Debt Reducers

[alicenwonder99]

Post here if you want to join the debt reducers' bandwagon. Let's encourage each other to stay focused to pay off this EVIL debt.

 

[alicenwonder99]

I'll start:

My first step this week is to call the cc company to see if I can get my interest reduced. If they won't I guess I'll have to start researching to see about balance transfers.

I'm off from work tomorrow, so I'm going to get my coupons in order.

 

[FirstTimertoDiz]

I am so IN! (See my new Ticker in my signature ) That is my first step on my debt snowball- I plan to have my emergency fund, as per Dave Ramsey, funded by the end of April, and then it is time to tackle the first debt- my husbands student loan!

I am expecting there will be setbacks along the way, but that is why I hope we can help each other in this journey. A little motivation, (and a lot of accountability) goes a long way!

To start, this week I called the cable company and cancelled our premium movie channels- that will save us $20 / month. I also currently have Blockbuster on-line, and that will be cancelled February 1st- that's another $20 / month.

The next thing I did was to take a look at our insurance policies for homeowners and cars- we increased our deductibles for our cars, and after looking at homeowners, we realized we were still paying for insurance on a garage that we tore down 2 years ago! We fixed everything we needed to, and our total savings..... $ 200 / year!

I am really trying to stick to our budget- it isn't easy, so I am thankful for this thread- I will be visiting here a lot I think!

Lisa

 

[becca-becca]

I'll join. We will be working on CC debt, student loan and car payments. I am officially starting in February.

 

[lttlmc3]

I'm in too! DH and I have a lot of CC debt. He's about to be leaving for National Guard training for six months, so I hope to reduce a lot of my spending to get those cards paid!

 

[npmommie]

I am in too. I got the dave ramsey book for hubby, but I ended up reading it too, i just paid off one cc.......now onto the next. I am doing the snowball.
and hubby is now obsessed with paying off our mortgage early. it will be hard and he is motivated. more motivated than me, i admit!
i need to look at our deductibles, thats a good idea.
i should also cancel some cable channels, we have all the premium movie channels, and the only one we really watch is hbo........
i should see how much that would save me. the only other place we can cut back is eating out and groceries.
i am working on that, we are not eating out, and i am watching the sale flyers more closely to buy what we use only on sale and stocking up and using coupons, i also shop in bulk at bj's for certain things and that helps. it helps a lot not going in to a grocery store as much too!

 

[crazelion]

I have start to . I pay more than the minimum payment on my credit card each month. You would be amaze how my credit card bill payments is falling.

 

[StephMK]

Count us in! Yesterday, I cancelled our 2nd phone line that I'd originally set up to do an at home calling job but don't work it enough to be worthwhile. I shopped & changed our car insurance - we should save about $480 this yr as long as I can move our home ins to someone cheaper. Otherwise, we'll pay $150 more for that since we won't get the home/car discount. I'm pretty sure I can get it moved for less than we pay now.

This week I will call our phone, Directv & DSL providers to see if they will offer an loyal customer deals because I'm getting offers from competitors.

I've been messing around w/PT jobs but think I'm going to go back FT so we can get ahead of the game. It's been fun to be a SAHM for the most part but ortho for 2, college in 4 yrs for 1 and rising costs makes me want to be really stable financially.

I've got the Dave Ramsey TMM & while we don't follow all his advice (not reducing 401) I do plan to get the snowball rolling.

Does anyone have goals for what they want to accomplish once the debts are gone?

 

[Disneyoverload42]

I'm in although I've been working on this for a few years already (another modified DR planner). There isn't much we can change or cut at this point - just keep plugging away and look for better job opportunities...

Our goals - when we are debt free is to own DVC (may do that one before the mortgage is done as a reward for having killed the rest), have retirement & college for 4 kids paid for and (my big one) have cars with less than 100k miles on them

 

[FirstTimertoDiz]

Does anyone have goals for what they want to accomplish once the debts are gone?

