Dave Ramsey support thread - December 2011

[cody82414]

We have cashed 2 of the 4 inheritance checks we received from DH's Grandpa. All of our debt is now paid off (minus the house). The other 2 checks will fund our ER fund 3 months worth. I'd like to get it to 6 months during 2012. Great Job everyone!

I am about crying for you here!

AWESOME!

SO happy that this is happening for you <3

[cody82414]

Hello everyone! I have been trying to work a boatload of overtime lately. I can't do it forever, but if I can boost the paycheck a little this next time around then that should help a little bit. Plus 2 paid holidays in a row should help a bit as well.

I have been using a bit more gasoline lately but at least the price is going down a bit. The grocery bill is staying pretty lean as I have been trying to use what is on hand.

every little bit helps.

Baby steps!

[saving-n-va]

I've been pondering/researching how we should best approach our debt/goals. Since we do not have a college education to fund (AMEN for the GI Bill for both kids!), and since we are already starting to draw from one of dh's retirement funds, (while still adding to another..lol). we will be approaching the steps slightly different.

We will have one emergency fund, not the $1000 then the 3-6 months of income one. I won't know for sure exactly how much we will already have until after we do our taxes. We took some retirement money out, so we are just hoping we won't have to PAY any additional taxes. We feel that $1000 isn't enough for an emergency fund. We also feel that in this economy its vital to have some money put away for unexpected unemployment. (or in our case a govt. shut down would stop all our income since dh works for the fed. govt).

So.....we will have one emergency fund, which will be partially funded already -as soon as we know our tax $$. We will continue to put some $$ into our retirement as well since we are closer to retirement than we care to admit.

Ok, just putting my thoughts down......

[jenrose]

Savings:

There aren't 2 seperate emergency funds. DR says to start with 1000 then pay off all your debt (minus the house) then increase that EF to 3-6 months of expenses. And he also says that there are exceptions to the amount of the mini emergency fund if you have an unstable work situation and such.

I'm now working on building up my emergency fund to the 3-6 months of expenses. I also want to save at least part of the amount that I will be paying next school year to have DS2 be in full time kindergarten. I should make about that much more per month by working an extra hour a day next school year but I want to have it in savings just in case.

[Spanelli8706]

I am about crying for you here!

AWESOME!

SO happy that this is happening for you <3

Thank You Cody!
*by the way, those boxtops were mailed to you last week. Hope you get them soon!

[cody82414]

Thank You Cody!
*by the way, those boxtops were mailed to you last week. Hope you get them soon!

Thanks so much!
I can hardly wait to get home to check the mail

[saving-n-va]

Savings:

There aren't 2 seperate emergency funds. DR says to start with 1000 then pay off all your debt (minus the house) then increase that EF to 3-6 months of expenses. And he also says that there are exceptions to the amount of the mini emergency fund if you have an unstable work situation and such.

I'm now working on building up my emergency fund to the 3-6 months of expenses. I also want to save at least part of the amount that I will be paying next school year to have DS2 be in full time kindergarten. I should make about that much more per month by working an extra hour a day next school year but I want to have it in savings just in case.

Good job Jen! Again if we waited until if we had it all paid off then started our emergency fund and our retirement contributions...well, we will BE retirement age. So....we will have to do a modified version to be assured we have enough retirement income in the next (GULP) 10 years. We also have to consider dh's condition w/ the tumor again- another reason to have the emergency fund before everything is paid off. Anyway......I still gotta see exactly where dh is on all this.