Dumping Debt and Building Wealth with Dave Ramsey ~ May - Mothering Forums

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#1 of 309 Old 04-30-2008, 03:09 PM - Thread Starter
 
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Welcome to a new month ladies! This thread is for anyone who is following the Baby Steps outlined in the book The Total Money Makeover by Dave Ramsey. New people are welcomed to join us on our journey to financial peace.

Jaime has asked me to run the thread for her this month because of her super slow internet connection. (I know what a pain that can be).

I'm going to start off this month with a roll call so we know who's still with us and get a chance to meet any newbies.

These are the Baby Steps:

BS1 $1,000 to start an Emergency Fund
BS2 Pay off all debt using the Debt Snowball
BS3 Three to six months of expenses in savings
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement
BS5 College funding for children
BS6 Pay off home early
BS7 Build wealth and give! Invest in mutual funds and real estate

Here's my intro: My name's Liz. I'm a homeschooling mom to four who also does part-time childcare from home. My dh works full-time outside of the home. We started the Dave Ramsey plan back in October and are currently working through Step 2.

Here's where we're at:
BS1: DONE!!
BS2:
$466 Capital One- killed!!!
$614 Van loan - killed!!!

$320/$1091 Best Buy- should be killed in June
$1770 Midwife
$2184 HSBC Retail Services
$4249.63 Needed to get out of Truck loan- sitting in savings until we decide whether to sell it or keep it
BS3: 1000/10000
BS4: 4% at present
BS5: Not started
BS6: 2 years into our 30 year mortgage. Can't wait to kill this.
BS7: One day baby, one day.

dhinderliter
BS0 bills current -DONE all the time
BS1 $1k ef DONE
BS2 Pay off all bills
various monthly credit cards carried tiny balances ALL DONE
DH car $7400 8.69%
My car $7876 6.xx??
BS3 3 to 6 months ef gosh i don't if this will happen anytime soon

mtm
Baby step one: done
Baby step two: paid off my visa, done
pay off Dh's visa, owe roughly 4800, at our current rate, should be done by Christmas

llamalluv
B/S 1 - done
B/S 2 -

May 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

TanyaS
BS1 $1,000 to start an Emergency Fund - DONE!
BS2 Pay off all debt using the Debt Snowball - Currently working on Lowe's card $2365.75
BS3 Three to six months of expenses in savings - $0
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement - Currently only putting 1% in 401K until debt free!
BS5 College funding for children - $0
BS6 Pay off home early - Can't wait!
BS7 Build wealth and give! Invest in mutual funds and real estate - Keeping my eye on this goal!

bc1995
BS1 $1,000 to start an Emergency Fund DONE
BS2 Pay off all debt using the Debt Snowball in progress- this will take about 4-5 years for us
BS3 Three to six months of expenses in savings someday
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement currently 5%
BS5 College funding for children someday (praying for scholorships )
BS6 Pay off home early Still in our first year of 30 year mortgage
BS7 Build wealth and give! Invest in mutual funds and real estate

StrawberryFields
BS1 $1,000 to start an Emergency Fund
DONE

*CURRENT STEP BS2* Pay off all debt using the Debt Snowball
Credit Card: $1,400.00
Car Loan #1: $5,000
Car Loan #2: $15,000

BS3 Three to six months of expenses in savings
$2300 current/$10000 goal
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement
6% current /15% goal
BS5 College funding for children
$0 current/goal TBD
BS6 Pay off home early
27 years remaining current/goal TBD
BS7 Build wealth and give! Invest in mutual funds and real estate
$0 current/goal TBD

DandeCobb
DandeCobb Emily in Kentucky
0: Get current on bills: Done
1: $1,000 to start an Emergency Fund $4850 (storm clouds)
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
4: 15% income into retirement
5: College funding for children: $50/mo to a mutual fund
6: Pay off home early - $118K
7: Build wealth and give!

westernskies
BS1 $1,000 to start an Emergency Fund-DONE
BS2 Pay off all debt using the Debt Snowball-Current Snowball is around 1300. Our may goal is to throw at least 500 at this. Usually it would be more but we need to finish up our home remodel before I go bezerk on my DH
BS3 Three to six months of expenses in savings-10% of income goes to fund this each month
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement- 6% is going towards IRA now
BS5 College funding for children-Haven't Started
BS6 Pay off home early- Oh happy day this will be!
BS7 Build wealth and give! Invest in mutual funds and real estate- Someday!

