Dumping Debt and Building Wealth with Dave Ramsey ~ June - Mothering Forums
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#1 of 185 Old 06-03-2008, 01:15 AM - 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.

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!!!

$1091 Best Buy- killed!!!
$750/$1770 Midwife
$600/$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--$13525/$15000 I put most of our stimulus payment towards this last month; so close I can taste it!!!
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 $79.84/1000
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
BS1: Emergency Fund $300/$500 - I had to start over here this month
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 N/A
BS7: Build wealth and give! Invest in mutual funds and real estate

lalaland42
BS1: done
BS2: $38,000 ($5000 done since Jan)
ETA: to be more specific, 1 cc at $1000, 1 car loan $8000 the rest is student loans.

dexmillie
0: Get current on bills: Always done
1: $1,000 to start an Emergency Fund: 500/1000 always working on this
2: Pay off all debt:
CC1: 4000-PAID
CC2: 3800-PAID
BIL: 1150;
MIL: 5000
Above is my goal to pay off for this year.
Student loans: about 21000 not thinking about this yet

whiddle
BS1 Done
BS2 0/75000 Both Student loans
BS3 4000/6000
BS4 Done
BS5 N/A
BS6 36,000 to go
BS7 MO Land 861.66/23900

DiannaK
BS1 $1,000 to start an Emergency Fund/
Just have to have DH move $1000 from checking
BS2 Pay off all debt using the Debt Snowball/
Just waiting on the bills from the recent delivery to pay these
BS3 Three to six months of expenses in savings/
We will need approx $2500/month for bills, so 3 months is $7500, 6 months is $15K. I have to get DH to move over some money from checking .... so we will have $600/$7500
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement/
Currently investing 2% in my 403B ...company matched
BS5 College funding for children/
sad to say ... nothing

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 185 Old 06-03-2008, 01:58 AM
 
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Well mine hasn't changed much from last month but at least it didn't get worse! And I started an auto transfer every other week into savings, it is only $15 but I figure that will add up eventually and be so small that we won't miss it much!

mumkenna&lucas
BS1 $1,000 to start an Emergency Fund Still here $79.84/1000
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
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#3 of 185 Old 06-03-2008, 02:22 AM
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Don't forget me!

BS1: done
BS2: $38,000 ($5000 done since Jan)
ETA: to be more specific, 1 cc at $1000, 1 car loan $8000 the rest is student loans.

I will be doing BS2 forever.

But today I paid off a student loan! Now I have 7 left.
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#4 of 185 Old 06-03-2008, 08:54 AM
 
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Good Morning Ladies.

Happy June! We are having a heck of a thunder storm here this A.M. It's DS#1 last day of school.
I'm Jessica in Iowa. SAHM (part time homebirth RN and CBE/doula) to 3 boys, DP works full time ++ and is self employed.
This month we are waiting to see if we get our stimulus check or if it gets snagged by the gov for our back taxes.
Doesn't much matter to us, just want to know if we will paying more down on our snowball to either the taxes or our van. The loan is $5K we plan on knocking that out before Christmas.
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#5 of 185 Old 06-03-2008, 09:12 AM
 
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All Credit Cards(2 of them) are All PAID

Right now they will be kept current (as we order online) until we become comfortable with using or debit card. Did anyone open a different checking account to use a debit card online? I know they are all FDIC insured but it is just getting away from the idea the using a debit card online is bad is what we are working towards.


0: Get current on bills: Always done
1: $1,000 to start an Emergency Fund: 500/1000 always working on this
2: Pay off all debt:
CC1: 4000-PAID
CC2: 3800-PAID
BIL: 1150;
MIL: 5000
Above is my goal to pay off for this year.
Student loans: about 21000 not thinking about this yet

Oh... DH has now decided to wait and raise the money for the scooter(for those who remembered by post).
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#6 of 185 Old 06-03-2008, 05:42 PM
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good job dex millie!

Our snowball seems to have melted recently. Sigh. back on track now though. Working on dh's cc and trying to decide if its worth it to do less snowball this month to pay for a few kids summer programs or take the extra towards the debts. I really want the kids to learn to swim.
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#7 of 185 Old 06-03-2008, 05:47 PM
 
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subbing so I can remember to go and get the book so I can start this with you ladies!

