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Thread: Completely Lost

  1. 06-02-2010, 12:04 PM #1
    HuntingWife
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    Default Completely Lost

    I joined this website yesterday after several days of viewing and enjoying what I was finding. I have heard of Dave Ramsey; however, I don't know anything more than what I have read on here. I have a spreadsheet of my expenses; however, I want to do more. I'd like to incorporate my husband on a budget plan....he makes more than I do and seems to spend more on "fun" items. I want to get out debt down and be able to see it going down. What are my first steps? Do I just look at interest on credit cards and start with the highest? I'm not familiar with all the terminology of Dave's plan so I need an elementary lesson here, please!
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  2. 06-02-2010, 12:18 PM #2
    Russ
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    Quote Originally Posted by HuntingWife View Post
    I joined this website yesterday after several days of viewing and enjoying what I was finding. I have heard of Dave Ramsey; however, I don't know anything more than what I have read on here. I have a spreadsheet of my expenses; however, I want to do more. I'd like to incorporate my husband on a budget plan....he makes more than I do and seems to spend more on "fun" items. I want to get out debt down and be able to see it going down. What are my first steps? Do I just look at interest on credit cards and start with the highest? I'm not familiar with all the terminology of Dave's plan so I need an elementary lesson here, please!
    Welcome to Frugal Village!

    You have taken the first step by asking for help in getting rid of the debt.

    Writing down your expenses is a good start, but in my opinion you need to write down every penny that is spent. That's when you realize the amount of money going out and suddenly you realize how much money is blown.

    You said; "incorporate your husband." If he is not on board you'll be fighting a headwind IMO.

    more to follow from a lot of other helpful folks.
    Russ

    Truck payments: 10 9 8 7 6 5 4 3 2 1 WAHOO!
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  3. 06-02-2010, 12:19 PM #3
    Russ
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    This thread is an excellent start > Expanded Baby Steps - Stolen from MYTMMO.com
    Russ

    Truck payments: 10 9 8 7 6 5 4 3 2 1 WAHOO!
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  4. 06-02-2010, 12:21 PM #4
    HuntingWife
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    Hubby isn't opposed, I've just never taken the time to create an actual budget for him. He is definitely on board for lowering our debt!
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  5. 06-02-2010, 12:22 PM #5
    Greebo
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    For the basic breakdown, read "The Total Money Makeover" by Dave Ramsey. Available at your local public library (often with a huge wait) or you can order it from the Frugal Village Amazon Bookstore:
    Frugal Village Bookstore - The Total Money Makeover: A Proven Plan for Financial Fitness

    In a nutshell, the Dave Ramsey plan involves 7 basic Baby Steps - assuming your current on everything at present:
    1) Save $1000 as a baby emergency fund
    2) Eliminate all your debts as fast as you can, from smallest to largest
    3) Save 3-6 months of expenses as a fully funded emergency fund
    4) Put 15% of your gross income towards retirement
    5) Prepare for your kids college expenses
    6) Pay off your house
    7) Build wealth and give

    If you look in this sub-forum, there is a sticky thread there called "Expanded Baby Steps" - that elaborates more.
    If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.

    Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"

    Greebo    (Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
     WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!

    Three     Two mortgages, two one no car loans, one no credit cards, and a partridge in pear tree!
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  6. 06-02-2010, 12:22 PM #6
    Greebo
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    Quote Originally Posted by HuntingWife View Post
    Hubby isn't opposed, I've just never taken the time to create an actual budget for him. He is definitely on board for lowering our debt!
    Do not "create a budget for him".

    Sit down together as a couple and create a budget together. You both get a vote and a veto - no one person gets to decide it all.
    If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.

    Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"

    Greebo    (Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
     WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!

    Three     Two mortgages, two one no car loans, one no credit cards, and a partridge in pear tree!
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  7. 06-02-2010, 01:58 PM #7
    mauimagic
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    There is the plan in a nutshell - now we'll be looking forward to see how you are doing. Staying close in touch here at FV always helps me with any and all goals that I am working on!!
    Travel light. The baggage of the past can only hold you back.




    “Decluttering isn't just simplifying your life. It's having a vision, setting new priorities and using those notions to get rid of obstacles.”
    — Peter Walsh
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  8. 06-02-2010, 04:25 PM #8
    StanleyJohnson
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    Once you start paying down your debt, you may want to post it in the money challenges forum. It would be the "debt reduction" challenge. We are collectively trying to pay down $500,000 for the year.
    We're a little behind and could use your help.
    *** 2012 Goals***

    Pay off........

    1) Car Loan $5,700--500 left @ 3.25%

    2) Treadmill Pd in Full

    3) Rental refurb- $7,075
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  9. 06-03-2010, 04:05 PM #9
    Moonblossom
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    I agree with Greebo it should be done together never him and me, DR says when you say I do it includes joining your finances. Read The Total Money Makeover and do the baby steps as he describes them, Also do check out the expanded Baby steps..
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  10. 06-03-2010, 06:18 PM #10
    krbshappy71
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    If you are comfortable doing so, after you and hubby come up with a budget you can post it here and others can chime in on ways you could possibly save even more. For privacy you can leave off names of actual banks/credit cards and just list "ccard 1, mortgage," etc.

    It really helped me to have others on this forum look at my plan, my income, and point out things I needed to change to reach my goals.
    LDR , 2 DD (one left the nest, one rarely home) More pets than money. More love than sense.

    "If you can't see the light at the end of the tunnel, march down there and light it yourself."

    Full-time job
    Car loan and personal loan
    Challenges for 2012:
    2012 Grocery Budget Reduction Challenge- $100 a month. (down from $150) Hm, might be too low.
    Electric Usage Challenge (doing well, under $70 most months)
    Yah, I suck at this money stuff, I know. That's why I'm here.
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  11. 06-03-2010, 07:10 PM #11
    Libby
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    I totally agree with tracking your spending to see where your 'leaks' are and then work together on solutions on how to stop them...the key is to do this together.

    Welcome to the village
    2012: The Year Of The Purge!

    UPDATED: MAY 15/12

    2012 FLING - 673/2012 | COUPON SAVINGS $178.93

    EMERGENCY FUND #2 - $510.78 | VACATION FUND - $513.58 | CHANGE JAR $222.51
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