Debt paydown strategy?

[ForTheLoveofDisney]

Here's a great article about a single mom with 3 kids, making $31K a year and getting out of debt. It was on MSN.com this morning. There are also links to other money saving ideas and such. Thought you all might be interested.

 

[got2lovedisney]

Great article...thanks for sharing!

 

[chrismiss56]

Hi

I have been lurking on this thread from the beginning and want to say thanks for all the information!!

I too wanted to get rid of the debt we have (car loan, mortgage and credit card ). DH can retire in about 8 years and want to head into retirement in better shape than what we are in now!!

I have started reading Financial Peace and am excited about using some of his methods!! Is this book different from his Total Money Makeover?

We are leaving for Spain in about a week (visiting DD who is studying there for the summer) then a quick trip to WDW (spur of the moment - couldn't resist $93 airfare) BUT then we WILL buckle down and get rid of this debt.

Keep the information coming.

Have a Magical Disney Day!!

 

[chrismiss56]

Morning All

Just read DR's Financial Peace and have started reading Total Money Makeover. Have to say that I like TMM much better. Easy reading and HIGHLY motivating.

TMM really makes me sit upon and pay attention to what we are doing with our money.

I have to ask has anyone taken the drastic measures he suggests - such as selling cars and homes? Don't know that I will go that far but like the rest of it.

What do you think?

Have a Magical Disney Day!!

 

[dadtoagirl]

Being a tight wad at heart we are already debt free except for one car and the house. I'm paying off our equity line next month so I can start paying extra on the car and hopefully pay it off in 3 years vs 5. I bought it used but was still pretty high dollar. My car is old but reliable and paid for so I'll drive it until the wheels fall off. I never thought I could do it with my DW as a SAHM, but I've found small side jobs and she started a creative memories business that she could do when I got home we have been able to put away a good next egg (Six months of take home pay). Had to stop eating out all the time, packing my lunch. Sold alot of the junk I don't need on ebay and had some major yard sales. It's hard but will be worth it in the long run. Hope to be debt free with the exception of the house in 3 years.

 

[mrsbornkuntry]

Morning All

Just read DR's Financial Peace and have started reading Total Money Makeover. Have to say that I like TMM much better. Easy reading and HIGHLY motivating.

TMM really makes me sit upon and pay attention to what we are doing with our money.

I have to ask has anyone taken the drastic measures he suggests - such as selling cars and homes? Don't know that I will go that far but like the rest of it.

What do you think?

Have a Magical Disney Day!!

We are trying to sell our second car right now. We own it outright and have a van that we're paying on, but we have 5 kids so we HAVE to keep the van. The second car was DH's work car, worth around $3000 and it looks like he's going to be leaving for Iraq or Afghanistan in Dec. 2006 so we won't need to worry about a second car for awhile and we can just share the van until then.

 

[peacefulgirl]

Just started TMM and I love it !!! I am so pumped and so is DH !!!! I am so excited, the pain actually feels good !! Reading about what we thinks as normal in finances and learning there is a better way is enlightening. I take the challenge!! Oh ya !!!!!!

 

[luvthatdisney]

I just finished Baby Step #1 -

Did it in 3 weeks - never thought I could save 1K in so short amount of time - but I guess when I stop spending the money - it actually stays with me - weird concept!

Our trip to WDW is next week - so I will start the snowball when we return - I hope I can bring back alot of our spending money - to start it with!!!

Dave's teachings have given me more than I could ever imagine! Knowing I have 1K in the bank for emergencies gives me a sense of freedom that I never thought I could have - just that small amount really does make a difference!! THANKS DAVE!!!

 

[etwinchester]

I'm working on Baby Step #2 and it's working great.

However, I've decided to pay off some of my higher % cards first. My lowest balance card wouldn't hardly save me any money by paying it off first. I can get the other card paid off in the same amount of time and save more money... I've used Quicken to run through all the possibilities.

I'm so pumped and exited. I'm a woman on a mission !!!

 

[peacefulgirl]

yay for you guys too !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[pjshaff]

Heading out to the library today to find TMM, thanks guys!!!

 

[peacefulgirl]

I am on TMM, on BS2 bill #2 in just 4 weeks!

 

[peacefulgirl]

Heading out to the library today to find TMM, thanks guys!!!

RUN !!! like a madwomen !!

 

[Chicago526]

I am on TMM, on BS2 bill #2 in just 4 weeks!

Congrats, that's great!

DFi and I won't really start the plan until after we are married in Oct. I can't wait to get started!

I do hope to have one or two of my department cards paid off by then, though, so I've started a little bit. The Disney Direct pin sale is doing me in, but at least I'm paying cash!

 

[DisneyMommyMichelle]

Well i just started this thread today and read it all the way through. we are trying to save for a house and will have to do it under DH name and income. I am a SAHM, with no credit at all, no credit score, no debt NOTHING, which i have been hearing is next to impossible for me to get ANYTHING! haha i don't even know how to build credit...it's crazy...So thanks for the advice and i love reading about the success stories, hopefully we can be one soon. we too are in a bit of debt and own a new car 2005....both of our used and OWNED cars died within a month of eachother, so he we are sharing one car. it's okay though i don't need to go anywhere during the day. dd and i walk a lot...

 

[hentob]

I see folks paid off 27,000 in two years and 35,000 in 3 years. Is this really true? You don't know how badly I need to hear it is. Life is just throwing us one thing after another and I feel like I am completely drowning. We have never had much debt before and now we are drowning. How much monthly was going towards your debt to pay off that much in such a short time? Thanks for the life line!

You CAN do it! You will NOT drown!

 

[minnie1928]

You CAN do it! You will NOT drown!

Every little bit helps, so maybe it's only $5 here or $10 there....they do add up!

 

[peacefulgirl]

Every little bit helps, so maybe it's only $5 here or $10 there....they do add up!

yes, just make sure you put the 5 and 10 to the same bill! lol