Jaime
BS0: Get current on bills. This was always done, so that one was easy
BS1: Emergency Fund. Done
BS2: Pay off all debt using the debt snowball: working on
WaMu Card #1: GONE
Chase Card: Working on now
WaMu Card #2
DH's Car
My student loan
So one down, 4 to go
BS3 Three to six months of expenses in savings
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement
BS5 College funding for children N/A for us, but hopefully it will be!
BS6 Pay off home early- we rent, so this doesn't apply just yet either
BS7 Build wealth and give! Invest in mutual funds and real estate

p1gg1e
BS0: Get current on bills. Always
BS1: Emergency Fund. Done
BS2: Pay off all debt using the debt snowball:
CC-4800
Car Loan - 9500
BS3 Pay off home early - I feel this is the Key to freedom...if payed for we can work Wendy's if we have to
BS4 Three to six months of expenses in savings
BS5 Invest 15 percent of household income into Roth IRAs and pre-tax retirement
BS6 College funding for children- Student loans...if they get a degree then we will pay the loan...easy when your debt free ...hoping for tradeswomen
BS7 Build wealth and give!

Vagrant Nic
BS1: 7/1000
BS2:
$3805 Chase CC
$491 Capital One CC
$5733 USAA CC
$3746 AAFES
$14000 Car Loan-Mine...I know I know...
$7890 Car Loan-Husband
Not even going to think about School debt until this is taken care of.

lauriem33
BS1 $1,000 to start an Emergency Fund-DONE
BS2 Pay off all debt using the Debt Snowball-$30k student loans
BS3 Three to six months of expenses in savings-working on this step before BS2 $1400/$9000 (after we get the stimulus check this week and buy the computer this should be our total. Writing it here will hopefully help with the temptation to spend more of it than we budgeted!)
BS4 Invest 15 percent for retirement-we do 5% and it is matched so 10% total
*Can't think about the rest for now

Mavournin
0-- Get current on bills DONE (but only because I am lumping some new, but very large, medical bills in the snowball...)
1 -- $1,000 to start an Emergency Fund DONE
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 4.9 years into a 15yr/fixed!!
7 -- Build wealth and give! --- Invest in mutual funds and real estate

shanetedisaac
Shane in CT:
0-- Get current on bills - n/a
1 -- $1,000 to start an Emergency Fund done
2 -- Pay off all debt using the Debt Snowball done
3 -- Three to six months of expenses in savings done
4 -- Invest 15 percent of household income into Roth IRAs and pre-tax retirement - Required pension contribution at dh job, the remainder in a Roth IRA 15% total
4.5 Bar Mitzvah funding saving up to $7303/$21,000 (One boy done!)
5 -- College funding for children after the Bar Mitzvah's are funded - Some current funding by relative gifts
6 -- Pay off home early I so can't wait to be here! - On year 4 of a 15 year fixed note $90,000 to go
7 -- Build wealth and give! --- Invest in mutual funds and real estate To be able to share will be a bessing.

Kierdan's mom
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
3 -- Three to six months of expenses in savings 2500/8200 - Includes sinking fund for DH's truck
3a- Save for motorhome - 0/7500
4 -- Invest 15 percent of household income into Roth IRAs and pre-tax retirement Pension investing began 4/08...Currently at around 10%
5 -- College funding for children One has prepaid, 2nd and beyond we have to fund
6 -- Pay off home early 4.7ish years into a 30 year fixed, however, have paid extra at times, also have 2nd mortgage lumped here of about 26k - Total owed is around 89k
7 -- Build wealth and give!

crunchymama
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
3 -- Three to six months of expenses in savings 3 months done
4 -- Invest 15 percent of household income into Roth IRAs and pre-tax retirement Pension - I don't know is this supposed to be 15% of the pre or post tax. We have 6% pretax into a 401k as this is the highest matched by the company-we did have this at 14%- now we have another 5.5% of pretax income sent to a savings account for a Roth to be started at the end of this year (so actually that amount is not taken pretax but post tax- if that makes any sense)
5 -- College funding for children - not yet- still thinking what is best to do here- I figure we will help what we can when the time comes as we will be mortgage free
6 -- Pay off home early - We have a 20 yr mortgage, but we have always paid it as a 15 though, we have 9.5 yrs left.
7 -- Build wealth and give!- we currently give to our church and other groups as we can, trying to be the most generous we can.

