It's amazing how fast you seem to pick up steam once you get the number down to a managable ammount. Keep up the good work.
Dave Ramsey, debt, credit cards, retirement, etc
- Thread starter SuperJETT
- Start date
It's amazing how fast you seem to pick up steam once you get the number down to a managable ammount. Keep up the good work.
We're $18k down from last year at this point, so by this time next year we'll be done for sure, at least we better be based on our plan!
Freedom is just around the corner. Right now I'm back in school so we are trying to cash flow that, it's put a crimp on our lifestyle for sure but in another 18-24 months I'll be done. Good luck with the debt snowball, just think next Christmas will be a whole lot different. . .
32vickie
X-
- Location
- Pipersville, PA
Looks like September of 2007 for us. just need to keep on track for a few more days and the hard part will be over. We have a Christmas account set up for next year with automatic dep.
Now i need to get one of them for my super jet fund.
Doug
Now i need to get one of them for my super jet fund.
Doug
Actually, next Christmas will be the same, we have a savings account with per check deposits, and probably won't change the amount at all.
Once this last debt is gone (which was actually 10% down on our house), we still have to build the full emergency fund and get kicking on college funds.
Once this last debt is gone (which was actually 10% down on our house), we still have to build the full emergency fund and get kicking on college funds.
32vickie
X-
- Location
- Pipersville, PA
we are working on our emergency fund haven't finished funding it yet. having direct deposit works great when there is more than 4 Friday's in a calender month, it helps out the Emergency fund and puts us a week ahead on collect the money for the bills. i have a spread sheet at work that helps me keep focused.
romack991
homebrewed
- Location
- Warsaw, IN
Do you guys keep actual tabs on your budget? I can sit down and make one out. Follow it pretty closely, but I never have been able to keep track of every dollar. I don't save receipts, ect. And using cash now, its next to impossible to be able to track everything. I basically use the budget as a guideline but not a set in stone practice. Just wondering what others do.
Our budget works pretty easily and is very close to the dollar, but not exact.
Money goes into envelopes for clothing, car, etc, we transfer money to our personal accounts for our 'allowances' and the car fund (repairs, etc), money is transferred into our bill payment account to cover all the regular bills, the only thing left in the regular checking account is the budgeted money for groceries and gas and we enter those expenses in our spreadsheet. It works well.
Money goes into envelopes for clothing, car, etc, we transfer money to our personal accounts for our 'allowances' and the car fund (repairs, etc), money is transferred into our bill payment account to cover all the regular bills, the only thing left in the regular checking account is the budgeted money for groceries and gas and we enter those expenses in our spreadsheet. It works well.
RoyalFlush@PCB
Shootin' The Crap
- Location
- PCB
You would make a good businessman. The toughest thing I had to learn about running a business was to come up with a realistic budget as to how much "things" cost me each year. I have been working pretty hard on next year's budget numbers and have actually been seriously considering downsizing slightly because of inefficiencies that have come up with having the number of employees that I have.
steveyz250fpilot
Banned
- Location
- Huntsville, Alabama
I don't budget.
shawn_NJ
Chasing waves.
- Location
- Daytona Beach
^&@@#%* credit cards! Dont use them, they kill me yearly.
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jetboy1004
Shootin Brapaholics
:bigeyes: :bigeyes: :bigeyes: Holy Crap Batman!! Now that dicipline....I have guidline budget...But it always gets blown.. because I can't keep a budget I've decieded to pay myself first and live on whats left. I get paid weekly, so, I use www.paytrust.com and, they cut a check, every week, from my checking account to my brokerage account.
As long as the savings checks don't bounce, I figure I'm ok. It's great, I never have to think about saving, It just gets done, and I'm forced to live on what's left over. Plus i make concious decisions to keep my expenses low. Like driving arround in a paid off 98 saturn, so I can put what I would've paid in car payments, into savings.
I'm probably one of the very few people in america that lives on less than they make, so that maybe...someday, I'll be financally independant.
