Debt Reducers

[Aisling]

Start an emergency fund that way you wont need to tap any credit lines if unexpected expenses pop up.

I agree! I followed Dave Ramsey and am now debt-free except for mortgage. The first thing I did was get that $1000 emergency fund put away, and a couple of weeks before I paid off my last credit card, I needed a $400 brake job for my car. Without that emergency fund, it would have gone on the credit card and would have been very discouraging. But I was able to pay the mechanic in cash. It felt so good. I immediately rebuilt my emergency fund, and am able to put everything extra into savings.

It'll take time, but you can do it, and the feeling of freedom is wonderful.

 

[Luvdancink]

I'm in. First step this year is figuring out exactly how much debt I'm in. I was starting to have some credit card issues, but they skyrocketed when my rates all went up to 29%! So here we go!

 

[Ratpack]

I'm in! We are at a stage of not seeing eye to eye on our debt. Our lack of communication over time has now reached a all time high for BIG Debt!
I want to see these numbers decrease each month and will do whatever I can to bring it down- without losing my house.

Say a prayer for us guys...I am certain that this will be a BUMPY ride for us and a true test of our marriage and faith.

 

[minnie1928]

I'm in! We are at a stage of not seeing eye to eye on our debt. Our lack of communication over time has now reached a all time high for BIG Debt!
I want to see these numbers decrease each month and will do whatever I can to bring it down- without losing my house.

Say a prayer for us guys...I am certain that this will be a BUMPY ride for us and a true test of our marriage and faith.

You should look into Dave Ramsey. I read his Financial Peace/Total Money Makeover materials and then I gave my DH a set of the Financial Peace University CDs to listen to in the car while driving to/from work. Shock of all shocks, he actually listened to the CDs and has been completely on board ever since (5 years this month)! We don't fight about money...we discuss our goals and how we are going to meet them. While I do all the bill paying (I'm an accountant, so I actually like it) he is completely in the loop with where we are financially.

 

[PaulaSue]

Jumping in

I got the book and have the first 1000 covered (only monthy CC debt for disney $s ) but want to take care of the minivan debt and build up our savings before our Disney trip next year. (Plus we have a few little trips planned but rethinking them/lenght in favor of a fatter savings.)

 

[T. Lynn]

I have my emergency fund and now saving up to pay off my car loan (it's the only debt I have left). If all goes well, I should have enough by year's end instead of the 4 years remaining on it.

 

[mster425]

my car was paid off yesterday!!

I am now the proud owner of a ...kind of junky....5 year old.... Civic

60 month payment was such a bad idea, I will never do that again!!

Trying to stay motivated and not buy a new (used) car or upgrade my Disney package to celebrate. . .

 

[NeverlandClub23]

my car was paid off yesterday!!

I am now the proud owner of a ...kind of junky....5 year old.... Civic

60 month payment was such a bad idea, I will never do that again!!

Trying to stay motivated and not buy a new (used) car or upgrade my Disney package to celebrate. . .

Congratulations!!! I originally had a 5 year loan for my car and then I refinanced into ANOTHER 5 year loan 2 years ago (lower interest rate and payment though). Ugh, I plan on keeping the car until it dies I just hope I pay it off before anything major starts going wrong with it (although I do have my emergency fund in case it does).

I'm with you! I'll never do any car loan longer than 2-3 years with a down payment (hopefully, I can pay cash for my next one! )

Civics are great cars! You'll regret it after the new(or new to you) car feel/smell wear off and your back to making payments. Hang in there and maybe buy an extra treat at WDW or some other kind of splurge like a Segway tour or something like that!

 

[DCLbrideSept2009]

I am so in!!!!!!! I have a question on where 2 start. Do I start to pay off debt or start an EF?? I'm not sure how 2 start this but I want 2 get it done. It will feel so good to be debt free!!

According to Dave Ramsey, you get $1000 in a "baby emergency fund" first and then proceed to work like mad to get debt paid off. THEN finish funding your emergency fund. (We just started DR this month!)

 

[DCLbrideSept2009]

You should look into Dave Ramsey. I read his Financial Peace/Total Money Makeover materials and then I gave my DH a set of the Financial Peace University CDs to listen to in the car while driving to/from work. Shock of all shocks, he actually listened to the CDs and has been completely on board ever since (5 years this month)! We don't fight about money...we discuss our goals and how we are going to meet them. While I do all the bill paying (I'm an accountant, so I actually like it) he is completely in the loop with where we are financially.

I second that! We just started FPU at our church a few weeks ago. Instead of just doing the little "homework" we were supposed to do the first week, I went full force into it, set up a monthly budget, started a debt snowball plan and started the envelope system. Then when we got our tax refund, we funded our BEF and now we'll be working on the debt snowball. I figure things can always be tweaked but it was SO NICE to have our tax refund all "budgeted" out so we didn't go crazy with spending! and we're doing really well sticking to the monthly budget so far!

 

[summersalt]

Hey Guys, We just started DR this month. We have our 1,000 emergency fund and we've paid an extra $500 toward Best Buy. I just got the nerve to cut up my credit cards this morning. I can't believe I let myself get sucked into so much debt. I guess it could be worse. We have been saving in 401K for the last 20 years and only have 4 years left on our mortgage.