PreciousTreasures
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!!!!!

Mama Rana
BS1 $1,000 to start an Emergency Fund-- Done
BS2 Pay off all debt using the Debt Snowball--Done
BS3 Three to six months of expenses in savings--$12225/$15000 as long as May goes ok.
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement--Not sure what percentage, but we are already contributing to IRA's and a 401K
BS5 College funding for children--~3.5% of our net income a month
BS6 Pay off home early--We're on schedule to make one extra full payment a year
BS7 Build wealth and give! Invest in mutual funds and real estate--I'm going to need a lot of help when I get here!

JackieR
0: Get current on bills: Always done
1: $1,000 to start an Emergency Fund $4600/$1000 (We don't get paid from 5/15-7/15, so we need a huge EF to carry us)
2: Pay off all debt: $8000 home improvement @ 2.9%, $64400 in student loans at about 3.5%
3: Three to six months of expenses in savings $0
4: 15% income into retirement: Always done - Current value about $110K
5: College funding for children: $100/mo goes to their 529 - Current value is about $1200
6: Pay off home early - $143K home loan @5.5%
7: Build wealth and give! Invest in mutual funds and real estate. We have four or five parcels of land beyond our home (hubby's hobby). We do minor giving to school, local, and state fundraisers but not as much as we'd like.

Feeling Blessed
BS1 - $1K EF - DONE
BS2 - Debt Snowball - Working on it... (see below)
BS3 - 3-6 months expenses (might go out of order + put some of land sale proceeds in here)
BS4 - Save 15% for retirement - DH & I have $ in IRAs rolled from former jobs; also contribute minimally to my 403(b)
BS5 - College funding - both kids have 529s established w/ financial gifts
BS6 - Pay off home early - someday...
BS7 - Build wealth + give! Invest in mutual funds + real estate - looking forward to being in a financial position to give exponentially more; we currently have 3 rental properties, (1) of which we plan to sell this summer, with proceeds going toward debt; also have mutual fund investments

TattooedMama
Here is where we are:
BS1 $1,000 to start an Emergency Fund DONE
BS2 Pay off all debt using the Debt Snowball WORKING ON

mumkenna&lucas
BS1 $1,000 to start an Emergency Fund Still here $75.72/1000
BS2 Pay off all debt using the Debt Snowball
BS3 Three to six months of expenses in savings
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement
BS5 College funding for children
BS6 Pay off home early
BS7 Build wealth and give! Invest in mutual funds and real estate

brandyshea
1. Saved $600 of $1000.
2. Just paid off all of our credit cards. The highest balance was $12,000, now it’s zero! I still have a student loan of $50,000. We’re paying $600 a month to pay it off in ten years, but obviously I would like to pay it off quicker.
3. We have around $10,000 in a mutual fund, but this normally goes in a money market account since it’s more liquid right?
4. My husband and I are currently both investing in our 401k plans at work. He has Roth IRA, I need to start one.
5. No kids yet, so no college funding. Would like to start one as soon as they’re born, but we might wait until I get school loan paid off.
6. Second year of 30 year mortgage.
7. Long time away!

tiffany21074
1-done-current
2-done-1000
3-currently doing. plan to be done by 2015
4-someday
5-someday

althara
BS0: Need DH to come back into town, but I'm working on a outline. Including all the things we should have like wills, life insurance, etc..
BS1: $1,000 to start an Emergency Fund
I think we have the money, need to find a safe place to put it.
BS2: Pay off all debt using the Debt Snowball
84/84 CC1 PAID
184/184 CC2 PAID
196 CC3
1766 CC4
2094 CC5
2883 CC6
6641 CC7
4463 Loan
16736 Car

Midwife (CPM, LDM) and homeschooling mama to:
13yo ds   10yo dd  8yo ds and 6yo ds and 1yo ds  
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#2 of 309 Old 04-30-2008, 03:10 PM - Thread Starter
 
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One important thing (sometimes called Baby Step 0) is to be current on bills and have a budget made up. If you need help with budgeting, there are some great ladies here who can work with you.

