Debt Reducers

[blessedmommyX4]

We are also reducing our debt!! Outside of student loans, we do not have that much- maybe $3,000. We have no car payments.

My biggest problem is this...we have a TON of student loan debt $50,000 between the two of us. Yes, you read that right. How on earth can I get it all paid off faster? Two of the loans are smaller @ $6K each. the next smaller one is $18K though.

We REALLY want to buy a home soon. We are trying to rebuild our credit and save for a down-payment.

My husband works full time and I currently work full time. However, my husband has told me to quit my job. We homeschool our kids and it is very hard to homeschool and work. The kids come first.

any ideas on ways to reduce st loans faster? I am not seeing the light at the end of that tunnel... and I need to!

I wanted to add that of the $3,000 other debt, about $300 of that is from credit cards. All of the rest of that is medical bills from last year (2 surgeries and a hospitalization for my 4yo.

 

[blessedmommyX4]

We had tax problems and medical bills last year that totally depleted our EF. I have been working on saving that and also paying off a credit card bill. I get it down to less then $1000 and then DH charges something on it. My car needs some work - speedometer does not work & sometimes the a/c & heat goes out. We had a bad hail storm which damaged our roof, broke 3 out of 4 double pane windows, and also did over $3500 damage to DH's truck (not including needing a new hood from the hail). With a $1500 house deductable and $500 truck deductable lets just say that we did not have that much money in EF. I can't help but fill like we are running in quicksand since no matter what I do we are behind the 8 ball.

We have been eating out of the freezer and pantry; take my lunch to work; saving change;and other money saving tips. Does anyone else get frustrated or disappointed?

Don't give up!!! Satan sets out to kill, steal, and destroy anything that comes in his way. Your financial freedom WILL be under attack because money alone causes problems for most people. Keep at it...you are doing GOOD!!!!!!!!!!

 

[Aisling]

I can't help but fill like we are running in quicksand since no matter what I do we are behind the 8 ball.

We have been eating out of the freezer and pantry; take my lunch to work; saving change;and other money saving tips. Does anyone else get frustrated or disappointed?

I get frustrated just like you. Sometimes I feel like the debt is never going to be gone, as something always comes up to take its place. Well, not always, but whe it does, its discouraging. Just keep doing what you're doing, paying it down. But try not to be too obsessive over money saving tips. It sounds like you're doing all the right things, but make it your lifestyle, not your life. It may not feel like it sometimes, but you're on the RIGHT TRACK. I wish I knew what more to say to you, other than I totally feel your frustration and disappointment.

 

[Disneyoverload42]

We just paid off another loan!!! The one that has been hounding us for a couple of years at 33% interest (yes you read that right!)

We are down to Student Loans 102,000
mortgage 122,000
and our final little line of credit (unsecured) of 14,000

And it's bonus month!!!

 

[TarzansKat]

After a long time lurking, I bit the bullet and joined on up! Just wanted to say thanks to all you debt reducers for helping to keep me on the right track. Thanks to this thread, and the Budget Boards, I've been paying off debt like crazy and am even more budget-minded. Last year we paid over $6000 in student loans (which are our only debt, but a very big one). Reading these boards has helped keep me going, even when I feel like there's no end in sight! So a big thank you, and looking forward to actively participating.

 

[smiller]

I paid another $6 on my smallest card this morning - and then I added up all the columns in my debt spreadsheet - it is depressing! At least it's nice to see how it's gone DOWN over the past three months (well, it's been going down for several months, I just don't have them on the spreadsheet ).

I just keep plugging away!

 

[yupikgal]

I've read all of the posts on this thread...sadly, I found this website to begin with back in 2003 when I was planning our last (hopefully not last!) trip to WDW...we live in Alaska, so it's hard for us to plan anything outside the state, since we would have to pay for 4 airfares, which isn't cheap!!

Anyway, we moved to where we live now in 2004, and due to a lot of upheavel in our lives, the move, new schools, new jobs, changing jobs, me not working full time consistently, deaths in family, we racked up some BIG bills..I am tired of being in debt, and as I type right now it's 4am so obviously it's bothering me enough to write this. I need encouragement and support, and I figured if I joined a group like this it would help. My husband doesn't have anything to do with making sure the bills get paid other than donating his entire paycheck (which is a biggie) but I am always stressed trying to rob Peter to pay Paul.

We have a massive amount of cc debt, way more than any of the posters have mentioned here, more in the $45k range...not to mention two car loans + 4 wheeler loan. Also a small JCPenney bill for about $400. The one car loan is less than $3300, so that's good (at this point that sounds low to me) and our truck loan we owe $7600 on (it started out being about $22k so this is good) I just feel like there is no hope at this point, but I'm trying to be positive.

