Dumping Debt and Building Wealth w/Dave Ramsey *October* - Page 3 - Mothering Forums

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#61 of 130 Old 10-15-2008, 01:28 PM
 
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Okay, I'm generally a lurker, but I could use some motivation too.

bs1: Done
bs2: Done
bs3: 0/$9000 - We've been saving for a house and new(er) car so we've got this much sitting in savings, but it's labeled house and car. It's time to actually get our FFEF done. Hopefully I can get it knocked out by April.
bs4: Done
bs5: not yet - no kids
bs6: not yet - no house
bs7: not yet

me, 28 & dh, 32.
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#62 of 130 Old 10-15-2008, 02:31 PM
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Juvysen, 800 is a great snowball! Tell dh to write down what he watches on cable in a month then ask him if the $ was worth it for the shows.

Sarah8, you can do it! With the economy veering south I am anxious to get to bs3. I'll feel much better with the money put away. Ds has an eye appt tomorrow and we'll find out what our portion of his upcoming surgery is going to be. It may wipe out our extra cheque this month which would suck but is better than the alternative.
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#63 of 130 Old 10-15-2008, 03:20 PM
 
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Juvysen, 800 is a great snowball! Tell dh to write down what he watches on cable in a month then ask him if the $ was worth it for the shows.
The problem is we have the time warner bundle package w/internet, phone and cable, so dropping cable would only save us about $30/month :-/ He thinks the kids watch it enough to warrant that, and he doesn't seem to be as excited about ditching debt as I am. *sigh* I'm still working on him, though.

Jenna ~ mommy to Sophia Elise idea.gif  (1/06), Oliver Matthew  blahblah.gif (7/07) and Avery Michael fly-by-nursing1.gif(3/10)

 

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#64 of 130 Old 10-15-2008, 03:21 PM
 
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Good job everyone and hello to the new people! I am SO excited to say that I paid off our last credit card today! Yeah! It feels good! We have always kept our credit cards at 0% and justified because of that. We had $14,800 last year and now nothing! Also in our total debt not including the house we have officially made it over 50% paid off! I am so excited! The DR plan really does work. I am so glad we started last year, especially in light of everything that is happening in the economy. It is amazing how much better off we are this year than last. I can't wait until next year!

Homeschooling Momma to DD 8 years old, DS 7 years old, DS born 03/11 by adoptionheart-1.gif , waiting for DD born 07/10 and two furry labs. Wife to my wonderful husband of 12 years.
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#65 of 130 Old 10-15-2008, 03:23 PM
 
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This is a great thread! I need this. I actually spent the other day consolidating some bank accounts and setting up automatic transfers because "out of sight, out of mind".

BS1 $1,000 to start an Emergency Fund - $400/$1000

BS2 Pay off all debt using the Debt Snowball - $4100 in hospital bills and $3000 in credit cards (total 7100) not bad but I'm getting there.

BS3 Three to six months of expenses in savings - need to work on this one

BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement - I have a 401k that I've always invested in so done

BS5 College funding for children - Doing better about saving money for my 10 week newborn's college fund.

BS6 Pay off home early - no home but I would like to buy one in a year once the hospital and ccards are all paid off

BS7 Pay off car - I owe $5500 but next month. I would love to have it paid off by next summer.

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#66 of 130 Old 10-15-2008, 04:10 PM
 
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AKA - I just have to tell you your baby is adorable!
MTM - I hope the surgery appointment goes well.

Keep it up everyone!

me, 28 & dh, 32.
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#67 of 130 Old 10-15-2008, 04:27 PM
 
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We are in BabyStep 2, our snowball is about $500, but I struggle with spending any extra $$ here and there.
We get bored, eat fast food or eat out just to get out of the house, see a movie, or hit up Sonic, because I'm hungry after work and don't want to cook right then. I tried using the crock pot and I burned or overcooked stuff, 9+ hours is just too long even on low.