I'm a sucker when it comes to toys though. RV, Quads, Skiis, Truck, Camera stuff.....Gotta have my toys. Why else in the world would you work???
32vickie
X-
- Location
- Pipersville, PA
That is good Jetboy1004, if you are living on less than you bring in, still saving you can have all the toys you want if you pay with cash. Most people get what they want by putting it on a credit card and paying for it over and over again. The biggest / hardest part is the first few months and the first Christmas or holiday. If you can pay cash for everything you buy and have a plan to pay off the debt and you can make it through the first few months you should be in good shape. Locally we have a few banks that are promoting on the radio to take out a home equity loan to pay for your Christmas gifts. :banghead:
Keep up the good work Jetboy1004
:Banane01:
Keep up the good work Jetboy1004
:Banane01:
I agree.
You either charge things to get them right now and pay a lot more for them in the end, or you just suck it up ONCE, save the money, and buy it a little later. In the long run you can buy MORE stuff because you aren't paying interest on things.
You either charge things to get them right now and pay a lot more for them in the end, or you just suck it up ONCE, save the money, and buy it a little later. In the long run you can buy MORE stuff because you aren't paying interest on things.
douglee25
m3booooy
- Location
- South Jersey
Very true. I would agree with this unless companies offer you credit cards with zero percent interest for a year. In that case, 'buy now, pay later' may be an option for some.
Doug
Doug
romack991
homebrewed
- Location
- Warsaw, IN
Thats a big marketing gimick for the masses. Tyically if a person doesn't have the cash now, then they arent going to have it the next year. Also by then they will be wanting something else so that will go on the next card. Also most people will spend more when using credit because its very easy to get carried away.
I never carried a balance on my card when I used it. I paid it off every month. I was fat, dumb, and happy. Since getting into this thread, I really haven't changed any of my living habits, except for not using a credit card, and i already save a couple hundred bucks a month. You are a lot wiser on how you spend your money when its limited to the cash in your wallet. Now that saved money goes towards my truck, and it should hopefully be paid off by mid summer. Whereas before, I thought I couldn't make more than the automatic payment.
douglee25
m3booooy
- Location
- South Jersey
I suppose for the masses you have many valid points. I guess ultimately it comes down to the individual and how religious they are about their payments. If they can swing it and be smart about it, buying on zero percent has some advantages like building credit.
One thing many people aren't aware of is that building your credit (for home, car, etc purchases/loan) requires one to carry a balance and make payments on that balance vs. just paying the balance off every month.
Doug
One thing many people aren't aware of is that building your credit (for home, car, etc purchases/loan) requires one to carry a balance and make payments on that balance vs. just paying the balance off every month.
Doug
Something else I've found is it's very hard for some people to accept the fact that a used car can be reliable. Buy a new car, BAM, instant depreciation, you just lost money and you'll be back at the dealer within a year getting any kinks worked out anyway.
I just read this whole thread from start to finish, after I was done reading, I called the wife and talked to her about the debt that we are in, I was all prepared to tell her that we need to get this book and go for it, but then she said that we are doing very well with our debt, so rather than argue with her I told her that we can do it her way for a year, and if it dont seem to be getting lower then we can try the Superjett approach.
As of now, including EVERYTHING, we are about $150K (conservative), but she is making bigger payments on everything and the balance is going down, slow, but it is going down.
Is all I can say is I am damned glad to have her, I am HORIBBLE at saving money and paying bills, she has always been good with money and that helps, and when she says we are doing alright, I have no choice but to believe her.
As of now, including EVERYTHING, we are about $150K (conservative), but she is making bigger payments on everything and the balance is going down, slow, but it is going down.
Is all I can say is I am damned glad to have her, I am HORIBBLE at saving money and paying bills, she has always been good with money and that helps, and when she says we are doing alright, I have no choice but to believe her.
douglee25
m3booooy
- Location
- South Jersey
If the 150k includes your mortgage, that doesn't factor into your 'bad debt' so to speak.
Doug