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I finally heeded the advice of the mamas on this board and got TMM from the library. I read half of it yesterday already. I'm so darn excited to start! I am also glad I started reading it before the holiday craziness began, hopefully I will be able to save us from alot of un-needed expenses and headaches this season.<br><br>
This afternoon I am going to write down all the debts to begin the snowball method. I already feel so much less stressed!<br><br>
Is anyone else beginning on the TMM?
 

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We've been following "the plan" for 2+ months now... it's GREAT. I got motivated and dumped my checking acct (all hte extra above the BEF) on a cc and *poof* killed one debt! Dh is just coming around now, and once things settle down in Jan. after a move and selling our house, we'll dump a mutual fund he has on debt #2 and part of 3, woohoo! I found a snowball calculator that has us out of debt in 2 years, with a FFEF in 3. I'm SO excited! (Especially when we get to use the extra cash dh has... it'll be faster than that!)
 

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I was loaned this book by a Mama on another board and I love it<img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/thumb.gif" style="border:0px solid;" title="thumbs up">
 

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I just read it last week and we started on Friday...I am SOOOO excited and motivated. We are currently renting a $300/all utilities included ('cept phone/net) basement apartment from my folks. We wanted to buy a house in april - but after reading the book we decided to stay put and pay of debts and save save save. We plan on it taking us around 6 years and we will be e100% debt free, have a emergency fund and have enough money to put<br>
100% down payment on a house! Dh was convinced to go along with it when i told him by the time he is 35 well be debt free and outright own our home <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/orngbiggrin.gif" style="border:0px solid;" title="orange big grin"> Dave Ramsey [email protected]
 

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I've been reading this book, too, and am also excited about saving. We don't have any personal debt, but our business has about $50,000 in credit card debt (OUCH!!) I have to convince DH to stop using the cards so we can pay it off, since the business is making enough to run cash only if we only weren't paying all that interest.<br><br>
Our personal income is low, though, and I have just the first step of $1,000 in savings. I'm starting to save more, though, and put $350 into savings this month. It's in an ING savings account, so it's liquid but not ATM accessible.<br><br>
I have the book "Debt-Proof Living" by Mary Hunt and a lot of the ideas are very similar. I just never implemented them! I also have "The Budget Kit", with lots of forms for figuring out a budget and expenses, and I photocopied the MOnthly Expense Record and posted it on my wall so that I can track all spending until the end of the month and reexamine where the money is going.<br><br>
I'm the only one spending out of our joint account, so I can be accurate about where the money is going. DH uses business petty cash or credit cards for his spending, which is almost entirely business related anyway, so I've got to convince him to let that go!
 

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We started a TMMO in Aug. and it is amazing how much has changed. We have our Baby Emergency fund in place and have sinking funds for major yearly bills. I am no longer scared the car will break down and I can afford to pay cash for Christmas presents.<br><br>
Its going to take a long time to be debt free (Aug 2013) But that includes the house so not so bad.<br><br>
It is such a simple system but it really does bring peace.
 

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I am doing it through the website and I'm just on Baby Step 1. I did the budget tonight and learned we spend over 25% of our budget on FOOD! So, this week we put forth an effort to rid ourselves of the extra!!
 

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We started in August. One credit card down, two more cards and the car to go, then it's just the student loan and house. Totally loving it, especially the idea of owning our own home in our early 40's. <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/smile.gif" style="border:0px solid;" title="smile"><br><br>
I'm definitely more at peace with our bills and such, and not freaking out about how on earth we're going to pay for retirement or get rid of the debt and all that because we have a plan. A darn good one, too. <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/wink1.gif" style="border:0px solid;" title="wink1"> I like that it's in black and white in the pocket of our calendar and I can whip it out to show dh or to just give myself the warm fuzzies.<br><br>
We also are setting aside a certain amount for different categories each month to transfer to a secondary checking account, and it makes it so much easier and stress-less for when the U-joint on dh's pickup fell out (on our lawn thank goodness), when the kids needed winter clothing, when I saw a great price on what I wanted to get dh for Christmas, when we need to get the Subaru's 60K checkup done in a few months, etc. The whole paying cash thing. And we do our food budget in cash, and it's just rockin' our world. Makes dh *really* think about extras before he puts them in the basket, where as before he'd just toss things in and get more impulse stuff in 5 minutes than I would in 2 months.<br><br>
I also think his mock budget in the back of the (TMMO) book is a darn good starting point, too. I modeled ours off that, and dh seems to get into it more, too. We're actually getting TMMO for the IL's for Christmas because we like it so much... <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/smile.gif" style="border:0px solid;" title="smile">
 

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I did the online budget and according to it the place we are over budget is Transportation. Which isn't a surprise. We made a BAD BAD BAD BAD purchase decision 5 years ago and we are completely paying for it now!<br><br>
The other thing is groceries. We eat out WAY too much! So, we are going to try and eliminate it completely. So, I need to get better about preparing for dinner and taking "snacks" with us for the kids.<br><br>
I read on another thread where someone mentioned having a cooler with snacks. Etc. I think I'mgoing to try that and see how it goes.
 

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For us, housing is 46% of our take home pay. That puts a crunch on everything else. I've been working toward lowering our other bills since we are frequently overextended, but our bills are pretty reasonable. Cutting out eating out and joining the Compact has helped with extra spending, and I saved $250 last month just from that!~
 

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joining the Compact? Do explain... <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/smile.gif" style="border:0px solid;" title="smile">
 

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Discussion Starter · #12 ·
<div style="margin:20px;margin-top:5px;">
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<div>Originally Posted by <strong>lmonter</strong> <a href="/community/forum/post/6463541"><img alt="View Post" class="inlineimg" src="/community/img/forum/go_quote.gif" style="border:0px solid;"></a></div>
<div style="font-style:italic;">joining the Compact? Do explain... <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/smile.gif" style="border:0px solid;" title="smile"></div>
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Yes, please explain! I like saving money <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/smile.gif" style="border:0px solid;" title="smile">
 

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The compact <a href="http://www.mothering.com/discussions/showthread.php?t=533639" target="_blank">http://www.mothering.com/discussions...d.php?t=533639</a>
 

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HI <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/wave.gif" style="border:0px solid;" title="wave"><br><br>
I am back on the DR banwagon again. I got the trial of his online TMMO setup and on payday I'll be buying the book to read. It's $10 off right now!<br><br>
So I am working on the budget and am going to start again Thrursday/payday.<br><br>
I have $1600 in BEF, but part of that is to go toward Christmas. My dh and I have different accounts, mine is household things and dh pays the 'bills'. So my goals are to get my small debt paid (around $600) off then get money saved, then money back to dh to pay on the big bills. Right now my boys are in mothers day out and come next fall that will do away, so I will have mega bucks then, I hope.<br><br>
So to start with I need to get my budget set, right now I spend too much on food (grocries and eating out) and am working on that.<br><br>
So it will be nice to have support from everyone here!<br><br>
Glad to meet you!
 
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