Have any of you done the Dave Ramsey
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  1. #1
    Competent Cheapskate
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    Default Have any of you done the Dave Ramsey

    plan without selling your home, vehicle, etc.? We just a month or two ago got out of a lease (which I know is a no-no), so I cannot get rid of this vehicle. My husband drives a 96 pickup , dd drives a 94 honda accord, and my vehicle is a 06 used pilot. We owe around 74k on our house, 30k home eq, and the car(which I am embarassed to say what I owe on it) , and 2 cc, under 4k. I have been working on snowballing cc payments and have a small EF, paid all cash for Christmas,

    I just wondered if anyone else has done it this way.

    Thanks,
    Sheri

  2. #2
    Registered User PrairieRose's Avatar
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    We did. We didn't sell any 'big' things. We stayed in our home, kept our cars and snowballed those payments and paid everything off that way. It can surely be done. Keep up the good work and just be sure to really learn those expensive lessons (like leasing cars, etc..) then it's not money waisted, it 'educational expenses'....

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    Yes, we're currently doing the TMMO without selling anything. Honestly, we don't really have anything to sell. We share a car, a paid for 2001 Hyundai Accent. We do own our home, but we've only been here for 3 years and there's very little equity in it. So we're just doing it with cutting our expenses, sticking on a budget, and working whatever extra we can.
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  4. #4
    Registered User FrugalMomof3's Avatar
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    We are also doing the TMMO and so far so good, we dont have any car payments and right now only a mortgage, we have a small EF which we are working on increasing. We just filed our income tax so that took care of our $2800 in CC's DH has. We personally dont sell anything to pay off debt, except a few things on ebay here and there but I use that extra $$ to fund my EF, unless I get a couple thousand dollars then it goes towards debt. (I only wish I had something that high in value besides our car and home).

    Just keep your head up high, set and stick to a budget, it works, no more leasing cars and this is from me personally but try as hard as you can to get rid of the home equity, it's almost all interest, yuck! (We had one and got rid of it quickly).

  5. #5
    Registered User zasoror1's Avatar
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    I, too, am planning on doing TMMO without selling any big-ticket items. (For me, that would only consist of my car.) I plan to start selling on ebay and working overtime whenever possible. I will also use any "bonus/extra" income to pay down my debt.

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    We just started this the 1st of Jan and we are doing fine so far. We are not selling anything at this time. We are going to have to buy a car but I don't have enough to pay cash for one and I have to be honest I don't want one that I can pay cash for. We have only one credit card and it is homedepot and we only owe right around $387 on it, We plan to trade in the explorer and put $3000 down on the car (with tax money) and we will pay extra each month so we can pay it off sooner. We are going to fund the EF slowly but also plan to use income tax money for it also.

    We have been in our home right around 3 years and we might sell in a few years but not right now. Our goal is to pay off more here so we have more money down on something else or whatever we decide to do.

    I think that it just has to do with us not eating out a lot (we are on day 8 of eating at home and for us that is major) and also not buying things we don't need. We are begining frugal with groceries and everything else also.

    Good luck I am on a waiting list at the library for Total money makeover book. But the car thing is something I had to give in on with my dh and that is fine I will pick my battles and that is not the one for now. But he did agree we will pay at least $100 more on it a month since we have no other cc to pay on.

    Good luck!!

  7. #7
    Registered User EmilyD's Avatar
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    Wink

    We rent an apartment, are paying on one car and own a 1985 outright. We have already gotten rid of everything in moves etc. so nothing left to sell. I added 70 to one bill and am snowballing as we can. I made each payment even (224.65=230) so added a few dollars to each.
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  8. #8
    Registered User rebecca's Avatar
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    I am doing the Total Money Makeover without selling anything. The only thing I have to really get paid off is my car. My goal is to get rid of this car payment in two years. Do still have a mortgage. I'm working on my EF right now. Did have a $1.000 in EF, but a few emergencies came up so have to start on that again.
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  9. #9
    Registered User tigo's Avatar
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    Not selling anything here either. Nothing to sell- lol! My car is paid for ('99 crown vic) and I am hoping to have a little something set aside by summer to pay cash for a car for DS. He plans to work at the mall or movie theatre. Both are less than a mile from the house so he could walk, but the car will also be used to get himself and sister to and from school this fall.
    I am snowballing my debt (two cards down and two to go). Every spare penny goes into EF and debt reduction. I feel a little more at ease doing it this way rather than putting 100% toward debt reduction.