Midwife (CPM, LDM) and homeschooling mama to:
13yo ds   10yo dd  8yo ds and 6yo ds and 1yo ds  
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#3 of 309 Old 04-30-2008, 03:38 PM
 
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well heres my May 1-15th budget:

Paid 1359.84
Mortg. 1055
Food 130
Directv 70 (any day now i should get my rebates applied )
Dh car pmt 270
gas 50 (SHOULD be alot less so it will probably go towards food)
water/sewer 58.40 (somehow last month got missed
eating out 40
auto savings 50
=-363.56
+550 2nd half month savings
+40 chase rewards payment
=226.44 kept in savings for snowball (and really the auto savings of 50 also so i have $275 to apply towards my car payment)

i went to my bank yesterday and applied $458 that had been piling up towards my car. the pay off "today" amount is $7876 after the 400 payment.

so our normal payment is 190
+50 (been adding that much all the time)
+100 (savings i can apply since our ef is full)
+275 (this is the very least i can add since bills will go down)
= extra 425/mo i hope! wow that looks really good on paper....

that means in approx 13 months it will be paid off. wooot!

as for our BS

BS0 bills current -DONE all the time
BS1 $1k ef DONE
BS2 Pay off all bills
various monthly credit cards carried tiny balances ALL DONE
DH car $7400 8.69%
My car $7876 6.xx??
BS3 3 to 6 months ef gosh i don't if this will happen anytime soon
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#4 of 309 Old 04-30-2008, 03:44 PM
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I'm Michelle, sahm/part time building superintendent, mom to three including Katherine who is a month old now. We started following DR last summer/fall and have been doing great although the last two months we had no extra to snowball as I took some time off work. I'm looking forward to May as its a three cheque month for dh and I'll get a cheque at month's end.

Baby step one: done
Baby step two: paid off my visa, done
pay off Dh's visa, owe roughly 4800, at our current rate, should be done by Christmas.
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#5 of 309 Old 04-30-2008, 04:16 PM
 
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subbing for May

Decluttering 500/2010
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#6 of 309 Old 04-30-2008, 04:24 PM
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Hi!

I'm just going to track starting and ending debt numbers this month:

B/S 1 - done
B/S 2 -

May 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

minimum payments $620.00

Goal: pay off $1500 this month
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#7 of 309 Old 04-30-2008, 04:30 PM
 
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In for another month!

Here's my update:

BS1 $1,000 to start an Emergency Fund - DONE!
BS2 Pay off all debt using the Debt Snowball - Currently working on Lowe's card $2365.75
BS3 Three to six months of expenses in savings - $0
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement - Currently only putting 1% in 401K until debt free!
BS5 College funding for children - $0
BS6 Pay off home early - Can't wait!
BS7 Build wealth and give! Invest in mutual funds and real estate - Keeping my eye on this goal!

Dh and I graduated from FPU last Sunday night. The class was fantastic, and if any of you are considering taking it, I highly recommend it! It helped dh and I get on the same page in a way that our regular discussions never could. And that is priceless!

May is economic stimulus month, ladies!!!
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#8 of 309 Old 04-30-2008, 04:42 PM
 
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I'm here.

BS1 $1,000 to start an Emergency Fund DONE
BS2 Pay off all debt using the Debt Snowball in progress- this will take about 4-5 years for us
BS3 Three to six months of expenses in savings someday
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement currently 5%
BS5 College funding for children someday (praying for scholorships )
BS6 Pay off home early Still in our first year of 30 year mortgage
BS7 Build wealth and give! Invest in mutual funds and real estate

Carrie, mom to Johnathan (7-02), Brodie (2-04), Kate (12-06), Jordan (9-08), (4-09) & Maggie (3-10)
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#9 of 309 Old 04-30-2008, 04:44 PM
 
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Hi, I would love to jump in for the month of May! I am starting the Dave Ramsey plan this month along with joining the no-spend challenge.

