Dh's Budget- what do U think

[buckler]

The best buy will be paid off in time. We've done the 0% for x amount of months several times when we first got our house.

dh will payoff lowes and khols and with taxes we will pay off BofA. Dh said his % just shot up. I've been warning him since i read it on this board.

If you are getting a large tax refund this year, take a look at your withholdings for 2010. Ideally, you don't want to get a refund because it is an interest free loan to the government. If you reduce the amount taken out in taxes from your paychecks in 2010 to avoid getting a refund, you can put that money towards paying off the credit cards faster. If you change your withholdings, double check the new numbers to be sure enough tax is still being taken out.

 

[Ka' eo]

dreaming-disney, you have been very patient with those few folks who feel the need to attack you. We were relying on credit cards when our kids were young and I was not working. I should have tightened more, but I wanted to take the kids to Disney when they were young, have their nice clothes, etc. I was not as responsible as my poor dh. And I know it caused him stress.

I have been back at work for 4 years and we are now in really fantastic financial shape. We worked at our debt by paying the highest loans off first. We used the 0% or 1.9% balance transfers and this saved us a ton of interest and allowed us to actually pay all the loans down.

I never want to be in debt again. We now only have a mortgage for our home and vacation home. No other debt. Our goals are to pay our home off in the next 4 years. Then we'll plug away at our vacation home. We also hope to pay cash for the next car we need. We've got 3 kids that will be in college (hopefully) starting in 8 years, so we are also working at saving for that.

You are right to get this issue addressed and hopefully your dh will share your financial goals and vision.

Best of luck.

 

[gracie1]

Hello. Dh and I have seprate accts. I know disaster. We've been together for 12 years but only married 1 year. He makesway more than I do. I use to pay for food, utilities, dd neccesities, my gas for work and household items, shampoo, soap etc. Dh paid the mortgage $1550.00, his gas, both our car insur, entertainment and his creditcards. He makes 3 times more than i do. His debt was increasing and nothing was getting paid so i decided to give him the utilites so i knew where his money was going and i focused on my creditcards. I have 3-4 cards left and will be done my april oe May. Since the change dh has done a bit better but not good enough in my opinion. We have seprate checking accts(automatically have payroll deposited) so I have no control of his money or bills.

Well I finally told him to give me his bills so i can see what is going on. I'm ready to get rid of debt and it needs to be a joint process.

Here's his debit. How can i motivate him. Is it better to pay off by snowball(i do this) or % ?
Bill------------ % --------Finance---------- Monthly----------- Total Debt Due
Kohl's---------21.90-------$18.18----------$29.00 ----------- $931.91
Lowe's--------22.99-------$7.21 -----------$15.00------------$321.55
Chase--------18.24--------$37.02----------$63.00------------$2,534.28
BofA-----------9.90------ -$36.64----------$78.00 -----------$4,141.77
BofA----------27.98--------$33.84----------$48.00 -----------$1,512.27
Best Buy 7/01/10-----------$0 ------------- $8.00-------------$1,069.78
Best Buy 10/08/10--------- $0-------------- $8.00------------ $505.69
Home Depot --15.99 -------$49.20 --------- $89.00 -----------$3,958.36
Tota Due ----------------- $182.09--------- $338.00----------$14,975.61

Best Buy is 0% until the dates posted next to it. I'm just so amazed at how much money dh is wasting on Finance charges

Any help or tip would be appreaciated

Each person has their own way of paying things down. Some prefer to start with the higher interest cc. Personally, I prefer to start with the lowest balance card. Once I see one paid off it makes me much happier and I feel like I am getting somewhere!! If it were me, I would start with Lowes and get that one paid off first. With your best buy, do they accumulate the interest and if its not paid off by the expiration then you have to pay all accumulated interest? If so, I would pay both best buys off first then!! Then just work the way up the list!

 

[gracie1]

Also, you show the monthly, is he only paying that amount each month on that card? Or is that the required minimum balance?

 

[dreamin_disney]

dreaming-disney, you have been very patient with those few folks who feel the need to attack you. We were relying on credit cards when our kids were young and I was not working. I should have tightened more, but I wanted to take the kids to Disney when they were young, have their nice clothes, etc. I was not as responsible as my poor dh. And I know it caused him stress.

I have been back at work for 4 years and we are now in really fantastic financial shape. We worked at our debt by paying the highest loans off first. We used the 0% or 1.9% balance transfers and this saved us a ton of interest and allowed us to actually pay all the loans down.