DH is saving for a car - because lets face it, a 20 y/o car that needs repairs just isn't reliable. We are going to bid $3,000 on a 2003 Chevy Blazer at the state auction tomorrow, we have over $2500 of it in cash saved and they accept our CC. I was afriad if we only bid the cash that a car dealer might bid that much, so we decided to bump it up to $3k. We're willing to charge $500 for a car, it's not the same as having $8,000 car note, kwim?
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#68 of 130 Old 10-15-2008, 04:46 PM - Thread Starter
 
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Ugh! We have to put more money into fixing our Jeep than we thought. BUMMER! Though we have two cars and are being smart about it, by saving up to fix the Jeep instead of dipping into the EF, which is *so* tempting.
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#69 of 130 Old 10-15-2008, 06:34 PM
 
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DH has some interviews so maybe our snow ball will start going again...
A little grumble... I watched DH pull $$ out of the entertainment envelope to cover clothing costs (which we also have in the budget so it's not a big deal). When I ask why he pulled from that envelope when we need that for the hayride he says "As long as the money is there, I think that's what matters." We talked about how this envelope budget thing works. He pretended as though he understood. He really is a bright man...

Librarian & mommy to my jog.gif(2002) & jammin.gif (2005) married to superhero.gifsince 1999
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#70 of 130 Old 10-15-2008, 06:50 PM
 
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Not much new here. DH still hasn't found a new part time job but that's okay. We're hoping that something will come up here in a few weeks.

Had some major car repairs over the past few weeks but the car repair fund had more than enough to cover it so as much as I hated spending the money at least that's what it was saved to do.

WOHM: Married 2002. partners.gif Dog parents 2005. dog2.gif DS arrived 3/3/10. Newbie expected late June 2013. slingboy.gifbfinfant.gifcd.gif

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#71 of 130 Old 10-15-2008, 06:54 PM
 
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Originally Posted by jlpumkin View Post
DH has some interviews so maybe our snow ball will start going again...
A little grumble... I watched DH pull $$ out of the entertainment envelope to cover clothing costs (which we also have in the budget so it's not a big deal). When I ask why he pulled from that envelope when we need that for the hayride he says "As long as the money is there, I think that's what matters." We talked about how this envelope budget thing works. He pretended as though he understood. He really is a bright man...
How frustrating!

We do a method similar to the envelope method, but it's all on paper (sounds weird, I know). Instead of actually having cash in envelopes, we have a chart on the fridge with the total for each area and each time we spend money from each area, we write it in the appropriate column and subtract the amount. It works for us, because I'd TOTALLY just fudge it like your dh did... and there'd be no paper trail to make it obvious to dh :

Jenna ~ mommy to Sophia Elise idea.gif  (1/06), Oliver Matthew  blahblah.gif (7/07) and Avery Michael fly-by-nursing1.gif(3/10)

 

dizzy.gif Wading slowly and nervously into this homeschooling thing.

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#72 of 130 Old 10-17-2008, 11:48 AM
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October 1 debt numbers:
Mastercard 2...3,216.12
Student Ln 1...2,913.13
Student Ln 2...6,723.58
Auto Loan.......9,456.51
-----------------------
Balance......$22,309.34

October 17 debt numbers:
Mastercard 2...3,066.12
Student Ln 1...2,886.29
Student Ln 2...6,717.83
Auto Loan.......9,116.98
-----------------------
Balance......$21,787.22

Goal: Pay off $1500. To date: -$522.12 $977.88 to go
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#73 of 130 Old 10-17-2008, 12:55 PM
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excitedtobeamom : that's awesome, congrats! What's next now that the ccs are done?

AKA_PI Automatic transfers are my friend, so much easier. I'd get the emergency fund finished before worrying about the snowball! Just pay minimums until you have that 1000 in the bank. I'd wait on the college fund too, once your debt is gone you'll be able to throw money at it.

oneKnight, I hear ya on the bored and eat out. Using a takeout envelope (entertainment/blow money etc) has really helped us. I always buy a few conveneincy items at the grocery store so we can have dinner in a hurry. That and we do pancakes and bacon etc as an emergency dinner. How did the auction go?

jlpumkin, good luck to your dh on the interviews. I'm an envelope pullerouter too. I pay bills online though so if its in an envelope its sorta okay to move it around (not taking grocery money but may steal haircut money for something else and put off haircut). Did he have a plan to where the hay money would come from?

kanga1622, congrats on having the money for the car repairs, I aspire to be there!

llamalluv Looks good, if you can keep it up, by the end of Nov you'll be under 20,000.

Ds's surgery is all covered so I should have extra money to throw at the snowball this month or I may be bad and do my Christmas shopping now when I can find sales. Thoughts?
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#74 of 130 Old 10-17-2008, 03:47 PM
 
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Next is the van loan and then the emergency fund and then we get to build the adoption fund!!!!! I can't wait! We paid off $30,000 since 4/07! Amazing!

