Dumping Debt and Building Wealth with Dave Ramsey~ April - Page 9 - Mothering Forums
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#241 of 274 Old 04-24-2008, 04:20 PM
 
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Mind if a newbie joins? A few months ago I looked at our debt and about had a heart attack. I think I had a bit of "Princess Syndrome" going for awhile (yes, I admit it but have started changing). I started listening to DR and although at times I grimace (especially when he talks about the Dobson family) I still listen as it helps to keep me motivated.

What I am "arguing" with myself over is the sale of a vehicle. I know that DR would say sell the thing but then other times I hear him talking about toys/cars etc should not be worth more than 1/2 of your annual income and we're nowhere near that (value of our cars is 27% of our annual income and we have no toys).

I'm not as gazelle intense as some of you are and of some of the listeners and people that post in My TMMO but I'm trying to get there.

I officially started keeping track in early December and we've paid off about $10k of our unsecured debt. We still have a loooooong way to go (we're in the big hole, big shovel category). So I was hoping y'all wouldn't mind another person here to help keep me motivated and perhaps figure out what to do with our car that has a payment.
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#242 of 274 Old 04-24-2008, 07:20 PM
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Originally Posted by MyTwoAs View Post
Mind if a newbie joins? A few months ago I looked at our debt and about had a heart attack. I think I had a bit of "Princess Syndrome" going for awhile (yes, I admit it but have started changing). I started listening to DR and although at times I grimace (especially when he talks about the Dobson family) I still listen as it helps to keep me motivated.

What I am "arguing" with myself over is the sale of a vehicle. I know that DR would say sell the thing but then other times I hear him talking about toys/cars etc should not be worth more than 1/2 of your annual income and we're nowhere near that (value of our cars is 27% of our annual income and we have no toys).

I'm not as gazelle intense as some of you are and of some of the listeners and people that post in My TMMO but I'm trying to get there.

I officially started keeping track in early December and we've paid off about $10k of our unsecured debt. We still have a loooooong way to go (we're in the big hole, big shovel category). So I was hoping y'all wouldn't mind another person here to help keep me motivated and perhaps figure out what to do with our car that has a payment.

Welcome!

There are actually TWO parts to the car rule.

1. No more than 50% of your income in depreciating assets.

2. If you keep the car, and it has a loan on it, you MUST be able to get out of debt in 24 months or less, including the car payment.

DH & I sold the truck because of rule 2. We went from 3 years to debt free to 2 years, so we get to keep the car.
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#243 of 274 Old 04-24-2008, 07:35 PM
 
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Welcome!

There are actually TWO parts to the car rule.

1. No more than 50% of your income in depreciating assets.

2. If you keep the car, and it has a loan on it, you MUST be able to get out of debt in 24 months or less, including the car payment.

DH & I sold the truck because of rule 2. We went from 3 years to debt free to 2 years, so we get to keep the car.
Ahh okay, I knew there had to be more to it. We're looking at 30 months to debt free including the car at our current rate of repayment. However, my freelance writing business is really starting to pick up so I need to crunch the numbers with the extra $ I'm bringing in now. I like the car but have gotten over the emotional attachment to it which was a big initial hurdle in even contemplating putting it up for sale.

Thanks!!
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#244 of 274 Old 04-24-2008, 07:49 PM
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Well, the next time you are about to buy a $2,000 Fendi handbag, remind yourself that you will have to sell your car.
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#245 of 274 Old 04-24-2008, 08:07 PM
 
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Welcome!

There are actually TWO parts to the car rule.

1. No more than 50% of your income in depreciating assets.

2. If you keep the car, and it has a loan on it, you MUST be able to get out of debt in 24 months or less, including the car payment.

