Dumping Debt and Building Wealth with Dave Ramsey- July - Page 3 - Mothering Forums

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#61 of 146 Old 07-08-2008, 06:43 PM
 
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I feel really uncomfortable with having money in envelopes around the house, so we haven't gone there yet-is anyone else here urban and subs something for the cash envelopes? paper slips?reciepts?
We use the envelopes for most of our spending and saving. We use online for: Mortgage, electric, phone, computer. These are all auto draft.

We save in enveloples and pay when due: Car and house insurance.

We have a total of 33 enveloped in our envelope basket We probably have over $2000 in all those envelopes.

We live in a suburbs. We love our envelopes. We barely use the debit card. Mark carries the only one we have. We use it for gas only when purchased at costco (they don't take cash) we only go there very infrequetly. We would not do otherwise.

for example: Mark and the kids stopped by the store today to visit me (at work). I work in a grocery store. The boys wanted to buy sometype of food item. It was so easy to say, "sorry we don't have the food envelope". So, no buying of anything. could have been a different story if we did not use the envelopes and needed to keep track of how much money is left in the food budget. I don't have to keep track of that. When the cash is gone, well, it is gone.

Works great for us.

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

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#62 of 146 Old 07-08-2008, 07:26 PM - Thread Starter
 
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BS1 Done
BS2 0/75,000 (Both) Student Loan (deferred) start making 1500.00 payments next month
BS3 2600/6000
BS4 Done
BS5 N/A
BS6 0/36,000 (haven't closed yet)
BS7 MO Land 953.67/23,900

We slipped a little this month and had to spend out of our general savings fund. We are closing on our condo and have to pay for some upgrades (flooring, paint, bathroom fixtures).
I'm wondering if you're out of order here? It looks like you have something about land in BS7, which happens after steps 1-6 are done. Part of step 3 done and Done marked for step 4 (which comes after 2 and 3).

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#63 of 146 Old 07-08-2008, 08:21 PM
 
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We use cash envelopes for eating out, groceries, blow money, and clothing, because those are our biggest problem areas. I hear DR talk about using envelopes for stuff like gas, but it's not practical to force yourself to pay inside with a kid in the car -- anyhow, I mostly take the bus and we just don't drive all that much anyhow, so gas isn't a budget problem area for us.

We pay most of our bills online and have a two-checking-account system we've been using for awhile, one for fairly predictable/averagable bills like the mortgage, insurance, 529, and utilities which is set up to mostly operate itself automatically, and one for everything else. We have a savings account attached to each checking account into which we put any 'spare' money, and we have some sub-savings accounts for sinking funds.

On a side note, has anybody else tried Mint.com? I'm really liking the transaction review feature though I haven't done much with budgeting yet (don't have enough data history).

Erin, mom to DD (1/06) and DS (10/09)
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#64 of 146 Old 07-09-2008, 12:43 AM
 
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Here is a sample of the wallet system that I have. I actually bought it for $10 at a Dave Ramsey LIVE event. He has all (or at least most) his stuff discounted at the event.
http://www.daveramsey.com/shop/Delux...em_P171C76.cfm
I had a one year subscription to his website last year and got the free TMMO book and the wallet system. It REEKED - I'm sensitive to plastic smells and it STANK to high heaven. Plus, it was a PITA to use and didn't even fit in my small purse. BLECH! I threw it out.

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#65 of 146 Old 07-09-2008, 01:16 AM
 
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I had a one year subscription to his website last year and got the free TMMO book and the wallet system. It REEKED - I'm sensitive to plastic smells and it STANK to high heaven. Plus, it was a PITA to use and didn't even fit in my small purse. BLECH! I threw it out.
Lol. It totally reeks something awful. At least the black one, which is their "designer" one, whatever that means. The brown one that came in the FPU package I have doesn't smell though.

Other than that stinkiness of the black one though I really like it.
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#66 of 146 Old 07-09-2008, 10:51 AM
 
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Lol. It totally reeks something awful. At least the black one, which is their "designer" one, whatever that means. The brown one that came in the FPU package I have doesn't smell though.