Jenn, future midwife, mama to 2 sweet girls (6/05) and (5/07). 
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#8 of 185 Old 06-03-2008, 07:02 PM
 
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I'm back for the month of June. I've worked out a budget for this month with my expected income. My STBXH and I still have to disentangle our finances which will be an arduous process since he probably can't get a checking account. But the good news is we will be able to sell of a percentage of our business to someone and eliminate all of our shared debt sometime in the next two months.

BS1: Emergency Fund $300/$500 - I had to start over here this month
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 N/A
BS7: Build wealth and give! Invest in mutual funds and real estate

Working mama treehugger.gif to K energy.gif (2/2007) and A diaper.gif (6/2013). Expecting stork-suprise.gif EDD 10/7/2014.
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#9 of 185 Old 06-03-2008, 07:35 PM
 
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Here's my info:

We're back in BS1 after an air conditioning compressor replacement (house not car) in May.

BS1 - $485/$1000 - will be finished on Friday
BS2 - Totals $118,000 non-mortgage debt including student loans which are deferred while I'm in school (no new student loans), paid off $15k since February, ETA out-of-debt date not counting $25k in student loans is 6/2010 at current income levels
BS3 Three to six months of expenses in savings
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement - stopped our contributions
BS5 College funding for children - going into special needs trusts as both kids are on the autism spectrum and we aren't 100% sure college is in their future but want to be prepared either way
BS6 Pay off home early - planning on moving in 3-4 years so won't be attacking our current mortgage
BS7 Build wealth and give! Invest in mutual funds and real estate
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#10 of 185 Old 06-03-2008, 07:40 PM
 
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Quote:
Originally Posted by lalaland42 View Post
Don't forget me!

BS1: done
BS2: $38,000 ($5000 done since Jan)
ETA: to be more specific, 1 cc at $1000, 1 car loan $8000 the rest is student loans.

I will be doing BS2 forever.

But today I paid off a student loan! Now I have 7 left.
congrats on the student loan payoff!

Quote:
Originally Posted by TattooedMama View Post
Good Morning Ladies.

Happy June! We are having a heck of a thunder storm here this A.M. It's DS#1 last day of school.
I love thunder storms, hope it isn't a destructive one though!

Quote:
Originally Posted by althara View Post
I'm back for the month of June. I've worked out a budget for this month with my expected income. My STBXH and I still have to disentangle our finances which will be an arduous process since he probably can't get a checking account. But the good news is we will be able to sell of a percentage of our business to someone and eliminate all of our shared debt sometime in the next two months.
Good news on the eliminating shared debt!
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#11 of 185 Old 06-03-2008, 08:51 PM
 
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Subbing!
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#12 of 185 Old 06-03-2008, 08:56 PM
 
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I'm in. I am working on BS1. I hope to put $300 towards it this month, after I pay off $2000 to re-pay a homeowner's insurance claim (we spent the money last year but now they want it back so we negotiated $2000). :
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#13 of 185 Old 06-03-2008, 09:25 PM
 
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I have always wanted to join this thread!

Our family's stats

BS1 Done
BS2 Just started, our very first snowball (a teeny tiny snowball) will go out this month for Circuit City.

Other goal: gather up some extra snowflakes via a garage sale for tires we need!
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#14 of 185 Old 06-03-2008, 10:10 PM
 
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Quote:
Originally Posted by phathui5 View Post

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

$1091 Best Buy- killed!!!
$750/$1770 Midwife
$600/$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.
Congrats on the "killings!" And thanks for starting this month's thread.

Here's where we are:
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--$13525/$15000 I put most of our stimulus payment towards this last month; so close I can taste it!!!
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!



Quote:
Originally Posted by dex_millie View Post
All Credit Cards(2 of them) are All PAID


Oh... DH has now decided to wait and raise the money for the scooter(for those who remembered by post).
Yay! and yay!
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#15 of 185 Old 06-03-2008, 10:22 PM
 
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BS1 1,000 to start an Emergency Fund - 135/1000 Working hard on EF this month
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

~Beth~
Mom to 3 sweet girls
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#16 of 185 Old 06-03-2008, 11:34 PM
 
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subbing
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#17 of 185 Old 06-03-2008, 11:36 PM
 
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#18 of 185 Old 06-03-2008, 11:36 PM
 
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[SIZE="4"]
Oh... DH has now decided to wait and raise the money for the scooter(for those who remembered by post).

