First thing to getting rid of DEBT

**JaneP** · 01-13-2006, 08:53 AM

I use Quicken and with the stroke of a key I can find out how much went out in interest paid. Makes me sad!

**MessyKat** · 03-16-2006, 11:09 AM

It's funny I am reading this today. I wrote down all of my debt yesterday. Yes, I was very surprised.

One of my bad thinking habits is "well eveyone has a mortgage" and I have a ton of student loans in forebarance at the moment, so I didn't really think about either of these as debt. Now I do not know how I did that in my mind, but I did. Yesterday as I was writing it hit me, of course this is debt, this is the majority of my debt.

Needless to say after reviewing my debt I am scared. I don't even live paycheck to paycheck (and I make a decent salary).

I have been keeping receipts of my spending for quite a while now. I staple them into my day planner so I know exactly what is spent every day. You might say, hey that's a good idea and it would be if I reviewed them to actually know what I am spending. This evening, I plan to review the past 6 months.

I didn't get myself into this position overnight and I know it will not go away overnight. Right now my thinking is that if I keep money (or lack thereof) in the forefront of my mind I am less likely to spend what I do not have.

I just need to remember....baby steps

**prairie_girl** · 03-18-2006, 12:55 AM

I have a spreadsheet that I use to keep track of all of this. It's SO nice to see it coming down.

**Buckeye5** · 03-28-2006, 03:28 PM

I to am ready to tackle the debt. I read Dave Ramsey's book and I have given it to DH to read. I have been working extra the last few weeks, and I will be off tomorrow and will make my debt list, even though I have a good idea of it. I have been paying off small medical bills first, (have my Ef with $1000.) and on to the next bill. A cc for $4800.00. Can't wait to pay it off. Funny thing is I can't wait to pay money to someone. hahaha

**wendy** · 03-28-2006, 03:51 PM

I've got a notebook that I've written everything down in for April. What we owe, details of debts and challenges for us to save money are in there too.

It's so important to know where your money goes. That's the only way you can save.

**beachie** · 04-19-2006, 05:42 PM

Allrightie!! I had added everything up the other day. Not an pleasant task. I listed all my cc debt in my sig line and have a notebook at home with everything written down. I cant wait to see it go lower.

**Lmullin** · 04-19-2006, 09:16 PM

OK, here goes.
Amex: 9000 (0%)
car: 6000 (0 %)
truck: 8000
mortgage:150,000
second mortgage: 50,000
loan: 30,000 (loan from retirement fund, so no interest)
My goal is to pay off Amex by Oct (that's when the zero percent ends). Then, I want the truck paid by my 40th birthday (ten months from now.) I stopped charging altogether.
The second mortgage and the loan are a result of major renovations to the house, so I don't feel too bad about that. The mortage is a 15 year mortgage with 12 years remaining. The car is zero percent interest. We have no emergency fund savings, but we do have a good amount saved in retirement. I think that sometimes I try so hard to pay off the house early and save for retirement, that I get short-sighted about having money for the present. Does anyone else feel that way?

**tulipgraham** · 04-19-2006, 09:54 PM

I just did this - It is incredibly scary! :surprise: I am trying to recover from the shock....

It is nice to know I am not alone..

**chisgran** · 05-06-2006, 11:28 AM

Count me in. I just recently added up my debt for the credit cards. I do have car loan & also another signature loan that I need to include.

Spending lately has been a major problem for me. Anyone willing to post their spreadsheets, etc. that you feel is helping with your challenge to become debt free? I would be most grateful.

**Backtoreality** · 05-27-2006, 10:27 PM

thinking omg!! I know where you all are coming from.

I am going to do this to start on June 01,2006. I will use an unused notebook that I have lying around here.

I am really hyped up to do this!

**autumnlynn** · 05-30-2006, 02:43 AM

I have my non-mortgage debt listed in my signature line. I have drawn a line in the sand as to no more charging.

I have my beginner emergency fund of $1,000.00 and am ready to tackle my debt.

I have a journal that I write down everything I spend. I make a budget for each month and then I allow myself so much for food, toiletries, etc. and add that up each week to make sure I am staying within my budget.

Not having a partner to be accountable to, I really need you all here to hold me accountable!!

**SammeyG** · 06-17-2006, 09:12 PM

I need to try this. I Really need to see how much c.c debt that my dh and I really have. I have a ball park figure. But I really need to see all of them togeather. I think that will be the scary thing for me is to see how much debt that we are in. Then I think that it will hit home for me that him and I need to get this under control. Thanks for the tip.

**kisskiss876** · 07-13-2006, 10:17 AM

I did this yesterday. It's scary. But it helps to know exactly what there is and how much there is.

**Nantahala** · 07-13-2006, 10:52 AM

I just did this... it's not horrid beyond student loans, but DH and I together owe about 110K in student loans.

**jen k** · 07-15-2006, 12:13 PM

Originally Posted by homesteadmamma

The first thing you need to do to get rid of debt is to mark down everything you owe, including your mortgage. Shopgirl said it in another post and I totally agree with her. You sometimes thing you know what you owe until you write it down. Once it's written down, your usually in for a surprise.

Get a journal book and keep track. If you want, you can even post it here, however that's not needed. As long as you know.

Also, when keeping track remember a payment doesn't mean your amount owing will come down that amount, unless you have 0% interest (our van has 0%). You have to wait until your statement comes in to find out the amount left owing.

Start now and make this a work in progress over the next few weeks.

More to come to help you get rid of debt....

cj, do you write EVERYTHING down? the regular bills (some are behind, some are caught up), the mortgage and credit card and loan debt....i get that part, but when you are still juggling, how do you start?