I never want to be in debt again. We now only have a mortgage for our home and vacation home. No other debt. Our goals are to pay our home off in the next 4 years. Then we'll plug away at our vacation home. We also hope to pay cash for the next car we need. We've got 3 kids that will be in college (hopefully) starting in 8 years, so we are also working at saving for that.

You are right to get this issue addressed and hopefully your dh will share your financial goals and vision.

Best of luck.

Thank you for sharing your story of sucess. It really motivates me to do better...there is hope at the end if we stick to it, you just proved that

 

[dreamin_disney]

Also, you show the monthly, is he only paying that amount each month on that card? Or is that the required minimum balance?

those are the monthly min. On some cards he pays $100 toward the debt each month. I know BoFa was one he paid $100 towards and there were two others

 

[goofytinkerbell]

1

 

[Princess April]

, wow, she just asked for a little friendly helpful advise. I'm surprised no one has bashed her for her trip tickers yet... or better yet looked up some past post and held that against her.
OP, I think you have already accomplished the hardest step and that was getting everything into perspective with your DH and making a plan. I know you will be successful if you really try at it. Some posters on here have given some really great advise..... Good Luck!!!!

 

[cats mom]

I remember reading an article on a poll that found credit card debt topped a list of subjects people find most difficult to talk about openly. It ranked higher than religious views, politics, age, weight, health problems, etc. Every professional they quoted said that attitude can be extremely problematic and unhealthy.

Sheesh, folks who call the Dave Ramsey show give their names, send pictures, etc. and he expects them to share all kinds of financial details.

When folks are dealing with debt their natural inclination is to be secretive; but they really need to be open and honest, and they need to reach out for help. Of course it's best to reach out to those who will be supportive.

I think many posters on this thread have been supportive and some very good suggestions have been offered. I also think the OP has been more than gracious in responding to some of the less than helpful responses.

Just my opinion... but maybe some of the folks who have been most critical of the OP are the ones with the most unhealthy money views.

Good Luck OP, it sounds like you're well on your way to a better financial future.

 

[wdwfan16]

Now that you updated the dates to:

Best Buy 7/01/10-----------$0 ------------- $8.00-------------$1,069.78
Best Buy 10/08/10--------- $0-------------- $8.00------------ $505.69

Are they ones that were X months same as cash but have been accruing interest? If they are then pay the 7/1/10 one first and then the other.

 

[Good Morning Dewdrop]

I haven't had a chance to read the whole thread but here are my thoughts.

I would do Lowe's first then the 2 Best Buy cards then Kohls. Snowballing as someone previously explained.

I do like the idea for you two of a joint household account that you both contribute to. IMO you should both put as much in there as possible each month in order to get the debt paid off as quickly as possible. It doesn't mean merge all of your money - each of you can keep "x" amount back for personal spending (that amount to be decided either by the pair of you or individually).

Good luck - I really think you did the right thing by posting here and getting opinions. Folks here just rock they really know their stuff.

When I married dh he had some cc debt (around $3,000) we paid it off and haven't looked back. We're debt free except for the house and it's a really good feeling.

 

[NikiM20]

OP I would look at your local credit unions. DH and I have a cc with 6.9% for life. If you could get a lower rate and transfer balances, it could help you pay them off faster

 

[dreamin_disney]

, wow, she just asked for a little friendly helpful advise. I'm surprised no one has bashed her for her trip tickers yet... or better yet looked up some past post and held that against her.
OP, I think you have already accomplished the hardest step and that was getting everything into perspective with your DH and making a plan. I know you will be successful if you really try at it. Some posters on here have given some really great advise..... Good Luck!!!!

lol! Disney trip was in 2008 and cruise was last year under $500 for the 3 of us. I was hoping on saving for another cruise but after looking at dh debt noway will we be going anywhere this year. I guess i better go change my tickers

 

[diznee25]

OP,

DH and I are too paying off credit card debt, starting with the card that has the highest APR. Then I'll take that money and go to the next card with the next highest APR, and so on.

I noticed you had two cards at 0% from Best Buy. If it were me, I wouldn't touch those just yet. They aren't producing finance charges at the moment, so I would tackle the other cards first.

Good luck to you!

diznee25

 

[sl_underwood]

I remember reading an article on a poll that found credit card debt topped a list of subjects people find most difficult to talk about openly. It ranked higher than religious views, politics, age, weight, health problems, etc. Every professional they quoted said that attitude can be extremely problematic and unhealthy.

Sheesh, folks who call the Dave Ramsey show give their names, send pictures, etc. and he expects them to share all kinds of financial details.

When folks are dealing with debt their natural inclination is to be secretive; but they really need to be open and honest, and they need to reach out for help. Of course it's best to reach out to those who will be supportive.