DH & I sold the truck because of rule 2. We went from 3 years to debt free to 2 years, so we get to keep the car.
i already knew that our cars are a little more than we should have but: our cars value is around $25k which is almost 60% of our yearly income.

although there MIGHT be a slim chance of paying off both cars within 24 months but mostly because of tax refunds. on the other hand.....we would BOTH have to sell our cars and get 2 cars valued at $6k which wouldn't buy much...or reliability. and another thing is that dh would NEVER sell his car for this "poor" of a reason.

i'm really in a depressed funk today (ok well for a while just more so today). ever feel like you're SUPPOSED to be happy cause you actually have a pretty decent life but aren't happy about what isn't happening?
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#246 of 274 Old 04-24-2008, 08:29 PM
 
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Well, the next time you are about to buy a $2,000 Fendi handbag, remind yourself that you will have to sell your car.
LOL, oh no, I was never that kind of Princess. I couldn't even justify that level of purchase and I used to be good at justifying just about anything hehe. My handbag is two and a half years old and was a gift. I'm more of a nerdy type so anything technology related was my weakness (and my husband's). I have two special needs kiddos so a lot of our debt is medical bills that we put on credit cards.

Thank you though for the warm welcome and information on the car. I am really leaning towards selling it.
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#247 of 274 Old 04-24-2008, 08:30 PM
 
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Originally Posted by dhinderliter View Post

i'm really in a depressed funk today (ok well for a while just more so today). ever feel like you're SUPPOSED to be happy cause you actually have a pretty decent life but aren't happy about what isn't happening?
I know how days like that are, that was me yesterday.
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#248 of 274 Old 04-24-2008, 10:54 PM
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LOL, oh no, I was never that kind of Princess. I couldn't even justify that level of purchase and I used to be good at justifying just about anything hehe. My handbag is two and a half years old and was a gift. I'm more of a nerdy type so anything technology related was my weakness (and my husband's). I have two special needs kiddos so a lot of our debt is medical bills that we put on credit cards.

Thank you though for the warm welcome and information on the car. I am really leaning towards selling it.
It was a joke. Shoot, I *AM* a princess and I would never want a $2,000 purse. $20 is about my limit for something I am going to fill with chewed gum wrapped in snotty tissues.
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#249 of 274 Old 04-24-2008, 10:57 PM
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i already knew that our cars are a little more than we should have but: our cars value is around $25k which is almost 60% of our yearly income.

although there MIGHT be a slim chance of paying off both cars within 24 months but mostly because of tax refunds. on the other hand.....we would BOTH have to sell our cars and get 2 cars valued at $6k which wouldn't buy much...or reliability. and another thing is that dh would NEVER sell his car for this "poor" of a reason.
That's close enough that I don't think Dave would say to sell them. In another year, even if you don't get a raise, your cars will depreciate to be under the 50% limit.

And if you are close enough to get things paid off in "about" 2 years, then I wouldn't quibble over a month or two.


Quote:
i'm really in a depressed funk today (ok well for a while just more so today). ever feel like you're SUPPOSED to be happy cause you actually have a pretty decent life but aren't happy about what isn't happening?
Yes. I'm like that right now. I want to be pregnant TODAY, but it may not happen for a few more months at least.
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#250 of 274 Old 04-24-2008, 10:57 PM
 
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It was a joke. Shoot, I *AM* a princess and I would never want a $2,000 purse. $20 is about my limit for something I am going to fill with chewed gum wrapped in snotty tissues.
Okay *whew* - after being on the My TMMO boards for a while I'm a bit sensitive I think hehe. Ditto on the chewed gum and snotty tissues comment.
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#251 of 274 Old 04-24-2008, 11:08 PM
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Okay *whew* - after being on the My TMMO boards for a while I'm a bit sensitive I think hehe. Ditto on the chewed gum and snotty tissues comment.
Those people get crazy over there. I once mentioned that I wanted to do an FPU class but didn't have anywhere to hold it other than home (and didn't want strangers in my house) and it turned into a 5 page long argument about how "my church" is evil and selfish and there's many paths to Jesus, and "how can anyone possibly have a church with no pastors, that's just stupid", etc. Crazy.

Okay time for Lost!
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#252 of 274 Old 04-24-2008, 11:44 PM
 
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That's close enough that I don't think Dave would say to sell them. In another year, even if you don't get a raise, your cars will depreciate to be under the 50% limit.

And if you are close enough to get things paid off in "about" 2 years, then I wouldn't quibble over a month or two.