I am a SAHM with a 2 year old and a 3 month old. Dh and I need to free ourselves from some of these monthly obligations in order to stop living paycheck to paycheck. Additionally, he is graduating college in a few weeks and after a 6 month deferment we will have to begin paying back over $80,000 in student loans. In order to have room for another monthly payment I need to get us out from under our car loans.

BS1 $1,000 to start an Emergency Fund
DONE


*CURRENT STEP BS2* Pay off all debt using the Debt Snowball
Credit Card: $1,400.00
Car Loan #1: $5,000
Car Loan #2: $15,000


BS3 Three to six months of expenses in savings
$2300 current/$10000 goal
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement
6% current /15% goal
BS5 College funding for children
$0 current/goal TBD
BS6 Pay off home early
27 years remaining current/goal TBD
BS7 Build wealth and give! Invest in mutual funds and real estate
$0 current/goal TBD

I look forward to tackling debt and building savings with all of you!

mommy to ds 11/05, dd1 01/08, and dd2 01/10!
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#10 of 309 Old 04-30-2008, 05:08 PM
 
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Subbing for May

Quick question - for those that travel for work (or have a spouse that travels), how do you handle it if you can't cash flow between the trip and the reimbursement?

I know DR has different suggestions on it and my DHs company is willing to get him a company card but they use AMEX for their corporate cards and I know how DR rails on AMEX corporate cards.

Right now DH has about $4k outstanding in travel charges because he doesn't get reimbursed until he takes the trip(s) but has to book in advance. He has two trips this week and another in three weeks plus one from two weeks ago.

We have these on a credit card but it totally skews my numbers/reporting.
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#11 of 309 Old 04-30-2008, 05:17 PM
 
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DandeCobb Emily in Kentucky
0: Get current on bills: Done
1: $1,000 to start an Emergency Fund $4850 (storm clouds)
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
4: 15% income into retirement
5: College funding for children: $50/mo to a mutual fund
6: Pay off home early - $118K
7: Build wealth and give!

i am still lurking and occasionally participating. we are going into week 5 of DH's unemployment, so obviously the snowball is on hold until he gets a new job, please send us good thoughts though!
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#12 of 309 Old 04-30-2008, 06:13 PM
 
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Just checking in! DR would be very upset with us but we're developing our basement right now to gain some more space. We're sticking to our zero based budget and then once the renos are done we can throw that money into savings.

Currently our only debt (other than mortgage) is our van loan which is at 0%, so our plan is to put any extra money into our savings rather than on the loan (the idea being that if something happened to DH's job at least we would have the 3-6 months living expenses and could still continue to pay our monthly bill on it).

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

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#13 of 309 Old 04-30-2008, 07:40 PM
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Quote:
Originally Posted by bc1995 View Post
I'm here.

BS1 $1,000 to start an Emergency Fund DONE
BS2 Pay off all debt using the Debt Snowball in progress- this will take about 4-5 years for us
BS3 Three to six months of expenses in savings someday
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement currently 5%
BS5 College funding for children someday (praying for scholorships )
BS6 Pay off home early Still in our first year of 30 year mortgage
BS7 Build wealth and give! Invest in mutual funds and real estate
Oh, don't pray for scholarships - tell your kids if they don't get good grades AND work summer jobs, they probably aren't going to college. And that if they DO get good grades and summer jobs, they will probably spend 2 years at a community college.
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#14 of 309 Old 04-30-2008, 07:42 PM
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Quote:
Originally Posted by MyTwoAs View Post
Subbing for May

Quick question - for those that travel for work (or have a spouse that travels), how do you handle it if you can't cash flow between the trip and the reimbursement?

I know DR has different suggestions on it and my DHs company is willing to get him a company card but they use AMEX for their corporate cards and I know how DR rails on AMEX corporate cards.

Right now DH has about $4k outstanding in travel charges because he doesn't get reimbursed until he takes the trip(s) but has to book in advance. He has two trips this week and another in three weeks plus one from two weeks ago.