YAAAAAAAAAAAAAAAAYYYYYYYYYYYYY!!!!!!!
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#19 of 185 Old 06-03-2008, 11:37 PM
 
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TanyaS: TWAT WAFFLE VILLE??? Oh my. Oh my. ROFLMAO! BWAHAHAHA!!
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#20 of 185 Old 06-03-2008, 11:50 PM - Thread Starter
 
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dexmillie- Glad to hear about your dh! Good decision dexmillie's dh!

Midwife (CPM, LDM) and homeschooling mama to:
13yo ds   10yo dd  8yo ds and 6yo ds and 1yo ds  
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#21 of 185 Old 06-04-2008, 12:56 AM
 
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So my turn to get the TMM book from the library finally came. I am officially 'de-lurking' in this thread. Working on reading the book first. My DH saw it laying on the table and said 'that looks interesting'.

I am Victoria, SAHM to 2.

Go Green I don't vax either, why mess with perfect?
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#22 of 185 Old 06-04-2008, 01:33 AM
 
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subbing
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#23 of 185 Old 06-04-2008, 02:39 AM
 
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I had to transfer over some $ from ING that I had put in there just to "hold" but I was secretly hoping to not use it. Oh well, it was planned that way, I just really wanted to keep it for the EF.

I'm feeling lost right now because we got a new computer and I don't have any financial software yet. Our old one died and not having all our finances laid out in front of me has been very disorienting. I'm in limbo until I can get a cheap version of quicken or something to work with.

Also I'm having a garage sale next week and had initially planned on using the proceeds to buy new clothes for myself. I've been a sahm going on 11 years now and have pretty much been wearing garage sale/goodwill/cheap discount store clothes this whole time. Ill fitting, not well made, things that should have been retired long ago but I just have a hard time spending on myself. Anyway, I'm struggling with wanting to put the $ in the EF instead. It won't be a whole lot to where I could get a new wardrobe out of it, but I usually make 200-300 in a sale so a fair amount to buy a few nice things. I just can't decide and am having anxiety over it. Silly, I know.....

read.gif mama to 2 dust.gifhomeschool.giftreehugger.gifsaynovax.gifRainbow.gif
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#24 of 185 Old 06-04-2008, 11:32 AM
 
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Originally Posted by lauriem33 View Post
subbing

I had to transfer over some $ from ING that I had put in there just to "hold" but I was secretly hoping to not use it. Oh well, it was planned that way, I just really wanted to keep it for the EF.

I'm feeling lost right now because we got a new computer and I don't have any financial software yet. Our old one died and not having all our finances laid out in front of me has been very disorienting. I'm in limbo until I can get a cheap version of quicken or something to work with.

Also I'm having a garage sale next week and had initially planned on using the proceeds to buy new clothes for myself. I've been a sahm going on 11 years now and have pretty much been wearing garage sale/goodwill/cheap discount store clothes this whole time. Ill fitting, not well made, things that should have been retired long ago but I just have a hard time spending on myself. Anyway, I'm struggling with wanting to put the $ in the EF instead. It won't be a whole lot to where I could get a new wardrobe out of it, but I usually make 200-300 in a sale so a fair amount to buy a few nice things. I just can't decide and am having anxiety over it. Silly, I know.....
Sorry about your computer not having software- I'd feel the same way! And about using your garage sale $- don't feel bad about spending it on yourself! Just make sure you spend it wisely so you won't regret any purchases, and maybe you can buy what you want/need and still have some left to pay on debt! I think it can really make a difference in your attitude if you feel like you look good on the outside, then you feel better about yourself in general, and then you feel better about everything! You're obviously not splurging on yourself all the time, so don't let guilt get you down for taking care of yourself!