Yes. I'm like that right now. I want to be pregnant TODAY, but it may not happen for a few more months at least.
i did some quick numbers on paper and it looks like we can do my car in 13 months IF we put almost all of our 08 tax return into it. dh's car will be pai off with NO extra payments in oct 2010 so its 2.5 yrs.

i know what you mean about being pg. i am still beating dh about the head though to get the ok. i am depressed more about NOT being "allowed" to have more kids plus knowing what i would like to do in life but not being able to do much about it....also that i am kind of a "mover" and actually enjoy changing where i live frequently. being in this city for 3 yrs is actually kinda long! i guess its another thread though....

oh hey whats the DR consensus about leases on cars? i am hoping very very hard that we will be out of here in about 2 years. i just wondered what the info was on known short term use of cars and if dr had an opinion on that.
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#253 of 274 Old 04-24-2008, 11:56 PM
 
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He has very strong feelings about leases. He calls them "fleeces" and basically says it is one of the dumbest financial mistakes you can make. Have you read TMM? Can you look up that chapter...
I don't know of a link offhand...
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#254 of 274 Old 04-25-2008, 12:14 AM
 
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Don't lease a car! Dh did that before we got married and got screwed with extra fees and charges when he was returning it.

Midwife (CPM, LDM) and homeschooling mama to:
13yo ds   10yo dd  8yo ds and 6yo ds and 1yo ds  
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#255 of 274 Old 04-25-2008, 01:56 AM
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[QUOTE=dhinderliter;11072803
oh hey whats the DR consensus about leases on cars? i am hoping very very hard that we will be out of here in about 2 years. i just wondered what the info was on known short term use of cars and if dr had an opinion on that.[/QUOTE]

He calls them "Fleeces". Leasing a car is renting it long term, with none of the benefits of ownership, but all of the burden. And they ding you for every single nick, scratch, and worn seam. If you are only wanting to "own" a vehicle for a short time, buy a VERY used car (for cash), and sell it for close to what you paid for it a year later.
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#256 of 274 Old 04-25-2008, 05:50 PM
 
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Hello to all! I have just discovered DR and his TMMO workbook. I'm halfway thru it and am starting his baby steps monday (payday). I've gotten my zero budget written but it's up for adjustment because I'm not sure how things will actually play out as I haven't budgeted correctly in the past. No idea how much I've been spending in gas and food.
I'm starting with BS2 - the debt snowball because dh and I have a savings account already.
I'm wanting to join y'all because I'm actually doing this myself (no help from DH - long story, don't ask) but anyway...I'm looking at 40 months to debt free (except the house) if I include my college loans in that. 26 if I count that as being seperate. Not sure if that's okay but I have to say something to keep myself pumped up because 40 months sounds sooooo long.

So here's my BS list. If you could add me in, I'd appreciate it!
BS1 - done, sort of. Have $2300 but some of this is vacation money.
BS2 - started Today 511.51/$23,050; month 1/40
BS3 - It's gonna be a while till I'm here.
BS4 - Have a retirement thru work. Will add to this when I get here.
BS5 - Not ready to think about this yet. They're just babies!
BS6 - So ready to be done with this but not yet started...:
BS7 - Can't wait till I'm here!!!!!
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#257 of 274 Old 04-25-2008, 07:56 PM
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Still working on BS2. I sent in my found money to my student loan company even though technically I am working on DH's cc. I earned the found money in college pre-DH so I think it should go to student loans. Anyway, I specified the money should go to the smallest loan but instead they applied it to all of my loans. The smallest loan got less than $100. : A phone call later and they claim it will be fixed. We will see.
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#258 of 274 Old 04-25-2008, 09:34 PM
 
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I really need to get this guys book..So without any idea other then reading this thread we are on baby steps.

Ive got a food budget now and will be socking away extras( aka snowball)...AND DH is on board..some what..We still need to figure out if we wanna sell the house but really if not ( house is on market till may 11th) its ok its a small affordable house
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#259 of 274 Old 04-25-2008, 10:23 PM
 
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Did I tell you all I got another refund check from the lab that we use for some urine cultures for my son that the insurance company ended up paying for? $110!!!