We have these on a credit card but it totally skews my numbers/reporting.
Do you know WHY Dave rants about these cards? Because if your husband's manager wakes up in a bad mood one morning and fires your husband for wearing the wrong color tie, your husband is on the hook for the balance of the card. That's a scary thought - he could be out of a job with no way to pay a $4,000 credit card balance for stuff he didn't even WANT to buy.
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#15 of 309 Old 04-30-2008, 07:51 PM
 
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I'm here! We are still hurling snowballs at our debt... We have almost 35,000 left to go after starting at 89,000. One dollar at a time I tell myself and eventually we will be making that Friday afternoon "We're DEBT FREE!" phone call

BS1 $1,000 to start an Emergency Fund-DONE
BS2 Pay off all debt using the Debt Snowball-Current Snowball is around 1300. Our may goal is to throw at least 500 at this. Usually it would be more but we need to finish up our home remodel before I go bezerk on my DH
BS3 Three to six months of expenses in savings-10% of income goes to fund this each month
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement- 6% is going towards IRA now
BS5 College funding for children-Haven't Started
BS6 Pay off home early- Oh happy day this will be!
BS7 Build wealth and give! Invest in mutual funds and real estate- Someday!
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#16 of 309 Old 04-30-2008, 09:39 PM
 
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Hello ladies Thanks so much for taking over the thread Liz! It was taking me over an hour to even get the edits to go through. But since my Dad bought us dial up as a gift and we wouldn't have any connection without it, I am not complaining too much

I am Jaime Married to Bryan. We have three furry kids. We would like to have hairless children one day, but my body currently hates me Hopefully it will happen for us one day

I manage a domestic violence shelter right now, so I work 70 hours a week. I am not on much. I work overnights and weekends. I can sleep at work though if things aren't crazy, so I get to be a housewife during the day time hours You can read all about my adventures in homemaking on my blog. It is usually good for a laugh

Here are my Baby Steps:

BS0: Get current on bills. This was always done, so that one was easy
BS1: Emergency Fund. Done
BS2: Pay off all debt using the debt snowball: working on
WaMu Card #1: GONE
Chase Card: Working on now
WaMu Card #2
DH's Car
My student loan
So one down, 4 to go
BS3 Three to six months of expenses in savings
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement
BS5 College funding for children N/A for us, but hopefully it will be!
BS6 Pay off home early- we rent, so this doesn't apply just yet either
BS7 Build wealth and give! Invest in mutual funds and real estate

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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#17 of 309 Old 04-30-2008, 10:04 PM
 
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BS0: Get current on bills. Always
BS1: Emergency Fund. Done
BS2: Pay off all debt using the debt snowball:
CC-4800
Car Loan - 9500
BS3 Pay off home early - I feel this is the Key to freedom...if payed for we can work Wendy's if we have to
BS4 Three to six months of expenses in savings
BS5 Invest 15 percent of household income into Roth IRAs and pre-tax retirement
BS6 College funding for children- Student loans...if they get a degree then we will pay the loan...easy when your debt free ...hoping for tradeswomen
BS7 Build wealth and give!
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#18 of 309 Old 04-30-2008, 10:11 PM
 
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BS1 $1,000 to start an Emergency Fund
BS2 Pay off all debt using the Debt Snowball
BS3 Three to six months of expenses in savings
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement
BS5 College funding for children
BS6 Pay off home early
BS7 Build wealth and give! Invest in mutual funds and real estate

Here's my intro: I am Nic and have two kids 4 and almost 1. I was previously another name with many many posts....but I have reasons to change. I am a full time student and during the school year have a teeny part time job (12 hours). I am taking the summer off.

Here's where we're at:
BS1: 7/1000
BS2:
$3805 Chase CC
$491 Capital One CC
$5733 USAA CC
$3746 AAFES
$14000 Car Loan-Mine...I know I know...
$7890 Car Loan-Husband
Not even going to think about School debt until this is taken care of.

The rest of the steps are so far off for us; it's scary. We don't own a home. We don't have retirement savings. We don't have much of anything and are moving in a couple months.

Sigh. We can do this.
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#19 of 309 Old 04-30-2008, 11:52 PM
 
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Quote:
Originally Posted by llamalluv View Post
Do you know WHY Dave rants about these cards? Because if your husband's manager wakes up in a bad mood one morning and fires your husband for wearing the wrong color tie, your husband is on the hook for the balance of the card. That's a scary thought - he could be out of a job with no way to pay a $4,000 credit card balance for stuff he didn't even WANT to buy.
Yes I know why. AMEX Corporate carries a personal guarantee from the employee as opposed to other corporate cards.