  10. #10
    Registered User nodmicks's Avatar
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    We did. We followed alot of the plan but broke a few of the rules. Worked a-ok!

  11. #11
    Registered User pammy's Avatar
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    Been on the plan 16 months now. I sold a little of the debt. We started with $56k in non-mortgage debt and were only able to sell enough to get rid of $14k of the debt, the rest of the $42k is up to us. Am currently down to owing just under $16k and have 6k in my EF (storm clouds). The plan works! You can do it.

    If you wanna keep the debt and just pay it off, that's your personal decision. I mean, you are the one having to stick it out and who it might take longer to get stuff paid off, that's your choice.

    We'll be here right along with you and keep supporting you!!

  12. #12
    Registered User mom2three's Avatar
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    We are doing the Dave Ramsey plan now and do not plan on selling anything unless it is the house (hopefully not). We are tightening up the budget a lot and even though we have had several emergencies lately, we have used our EF for them and not put extra on credit. It will take longer than Dave suggests, but we will still accomplish our goal!
    Starting Fresh and Not Kicking Myself

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  13. #13
    Registered User FarmerSue's Avatar
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    I've been working on the Dave Ramsey thing with my family for a year. We didn't sell anything big, just plugging away moth by month. I had a list of debts and now I'm down to the van and then the house. Once you get a few things paid off and start to snowball more it really seems like you are getting somewhere. I just called in and bumped up my van payment to $700. It won't take long now! I hate that van payment. I do get discouraged often but reread his books and listen to his radio program and you'll do great!

  14. #14
    Registered User rosebron's Avatar
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    We are doing a modified DR plan without selling anything. We don't have anything to sell since we don't buy anything. We have 2 small children and their clothes, toys, and other stuff are hand-me-downs from cousins/friends who purchase expensive things for their kids. Other than our regular jobs, we are focusing our energy on raising our kids and investing in our small business.

    Six months ago, I owed over $25,000. Today, I owe $1,000. Since I don't have anything to sell, I threw everything $ I had on this debt including salary, consulting, tax returns, savings, etc. I plan to use my 2006 tax return to wipe out the remaing $1,000 before March 1 (when the rate changes from 0% to 11%). DH has several debts still to pay from a past life and his balance is going down slowly BUT surely. We didn't increase our debts except for DH having to purchase a truck (which he pays from his side jobs).

    With my debt almost gone, I'm increasing our mortgage payments by $500 per month starting Feb 1 and using the remainder of my snowball to getting rid of our home-improvement loan by December this year.

    When I get discouraged, I read passages from the TMMO book and visit FV.
    If someone would have told me last year that this time I would be almost CC-debt free, I would have laughed hard. I am really excited about our future.

    Snowballing by itself works!!! Just stick to it like you have tunnel vision.
    Sounds like your doing real well as is. We're here to keep you afloat.

  15. #15
    Registered User tlenad's Avatar
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    Looks like there are a lot of us following his plan loosely. I too haven't sold any big items. I only really have my car and I really like my car. I debated for a while about selling it but I figure that would just slow me down so it's a no go. I drive too much to have an unreliable car and at least I know this one is reliable.

    I also sold a bunch of stuff on ebay/half.com earlier in the year but that was before I really started following the plan so I don't count that. There are a few more things around here I could sell but I'm ok with the progress I'm making. I figure it may be a few more months before I'm out of debt but I'm will to stick it out.

    Now if I didn't have much of a snow ball or something, I would probably re-evalutate. But as it is, typically I'm able to send around $200 a month extra to debt above minimums. Once I get through August that number will jump up to $700 a month with my car paid off and two of my credit cards paid off. Once I started seeing the progress I could make, I got really fired up.

    Good Luck however you are following the plan. The important thing is to have a plan and stick to it. I figure every payment I make no matter how small takes me that much closer to being out of debt.

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