I think many posters on this thread have been supportive and some very good suggestions have been offered. I also think the OP has been more than gracious in responding to some of the less than helpful responses.

Just my opinion... but maybe some of the folks who have been most critical of the OP are the ones with the most unhealthy money views.

Good Luck OP, it sounds like you're well on your way to a better financial future.

ITA.. You have had several people offer you great advice. I think being open and honest about your debt is important. Asking people who have been there and made it through can offer a perspective that is extremely helpful. I agree with those who suggested Dave Ramsey. Though I dont agree with all of his teachings, he has a plan that works. I also think communication is extremely important in any relationship and that includes communicating about your finances, your goals, and your expectations. Sit down with your husband, talk about what is important to both of you. Even if you choose to keep separate accounts, make a budget together and plan for your future together.

 

[jodifla]

I'm just at another point in my life and with this budget crisis going on, and cc co raising rates its different now so now it needs to be fixed. I dont think he's a dolt -Gees -lol! Hope you have a great day

You know, this makes total sense. Sorry about my comment, which was actually more about posts I've read in the past (I took control -- I give my DH an allowance, and if he doesn't like it, tough!)



I do think that your note is a reminder that couples need to talk about finances before they get married (so everybody knows what they are getting into, and can have a plan).


Credit rules certainly our changing, so it's good to know where the family stands.

 

[LovableGluttons]

Hello. Dh and I have seprate accts. I know disaster. We've been together for 12 years but only married 1 year. He makesway more than I do. I use to pay for food, utilities, dd neccesities, my gas for work and household items, shampoo, soap etc. Dh paid the mortgage $1550.00, his gas, both our car insur, entertainment and his creditcards. He makes 3 times more than i do. His debt was increasing and nothing was getting paid so i decided to give him the utilites so i knew where his money was going and i focused on my creditcards. I have 3-4 cards left and will be done my april oe May. Since the change dh has done a bit better but not good enough in my opinion. We have seprate checking accts(automatically have payroll deposited) so I have no control of his money or bills.

Well I finally told him to give me his bills so i can see what is going on. I'm ready to get rid of debt and it needs to be a joint process.

Here's his debit. How can i motivate him. Is it better to pay off by snowball(i do this) or % ?
Bill------------ % --------Finance---------- Monthly----------- Total Debt Due
Kohl's---------21.90-------$18.18----------$29.00 ----------- $931.91
Lowe's--------22.99-------$7.21 -----------$15.00------------$321.55
Chase--------18.24--------$37.02----------$63.00------------$2,534.28
BofA-----------9.90------ -$36.64----------$78.00 -----------$4,141.77
BofA----------27.98--------$33.84----------$48.00 -----------$1,512.27
Best Buy 7/01/10-----------$0 ------------- $8.00-------------$1,069.78
Best Buy 10/08/10--------- $0-------------- $8.00------------ $505.69
Home Depot --15.99 -------$49.20 --------- $89.00 -----------$3,958.36
Tota Due ----------------- $182.09--------- $338.00----------$14,975.61

Best Buy is 0% until the dates posted next to it. I'm just so amazed at how much money dh is wasting on Finance charges

Any help or tip would be appreaciated

Please take a moment to figure out a quick budget, listing money coming in each month and expenses. Make sure you include some spending money for both of you so it doesn't feel too miserable. If youy go too lean, it makes it more difficult to keep at this.

Then look at how much leftover you have. Get rid of all the small debts. Unloading those makes it much easier to focus on the remaining debts.

The 0% promo card needs to go as well, you could have some financial crisis between now and the time the promo ends that could cost you big bucks un accumulated interest charges.

Then pay the minimums on all the remaining debts. Use whatever leftover funds you have on those with the lowest balances.

Knocking them out will feel so good and so freeing, taking on additional debt in the future will feel terrible. When all those credit card debts are gone, take all that money you've been spending on payments (and interest!) and throw it at car loans, student loans, the mortgage, anbd build a huge savings account that includes money for future expenses like vehicles, orthodontics, and such.

I don't remember being offered a class on personal finance in high school or college.

DH and I have so far been fortunate enough to earn enough in income to spare us from a lot of financial problems. The recent economic instability has definitely made the two of us talk more about money than we ever have.

I read most of the other posts. Personally, I think money talk being made taboo causes much more harm than it should. It's baggage.

I admire you for throwing this out there. I think your willingness to do so shows you and your DH are ready not to have stress from finances in your family and are willing to do a little bit of work to reconcile this.

You can do it! Once those annoying little debts are gone, you are going to feel so good!