This is why I asked the question how others do it if they can't cash flow it.
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#20 of 309 Old 05-01-2008, 12:49 AM
 
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subbing for May

Our 8 year old computer died this week (it must have known we were planning on replacing it with part of the stimulus check, grrrr....) so I feel lost without my Microsoft Money to tell me my finances. lol We're borrowing my grandma's laptop so we can computer shop and hooray we're finally going to get dsl rather than dialup (Jaime I feel your pain having been in the world of the deadly slow computer all these years). It's only about $10 more than we already pay if we bundle our services so I'll be thrilled to have it.

Anyway, I'm Laurie, sahm to two girls 10 and 6. Our big debt is my student loan from my BA and I'm planning on going back in the fall to get my RN degree so it'll probably be added to. I haven't totally committed myself to that prospect yet, especially with the price of gas and school is 25 miles away from home. So right now my focus is on budgeting and saving as much as we can to stop living paycheck to paycheck for the first time in our almost 12 year marriage. :-)

BS1 $1,000 to start an Emergency Fund-DONE
BS2 Pay off all debt using the Debt Snowball-$30k student loans
BS3 Three to six months of expenses in savings-working on this step before BS2 $1400/$9000 (after we get the stimulus check this week and buy the computer this should be our total. Writing it here will hopefully help with the temptation to spend more of it than we budgeted!)
BS4 Invest 15 percent for retirement-we do 5% and it is matched so 10% total
*Can't think about the rest for now

I have a question for you all though. When you're doing BS3 do you keep that separate from BS1? I mean when you figure say 3 months worth of expenses, do you include that $1000 from the BEF towards that total you want to have or is the BEF it's own thing totally separate? I hope that isn't too confusing, I'm not sure how to word it better.

read.gif mama to 2 dust.gifhomeschool.giftreehugger.gifsaynovax.gifRainbow.gif
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#21 of 309 Old 05-01-2008, 12:56 AM
 
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Quote:
Originally Posted by llamalluv View Post
Do you know WHY Dave rants about these cards? Because if your husband's manager wakes up in a bad mood one morning and fires your husband for wearing the wrong color tie, your husband is on the hook for the balance of the card. That's a scary thought - he could be out of a job with no way to pay a $4,000 credit card balance for stuff he didn't even WANT to buy.
Yes, but that could happen without the card. They are currently carrying $4000 in expenses and would not see a penny of it reimbursed if he lost his job tomorrow.
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#22 of 309 Old 05-01-2008, 01:17 AM
 
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:hello

I'm new. My name is I am a sahm to four kids. Only three at home right now. We started our TMMO over a year ago. Murphy showed up in the form of a flood last December and set us back quite a bit. We are just now getting back on our feet.

I'll have to list everything tomorrow when I have a chance. I have a 3 year old crawling on me at the moment.
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#23 of 309 Old 05-01-2008, 02:06 AM
 
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subbing cause I totally lost track of the thread. THis will be my first "official" start of Dave Ramsey, the month of may.
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#24 of 309 Old 05-01-2008, 09:51 AM
 
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another month, another debt dent...
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#25 of 309 Old 05-01-2008, 10:42 AM - Thread Starter
 
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Quote:
Originally Posted by MyTwoAs View Post
Subbing for May

Quick question - for those that travel for work (or have a spouse that travels), how do you handle it if you can't cash flow between the trip and the reimbursement?

I know DR has different suggestions on it and my DHs company is willing to get him a company card but they use AMEX for their corporate cards and I know how DR rails on AMEX corporate cards.

Right now DH has about $4k outstanding in travel charges because he doesn't get reimbursed until he takes the trip(s) but has to book in advance. He has two trips this week and another in three weeks plus one from two weeks ago.

We have these on a credit card but it totally skews my numbers/reporting.
I would personally use a company credit card. The risk you run here is the company not paying it on time and the creditors coming after you guys. Just make sure your dh isn't responsible for it.

Midwife (CPM, LDM) and homeschooling mama to:
13yo ds   10yo dd  8yo ds and 6yo ds and 1yo ds  
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#26 of 309 Old 05-01-2008, 10:50 AM
 
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Joining the group, my first month doing DR...


