Feeling sick about aquiring more debt on CC

dancar3 · 02-04-2008, 10:56 AM

Hi everyone,

Well my dh and I sat down about 2 weeks ago and it was then that I learned how serious our financial situation was. I guess it was a wakeup call for him too because he didn't know why we kept going in "the hole" every month. When we crunched the numbers, we realized we were breaking even but that didn't include anything like emergencies or even just paying for the kids to join a league or buy clothes. So we got serious and after reading many tips from this great forum, we came up with a budget (and we're going to save up for that $1000 ef) and we're also doing the envelope system for some of expenses like gas and food.......we're pretty proud of ourselves and I know for my dh it was a HUGE relief since he knows that I know the money situation now. Anyway, before this big wakeup call, my 2 sisters and I decided to throw our parents a 50th wedding anniversary party. I didn't have any money (like my siblings as well) but agreed on $500. Our totals are now about $700 each, then the cost of the plane tickets to fly out (another $800) and then a few weeks ago we also had to buy propane for the house another $350 which hasn't been paid yet. I am so mad at myself now for agreeing to all this even though our parents will be so surprised and happy. We have no other choice but to put this on cc's. If I was aware earlier of the situation, my dh could've been working more overtime and I don't think we would've been attending this event as bad as that might sound. We are completely serious about sticking to our budget and know that these were things we agreed to prior to our wakeup call, but it is still so hard and sickening to know about these last expenses. We have about $35,000 in cc debt and we will get that paid off in a few years, especially after my dh gets his big pay raise this summer. Within reason, I don't care what we have to do after these last expenses, but we not put a single thing on any more credit cards...........thanks for listening.

ktsmama · 02-04-2008, 11:45 AM

I know it will be rough, but I am glad the two of you are on the same page and have a plan!!!

Good Luck.

Cricket1 · 02-04-2008, 12:04 PM

Good luck! Even though you have to put more on cc's, atleast you can feel confident that you have a plan for paying off the debt and you're now aware of everything.

happydog · 02-04-2008, 01:41 PM

hang in there. Just consider the expenses related to the party as an already committed expense, and then get moving to find ways to pay down the debt. You *can* do it! Come and read here for a little while every day--it has helped me SOOO much to do that. The pennies really do matter, and if you mind them, the dollars will take care of themselves.

Is there anything lying around the house that you don't need, that you could sell to get a jump start on paying this down? Or that you could use to fund your party expenses? Do you have an extra vehicle that you could sell? Cars cost so much money, in hidden expenses like gas, insurance, registrations, maintenance, etc. Any unused useful or collectors' items? It *really* helps, psychologically, to come up with a chunk of money at the front end, so that you see an immediate difference in the bottom line, and so you can get the BEF funded right away. Best of luck to you, and come here often for helping to stay on track.

mikandmari · 02-04-2008, 02:08 PM

You've made the important 1st step: the plan!

Your story sounds so much like mine, that I have to share:

I started one year ago, in February 2007. When I made my plan, I had already committed to going half on a sweet-16 birthday party for my daughter and her cousin, who was also turning 16. So instead of taking her & some friends somewhere cheap like I usually did, we paid half for a big bash at a rented hall, with a DJ, food & decorations. It was a blast... having 2 sets of friends made it 'more & merrier'!

The party was at the end of February, so I set March 1 as my official 'start' date. It was frustrating throughout March & April, trying to play catch up with my finances and fund the EF. But by the end of April I was shocked to see how far I had come... and how little you really need to get by on day-to-day expenses if you really set your mind to it.

I still have far to go (hopefully 3 more years, if our employment stays solid) but it's a very rewarding challenge.

You'll do great!

CristiK · 02-04-2008, 02:51 PM

[QUOTE]Is there anything lying around the house that you don't need, that you could sell to get a jump start on paying this down? Or that you could use to fund your party expenses? Do you have an extra vehicle that you could sell? Cars cost so much money, in hidden expenses like gas, insurance, registrations, maintenance, etc. Any unused useful or collectors' items? It *really* helps, psychologically, to come up with a chunk of money at the front end, so that you see an immediate difference in the bottom line, and so you can get the BEF funded right away.[QUOTE]

I agree...look around the house and see if there is anything to sell on ebay. Good luck to you!

FrugalMomof3 · 02-04-2008, 03:36 PM

Hang it there, you sound like you have determination and that's what matters, now to get those bills paid down and once you do this and start seeing a dent happening in paying these off you will feel so happy!

As for the Anniversary, anyway to explain to your sisters the situation and possibly contributing less?

IntlMom · 02-04-2008, 03:52 PM

good for you for looking at the prob head on....it's so hard to do.

Glad you have a plan, and stick around here, and you'll get encouragement and support, and ideas.

jamie79 · 02-04-2008, 04:25 PM

You have a plan. Stick to it and enjoy your parents anniversary. Thats a milestone worth celebrating

thrifty gal · 02-04-2008, 06:40 PM

You should be very proud of yourself for coming up with a plan! Definitely look around your home for things to sell. Go over the expenses of this party with a fine tooth comb to see how low you can go.

dancar3 · 02-04-2008, 08:41 PM

You all are so nice and supportive...........I really appreciate that! Yes, for quite some time I had my head stuck in the sand and now that it's out, I guess in a way I'm relieved. I know my dh was stressed everyday and I feel so bad for not coming around sooner, but he is much better now which is a good. I have an extra upright freezer that I'm going to sell and some old books that I'll bring to a used book store and see what that might bring in. I am on these forums everyday now since it's loaded with great info and I have sent a link to my dh so he can also get some ideas and support like you all have given me today......thanks again.

momtoadiva · 02-04-2008, 09:39 PM

It's never too late, it's good that ya'll have realized now what direction you need to move in and are willing to do it as a team. It'll get long and mundane but hang in there it's all worth it in the end

larabelle · 02-05-2008, 01:34 PM

Be tenacious with sticking to your plan. You can do it!!!

Cricketlegs · 02-06-2008, 05:56 PM

Quote:

Originally Posted by larabelle

Be tenacious with sticking to your plan. You can do it!!!

That is good advice right there!

We have all hit the wall or were about to and we are all working to get off the wall and stay off that dang wall.

It isn't about what you did or how you did it that matters, it is about what you are going to do to get where you need to be to have a happy heatlhy life.

Best of luck and follw larabelles advice--be tenacious with sticking to your plan!

dolphin · 02-07-2008, 12:08 AM

I think you're doing the right thing by following through with your obligations and it's something you won't ever forget. You've got a plan and you've set up roadblocks and barriers to see that your future is planned. It's really all you CAN do. Don't worry about what you could have done, you still have time to do it.