Homeschooling Momma to DD 8 years old, DS 7 years old, DS born 03/11 by adoptionheart-1.gif , waiting for DD born 07/10 and two furry labs. Wife to my wonderful husband of 12 years.
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#75 of 130 Old 10-17-2008, 04:02 PM
 
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My Sears card bill came and we got GREAT news... it is only HALF what I thought it was. I'm not sure why I thought it was so higher... I thought it was higher than my limit even is

So here is where we are at... still have another pay to go this month:

BS1 $1,000 to start an Emergency Fund
EF: $225.15/$1000.00
BS.1: DONE ($200.00)
BS.2: $0.00/$500.00
BS.3: $158.06/$500.00
BS2 Pay off all debt using the Debt Snowball
We have 12 things to eventually pay off. For now we're focusing on the first three.
BS2.1: Oct 1 balance=$375.00
BS2.2: Oct 1 balance=$294.86
BS2.3: Oct 1 balance=$1050.87 paid $50.00 this month
BS3 Three to six months of expenses in savings
Looking forward to being able to say we're done this!
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement
Currently no retirement fund, but once the debt is gone
BS5 College funding for children
We have an RESP that we contribute to every month automatically

It's great to see everyones progress

Alison
Mama to Toad (08/06), Frog (01/09)... and new baby Newt born on his due date, Sep. 8, 2010
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#76 of 130 Old 10-17-2008, 04:39 PM
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My Sears card bill came and we got GREAT news... it is only HALF what I thought it was. I'm not sure why I thought it was so higher... I thought it was higher than my limit even is

So here is where we are at... still have another pay to go this month:

BS1 $1,000 to start an Emergency Fund
EF: $225.15/$1000.00
BS.1: DONE ($200.00)
BS.2: $0.00/$500.00
BS.3: $158.06/$500.00
BS2 Pay off all debt using the Debt Snowball
We have 12 things to eventually pay off. For now we're focusing on the first three.
BS2.1: Oct 1 balance=$375.00
BS2.2: Oct 1 balance=$294.86
BS2.3: Oct 1 balance=$1050.87 paid $50.00 this month
BS3 Three to six months of expenses in savings
Looking forward to being able to say we're done this!
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement
Currently no retirement fund, but once the debt is gone
BS5 College funding for children
We have an RESP that we contribute to every month automatically

It's great to see everyones progress

If you list all your BS2 stuff together, you can watch all the balances drop as you make just your minimum payments. Some months, watching my accounts that I'm NOT snowballing is more fun than the one I am.
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#77 of 130 Old 10-17-2008, 06:01 PM
 
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If you list all your BS2 stuff together, you can watch all the balances drop as you make just your minimum payments. Some months, watching my accounts that I'm NOT snowballing is more fun than the one I am.
That seems so much more scary that way though OK... *deep breath*... here are all 12:

BS1 $1,000 to start an Emergency Fund
EF: $225.15/$1000.00
BS.1: DONE ($200.00)
BS.2: $0.00/$500.00
BS.3: $158.06/$500.00
BS2 Pay off all debt using the Debt Snowball
BS2.1: Oct 1 balance=$375.00**
BS2.2: Oct 1 balance=$294.86
BS2.3: Oct 1 balance=$1050.87 paid $50.00 this month
BS2.4: Oct 1 balance=$2,377.92 paid $50.00 this month
BS2.5: Oct 1 balance=$992.13 paid $100.00 this month
BS2.6: Oct 1 balance=$491.37 paid $22.37 this month
BS2.7: Oct 1 balance=$278.28**
BS2.8: Oct 1 balance=$1606.39**
BS2.9: Oct 1 balance=$225.00**
BS2.10: Oct 1 balance=$6711.75 paid $67.11 this month
BS2.11: Oct 1 balance=$6390.23 paid $63.90 this month
BS2.12: Oct 1 balance=$22,086.75**
Start of October TOTAL=$42,880.55
Paid in October (so far)=$353.38
**All of these are interest free, so they won't go up at all
BS3 Three to six months of expenses in savings
Looking forward to being able to say we're done this!
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement
Currently no retirement fund, but once the debt is gone
BS5 College funding for children
We have an RESP that we contribute to every month automatically

ETA: Posting that makes me feel sick with how high the number is... The last three are all student loans between my DP and I... I guess I'll look at the bright side, I was just approved for interest relief on my loan (the biggest chunk of our debt, BS2.12) so at least it's not getting any bigger.

