JillKHOST

No More Debt!

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This forum is to talk about removing all debt from your life and being a wise consumer. Its basis is from Dave Ramsey and his book Total Money Makeover.

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Wet Towel   General Conversation

Started 8/16/07 by yelruh; 2963 views.
yelruh

From: yelruh

8/16/07

I've noticed several posts lately about people buying things or signing up for things that aren't needs. This is absolutely not to vent or slam those people. We've all done things we "want" in this journey.

I also very much "get" that if you've been doing this for years, and years, than it is nice to add a few luxuries back in so that you can continue in your NMD trek. I know that the original posts said that, but later posts didn't, they just said nice things about the choice.

What I would suggest, is that when you post something like this, please list what you've paid off, and how much you've lowered your monthly expenses so that the "newbies" don't think they can have it all. So more of a "after working my tail off for 2 years and paying off $$$$, we are finally able to add back our back yard dog cleaner upper... I got so tired of the kids fighting about whoose turn it was."

Also what is a need for me is a want for someone else, what is a luxury for me, is a everyday necessity for another. All of us are coming from different places. I may scrimp on my car, so I have a nice bike. You may have what I think of as a show off, gas guzzler, but you need it for your work, and nothing less will stand up to what you need to do.

In reply toRe: msg 1
foreverfrugal (EVERFRUGAL)
Staff

Good idea.

We have no debt so cash rules around our house.

We have been debt free for several years now and live on about 50% of our income. 

No house payment, no credit card bills, just the usual monthly stuff, like insurance, utilities, etc.

We are fully funded for emergencies, retirement and after enduring a huge medical bill found we can make it on a lot less than we thought.

It hasn't been easy rebuilding after losing our savings but we are back and enjoying the benefits of being debt free!!

Take care,

Sue

In reply toRe: msg 1
1glitzy2

From: 1glitzy2

8/16/07


Thank you for the reminder. In my house some of the luxuries are because it is the only way to keep dh on board for an extended period(more than 6 weeks). So unlike the usual 2 year plan we are on the 5 year plan. For one thing even with the increase in grocery prices we will not be raising the grocery budget. When he saw the numbers that we were already spending on groceries and I made him take a trip to the grocer's with me he is completely ok with that. He likes to eat out but agreed that it has gotten too expensive to do once a week and will agree to once a month. We had shifted to once every 2 weeks a couple monthes ago w/o him realizing what I had done. This will mean that I buy steaks (when I find them on sale) so that we can have a steak dinner on a regular basis, I will keep my eyes open for other treats. I will also probably go back to baking bread once a week as he really enjoys homemade bread and rolls.

Barb

In reply toRe: msg 1
GettaClue (BETH169)

From: GettaClue (BETH169)

8/16/07

I find it awkward to repeatedly specify that I'm not paying on debt, that we've paid off the mortgage, etc. etc.  It just feels kind of braggy and redundant to me.  As a compromise though, when I mention a "spend" here, I do try hard to point out when it has come from a sinking fund, and/or how we shopped extensively, worked hard to seek out great discounts, etc., in hopes that these aspects will perhaps inspire someone else.




Become the change you want to see in the world.
~ Mahatma Ghandi



"Just because the world is the way it is,
does not mean that is the way it has to be."

~ A.C. Bechtel





yelruh

From: yelruh

8/16/07

I know what you mean, but to me I don't see it as bragging especially here! Thing is no one I know doesn't use Credit Cards, they would think we are strange. Actually they already think we are strange.

I look up to you and the others who are in that position, I'd like to get there some day! To do that I need to do what you did in the early days, buckle down and not spend money.

In reply toRe: msg 1
JillKHOST
Host

From: JillKHOST

8/16/07

That is a good idea.  When we were paying off debt, we reduced our regular monthly bills until our extras were $11 basic cable and $15 video rental club.  We discovered that if necessary, we could actually pay our living expenses on a part time income if Mark lost his regular job!