Other than that stinkiness of the black one though I really like it.
I bet you could sew a system really easy...out of non stinky fabric
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#67 of 146 Old 07-09-2008, 12:43 PM
 
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aarrugh. I just found out that even our expedited adoption is going to cost 2,000. It makes me crazy that we have to jump through all of these hoops

At least we've been building our emergency fund, and won't have to do a homestudy/social worker visit like we had to last time.
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#68 of 146 Old 07-09-2008, 06:34 PM
 
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I'm sorry mamimapster. But congrats on your upcoming adoption, I'll bet that is really exciting!

We paid off my first student loan today and it was a good feeling! So now we're gonna snowball and work towards paying off our cc either this month or next month Its exciting to finally feel like we're making progress.

Zen doula-mama to my spirited DS1 (2/03), my CHD (TAPVR) warrior DS2 (6/07) & a gentle baby girl (8/09)
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#69 of 146 Old 07-10-2008, 11:31 AM
 
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I found a great budgeting website that's very affordable ($3/mo) and based on the envelope system.

pearbudget.com

I just set it up, it's pretty awesome!

Lauren (33), writer, recovering academic, WOHM to a highly sensitive child (Robin, Feb '08) and mellow little Holly (Jan '10). Newly diagnosed Bipolar I. rolleyes.gif
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#70 of 146 Old 07-10-2008, 01:09 PM - Thread Starter
 
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Congratulations on paying off that student loan, Jilian!

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#71 of 146 Old 07-10-2008, 01:22 PM
 
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I'm sorry mamimapster. But congrats on your upcoming adoption, I'll bet that is really exciting!
I'm very glad that we live in one of the 17 states where my Dc can have two legal parents, but it's sometimes hard to wrap my head around the fact that we have to adopt the child I'm giving birth to. I'm actually going to call another lawyer that I have a long standing relationship with, and see if there is a way we can negotiate some of the fees. The lawyer we have the quote from specialises in stepparent/2nd parent adoptions which is why we called her first.
On a happy note-a friend borrowed me TMM and I'm enjoying reading it quite a bit!
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#72 of 146 Old 07-10-2008, 01:29 PM
 
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QOTW: Do you have your WILL in place? Are your loved ones taken care of should something happen to you tomorrow?
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#73 of 146 Old 07-10-2008, 01:40 PM
 
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QOTW: Do you have your WILL in place? Are your loved ones taken care of should something happen to you tomorrow?
See above post. We have: Medical power of attorney,financial power of attorney, Domestic partnership (Religious wedding contract),wills (will need to update slightly for Dc2),will have guardianship for dc 2 24hours after birth, and adoption asap-we also have named guardians/succesor guardians. I KNOW what happens when someone dies without paperwork for their Dc from very sad experience
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#74 of 146 Old 07-11-2008, 06:05 AM
 
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QOTW: Do you have your WILL in place? Are your loved ones taken care of should something happen to you tomorrow?
Gosh, no! We need to get on that. DH is much older than me. We've talked about what we want but it's time to get it all legal.

Married 2002. Adopted 1 DD. Planning in vitro for 2012 due to low egg reserve.
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#75 of 146 Old 07-11-2008, 10:03 AM
 
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QOTW: Do you have your WILL in place? Are your loved ones taken care of should something happen to you tomorrow?

No. We don't have a will but it's just me and DH and everything is set up to go to the other upon death. If we die at the same time, we are not remotely prepared.

We are closing on our condo on Monday so we will go and make an appointment with our atty after that to create a will. We have our healthcare papers though (living will, healthcare surrogate and power of atty) though.
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#76 of 146 Old 07-11-2008, 11:45 AM
 
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See above post. We have: Medical power of attorney,financial power of attorney, Domestic partnership (Religious wedding contract),wills (will need to update slightly for Dc2),will have guardianship for dc 2 24hours after birth, and adoption asap-we also have named guardians/succesor guardians. I KNOW what happens when someone dies without paperwork for their Dc from very sad experience
That is so awesome to be prepared. Have you heard Dave Ramsey talk about the "Love Drawer?" Its making sure you have set up a file in your home where your loved ones can find everything they need if you were to die tomorrow. So any wills, insurance policies, financial or health papers, keepsakes, perhaps letters that you've written to loved ones, etc.

