November 2012 - Dave Ramsey support and accountability thread - ANYONE is welcome to ask for financi

Discussion in 'Finances' started by cody82414, Oct 27, 2012.

  1. cody82414

    cody82414 The Happy Hoo-ha Hacker<br>Member Of The Month Jan Trader Group

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    We are here to support each other now
    while we live like no one else,
    so that in the future we can live like no one else.

    The Baby Steps:

    Pre-Step 1: Get current on your debts and do a budget
    Before you begin the baby steps, you must be current on your bills and, if you aren't doing one already, begin doing a monthly budget.

    Baby Step 1: Save $1000 cash in the bank
    Start your emergency fund. If your income is less than $20,000, make that $500.

    Baby Step 2: Get out of debt
    With Gazelle intensity and using the debt snowball, pay off all your debts.

    Baby Step 3: Finish the emergency fund
    With the money you were paying towards debt, now with no debts, you can save 3-6 months of expenses into a fully funded emergency fund.

    Baby Step 4: Save for retirement
    Saving 15% of your income didn't seem possible before, But with no payments, you'll be ready for retirement and not have to take a job as a Wal-Mart greeter.

    Baby Step 5: Save for College
    Instead of taking out student loans, your kids will be eternally grateful you thought ahead and had a plan for their higher education.

    Baby Step 6: Pay off the house

    Baby Step 7: Build Wealth and Give It Away

    ---------------------------------------------
    Expanded Baby Steps:
    0.1 Commit to NEVER borrow $$$ EVER for ANYTHING other than possibly a house
    0.2 Talk with spouse and get him/her on the same page as you concerning finances
    0.3 Do a written budget
    0.4 Temporarily stop all retirement contributions
    0.5 Get current on the basics (You MUST have Food, Utilities, Shelter, Basic Transportation)
    0.6 Amputate "toys" (bikes, boats, ATV's etc) if they will keep you from completing the snowball within 12 months
    0.7 Cut lifestyle (Cut CATV, Cellphone, Regular phone "extras", Internet, Eating out, etc) and/or take a second job if $1000 EF will take more than 30-90 days. (depending on income)
    0.8 Get current on ALL bills.
    1.0 Save $1000 in Baby Emergency Fund (EF)
    1.1 Chop up CC's. (You have an EF now, no NEED to keep those CC's!!!)
    1.2 Get Health Insurance NOW (chances of getting sick w/major medical bills are larger than that of death), especially if you have children.
    1.3 Get Life Insurance NOW if you have debt/your family couldn't make it financially if you died. Especially important if you have children! Social Insecurity only provides a small amount of coverage if you have dependents.
    1.4 Amputate cars that you can't pay off within 24 months (you have an EF to fix "bondo buggy" if something should happen)
    1.5 Consider raising insurance deductables to $500 or $1000 and dropping full coverage on paid for "bondo buggy" (you have an EF ya know)
    1.6 Draw up a will.
    1.7 Get Long-Term Disability Insurance.
    2.0 Do debt snowball, paying all your debts from lowest BALANCE to highest.
    2.1 You can take your first vacation since finding Dave if you can pay cash for it. (no using the EF!!!)
    3.0 Save 3-6 months EXPENSES in EF (FFEF)
    3.1 Start replacement car fund.
    3.2 Save up 20% for home purchase OR pay down existing mortgage to the point you can drop PMI.
    3.3 Start furniture or other non-essential stuff replacement fund.
    3.4 Move up in car if you still feel the need to (must pay cash for it!, you can only buy NEW if you have a net worth over a million dollars)
    4.0 Start contributing 15% of your paycheck to retirement.
    5.0 Save for kids college fund.
    6.0 Pay off the house early.
    7.0 Live like no one else since you have lived like no one else! Give, Build Wealth and Have Fun!

    Here's a link to some of Dave's budgeting forms -
    check them out if you need a place to start with creating a written "zero based" budget.
    http://beta.daveramsey.com/tools/budgetForms

    "What can you do when you have no payments?
    Anything you want!" - Dave Ramsey
     
  2. cody82414

    cody82414 The Happy Hoo-ha Hacker<br>Member Of The Month Jan Trader Group

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    Feeling mighty powerful this morning!

    Told DH "if we don't have it, we don't need it"
    We have $2000 in savings that needs to last until the tax return comes in the spring.
    That includes Christmas and everything else.

