What progress have you made?

[DJ1972]

I think hearing about someone else's financial progress helps others keep on going. I, for one, enjoy reading the threads where someone has made a significant step forward. So what have you accomplished since starting you frugal lifestyle, and are you as far as you thought you would be at this point? And to me, progress comes in all sizes (debts paid off, bills current for the first time in months, building an emergency fund, etc.)

Since starting on my frugal journey I have fallen off the wagon so many times I now wear a helmet, but I have made some progress. Our bills have always been current, so that wasn't an issue. And, we didn't have credit card debt. My issue has been saving and paying off debt early. I was of the belief that whatever was left after the bills were paid and groceries were bought was free spending money. So, my attitude has gotten better toward money, I have an emergency fund for the first time in my life, and I am paying extra on my car each month. I think changing my attitude toward spending has been my biggest accomplishment. Looking forward to the responses!

[Michelle]

Since starting on my frugal journey I have fallen off the wagon so many times I now wear a helmet

at this part. You've done very well

We paid off approx. $43K in CC debt, HELOC loan, and car debt in the past 21 mos :woohoo:

We are now working on a fully funded EF.

[elphie]

We also have never had cc debt and bills have always been current. In fact the cc we kept for emergencies got canceled by the company earlier this year because of lack of use.

Our biggest accomplishment is tripling our savings and maintaing all the things we really wanted to keep despite the fact that we went to one income a couple of months ago. I decided to stay home to help my son who was having in trouble in school but truth be told I was miserable in my job anyway so it was no personal sacrifice on my part. When and if I decide to go back to work I now know that I can take a lower paying job that is more rewarding and still be able to support my family. Knowing that I don't have to spend the next 20 or so years in a miserable job is the most freeing feeling... and worth even more than the money in the bank.

[TheRootedNomad]

3 years ago this past July we had:

~ no EF
~ over $11,000 in non-morgage debt
~ one functionung vehicle
~ still owed aprox 23 years (no extra being paid) on a 30 year morg.
~ 6% going into DH's 401


Now:
~ very comfortable 4 month EF if we both lose our jobs (8 months if something happens to one of them)
~ NO non-mortgage debt
~ two reliable vehicles
~ a fully paid for 400+ sq ft addition
~ refinacnced to a 15 year mortgage and have been plugging extra away. We currently have 9 years left of payments instead of the 20 we would have originally had. Pushing to get that to 3 years.
~ 16% going in my 403B. Will up another 2% sometime in the next month or two
~ 10% going in DH's 401K. Will up anothe 3 or 4% around Oct.

Our net worth has gone from a literally just barely positive (like $3,000) to about 90% of our total "take home" for the past three years. It's not a number to retire on because most of it is mortgage and self done home improvement equity but the retirement accounts are climbing as well. Of coarse this money and the health savings account money come out pre "bring home" so counting it towards the 90% is probably not the way I should look at it but I sure do like the jump we've made.

[nodmicks]

We previously paid off 46K in debt.
Only debt is the mortgage
We have a big enough ef to cover several months
We save just like it is a bill weekly.
We just paid cash upfront for ds's braces.


The best part is frugality does work because we do not have a huge income.

[PrairieRose]

It took us about 10 years but here's what we've accomplished and even came through a huge downturn in our business in the middle of it (has since recovered) PLUS we had 3 kids at home and/or in college until a year ago.

Paid off approx. (Gripey just reminded me that we looked at a financial statement about 6 months ago and added up our debt for 10 years ago....I had been thinking the number was around $200K but he corrected me just now when I asked him.....) $310K in debt (we had cars, house, home improvement loan, business debt and business real estate loans).

We have a hefty EF and FA (not hefty enough but a great start).

We have started investing in mutual funds recently.

We have put 3 kids through college, paying as they went (no advance savings for it) with no debt *except for the secondary degree that #3 got...she was on her own on that one*.

We have contributed yearly to the max to an IRA for each of us and to our HSA as well.

We have been able to travel some, due to being completely debt free and not feel the least bit guilty for doing so.

We've paid cash for the last 2 cars that we've bought (they were used but in great shape and very good buys).

I just wanna say, hang in there......it's sooooo worth it to keep on keepin' on. Seriously, worth it.

[sunshine]

We started with nearly $200,000 of unsecured debt (medical bills, credit cards and personal loans) + $80,000 in mortgage debt ( 3 houses, and some lots)

10 years later - we're down to $50,000 in unsecured debt - no car loans, $50,000 in mortgage debt.

In between that -- we've dealt with dh's illness and loss of income, my cancer battle, and other health issues, dd's serious health issues, oldest son's health issues (life threatening at the time, but short lived -thank goodness), bought a 70 acre farm. . .

[Amanda W]

In the last two years, we've gone from a net worth of $5000 to just over $50,000. We have an EF for the first time ever, and we're a few months away from being debt free except the mortgage. We also refinanced our mortgage from a 30-year at 6.5% to a 15-year at 5.5%. More important than anything, I now feel that I'm not powerless over money.

[ladykemma2]

post divorce:

i am not in financial fear anymore
i don't cry when i pay the bills anymore
i have decided to stop feeling guilty because i can't afford the expensive hobby anymore (Society for creative anachronism)
i have been able to take two vacation trips
i don't get the sunday blues as bad as i used to
i am building a cushion in the savings account
i am getting stronger

[Greebo]

- We are on a budget
- We update the budget weekly
- We are sticking to the budget
- I am spending less than $30/wk on blow (from $100+/wk)
- I have become so focused on becoming debt free, I'm ticking off my wife

[3tomboys]

I am not posting great financial successes yet, but I hope to soon. Since joining FV (just a couple of months) I have made a budget, reviewed where money was going so I could stop the bleeding and I have made 2 loaves of bread a week for the past 3 weeks. It is actually edible! My grocery bill has been going down weekly as well as my eating out bill. I have also put a lot of FV ideas to work in my daily life. I look forward to posting some great financial successes in the near future.

[elphie]

- I am spending less than $30/wk on blow (from $100+/wk)

I knew you were trouble...

[missmanny]

In the last 10 months I have completely changed the way I view money.

I find pleasure now in paying off my debts and seeing them get lower and lower rather then not caring and just wanting instant gratification in buying things that I couldn't afford.

In the last 10 months I have paid down $13, 000 in debt (only $1000 left to go go) I have $600 dollars in the bank to spend if an emergency pops up and the most important thing is that I have changed my mindset.

I will never go back to the old me again - from here on in it is only onwards and upwards.

[britbunny]

Hi,

Well done on the progress so far.

The main thing for us was the attitude change too! Having a budget has really freed us up to not have to think about money as much. Savings are paid like a bill and there's still room for fun. It's a good feeling of being in control and not worrying about the bank balance or the views of others, and NO GUILT lol.

Since 2004 we have paid off £25k in debt. Our only debt is the mortgage which we have switched from a 25 year to a 10 year fixed rate.

We paid cash for new central heating and a new bathroom at a cost of £8,500.

We are in the final month of saving for a new car which is going to cost around £11,000.

We have an EF and are both paying into our pension so we're planning for the future too :-)

[Ceashels]

This is an AWESOME thread!!!!

Reading your success stories makes me want the month to go by faster so we can pay down our debt again! I can't wait to get there.