Sarah , Wife to DH , Mommy to DS 01/07 , DD 04/09 , and Due 04/11
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#25 of 185 Old 06-04-2008, 11:49 AM
 
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Hi, I'm new. My name is Summer, Prenatal yoga teacher and CBE .I'm working through Dave's baby steps and getting my DH on board as well. I've got some substantial credit card debt and working on paying it off. Some of my baby steps are done that shouldn't be yet because I've had investments since I was young and continue to work with that and follow Dave's advice to not touch investment money to pay off debt.
BS1 DONE
BS2 WIP
BS3 Three to six months of expenses in savings
BS4 DONE
BS5 College funding for children
BS6 1 year into 30 year mortgage (making 13 payments this year!)
BS7 MF investment portfolio

Summer: crafty mama to 2 little girls and wife to Bob
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#26 of 185 Old 06-04-2008, 01:45 PM
 
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Hi, I'm a SAHM of one boy and my husband is an LPN. We started trying to seriously pay off debt and save about 2 yrs ago and just started the TMMO plan in April when DH's aunt gave us the book for his birthday (awesome gift!) DH got a new contract job in March at a hospital, which is a $9/hr raise, so this has major effects on our finances, and has enabled us to REALLY have a TMMO! Here's our stats:
BS0 Get Current on bills and get insurance Bills are always current, but just set up a DR budget last week. In the process of getting health insurance by the end of the month. Still need to make a will and get life insurance and long-term disability insurance.
BS1 $1,000 to start an Emergency Fund DONE!
BS2 Pay off all debt using the Debt Snowball $12,500/$30,000- Down to the car payment! Set up auto. pmts last month to get paid down 2 yrs early! finish date: 05/11
BS3a Three to six months of expenses in savings $3,725/$10,000
BS3b Save for a house down payment $0/$10,000- hoping to buy within a year!
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement Stopped until our savings goals are met.
BS5 College funding for children Some Day!
BS6 Pay off home early Some Day!
BS7 Build wealth and give! Invest in mutual funds and real estate Currently donating to our church and a missionary program - can't wait to be able to do more and build wealth, though!

Sarah , Wife to DH , Mommy to DS 01/07 , DD 04/09 , and Due 04/11
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#27 of 185 Old 06-04-2008, 02:14 PM
 
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Hi, I'd like to join you all. I'm Erin, we've been doing the Dave plan since August (we did FPU Sept - Dec last year).

BS1 done
BS2 done by the end of June
BS3 done
BS3.5 "savings for DH's personal business, separate from our family EF" - not yet started
BS4 in progress (we signed up for term life through my work, waiting for HR to get on the ball and finish up the post-medical-exam paperwork... so we can ditch our old whole life plans)
BS5 DD has as 529 through our state -- it's a contract plan so we have contracted monthly payments for like 8 more years -- after BS4 is worked out I want to open a better 529 for the rest of her college savings
BS6 yeah, it'll be awhile
BS7 ditto

We recently bought a new house and are waiting for the sale of our old house to close, which should happen next Monday. The DR plan has been on hold while we were in multi-house limbo and next Tuesday CANNOT come soon enough! Our new house was a foreclosure and it needs some upkeep after years of neglect, but it's big enough DH has enough space for his business in the house, so he can continue playing SAHD while running his business. A year ago, before we were introduced to Dave, I thought we'd NEVER be able to afford to move.

Erin, mom to DD (1/06) and DS (10/09)
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#28 of 185 Old 06-04-2008, 02:32 PM
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UPDATE:

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

June 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

May 31st debt Numbers:
llamalluv
B/S 1 - done


May 1st debt numbers:
Mastercard 1 $0
Mastercard 2...4895.31 ***
Student Ln 1...3087.49
Student Ln 2...6843.48
Auto Loan.....10830.34
----------------------
Balance......$25,656.62

Difference: $1075.92
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#29 of 185 Old 06-04-2008, 05:24 PM
 
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What kind of life insurane does Dave recommend?
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#30 of 185 Old 06-04-2008, 05:26 PM
 
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Originally Posted by MonkeyPrincess View Post
What kind of life insurane does Dave recommend?
Term life, preferably a plan that you purchase separate from your employer (so if you lose your job you don't lose your life insurance). My husband has an independent plan and then he and I are both covered through group term life through his employer.

He's recently stopped smoking (again, please let it stick) so we are waiting the 12 months to get an increased individual term policy on him as his current individual policy is only 2x his salary.
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