So our total debt is broken down into $5,207.15 consumer debt, $35,188.73 student loans, and $2,484.67 other bills (all of which are no interest ).

One baby step at a time right?

Alison
Mama to Toad (08/06), Frog (01/09)... and new baby Newt born on his due date, Sep. 8, 2010
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#78 of 130 Old 10-17-2008, 06:05 PM
 
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my joy this month is seeing my Sears Card balance below $5000 for the first time in 4 years. : (Last year this time it was approaching the $9000 mark.

My family: me jog.gif, dh geek.gif, ds reading.gif (11), dd1 hearts.gif (9), and dd2 energy.gif(3).

Tout va s'arranger à la fin. Si elle ne fonctionne pas; ce n'est pas la fin.

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#79 of 130 Old 10-17-2008, 06:18 PM
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Originally Posted by triscuitsmom View Post
That seems so much more scary that way though OK... *deep breath*... here are all 12:

BS1 $1,000 to start an Emergency Fund
EF: $225.15/$1000.00
BS.1: DONE ($200.00)
BS.2: $0.00/$500.00
BS.3: $158.06/$500.00
BS2 Pay off all debt using the Debt Snowball
BS2.1: Oct 1 balance=$375.00**
BS2.2: Oct 1 balance=$294.86
BS2.3: Oct 1 balance=$1050.87 paid $50.00 this month
BS2.4: Oct 1 balance=$2,377.92 paid $50.00 this month
BS2.5: Oct 1 balance=$992.13 paid $100.00 this month
BS2.6: Oct 1 balance=$491.37 paid $22.37 this month
BS2.7: Oct 1 balance=$278.28**
BS2.8: Oct 1 balance=$1606.39**
BS2.9: Oct 1 balance=$225.00**
BS2.10: Oct 1 balance=$6711.75 paid $67.11 this month
BS2.11: Oct 1 balance=$6390.23 paid $63.90 this month
BS2.12: Oct 1 balance=$22,086.75**
Start of October TOTAL=$42,880.55
Paid in October (so far)=$353.38
**All of these are interest free, so they won't go up at all
BS3 Three to six months of expenses in savings
Looking forward to being able to say we're done this!
BS4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement
Currently no retirement fund, but once the debt is gone
BS5 College funding for children
We have an RESP that we contribute to every month automatically

ETA: Posting that makes me feel sick with how high the number is... The last three are all student loans between my DP and I... I guess I'll look at the bright side, I was just approved for interest relief on my loan (the biggest chunk of our debt, BS2.12) so at least it's not getting any bigger.

So our total debt is broken down into $5,207.15 consumer debt, $35,188.73 student loans, and $2,484.67 other bills (all of which are no interest ).

One baby step at a time right?
Well...your BS2's are out of order.

BS2.9:..........225.00
BS2.7:..........278.28
BS2.2:..........294.86
BS2.1:..........375.00
BS2.6:..........469.00
BS2.5:..........892.13
BS2.3:.........1000.87
BS2.8:.........1606.39
BS2.4:........2,327.92
BS2.11:.......6326.33
BS2.10:.......6644.66
BS2.12:.....22,086.75
=====================
TOTAL=...$42,427.19

Once you get your $1,000 in the bank, you just work down that list, and you will start knocking them out.

My husband and I started our marriage with a combined debt of $59737. We are now down to the last $20K or so. We've been married less than 2 years.
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#80 of 130 Old 10-17-2008, 06:19 PM
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my joy this month is seeing my Sears Card balance below $5000 for the first time in 4 years. : (Last year this time it was approaching the $9000 mark.
That's some serious shopping!
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#81 of 130 Old 10-17-2008, 06:25 PM
 
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Well...your BS2's are out of order.

Once you get your $1,000 in the bank, you just work down that list, and you will start knocking them out.

My husband and I started our marriage with a combined debt of $59737. We are now down to the last $20K or so. We've been married less than 2 years.
They are in the order we will pay them off... I think I mentioned in my OP, but we have them in the order that makes the most sense for us based on what they are and what it'll mean for us to have them paid off. I realized they aren't smallest to highest (or even highest to lowest interest)... but it's the order we need to pay them off in.