I went from a 64/hr month job (I job shared) to a full time job, so that helps a lot. I'm getting paid on Friday, this will be my 2nd paycheck! I'm very grateful to have gotten the job that I have, my pay isn't high, but I have great benefits, including free tuition (which will come in handy in a couple of years our daughter graduates from hs) and retirement, leave, medical, etc.

I've already cut out two gym memberships, downgraded cable, and cut off other monthly expenses, but I know that I can do more. I've cut out eating out, although we just attended a wedding this past weekend and we stayed at a hotel for a night and ate out a couple of times. I have a lot of inventory from former direct sales businesses that I used to do, so I have been posting on Craigslist, although I haven't done Ebay, just not sure what to do there.

I would love a nice, simple easy spreadsheet that can show progress as we tackle the insurmountable debt that we have to face. If any of you want to personally email me with any tips, hints, advice, etc. please feel free!! tkpowell@mtaonline.net
I'm also on Yahoo Messenger as: spicyinalaska or akcardsender

Thanks so much, and hope to hear from some of you soon!!
Kelly ; ))

 

[tmarquez]

Just finished paying off my car. Now I have an extra $300 per month to put towards credit cards.

I'm really excited because in addition to the $300, in May we will have an additional $200 per month due to child support for my step son ending, although he's coming here to go to college so we won't be saving the full amount, but we're proud of him (first in his family to go to college)! Then in July my DD will be leaving private preschool and entering public kindergarten so that's another $400 per month in our pockets.

I don't have a spreadsheet...but would like one...does anyone have any reccomendations?

 

[MyGoofy26]

For those of you looking for spreadsheets, there's one over on Creditboards that's pretty good. It's for credit cards but you should be able to put your other debts in there as well, haven't tried it.

http://creditboards.com/forums/index.php?showtopic=237067

I think you have to be logged in to download it though, so you may have to register if you're not registered over there already.

 

[Laxmom]

Welcome, Kelly! Do you feel better after venting? I know I did. It felt like a huge weight lifted off my shoulders just to admit our debt. You are determined to do something about it and that is awesome! Keep your chin up and realize, like I did, that I didn't get in this position overnight so it will take more than overnight to get out! I haven't even figured how long it will be until we are debt free. I would rather celebrate the small victories of saving and paying things down. Your aren't alone.

 

[tinaninea]

Okay, I'm so in! DH and I have about $42,000 total debt. This includes 2 CCs with less than $1000 total, About $19000 in student loans between the 2 of us, $16000 on DHs truck, and a personal loan from a distant relative that I wish I had never gotten for $6200.
I also have a lease on my car w/2 years left on it. Not sure what I'm going to do with that yet. I have a few options.

So, I've started with the CCs!

 

[jhnsnfamily]

Hey! This family is IN! I read Dave Ramsey's Financial Peace book about 7 ? years ago and we have been doing the envelope system and have lived off a very strict budget since then. From 1999 to 2003, I was a SAHM and DH was laid off. He was able to obtain a contract job at the base near where we used to live, but NO INSURANCE AND NO BENEFITS. If he called in sick -- no $$$ that day. Plus, we had two little ones (the baby had RSV and was on breathing treatments every 4 hours) so we had to buy health insurance...the bare bones plan (for major medical only) was $500 a month! Our house payment was $858 a month and our van payment was $350 a month -- not much was left after that on only $37,000 a year. Let's just say we only paid the minimum due on the CCs and A LOT of stuff went on CCs, even though we were very frugal -- our "entertainment" budget was only $50 a month, which was basically one meal out. People would ask us to go to dinner with them (esp. family), but we'd decline and invite them over for dessert and I'd throw some brownies or a pie in the oven. It was VERY HARD and VERY STRESSFUL. I was the coupon queen, and I never missed double or triple coupon days! (The most I ever saved was over $120!)

Okay, so that's what we were doing wrong (not that I'd give up my five years with my boys, but it really affected our financial future and was very stressful on our marriage). Thankfully, we are in a much better financial place and since DH has become a FF/Paramedic and I've been employed full-time since June 2003, we are now making over $100,000 a year (together). SO, we are paying over $1,000 a month toward credit card debt! WOOHOO! Two years to go and we'll be debt free (except our house, which we just refinanced and are saving $200 a month with no CC debt rolled in!). Oh yeah, all CCs are fixed for life 1 @ 1.99, 1 @ 2.99, and 1 @ 3.99%. Paying off 3.99 first, then 2.99, etc.