Now that we are debt free, we got all wild and traded the local video rental for Nextflix, which costs about a dollar more.  lol  We like the local rental, but Netflix has a wider selection.

We talked about getting a bigger cable package, but we decided it was too much money to pay for the few more channels we will watch out of the package of 100 or whatnot.  Plus, we don't really want the kids watching more tv.  Right now they get PBS and Saturday morning toons.

We are also shopping for deals on parts to upgrade our computers, something we've been putting off nearly this whole time.

As for Big Money spending, I'm going on a 3 day/2 night stay at a resort hotel for my birthday in October.  I'm taking my sister and my friend.  And I'm paying for everything for all three of us.  With real money.  We are leaving our cumulative 7 children behind with the men.  :-D

Last fall, I was seriously discouraged because I wanted to be debt free by my birthday, but we couldn't.  My sister wasn't feeling well, she was physically weak and heartsick.   My friend, also an October birthday, was basically homeless, they lived with her mom for awhile after an illegal eviction.  Her kids were living with friends so they could attend school on time.

This will be a great celebration of conquering the past year.

For the newbie readers, I'll invoke the newly minted "Yelruh Rule" - I can do this because we paid of over $36k in the past 31 months and are now debt free.  I get own my money now, instead of making payments to banks.

I could skip it and put that money in my big EF.....but no.    ;-)
  • Edited 8/17/2007 9:39 am by JillKHOST
In reply toRe: msg 6
JillKHOST
Host

From: JillKHOST

8/16/07

Instead of typing out why you 'get' to have/do fun stuff, Firefox users can save and insert sigs, so they could store a Baby Step sig, with a button linked to our start page which explains the steps, then use it whenever.

Codes to use:























In reply toRe: msg 5
GettaClue (BETH169)

From: GettaClue (BETH169)

8/16/07

...I'd like to get there some day! To do that I need to do what you did in the early days, buckle down and not spend money.


In truth, we did much the same things then as we do now.  We cut out as many non-necessities as possible.  I hunted deals ruthlessly for the things we needed.  I tried with all my might to save for the things we needed in advance so we didn't add to our debt load. 

Honestly, the only major difference is that now we have some peace of mind!  The money we make by and large now goes to make up for what we drained from retirement and other savings during our financial nightmare.  It will take years to get all caught up on that, if we're lucky.  And we do allow ourselves the occasional splurge, like the infamous Father's Day pictures, and the upgraded front entry door.  But in general, not much has really changed for us.  Scrounging and saving has become a (mostly) comfortable habit for us.


Become the change you want to see in the world.
~ Mahatma Ghandi



"Just because the world is the way it is,
does not mean that is the way it has to be."

~ A.C. Bechtel





In reply toRe: msg 1
FrancesM55

From: FrancesM55

8/16/07

That is a good idea. I could see how it would get discouraging.

I am not sure if any of my posts were included, so I will say that we have been debt free for just over a year and a half, we have a fully funded emergency fund, are contributing toward retirement and we have a down payment for a house saved separate and apart from that and we are shopping and adding to it while we are waiting to buy (patience, patience, waiting for the right deal). We do without a LOT, but allow ourselves some indulgences. Recently I have a new project to buy new sheets for all the beds replacing our see-through thin and old scratchy sheets.

We did replace our sedan which was totaled with an suv over a year ago and that was a hard choice - it felt so frivolous, but I have not regretted the decision. It is great in snow and our kids are not smushed up and bickering about who is touching whom. Plus now we can carry friends. We just took my teenagers best friend on vacation with us.

We bought a newer SUV last month (or this month?) to replace dh's constantly breaking down 12 year old Jeep. He needs an SUV to haul his work stuff.

maer (MARYSEWS1)

From: maer (MARYSEWS1)

8/16/07

Oh, like this?  Is there a logical somewhere you could store these so I can find the next one when I get to it?

  • Edited 8/16/2007 10:08 pm ET by maer (MARYSEWS1)
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