Congratulations to you and your DH. That gives me such hope :

Alison
Mama to Toad (08/06), Frog (01/09)... and new baby Newt born on his due date, Sep. 8, 2010
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#82 of 130 Old 10-17-2008, 10:13 PM
 
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That's some serious shopping!
Perhaps I should say approximately instead of approaching... I should specify - I haven't charged anything on the card in over 3 years. What is on there are some other bills that I didn't have cash for and didn't want sent to collections. If the interest rate on it were reasonable and the finance charges weren't huge, it would be below $2500 with what I've paid in the last year alone.

I've been slowly chipping away at it for a long time and really want to see it go bye-bye.

My family: me jog.gif, dh geek.gif, ds reading.gif (11), dd1 hearts.gif (9), and dd2 energy.gif(3).

Tout va s'arranger à la fin. Si elle ne fonctionne pas; ce n'est pas la fin.

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#83 of 130 Old 10-17-2008, 10:25 PM
 
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Sent some more money to my FFEF, I'm at about 3 months now, hoping to get to the full 6 months by X-mas but I think it will be mid January in all honestly.

Working the plan, working the plan.
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#84 of 130 Old 10-18-2008, 12:12 AM
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Perhaps I should say approximately instead of approaching... I should specify - I haven't charged anything on the card in over 3 years. What is on there are some other bills that I didn't have cash for and didn't want sent to collections. If the interest rate on it were reasonable and the finance charges weren't huge, it would be below $2500 with what I've paid in the last year alone.

I've been slowly chipping away at it for a long time and really want to see it go bye-bye.
Is is a Sears card? Or something else? I thought you said it was a Sears card.
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#85 of 130 Old 10-18-2008, 09:31 AM
 
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Is is a Sears card? Or something else? I thought you said it was a Sears card.
It's a Sears Mastercard. Can be used anywhere, not just at Sears.

My family: me jog.gif, dh geek.gif, ds reading.gif (11), dd1 hearts.gif (9), and dd2 energy.gif(3).

Tout va s'arranger à la fin. Si elle ne fonctionne pas; ce n'est pas la fin.

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#86 of 130 Old 10-18-2008, 02:00 PM
 
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We finished BS2 a few weeks ago, woohoo!

I'm taking Oct. off from the plan, though we're not going crazy spending or anything. Just a month to reflect and study our budget and make a real plan for when we will finish BS3.

We're going to go for 3 mo, then a downpayment for a house, then the other 3 mo.

Lisa, mama to Lauren, Elliot, angel Marion, and baby due in the fall.
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#87 of 130 Old 10-18-2008, 06:36 PM
 
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Originally Posted by p1gg1e View Post
BS1 $50/$1000

I now have DH FULLY on board :
Bs1: $100/$1000
BS2: Approx $20,000 of debt ( including car)

Called about my student loan and found I only owed 74.00...so told my parents and they paid 60 :...so 15 is all we had to pay and now its paid off...so $50 bucks a month!!
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#88 of 130 Old 10-18-2008, 06:55 PM
 
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Quote:
Originally Posted by lisa2976 View Post
We finished BS2 a few weeks ago, woohoo!

I'm taking Oct. off from the plan, though we're not going crazy spending or anything. Just a month to reflect and study our budget and make a real plan for when we will finish BS3.

We're going to go for 3 mo, then a downpayment for a house, then the other 3 mo.
Thats a great idea. I know that Dave says to save for kids college before a home but I think that having a home paid for helps you be able to pay for your kids education
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#89 of 130 Old 10-19-2008, 12:23 PM
 
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For us, it's the way to go. We can afford to cashflow college if needed, but we're renting in a buyers market, and we feel we should be taking advantage of that. Our kids are still really tiny too, which works to our advantage.

TBH we'll probably go crazy working on the FFEF and then use most of it when the right house comes along, and start back at BS3. We're already doing BS4, so it'll even out in the end.

Lisa, mama to Lauren, Elliot, angel Marion, and baby due in the fall.
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#90 of 130 Old 10-19-2008, 10:04 PM
 
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Hi mamas, I've been sulking a bit over our very expensive visit from Murphy. But I'm back to report that we've paid off the entire $1300 in cash and still have $300 left in our EF! It is a good feeling to have been able to take on our first murphy with cash but it really sucked to have to hand over so much hard-earned money. So now we're back at BS1 trying to build our EF back up. We're feeling back on track and motivated again. Hopefully Murphy stays away for a long time now!

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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