DH might stop by my work and help me plant a porch garden. I wanted to plant lettuce and tomatoes for the ladies at work to enjoy, plus some flowers. We have extra seeds left over from our on porch gardening and I don't want them to waste.

My Mom is taking me and MIL out for lunch today See you all later

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#204 of 274 Old 04-18-2008, 12:19 PM
 
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I'm feeling very frugal today.... ready to take on this snowball!

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#205 of 274 Old 04-18-2008, 12:31 PM
 
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That's awesome! I have three general I didn't get with my BA too! That is what I am doing this summer -- Anatomy, and Physiology. Then at some point, I guess next summer, I'll have to take Abnormal Psych. I am so excited to get started. And I really can't wait to be working :-D

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#206 of 274 Old 04-18-2008, 01:11 PM
 
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Now might be a good time for my husband's Chase card to start praying to the credit card Gods Because I am going to hurt it on Monday evening
This made me smile.

I'm glad to hear that pharmacy tech is a good job and I intend to look around town to see if anyone might train me to help save $ on the coursework. Our local community college offers this certification, and it's not that expensive, but free is always better than cheap, right?

I just logged onto our ING savings account (EF) to see the current balance, etc. The good news is that we have about 3 1/2 months' worth of living expenses in there and that we haven't had to tap it since Aug. of last year. Woo-hoo!

The bad news is that our interest rate has only gone down, down, down since 2007 : and that we're going to be forced to tap into this fund next month, for who knows how long, with no way to replenish it. I'm : for some good news on the business front in the next month. C'mon, new clients, where are you?

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#207 of 274 Old 04-18-2008, 01:22 PM
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I totally agree here. I am not efficient enough with my shopping yet to trust the envelope method.... I will for sure run out and then I will have to use the EF for groceries.
No, it wouldn't work that way. If you are working the Baby Steps the way they are laid out, you are supposed to WAY OVERBUDGET food the first month. In FPU, he says it twice - you WILL underestimate what you spend on food, so put in more than you think you will spend. If you're wrong, then you just take the left over cash and add it to your snowball.
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#208 of 274 Old 04-18-2008, 01:32 PM
 
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In FPU, he says it twice
That explains that....I didn't read that one, I just read TMM.
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#209 of 274 Old 04-18-2008, 04:08 PM - Thread Starter
 
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No, it wouldn't work that way. If you are working the Baby Steps the way they are laid out, you are supposed to WAY OVERBUDGET food the first month. In FPU, he says it twice - you WILL underestimate what you spend on food, so put in more than you think you will spend. If you're wrong, then you just take the left over cash and add it to your snowball.
I agree, I also overestimate the amount I need for groceries and household items. I learned the hard way when I really did need some emergency money back when I first started to buy milk with.

Guin- I hope some clients come your way!

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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#210 of 274 Old 04-18-2008, 04:53 PM
 
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I feel like I have ben scarce lately. I had a big childbirth education workshop that I was planning/hosting all last weekend and I literally went 3 days without checking my email or being on MDC.
Shocking; I know, and then there was the recovery and laundry to do after Mom was busy all weekend doing other things.
So here I am... we are at a crossroads here at our house. It looks like we are going to have to potentially take out a small loan for some essential home repairs. The bathroom ceiling has sprung a leak in about 8 places what with all the heavy rain the midwest has had. The brakes in the car are darn near gone, and I mean GONE! It has an appt. Monday.
And our front porch needs potential lead abatement and remodel. After talking it over we really feel we might need to halt the snowball and "do it the right way" in regards to getting an estimate and repairs to our porch and roof. We can't afford in the long run to just cobble something together. We'll see what happens with estimates.
Glad to hear from everyone checking in.
I'll be listening to Dave Ramsey in the car this afternoon when I drive DS#1 to dance. I hope it will be inspiring, as usual.
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