I need to get all my stuff organized into one spot still.

Cheerma - we used US Legal Forms - the web site Dave Ramsey recommends. It was very quick, and cheap (I think it was $30 for both dh and I to have a state-specific will). It at least gets the basics in place for us - and I ordered the forms faster than driving thru the Starbucks drive-thru. lol. : )

http://www.uslegalforms.com/dave/?auslf=daveramsey

Its a GREAT boost to the ego to accomplish this while you continue to hack away at your debt snowball. Its easy to do and soooo important at the same time.
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#77 of 146 Old 07-11-2008, 11:47 AM
 
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No. We don't have a will but it's just me and DH and everything is set up to go to the other upon death.
I believe that even though you have set everything up to go to each other upon death, that if you don't have it in your will, it will still end up in probate.

Congrats on your new condo - very exciting!
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#78 of 146 Old 07-11-2008, 11:50 AM
 
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I believe that even though you have set everything up to go to each other upon death, that if you don't have it in your will, it will still end up in probate.

Congrats on your new condo - very exciting!
Thanks. We are going to get our will done probably next week.

I think it wouldn't go through probate because we are joint owners (with right of survivorship) on all of our assets. Maybe the retirement plans would have to probate though...not sure.
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#79 of 146 Old 07-11-2008, 11:56 AM
 
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Thanks so much for that link, that was the kick that DH and I needed to finally get this done. I have a question: do we need to order two, one for DH and one for me? Or does one cover both of us? I'm going to order tomorrow!

Zen doula-mama to my spirited DS1 (2/03), my CHD (TAPVR) warrior DS2 (6/07) & a gentle baby girl (8/09)
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#80 of 146 Old 07-11-2008, 12:05 PM
 
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Thanks so much for that link, that was the kick that DH and I needed to finally get this done. I have a question: do we need to order two, one for DH and one for me? Or does one cover both of us? I'm going to order tomorrow!
You will both need a will. I just checked the site again and they cost $15 each, or you can get the package of a Last Wil, Living Will and Power of Attorney for $30 each. There is mp3 audio of Dave explaining the packages on the site.
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#81 of 146 Old 07-11-2008, 01:00 PM
 
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That is so awesome to be prepared. Have you heard Dave Ramsey talk about the "Love Drawer?" Its making sure you have set up a file in your home where your loved ones can find everything they need if you were to die tomorrow. So any wills, insurance policies, financial or health papers, keepsakes, perhaps letters that you've written to loved ones, etc.
.
that is a fabulous idea! We used to have a vile filing cabinet in the sunporch, but now that we've decluttered it, I'm not sure where half of our paperwork is.

On that note, one of the things we still need to do is term life insurance for me. Does anyone have a suggestion for reputable companies that do term life? I'm thinking about 30,000 worth or a little more.
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#82 of 146 Old 07-11-2008, 01:26 PM
 
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that is a fabulous idea! We used to have a vile filing cabinet in the sunporch, but now that we've decluttered it, I'm not sure where half of our paperwork is.
We have a fireproof safe that we keep all our important documents in. Both DH and my family members know where the keys are. We keep it hidden so it would likely not get stolen if someone broke in.

Zen doula-mama to my spirited DS1 (2/03), my CHD (TAPVR) warrior DS2 (6/07) & a gentle baby girl (8/09)
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#83 of 146 Old 07-11-2008, 03:12 PM
 
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On that note, one of the things we still need to do is term life insurance for me. Does anyone have a suggestion for reputable companies that do term life? I'm thinking about 30,000 worth or a little more.
Once again, I just used who Dave Ramsey endorses - Zander Insurance (I was previously in a whole life peace of crap thru Northwestern Mutual). I got quotes from their web site from lots of different companies and went with American General.