All the while we are investing for our retirement via our Deferred Comp plans at work (we both work for a municipality so we'll have retirement PLUS deferred comp payouts) and saving $250 to $500 a month--trying to save that three-month emergency fund that Dave Ramsey talks about. We are almost there.

We continue to live with the envelope system and a very strict budget, but it's so habitual now that we don't even think about. Check the envelope .. no money = no spendy! I've had to modify the budget along the way to include school clothes and supplies for the kids and all of their endless sports and activities (which REALLY adds up ... to over $1200 a year! I couldn't believe it when I started keeping track last year! Another envelope was added with $100 going in each month!)

Sorry so long ... I'm almost done! DH also is a drummer in a RNR band and when he plays out, he gets about $100 a show. He also works PT for our community EMS station ($5500 last year), and we use that money strictly for vacations, camping, and "unbudgeted" items (like $50 pool toys for the boys and winter tubing trips... ahem ...) ... that's how we're going to DISNEY! (He thinks he's buying a 4-wheeler next year ... ).

Anyway, thanks for listening, and thanks for letting me join! I love the SNOWBALL plan (I'm just sick of SNOW!). Bring on spring!

 

[jhnsnfamily]

Well, DH and I were married in 1995 and EVERYTHING IN OUR HOME (except for our mattress set and the boys' bedroom furniture) was purchased then or are hand-me-downs from family members. Our "new to us" house needs new carpet, the boys' bedroom furniture needs to be replaced (cheap plywood crap from Value City and Odd Lots), the LR and FR furniture needs to be replaced, and I painted the kitchen/DR/LR last summer, but I'd really love to replace the counter tops, sink, faucets, etc. That's what I'd love to do when we are debt free ... and save for two college educations!

No seriously ... anybody know a good investment advisor?

 

[roselark]

Woohoo! Yearly bonuses came in and I was able to pay down another big chunk on one of the cards. With this payment, our overall CC debt is down to under $20K. I am soooo happy about that, since we started the year at over $27K.

$8K of that is actually my mom's that will be paid back when my grandmother's house sells and is all on a 0% card...we are including it in our pay down plan though just in case...

I never would have thought that we could pay off all our cards in a year, but it looks like we just might be able to! Both DH and I make pretty good salaries and have no kids, but allowed our CC spending to get out of hand over the last 2 years. I have always been able to afford more than the minimum payment and just never really realized how much we had until I totaled it all up.

 

[brockscandy]

Hi Kelly!

I just wanted to give you some warm thoughts this morning. I coordinate a Finanicial Peace class at our church. This semester's class is really a class that "needs" this information. However, we had a couple report last week that they have paid off over $6,000 since trying this approach since October and all they will be debt free except for the house by next summer. That will be almost $75,000 in debt paid off - but it will take them almost 2 years. They finally saw the big picture and they are excited!!! You can do it, it will just take baby steps. Warm wishes and good luck! We are cheering you on, girl

Kandee

 

[yupikgal]

Kandee, thanks soo much for your warm welcome. I would like to keep in touch with you, I saw your email but I have very little time at lunch, I'm off on Friday, if you are on Yahoo IM please IM me or I'll just reply back to your email later this evening from home...I would love to know more about your financial peace class!!

Hugs, Kelly

 

[yupikgal]

*bumpp*

 

[Grumpy's Gal]

I also took time to go through my bathroom closets to clean and organize them. I was amazed how many travel soaps and shampoos I found as well as some extra toothpaste, etc. I felt like these were all little bonuses as I won't have to purchase these items for at least a month. I am motivated now to go through my pantry and some junk drawers to find useful stuff that I'd forgotten about!

I was just reading this thread -- and I wanted to offer a suggestion. I know this won't help anyone pay off their bills, but it might help a little here and there.

Visit http://walmart.triaddigital.com/Free-Samples.aspx. You can sign up for 5-6 free samples of everything like shamppoo and laundry soap to lotion and hair care products. Even food sometimes. I check this site every few weeks and I have free samples arriving ALL THE TIME. I especially sign up for the laundry soap and dryer sheet samples. Every little bit helps!

 

[yupikgal]

hi Grumpys, and thank you for the ideas! I do like samples, whenever my husband travels for work he brings those back, or I get them from people that send me samples from their direct sales businesses, and I actually have some from mine (Watkins) so it helps!

Thanks for the encouragement and ideas...

Appreciate it!

Happy Thursday! I get a day off tomorrow for Spring Break since I work for the University of Alaska, and I plan on doing a lot of spring cleaning and organizing and getting things done.

Cheers, Kelly

 

[carwesty]

I don't know if this has been posted or not but I love this spreadsheet. You just plug all the information in and see how long it will take and tweak it to fit your needs.

http://www.whatsthecost.com/snowball.aspx?country=us