Unfortunately, I spent more on groceries and my son's birthday than I'd budgeted for, so the extra money has gone to cover overtures in other areas. BUT this means I am going into May with no overtures, a full month's income on hand (YNAB spends this month's income next month), and my dh's raise to boot: May here I come! I've already sketched out a budget for may, and it looks like I'll be able to sock some money into both the EF, which is looking good, and towards our vacation plans. So at the mo' I'm thrilled.
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#260 of 274 Old 04-25-2008, 11:19 PM
 
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I have an update on me
Step 1: get current on bills - so far so good
Step 2: BEF $526.21 I'am over halfway there! (and I still have money in my chequing account AND I have some left over cash for going out with the girls this week-end)

I also put $900 down on debt #1 (not my car like I had planned) I forgot I owe mom money.
Step 3 is now $900 owing to mom. It was $1800.

Decluttering 500/2010
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#261 of 274 Old 04-28-2008, 02:28 AM
 
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I have been MIA for awhile now... my grandmother passed away so we have been dealing with some family issues with that. There was one good thing that came of it though and that is that I was able to pay off all of our debt except for our vehicle loan, WOW! What a feeling! The only thing is now that I am scared because I didn't have to work my way out of it, I don't know that we have really "learned our lesson" if that makes sense. I don't know that we are out of the "spend, spend, spend" mode. I made a new realistic budget though and we'll try to get gazelle about moving forward with the other baby steps

0-- Get current on bills DONE
1 -- $1,000 to start an Emergency Fund DONE
2 -- Pay off all debt using the Debt Snowball - done except for $40K vehicle loan (because this is at 0% financing we are going to move ahead to step 3 first, and then come back to this step)
3 -- Three to six months of expenses in savings
4 -- Invest 15 percent of household income into Roth IRAs and pre-tax retirement - currently we are at 6% of DH's income (we pay in 3%, and then company matches 3%)
5 -- College funding for children
6 -- Pay off home early
7 -- Build wealth and give!

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

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#262 of 274 Old 04-28-2008, 03:47 AM
 
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hanging out , wondering if I should work more hours to speed things up, or wait for next school year.
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#263 of 274 Old 04-28-2008, 11:00 AM
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Hurray, April!

BS1 1000/1000


BS2:
April 1st debt numbers:
Mastercard 1 $1699.36
Mastercard 2...4999.99 ***
Student Ln 1...3219.49
Student Ln 2...6919.87
Auto Loan.....11495.29
----------------------
Balance.......$28334.00


Written Budget:
Rent........$1025.00/1025.00
Electric.........24.68/56.00
Natural Gas.....0.00/12.29
Cell Phone.....80.00/115.58
Internet........45.22/45.22 (comcast DOUBLED our bill to $90, so we've cancelled internet service. It will happen this week.)
Cable............55.80/41.74 (last month of cable! We canceled this yesterday! )
Auto Ins.......142.82/142.82
Charitable.....170.00*/170.00
Weight Watch..80.00/83.50
Car Payment..385.00/385.00
Mastercard 1...40.00/1000.00
Mastercard 2...80.00/0.00
Student Ln 1...50.00/50.00
Student Ln 2...50.00/50.00
Groceries......120.00/254.78
Dining/Ent......75.00/110.41
Gasoline.........40.00/52.01
Savings........200.00/200.00
Drug store............0/23.60
Pets....................0/8.10
Ent/Crafts............0/9.78
Health.................0/491.98
Clothing...............0/13.76
=========================
Total.........$2663.52/3045.74

Income: $2800/3991.73

*Edited since March 31st.

BS2:
April 1st debt numbers:
Mastercard 1 $499.82
Mastercard 2...5034.14 ***
Student Ln 1...3137.49
Student Ln 2...6893.48
Auto Loan.....11167.61
----------------------
Balance.......$26732.54

$1601.46 in debt paid off!