That is a good question- first, I would like to pad my savings account a little bit more than what it is now. Then onto "fun" things- I guess first and foremost, I would love to pay cash for a Disney trip for my family. I feel like if we can successfully get through the next 4 years without too much backsliding, then we deserve to celebrate a little.

The next thing I would save for is a downpayment on a new home. We have a real fixer-upper old house now (over a 100 years old,) and between the constant remodeling projects and trying to make the house more energy efficient, I sometimes feel like we are in a sinking ship.

Soon after a downpayment, I want to really crack down on college/retirement savings.

I like all the good tips so far here -keep 'em coming!
Lisa

 

[Tinker'n'Fun]

Count me in. DH just got a job after 2 years. I am disabled and receive SSDI. We have one daughter in Catholic HS, one son in MS.

I contacted one of my credit card companies a few weeks ago and they consolidated most of my debt and offered me 0% forever because I was able to prove I was totally disabled. I am going to pay off and cut up the very small cards that wouldn't transfer first. The little ones total about $750.00 but since we don't have a large income this will take a while.

We do NOT eat out anymore. DD and DS get treated once in a while for good grades etc. DH and I have "inhouse" dates and the kids are on notice for any new purchases. In fact I feel that they have too much and suggested DD should sell some of her excess clothes for her to have some money.

We lost food stamps and health insurance when DH started work (not complaining as I was greatful for them when we needed it) but I will need to rebudget for those two payments next month. I am very worried about health insurance.

We have the lowest package on the Satellite Dish, cable is too expensive in our area.

Cell phones have been reduced to emergency use only. (This includes having to stay after school etc.)

We have one bill to pay by the end of February. I know this is bad but DD is dancing down Mainstreet at Disney in April. We all want to be there. I did not redo our budget yet because I am taking DH paychecks til its paid in full (mid February). I know that I should pay the bills but I am using the logic that it will reduce my stress watching her

So I am onboard but I am trailing just a bit behind. Hope to catch up soon.

By the way I am Diane.

 

[happygirl]

count me in, I really want to build a savings account,

 

[NikiM20]

Im in, I started this year reducing my debt. I have already managed to eliminate 2 small cc's .After we reach our goal (no cc or car debt) we are buying DVC!!

 

[reginaastralis]

I am in! My 08 goals are to reduce my debt by at least $10,000. After this, it will leave me with a personal loan from my parents, and my student loans. I'd like to tackle those this year, but ... I'm working on the $10k first.

I'm going to start my EF for $1000 .... and if I am able to tackle the 10k, I will start to build that up more.

My goal for next year is the last 10k, and then starting a down payment for our first house!

 

[minnie1928]

We'll be increasing our debt this year since my DH received a promotion and we must relocate to an area of the country with much higher property values. So right now I've put my snowball on hold and I'm hoarding cash until we sell this house, buy a new house and move. Once we get past the move and I have more defined payment amounts, then I'll get back on track to pay down our debts. Prior to finding out about DHs promotion we paid of one of our two DVC contracts, so I'm really eager to pay the other one off. After that it's nothing but house debt and re-building our savings (fully funded emergency fund, car fund, etc.).

 

[34Angels]

Count me in! My b/f and I have a plan to have 2 loans and a good portion of our single cc down by Oct (and still save up to pay cash for my birthday Disney trip in Oct!). Once we get those two loans paid off, my car will be tackled next, by that time we'll owe less than 10k on it. Oh, and we're also adding to our savings acct as well!

 

[PaulaSue]

I'm in! The last few months have been rougher than planned and I want to kick the debt before it kicks us ito a bigger hole. I am still getting my paperwork in order to figure our a budget but the no-buy threads have been so helpful and I know this one will too.