0-- Get current on bills DONE (but only because I am lumping some new, but very large, medical bills in the snowball...)
1 -- $1,000 to start an Emergency Fund DONE
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 4.9 years into a 15yr/fixed!!
7 -- Build wealth and give! --- Invest in mutual funds and real estate

I sat down yesterday and totaled up our debt for the first time in forever. While the initial number (including the house and student loans) was SHOCKING, the actual credit card /medical debt really isn't that bad. I know DR puts student loans in the snowball, but I don't really see them as being horrible debt. I have an insanely low interest rate and I figure I will stress out about it after I get other things taken care of.

And in my continuing effort to grow up and be responsible - we have decided to use our tax returns & stimulus checks to pay off our debt. It will probably get rid of 85-90% of the snowball (excluding student loans) in one fell swoop. Which is smart, but I am still a little bummed out because that money had been slated to put in new floors which we really desperately need. We'll have to suffer with splinters a little longer, but we will have less bills keeping us awake at night.
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#27 of 309 Old 05-01-2008, 11:14 AM
 
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Shane in CT:
0-- Get current on bills - n/a
1 -- $1,000 to start an Emergency Fund done
2 -- Pay off all debt using the Debt Snowball done
3 -- Three to six months of expenses in savings done
4 -- Invest 15 percent of household income into Roth IRAs and pre-tax retirement - Required pension contribution at dh job, the remainder in a Roth IRA 15% total
4.5 Bar Mitzvah funding saving up to $7303/$21,000 (One boy done!)
5 -- College funding for children after the Bar Mitzvah's are funded - Some current funding by relative gifts
6 -- Pay off home early I so can't wait to be here! - On year 4 of a 15 year fixed note $90,000 to go
7 -- Build wealth and give! --- Invest in mutual funds and real estate To be able to share will be a bessing.

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

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#28 of 309 Old 05-01-2008, 11:54 AM
 
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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
3 -- Three to six months of expenses in savings 2500/8200 - Includes sinking fund for DH's truck
3a- Save for motorhome - 0/7500
4 -- Invest 15 percent of household income into Roth IRAs and pre-tax retirement Pension investing began 4/08...Currently at around 10%
5 -- College funding for children One has prepaid, 2nd and beyond we have to fund
6 -- Pay off home early 4.7ish years into a 30 year fixed, however, have paid extra at times, also have 2nd mortgage lumped here of about 26k - Total owed is around 89k
7 -- Build wealth and give!

My goal is to put a MIN. of 3400$ into savings this month, but I haven't done the budget yet.
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#29 of 309 Old 05-01-2008, 03:01 PM
 
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I am kind of lurking around- things are pretty good, but I would like to be more organized with saving. I think we let too much money go and we have some home improvement projects and other things that need to be done. I am trying to get on the envelope system.

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
3 -- Three to six months of expenses in savings 3 months done
4 -- Invest 15 percent of household income into Roth IRAs and pre-tax retirement Pension - I don't know is this supposed to be 15% of the pre or post tax. We have 6% pretax into a 401k as this is the highest matched by the company-we did have this at 14%- now we have another 5.5% of pretax income sent to a savings account for a Roth to be started at the end of this year (so actually that amount is not taken pretax but post tax- if that makes any sense)
5 -- College funding for children - not yet- still thinking what is best to do here- I figure we will help what we can when the time comes as we will be mortgage free
6 -- Pay off home early - We have a 20 yr mortgage, but we have always paid it as a 15 though, we have 9.5 yrs left.
7 -- Build wealth and give!- we currently give to our church and other groups as we can, trying to be the most generous we can.

Happily Married to my : 11 yrs- Mama to wild-eyed monkey boy 7-04, fiery little girl 4-07, and the happy smiley baby that sleeps 11-09!
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#30 of 309 Old 05-01-2008, 03:12 PM - Thread Starter
 
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Vagrant Nic,

Welcome to the group! I started out back in October with $83 in my emergency fund and the progress has been amazing. There have been setbacks too, but we also keep finding money we can apply.

You can do this!

Midwife (CPM, LDM) and homeschooling mama to:
13yo ds   10yo dd  8yo ds and 6yo ds and 1yo ds  
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