Taking a step in the right direction...

**PrairieGirl** · 08-12-2009, 01:37 AM

I haven't been on here in what seems like forever and I've missed FV!! Quick update: had a baby girl

and I've told DH about my

shitty LOC (Greebo will be happy

)

After watching TV one day, I saw a commercial for Manulife One. Its an account that consolidates all your debts (mortgage, cars, LOC, CC) and combines it with your savings/chequing accounts to lower your monthly payments and lower your over all interest.

I did their calculator and found that we'll save over $60,000 in interest and will be fully debt free in less than 6 years if we dig our heels in and stay on the frugal wagon. So, I told DH about it, came clean about my LOC (and yes, he was uber mad

) and we included it on the ML One account.

Needless to say, it looks like we're on our way to being debt free...and we're doing it together

I'm really excited to get going with this (we're just waiting for all the paper work to go through) and seeing that one giant number go down and down and down and down...and well, you get the idea!

Now I just need to get our grocery bill figured out (aiming for under $225 per month) and tighten up my use of water/electricity during the day with the LO (little one).

here's to truly getting on the frugal wagon!

**frugalfranny** · 08-12-2009, 03:24 AM

Stay with it and you will do it.

Congrats on the baby.

**Greebo** · 08-12-2009, 06:33 AM

I am very happy that you and your husband are now on the same page about your (plural) finances. I think you will find that, no matter WHAT method you use, being on the same page financially will mean a tremendous improvement in your overall marriage, because when you have ONE budget, you *have* to talk about what you do with it, and that leads to having a much more shared life.

Good luck, and welcome back! Anything we can do to help, you know where we are.

**Monner 1** · 08-12-2009, 07:47 AM

I am happy that things are turning around for you. Good luck and keep up the good work in the end you will get your reward of no debt.

Monner

**Ceashels** · 08-12-2009, 08:36 AM

Congratulations on the baby girl. Getting on the same page is sometimes the most difficult thing to do, but when you're there you have a greater chance of success.

kudos.

**SixxOfDiamonds** · 08-12-2009, 08:51 AM

Congratulations on the new little one and a HUGE congratulations to being on one page with the Mr.!

**strezzed** · 08-12-2009, 09:28 AM

It sounds like you've taken the bull by the horns. Congratulations on both that and your little girl!
Manulife One is not a bad product, but if you can get the equity in your home high enough, a HELOC would have less fees involved. You basically use it like you do your Manulife One account. Just a thought from friends who've used that account.
Regardless, you're working together and that's the best part!

**belle_figlie** · 08-12-2009, 10:32 AM

Congrats on the little girl!
DH and I went over our finances not too long ago too, it was a "Phew!" moment and an "Oh" moment for him! But at least you're working on it, good for you and lots of luck!

**Greebo** · 08-12-2009, 10:46 AM

NOW for the harder to hear stuff...

Originally Posted by PrairieGirl

After watching TV one day, I saw a commercial for Manulife One. Its an account that consolidates all your debts (mortgage, cars, LOC, CC) and combines it with your savings/chequing accounts to lower your monthly payments and lower your over all interest.

Ok - I checked them out BRIEFLY. Off hand, I don't think they offer anything that you can't do all on your own. Some impartial opinion here: http://www.milliondollarjourney.com/...age-review.htm

I do however think its far more important that you and your hubby are on the same page and being FULLY HONEST with each other. This Manulife thing may be a mistake, but at least it's one you're making together.

Needless to say, it looks like we're on our way to being debt free...and we're doing it together

I'm really excited to get going with this (we're just waiting for all the paper work to go through) and seeing that one giant number go down and down and down and down...and well, you get the idea!

Do not fall into the trap of thinking that this will make you debt free. Debt "CON"solidation doesn't work unless you already have made the commitment NEVER to use debt again. Otherwise, you consolidate, then you end up borrowing more, and you end up worse off than before. "You" being general here.

Now I just need to get our grocery bill figured out (aiming for under $225 per month) and tighten up my use of water/electricity during the day with the LO (little one).

That will be very hard to achieve. $225 for 2+ is very tight, IMO.

**PrairieGirl** · 08-13-2009, 02:41 PM

Thanks everyone for the well wishes!!

Greebo - we've sat down and discussed what we can and can not use this account for. We're only going to pay all of our regular bills out of it, while both of our incomes will be deposited into it. As for groceries and petrol, I'm really determined to stick to a budget and so I'll be using my Visa (rebate card) to purchase those with. Other than that, we're not using the account for any silly spending (especially me!).

I know that having an account with basically a huge overdraft can and does get some people in trouble (hello LOC) but because both of our incomes and expenditures will come out of one account, there is no hiding anymore!!

We're both really determined to pay off as much as we can while we're both young so that we'll be better off financially when the kids are older (education, etc.).

Currently, the LO is being breastfed so she's not an extra mouth to feed. I know when she starts eating solids (we'll make our own baby food) our grocery bill will go up as I'll be buying more fruit and veggies. Right now though, DH and I get by on basics for dinner and stretching our meals as far as we can. We eat pretty healthy, I think, and don't skimp on healthy choices versus $$$.

*happy sigh* I'm feeling so much better about our future. DH is working on getting accredited at work, I'm looking to go back to school...life is good!!!

**Greebo** · 08-13-2009, 02:52 PM

Originally Posted by PrairieGirl

I'll be using my Visa (rebate card)

My very very strong recommendation is to get rid of any - ANY - other available credit, so as to avoid any POSSIBILITY of running up any more debt.

We're both really determined to pay off as much as we can while we're both young so that we'll be better off financially when the kids are older (education, etc.).

Excellent!

Currently, the LO is being breastfed so she's not an extra mouth to feed.

YOU need more food, more nutrients, etc., so you can properly pass them on to LO. But it sounds like you know what you're doing.

*happy sigh* I'm feeling so much better about our future. DH is working on getting accredited at work, I'm looking to go back to school...life is good!!!

Having an open honest communication path is hard at first - but the rewards in the long run are much better.

**calimomx2** · 08-13-2009, 03:12 PM

Congratulations on the new baby and for working things through with your dh!!

**McD** · 08-13-2009, 07:50 PM

First and foremost, welcome back!

Second, congratulations on the little one!

Third, I am very very happy that you and the husband are on the same page financially.