Becoming Debt FREE
Posted 11-02-2007 at 04:43:08 PM by MablesTable
Home from a weekend in Michigan.
My two auctions ended pretty well. (Lots of goodies coming from them)
An dh and I have decided to get VERY serious and follow the Dave Ramsey's
envelope system, and GET OUT OF DEBT!
So I am going to use this thread to keep track of our debt, spending, etc.
It makes it easier for me if I keep it all in one place to keep track of.
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So here goes nothing...(Our VERY rough draft of Nov. Budget)
Unemployment: $1688
eBay: $700
So our combined income
Is roughly: $2388 (sometimes more depending on eBay sales)
Nov. Budget:
Rent: $630
Car Loan: $470
Car Insurance: $113
Cable & Internet: $112 (looking for lower cost)
Electric: $110
Oil: $1200/Year ($100 a month)Groceries: $300 (Should go down next month)
Gas: $300 (I know, seems high, rough estimate)
Cell Phone: $20
TOTAL: $2155
($233 Left- All towards Heating Oil this month)
Other Debt - Will add more as I go through our credit reports.
Lowest First (Payments for Nov)
($0.00) $50.00 2006 Taxes
($0.00) $1050.00 Grand D Personal Loan
($0.00) $1100.00 Mom J Personal Loan
($0.00) $2000.00 Mom P Personal Loan
--- will be adding more this weekend ---
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BABY STEPS -
Baby Step 1 - Start a Emergency Fund of $1,000
Nov. 1 - $39 / $1,000
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Things in Progress
Looking for cheaper Cable & Internet (Dh looking into)
Need to go to Library and check out some frugel living books (Going this weekend)
Sort out our credit scores (Need to print off - out of ink)
Make a meal plan each week (3 weeks down, 1 to go)
Make $1500 - $1600 on eBay (Nothing listed yet)
-------------------------------------------------------------------------
My two auctions ended pretty well. (Lots of goodies coming from them)
An dh and I have decided to get VERY serious and follow the Dave Ramsey's
envelope system, and GET OUT OF DEBT!
So I am going to use this thread to keep track of our debt, spending, etc.
It makes it easier for me if I keep it all in one place to keep track of.
--------------------------------------------------------------------------
So here goes nothing...(Our VERY rough draft of Nov. Budget)
Unemployment: $1688
eBay: $700
So our combined income
Is roughly: $2388 (sometimes more depending on eBay sales)
Nov. Budget:
Rent: $630
Car Loan: $470
Car Insurance: $113
Cable & Internet: $112 (looking for lower cost)
Electric: $110
Oil: $1200/Year ($100 a month)Groceries: $300 (Should go down next month)
Gas: $300 (I know, seems high, rough estimate)
Cell Phone: $20
TOTAL: $2155
($233 Left- All towards Heating Oil this month)
Other Debt - Will add more as I go through our credit reports.
Lowest First (Payments for Nov)
($0.00) $50.00 2006 Taxes
($0.00) $1050.00 Grand D Personal Loan
($0.00) $1100.00 Mom J Personal Loan
($0.00) $2000.00 Mom P Personal Loan
--- will be adding more this weekend ---
-------------------------------------------------------------------------
BABY STEPS -
Baby Step 1 - Start a Emergency Fund of $1,000
Nov. 1 - $39 / $1,000
-------------------------------------------------------------------------
Things in Progress
Looking for cheaper Cable & Internet (Dh looking into)
Need to go to Library and check out some frugel living books (Going this weekend)
Sort out our credit scores (Need to print off - out of ink)
Make a meal plan each week (3 weeks down, 1 to go)
Make $1500 - $1600 on eBay (Nothing listed yet)
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Total Comments 2
Comments
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Keep up the good work. You will probably have times when you take one step forward and two backwards, but just keep working on it.
We are 62 and 69 and I never liked debt but never heard of debt free living until we were in our late 40s maybe. It took years to get everything paid off, but we did it. The mortgage was the final thing, and then I could retire early from a very stressful job.
If you are debt free, you are FREE from so many things that hinder you. If there is a bad economic turndown you are in a better position to ride it through.
GOOD FOR YOU for starting this a such a young age. One of the best decisions you can make, IMO,Posted 11-22-2007 at 05:13:31 AM by Ginya
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I'm happy for you! I wish I could get dh to try the Dave Ramsey method, but he has NO interest, whatsoever. I love learning/observing how other people do it.Posted 10-19-2008 at 04:06:31 PM by gettinrevvin2007