***This is the card that I ran up mostly at Starbucks when I was single, lonely, and STUPID. Only 1265 grande lattes to pay off.
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#264 of 274 Old 04-29-2008, 04:13 AM
 
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Still hanging out at the snowball; will be here for quite awhile. Here is a final look at April's snowball:

Since the official launch of our snowball on 2/15/08:

Snowball - Phase 1 (short-term): $3,514.75 PAID OFF

Snowball - Phase 2 (long-term - mortgages for 3 properties + grad school loan): $1,125.61 PAID OFF

TOTAL PAID OFF: $4,640.36

Snowball Goal for May: break the $7K mark (this is definitely a stretch, but I will be SO happy if we do it!)

Kim
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#265 of 274 Old 04-29-2008, 04:16 AM
 
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I have been MIA for awhile now... my grandmother passed away so we have been dealing with some family issues with that.
I am sorry for the loss of your grandmother; hope your family issues are resolved quickly.

Kim
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#266 of 274 Old 04-29-2008, 10:45 AM
 
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Hi everyone,

As it's almost the end of the month, thought I'd do a quick update on where we stand at the moment:

0-- Get current on bills DONE, although next month this may no longer be true. I have a $600 medical bill that we can't currently afford to pay in full. Hopefully, they will take payments. Thank goodness we've finally been able to turn off our heat and that preschool ends in May.
1 -- $1,000 to start an Emergency Fund DONE, and our EF is closer to 3 mos.' income b/c DH is self-employed and we needed a larger net. I suppose now that we're forced to rely almost solely on that net, I am grateful it's there.
2 -- Pay off all debt using the Debt Snowball - We have 6700 to pay off at 0% interest; after a great start of snowballing $700 towards it, we have only been able to pay $150/mo. ever since. Given our current financial situation, I don't see that changing anytime soon.
3 -- Three to six months of expenses in savings Three months, but not separate from EF.
4 -- Invest 15 percent of household income into Roth IRAs and pre-tax retirement Can't afford this right now
5 -- College funding for children Being done through family contributions
6 -- Pay off home early Maybe someday
7 -- Build wealth and give! Maybe someday

I'm very down in the dumps today, I'm afraid. DH's business isn't making any money, we owe the IRS thousands of $ in taxes for said business (no tax incentive for us, let alone a rebate), AF is on her way (after yet another unsuccessful month TTC), and well, it's just a yucky day. Hoping for a brighter May, I could really use it!

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
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#267 of 274 Old 04-29-2008, 02:36 PM
 
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Ha, I just read the entire book last night in one sitting. Talk about motivation!

0-- Get current on bills- always done
1 -- $1,000 to start an Emergency Fund- already done
2 -- Pay off all debt using the Debt Snowball - working on now! We have our financed mattress ~$1,600 at 0% first, and our two credit cards at decent rates. My balance is just under $4k so we'll be hitting that second! The cars will come next but I'll be so happy just to get rid of the CC stuff.
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#268 of 274 Old 04-29-2008, 05:45 PM
 
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I have been MIA too, just a lot going on and I have hit more bumps in the road of finances so my efund has dwindled as well Well at least there is something in it.. We will be putting our stimilus check towards our efund as well. Here is my new update for the start of May! My goal for May will be to fill up our efund (finally), pay off 2 hospital bills, and post here more!

Amanda (mumkenna&lucas) in CA
0-- Get current on bills DONE
1 -- $1,000 to start an Emergency Fund (75.62/1000) we are here!
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! ---
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#269 of 274 Old 04-29-2008, 06:03 PM
 
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Somebody remind me not to spend!

We're in much better shape these days, but its just getting spent. Its been a hard start to the PG which leads to lots more fast food, etc. but most of the spending is good spending like paying things for the year instead of by the month, etc. Just seems like we should be making more progress. I know the second check of may (the 8th) is all going to savings as is our Econ. stim. check so thats like....2300$ towards the EF, but still.
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#270 of 274 Old 04-30-2008, 11:14 AM
 
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Where is Jaime? I hope all is ok!

Kerri, sounds like you are still doing a good job of staying on track. We have times like you do of feeling like we are getting no where, but think about how much progress you will be able to make just 2 weeks from now.

Welcome, Nicole!

Carrie, mom to Johnathan (7-02), Brodie (2-04), Kate (12-06), Jordan (9-08), (4-09) & Maggie (3-10)
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