Dave suggests that should get 8-10 times your income.

http://www.zanderins.com/term/termlife.aspx
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#84 of 146 Old 07-11-2008, 03:53 PM
 
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Cheerma - we used US Legal Forms - the web site Dave Ramsey recommends. It was very quick, and cheap (I think it was $30 for both dh and I to have a state-specific will). It at least gets the basics in place for us - and I ordered the forms faster than driving thru the Starbucks drive-thru. lol. : )

http://www.uslegalforms.com/dave/?auslf=daveramsey

Its a GREAT boost to the ego to accomplish this while you continue to hack away at your debt snowball. Its easy to do and soooo important at the same time.

Thanks so much for this link. I thought it would be more expensive which is one reason we never got around to it. But this is great!

Married 2002. Adopted 1 DD. Planning in vitro for 2012 due to low egg reserve.
Me 30 WAHM, DH 58 SAHD (5 adult children from ex #1).
DD dob 5/13/07 came home 2007, 5 months old via foster care. Adopted 2009, almost 3 years old.
DD is high functioning autistic. She keeps us laughing and exhausted!
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#85 of 146 Old 07-11-2008, 04:05 PM
 
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You will both need a will. I just checked the site again and they cost $15 each, or you can get the package of a Last Wil, Living Will and Power of Attorney for $30 each. There is mp3 audio of Dave explaining the packages on the site.
One more question: is it easy to fill out? Do we just fill it out and have it notorized? I've never done a will, living will, or POA and want to make sure I do it right.

Zen doula-mama to my spirited DS1 (2/03), my CHD (TAPVR) warrior DS2 (6/07) & a gentle baby girl (8/09)
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QOTW: Do you have your WILL in place? Are your loved ones taken care of should something happen to you tomorrow?
No, but dh and I are taking steps to get all this stuff done. We met with a financial advisor yesterday and will be making our will appointment next week.

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#87 of 146 Old 07-11-2008, 04:57 PM - Thread Starter
 
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that is a fabulous idea! We used to have a vile filing cabinet in the sunporch, but now that we've decluttered it, I'm not sure where half of our paperwork is.

On that note, one of the things we still need to do is term life insurance for me. Does anyone have a suggestion for reputable companies that do term life? I'm thinking about 30,000 worth or a little more.
I have $250k on me through State Farm. I figure that's enough to cover the funeral expenses, pay off the rest of our mortgage and either allow dh time to stay home with the kids or hire a nanny/au pair to replace my childcare duties. Remember, if you have kids and you die, your dh will have to pay someone to care for them.

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#88 of 146 Old 07-11-2008, 05:10 PM
 
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One more question: is it easy to fill out? Do we just fill it out and have it notorized? I've never done a will, living will, or POA and want to make sure I do it right.
Its super easy, "fill-in-the-blank" style. We had it notorized at our local bank, with 2 witnesses. I plan to give one copy to my dad, our estate Executor, my sister, the Trustee (of the boys' money until they are 21), and my BIL and SIL, who would have guardianship of the boys.

We do not have a living will or POA. I should have looked into that.
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#89 of 146 Old 07-14-2008, 10:09 AM
 
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can I post an update???

I wrote a check for 3K (my quarterly bonus) toward the CC!!!!! (we won't be able to do that big of a chunk until next quarter- but it felt GREAT!)

so now we will have about 7k in CC and I checked and I have 7800 in student loans. We are making PROGRESS!!!!!

::
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#90 of 146 Old 07-14-2008, 12:23 PM
 
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can I post an update???

I wrote a check for 3K (my quarterly bonus) toward the CC!!!!! (we won't be able to do that big of a chunk until next quarter- but it felt GREAT!)

so now we will have about 7k in CC and I checked and I have 7800 in student loans. We are making PROGRESS!!!!!

::

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