    The dude lives in the 'counting his chickens before they hatch' world...[​IMG]
    Drives me batty :halloween50:
     
  3. saving-n-va

    saving-n-va Well-Known Member Trader Group

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    Wait, its not November yet!!!

    I'm sure our Nov. will be much like October. Saving money where we can, paying cash for our Christmas.
     
  4. everprincess

    everprincess Energizer Bunny<br>-(\(\ She Keeps<br>( =':') Goin Trader Group

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    I'm really trying to get DH on board with this. We have to get out of debt in order to do some major house projects we are dying to do.
     
  5. jenrose

    jenrose <b>Note to Self:</b> Strangling<br>PĒople is BAD! Trader Group

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    Well I'm feeling a bit 'out of control' of things right now. DH & I are not currently on the same page about some things and it's stressing me a little. But I know we are ok for now. I need to get him into paying off the truck as soon as possible and being debt free except the house again. Especially if he decides to take on this new adventure he's looking at. :hectic:
     
  6. Spanelli8706

    Spanelli8706 New Member Trader Group

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  7. momee2twins+one

    momee2twins+one Member Trader Group

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    You okay Elizabeth?
     
  8. Spanelli8706

    Spanelli8706 New Member Trader Group

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    Yes! I'm good. Was just marking my spot to come back to this thread and that little icon grabbed my attention. We are still here, not really moving one way or the other (going around in circles, lol). Having to spend $$ on DH's new license for a different state. Having to do some $$$ work on the house getting it ready for market. So, no saving progress... but no added debt (yet) either.

    Thanks for asking.:wavehi:
     
  9. KmmCo

    KmmCo Well-Known Member Trader Group

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    :wavehi: See my last Oct post for an update! To sum it up: we now have a car payment, which I haven't had in 25+ years. We really needed the new wheels though. It should save us enough in gas money to actually have some $$ left over after the car payment (& extra insurance) to go toward other things. The interest rate wasn't bad (4.9%) and we did 0 down just so I could use our planned down payment to get my truck fixed this week. It will be nice to have 2 vehicles again, so that I can cut my bus time down by the extra hour and a half it takes me to get home each day. (I will use my OT money from my next paycheck to add to the first payment- to make up for the missing down payment - so I can feel a little less guilty. I also made sure there is no prepayment penalty on the car loan, so I can get it paid off early.)

    I bought my ski pass yesterday with my debit card. It was so worth working all the OT to be able to pay for that immediately. The lady asked if I wanted to attach charge priviledges to the ski pass at the resort and I said "no way". I figure I can buy my lunches or whatever with cash. I usually take up a sack lunches/snacks anyway to leave in the car - I just tell the boys what time to be down to the parking lot to claim their lunch. I tell them that if you aren't there in the time window I give you then you just go hungry - haven't had a boy miss lunch yet ....:hysterical:

    I only have one OT shift on Friday this week - kinda on purpose - but I did 3 days last week that will go on my next check. I am glad to be sitting at home relaxing today anyway. Monday I felt pretty yucky/tired and knew I had to push through to get a lot of errands done after work that day and on Tuesday. I wanted to get my truck into the shop first thing today, in the hope that it will be done by the weekend.
     
  10. KmmCo

    KmmCo Well-Known Member Trader Group

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    Guess it is good that I didn't sign up for OT tomorrow. The mechanic gave me the bad news that the truck will not be done till tomorrow afternoon at the earliest, so I may have to go by after work to pick it up. Total cost $450+, so that wipes out my "extra" money from this last paycheck:sad3:. Now we know why the truck was eating so much gas all at once this last month - the fuel injectors were dumping way too much in once you get above 30 miles per hour - and DH goes to work on the highway all the way. That is why I didn't notice a problem over the summer 'till he started driving it! Anyway, it is a good thing that it will be fixed this week.
     
  11. cody82414

    cody82414 The Happy Hoo-ha Hacker<br>Member Of The Month Jan Trader Group

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    ^
     
  12. Slivnfree

    Slivnfree New Member Trader Group

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    Ah November 3rd! I have finally made it on here to give a update. Really nothing much to report. Our Bills are a little behind because the fishing weather has been slow. Had to use the EF money to stay afloat. Started selling items on Ebay to hopefully make ends meet till the checks start coming in again. On the better side of things it looks like crab season is going to open on time this year. DH and I are on the same page as to what the money is going to go toward once it starts coming in and we aim to have the truck paid for in February. With the truck paid off that will free up about 700.00 a month to go toward debt. One step at a time though, we are just focusing on getting caught up right now. :rolleyes24:
     
  13. saving-n-va

    saving-n-va Well-Known Member Trader Group

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    I totally forgot I had posted on here already...gesh. Well lets see.....November goals.....hmmm. (where is the "thinking" smiley?)