 

[FirstTimertoDiz]

Just wanted to say hello to everyone, and give us a friendly bump in the process- thanks to the op for starting this thread- I will need this thread as I work my way to financial freedom!

becca-becca: are you excited for february so you can get started? I know once I decided to get started, I wanted everything done TODAY, lol. I have to keep reminding myself that it will take time.

lttlmc3: good for you on getting that cc down before hubby leaves for training- it sounds like you have a good plan! I am sure it won't be easy when DH leaves for training, so having some peace of mind on your finances will hopefully go a long way in reducing some of the stress for you!

npmommie: haha, Dave Ramsey is a good motivator, isn't he? I must say that the roles in my house are sort of reversed- I am more motivated in this process than dh at the moment, but I think once things get rolling, the excitement will catch on. Good reminders about using coupons- something I always seem to forget for some reason!

crazelion: Isn't it great when those minimum payments start dropping? You can see the progress- that is awesome that you are paying extra each month- it takes a lot of discipline!

StephMK: Wow, sounds like you have a great start! You have a goal, and you have plans on how to get there- I think that is half the battle right there! I have also been trying to decide if I should return FT to work (currently PT), but with my son still in daycare/preschool, the costs for child care would offset my extra income, so I may have to get more creative.

Disneyoverload42: A couple years in already! AWESOME for you! Has it been hard to keep your motivation this long? I am sure it is a great feeling to look back at where you were and see how far you've come.....and you will have that DVC in no time!

Tinker'n'Fun: another person who is already taking steps in the right direction- good for you! It sounds like you have cut where you are able, and that is not always easy to do. As far as your possible trip, it is a tough decision, I am sure. Maybe talk it over with your family and take a vote? I know we are trying to get out of debt, but seeing your daughter dance at Disney is priceless!

happygirl: Welcome! Can't wait to hear updates on how that savings account is coming along!

NikiM20- eliminating 2 cc's already! You are well on your way- and just think of that DVC reward you can get at the end of your journey!

reginaastralis- I love your goals! You have a set dollar amount to achieve, and as long as you keep those goals in mind, I think you will do really well! We are also working on that emergency fund, and our goals are similar to yours- we can keep each other going this year! Good luck!

minnie1928: I think it is great that you are thinking ahead with all of the changes that are coming up for your family. I am sure you will have enough stress to deal with during relocating, so having some money in the bank beforehand to cover those "unexpecteds" will hopefully help alleviate some of that for you. Btw, I grew up in York, PA!! I graduated from Central York, and most of my family is still there. Where are you moving to?

34Angels- wow, how good will it feel to have all of that paid off by October??? You are going to have a great time in Disney knowing that you don't have that debt hanging over you!


Ok, I hope I got everyone.....I had a tough day today, looking at all the sales circulars. It has been so cold here lately that I keep feeling like I just want to go to the mall and go shopping just to get out of the house. Instead, I have been working on little projects around the house to keep my pennies in the bank, lol. I opened up a savings account for my son over the weekend, and so we have been talking about the importance of saving money (he is 4.) I feel kind of hypocritical telling him advice, because I am not doing too well in this department myself, but I am hoping to keep him from making the same money-management mistakes I have made.

Today, I set up a spreadsheet of all my payments for the next 4 years to show all my debt snowball, and how it will decrease my payments. I thought if I have something I can look at all the time, it will help keep me on track!

 

[rmjkharrisfam]

I'm in for this one. We are also working on paying off debt this year. Both DH and I have read Dave's book and, like some of you, decided on a modified plan. We "offically" started in Jan and this month paid off DH's student loan. Now it's on to his car and then our snowball will be rolling

I did a spreadsheet to with all of our payments to see how long it will take to pay off....I like updating it every month to see how fast things can drop. LOTS of sacrifice now but we also want to be DVC members when we're done. AND we want to pay for it in CASH!!!!!! That's a ways off but it's good to have a goal!

 

[caa1277]

I thought I would just drop in and provide some positive encouragement!!

DW and I are debt free except for our house!!!

It is possible to do people!!! Just stay focused and positive.

We payed off both cars back in September when we sold our house. We have 1 credit card (Disney Visa) and charge stuff to that and turn right around after a couple of days and pay it off. We do this just so we can earn the disney reward dollars!

And if you have kids, you HAVE to learn the word NO!!

Good luck everyone with your endevours and I know that all of you will eventually be debt free!!