Debt Dumpers - 2014

[Deffenm]

I am so excited we finally have a small emergency fund established. It is only $1,000 but something is better then nothing.

 

[pryncess527]

I am so excited we finally have a small emergency fund established. It is only $1,000 but something is better then nothing.

That's great! $1000 can cover quite a few emergencies! Congrats on your progress

 

[PrincessKymm]

I am so excited we finally have a small emergency fund established. It is only $1,000 but something is better then nothing.

Congrats!!!! That's awesome!!!

 

[jenny105]

I am so excited we finally have a small emergency fund established. It is only $1,000 but something is better then nothing.

Congrats! I'm working toward the $1K emergency fund now. Up to $650 so far...

 

[AirGoofy]

I am so excited we finally have a small emergency fund established. It is only $1,000 but something is better then nothing.

Congratulations.

Has any one on here done/doing the envelope system?

We've tried in the past and did ok with it, not great. We're really trying to get stuff paid off and our two biggest problems are eating out and little debit card purchases.

We started meal planning again in February and did a lot better on the eating out bit, but now to combat the debit card. I think the next step is doing the envelope system. We haven't carried a credit card in our wallets in over 4 years, i don't know why I'm so scared to stop carrying my debit card. Anyone have any tips for getting started?

I don't know if I would stop carrying the debit card. I made a "cash rule" for restaurants. So, whenever I review the checking account ledger at the end of the month, there could be no restaurant debits. I had a few setbacks, but after a few months, no debit charges. So, when I didn't have cash, then I didn't go. Then, I kept adding those cash only rules. It's a set habit now.

 

[gracie1]

I am so excited we finally have a small emergency fund established. It is only $1,000 but something is better then nothing.

Congrats! It's a great feeling to finally see an emergency fund!!

 

[gracie1]

Everyone is doing a fantastic job!! Everyone should be proud of all your accomplishments - whether it's building the emergency fund, paying off cards or simply just cutting back in areas like eating out! Way to go everyone!!!

 

[zy144622]

Congrats! I'm working toward the $1K emergency fund now. Up to $650 so far...

Woot woot! Your more than halfway there!!!

 

[bubba]

Congratulations.



I don't know if I would stop carrying the debit card. I made a "cash rule" for restaurants. So, whenever I review the checking account ledger at the end of the month, there could be no restaurant debits. I had a few setbacks, but after a few months, no debit charges. So, when I didn't have cash, then I didn't go. Then, I kept adding those cash only rules. It's a set habit now.

What a great idea! I think I'll borrow the 'cash rule'. I couldn't stop carrying the debit card, though. I'm a worrier and I would worry about needing it and not having it!

 

[mousehockey37]

Congratulations.



I don't know if I would stop carrying the debit card. I made a "cash rule" for restaurants. So, whenever I review the checking account ledger at the end of the month, there could be no restaurant debits. I had a few setbacks, but after a few months, no debit charges. So, when I didn't have cash, then I didn't go. Then, I kept adding those cash only rules. It's a set habit now.

I'd keep the debit card in the wallet, but using cash for things is a great idea. If you don't physically have enough green, then let it be.

Also, all the change can be routed into their own "jars" and that in and of itself can wind up being some help for future vacations or whatnot.

 

[dayvewc]

Just me, I'm horrible at impulse control. If I carry cash, it's gone. With my debit card, I at least think a little bit about it before I buy. Mostly because of the hassle. lol. I won't buy anything unless my checkbook is balanced out, and I don't leave the register until I've entered the sale and re-balanced the account. Since I hate to hold people up, it keeps me out of the line, which keeps me from buying. It may only work for me, but it works for me.

 

[gracie1]

Just me, I'm horrible at impulse control. If I carry cash, it's gone. With my debit card, I at least think a little bit about it before I buy. Mostly because of the hassle. lol. I won't buy anything unless my checkbook is balanced out, and I don't leave the register until I've entered the sale and re-balanced the account. Since I hate to hold people up, it keeps me out of the line, which keeps me from buying. It may only work for me, but it works for me.

Are you still going to Disney this month?

 

[dayvewc]

Are you still going to Disney this month?

Yep. Leave next Friday. I'm excited. I have almost everything prepaid. Got the memory maker, $400 in Disney gift cards (for meals & souvenirs), Wal-Mart gift card for gas ($100 of the $300) and groceries ($75). Just have to get my $200 for my ECV from the bank. Resort is prepaid, got my annual pass and magic band from last fall, and I'm driving straight through with a friend, who owes me $325 for his share of gas, resort fee, and food. (Which will pay the rest of the gas and put some in my savings.)

All I really have left is to pack. :-D

 

[pryncess527]

Federal Tax Refund was deposited today

We normally try to estimate our taxes so that we don't get much of a refund, but between my H's unemployment for several months and some investments, we didn't estimate very well, so got back more than usual! No complaints here I'm trying to decide what % to put towards our HELOC vs what should go in savings categories in our budget. I'd like to take every penny of it and pay for the Animal Kingdom Lodge hotel that it is sitting in my shopping cart at waltdisneyworld.com, but my resolve is strong, we aren't there yet.

It's easy to have that resolve because Dh's work contract ends this month, so he'll get a paycheck on March 26th, but then I'm not sure where his next paycheck will come from . . . he's got quite a few strong job prospects so I'm much more comfortable than I was this time last year when he was job hunting, but the unknown still has me pinching extra pennies. Depending on how his job search comes out, maybe I'll be able to hit that check out button on wdw.com after all.

 

[PrincessKymm]

I know everyone budgets differently and I'm trying to find a way that works because what I'm doing isn't working.