    We got our wood for our wood burning fireplace insert, a whole cord. Plus we have a couple big branches to cut up from the storms.

    Ok so our goals:
    I will continue to work on homemade gifts and find deals at the outlet mall/thrift stores for Christmas. (we cut our budget in 1/2 for this year)
    We will put all our extra $ (what little that may be) toward our flooring bill from last year when we moved into this house.
    We will hopefully bug the V.A. or our representative about getting dh's V.A. claim moving.
    I want to start looking into ways of earning a little extra money working from home.
    Increase my Swagbucks use so I can get more gift cards or paypal.

    Again, little goals, but progress all the same. We thankfully made it through October without a big repair bill of any kind. (that's 2 months in a row).

    Keep on keepin' on ladies.
     
  14. momee2twins+one

    momee2twins+one Member Trader Group

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    Paid off that one cc. Have one left, and the truck. Had a bill come up for termite service that I had forgotten about ($660) that took a bite out of any "extra" this month. But, still paying cash, no new debt. Christmas almost taken care of . Five months to go on paying off last cc and truck. Looking forward to March.
     
  15. KmmCo

    KmmCo Well-Known Member Trader Group

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    :wavehi: Still around - and still messing with the truck - no good on emissions so have to spend more money and possibly apply for an emission wavier. We have till the end of this month to deal with the problem, but with the holidays coming the sooner it is fixed the better.

    Anyway, I have the bills for the first half of month taken care of. Have a little money left that I am reluctant to spend since I don't know what is gonna come up with the truck, etc. The "new" car is working out great though at least.


    I have slacked off on OT a bit the first part of this month because I will be working a ton on Thanksgiving week. I am scheduled 10 hours this week and have holiday pay for veterans day coming soon. No schedule out for next weeks OT yet. The extra hours are really paying off though ...

    I spent a lot of my grocery budget stocking up on canned goods and meat for winter (never know when you might get snowed in for a few days here!) I have everything I need here now to make a lot of great meals. I have also been putting "lunches" in the freezer for taking to work when I am too busy to cook toward the holidays. I have been eating too much junk stuff the last few weeks and need some healthier options other than taco bell and burgers. I also dusted off my crockpot and have used it several times this last couple of weeks.
     
  16. saving-n-va

    saving-n-va Well-Known Member Trader Group

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    If anyone is interested Dave's book TMM is on sale at either LifeWay or Family Christian bookstores. I was in both stores yesterday and can't remember which it was in.

    I picked up several $5 gifts at the stores yesterday (specials the stores were running, these are usually $10 or more each). Of course I gave DH his already. LOL.

    How is everyone doing for November? The holidays are so difficult to stay on budget aren't they? We may have to use some funds to get our son here to live with us. He has been unable to find a fulltime job in the last year+ since he has been out of the military. I won't pull out my soapbox, but boy I could rant about how our veteran's are being treated, even by unemployment agencies and their very own V.A.

    Anywho......just wanted to see how everyone was doing. We are still plugging away. Stay strong everyone, even when all those cute holiday goodies tempt you. :)
     
  17. saving-n-va

    saving-n-va Well-Known Member Trader Group

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    Hubby contacted a different insurance company for our RV, and managed to reduce our RV insurance by $1000 a year! Woohoo!
    A few more dollars each month to put toward other bills.
     
  18. momee2twins+one

    momee2twins+one Member Trader Group

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    Put together the gifts the kids take for exhange at their parties for Christmas. Got some plastic popcorn boxes at dollar tree and put a popcorn, hot cocoa, hershey kisses, and slim jims in them. Wrapped in one of the clear plastic bags I use for homemade bread and tied with ribbon and a gold flower. Spend $1.75 per gift and DH says I could sell them for $5 easy if I wanted, and the kids are nuts about them, so managed to make everyone happy and stay on budget.
     
  19. Spanelli8706

    Spanelli8706 New Member Trader Group

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