I like YNAB but it's just not for me, something just doesn't click in my mind and I always have issues trying to watch their how to videos.

I'm thinking about living off a set amount each week and then whatever is left over goes into a separate envelope for whatever I need it for. Does anyone else do this? Does it work? I'll mostly use cash but I'll keep my debit card on me for the gas pump and only the gas pump.

Everything else will be budgeted and separated into 2 accounts. My everyday checking "bills" account and then my capital one 360 account "savings" which can then be broken down by category, like Christmas, EF, vacation, Etc.

Any advice? Thoughts? Thanks!

 

[pryncess527]

I know everyone budgets differently and I'm trying to find a way that works because what I'm doing isn't working.

I like YNAB but it's just not for me, something just doesn't click in my mind and I always have issues trying to watch their how to videos.

I'm thinking about living off a set amount each week and then whatever is left over goes into a separate envelope for whatever I need it for. Does anyone else do this? Does it work? I'll mostly use cash but I'll keep my debit card on me for the gas pump and only the gas pump.

Everything else will be budgeted and separated into 2 accounts. My everyday checking "bills" account and then my capital one 360 account "savings" which can then be broken down by category, like Christmas, EF, vacation, Etc.

Any advice? Thoughts? Thanks!

My only advice is to check out the forums and see if asking a few questions helps things click. It took me awhile too, and I wanted to quit, but DH really pushed us to keep going one more month. I'm so glad I did, that extra month and spending a lot of time on the forums helped things click and now I'm addicted. http://forum.youneedabudget.com/categories

if not, check out this thread -- http://www.disboards.com/showthread.php?t=3247612 -- several people explain their envelope budgeting system and you may find one of their methods more logical for your situation.

 

[Eureka]

Just me, I'm horrible at impulse control. If I carry cash, it's gone. With my debit card, I at least think a little bit about it before I buy. Mostly because of the hassle. lol. I won't buy anything unless my checkbook is balanced out, and I don't leave the register until I've entered the sale and re-balanced the account. Since I hate to hold people up, it keeps me out of the line, which keeps me from buying. It may only work for me, but it works for me.

Exactly. If I have cash, the next thing I know it's gone. Sometimes on things we need but then other times, it's like "oh look, I have some cash to spend!"

 

[zurgswife]

I've more closely been tracking our budget for the past few months. I decided to join this thread on really helping to dump debit.

The debit we have is a very very high amount of Student loans. Both hubby and I returned to school within the past 5 yrs to change careers. At the time we not only got loans for classes but also living expenses for a family of 5 because my DH had lost his job for the second time in 8 years. Which is why he returned to school to go another direction.

We are trying to get a handle on our lives. I have a FT job making an OK salary and my DH has got a consulting gig making fair money. Yet, all the student loans are coming due and OMG it's going to hit hard even though I've started planning.

So, What I have done is made up a spread sheet for my loans to trying to pay them off over the next 4 yrs. So, my goal of 2014 is to try to stick to my budget amounts for monthly expenses and then attempt to hit the pay down amounts of my loans. Fingers crossed it will work. If we can get from under these loans life will be much much easier to handle. Also, if I can pay off early the amount of interested I will safe is huge.

 

[dayvewc]

I know everyone budgets differently and I'm trying to find a way that works because what I'm doing isn't working.

I like YNAB but it's just not for me, something just doesn't click in my mind and I always have issues trying to watch their how to videos.

I'm thinking about living off a set amount each week and then whatever is left over goes into a separate envelope for whatever I need it for. Does anyone else do this? Does it work? I'll mostly use cash but I'll keep my debit card on me for the gas pump and only the gas pump.

Everything else will be budgeted and separated into 2 accounts. My everyday checking "bills" account and then my capital one 360 account "savings" which can then be broken down by category, like Christmas, EF, vacation, Etc.

Any advice? Thoughts? Thanks!

I can say that what has worked well(ish) for me has been gift-cards. lol.

My primary job, I only get paid once a month, so on the first weekend after payday, I go to Wal-Mart or Sam's club and get (refill) my gift-cards for the month. I have 1 for gas, 1 for food, and 1 for household. Each one has a set amount budgeted to it, based on my past expenses and the number of weekends until payday again. (Because of where I live and work, I only do my shopping on weekends when I'm at my other other job). Then, I go shopping. If I run out of money on a specific g/c, then I can't get anything else in that category for the month, AND I make myself put something back so it has a positive balance, even if it is just $0.05.

I learned that doing this means I have to sit down usually a couple of days before payday and figure out exactly what I HAVE to buy this month. It also means that I buy a lot of bulk items, and I love my gasbuddy app. When I'm driving to my other other job, I pass 8-10 different Murphy's Gas stations as well as 3 different Sam's clubs, and the gas can have as much as a $0.35 difference per gallon.

It may not work well for anyone else, but it works for me. I'm probably not making as much headway as an "official" program would, but I'm definitely not losing ground anymore. (Now, if I could just get S/O more involved ...)

 

[Silvana]

I agree. My hubby and I compliment each other. I'm the planner and worrier while he is more the impulsive and free spirit. Most times this makes for a great partnership, he helps make sure I don't get bogged down in worry and I make sure that we can take the trips we want and stuff like that.

He pays his half of bills, whatever the minimum due is and then is (to my way of thinking) very free with the rest. I look at his income/bills and see where I would/could be making more payments. It's the biggest reason why we don't have a joint account, we just see that part differently. We don't want to fight and so this way works.

Show your S/O what you are saving by doing things like that and give them some things (that they like) that they money could go toward. Maybe they will jump onboard or they might be like my hubby. If so split it up, do what you do and try not to worry. For us planners that last part is the hardest.