Expanded Baby Steps - Stolen from MYTMMO.com - Page 8
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  1. #106
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    Jan 2013
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    I love the break down of the baby steps. I have copied and pasted this and will follow it diligently.
    I am so glad I found this forum

    Thank you Greebo

  2. #107
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    Apr 2014
    I give up trying to keep track :-)
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    I know this is an old thread but it made me realize how far I've come in the last 6-7 years. I was making 60k had $10-15k on cc with 18-20% interest, $5,000 loan for a car, a new 180k house that I couldn't afford to put furniture in, paying on a 60k house in another state that wouldn't sell, 20k in student loans and paying child support. Sometimes I had to drive into work late on pay day - my pay was direct deposited, the car was on fumes and I didn't have the money to put gas in the car the night before - or room on the cc. I barely had enough to eat. I've worked hard and it's great to see the progress I've made now that I look back at where I started and to see all the positive changes I've made in my life.

    0.1: Commit to NEVER borrow $$$ EVER for ANYTHING other than possibly a house.

    0.2: Talk with spouse and get him/her on the same page as you concerning finances.

    0.3 Do a written budget

    0.4 Temporarily stop all retirement contributions
    n/a when I started this

    0.5 Get current on all the basics (You MUST have Shelter, Food, Utilities, Basic clothing)

    0.6 Amputate "toys" (bikes, boats, ATV's etc) if they will keep you from completing the snowball within 12 months
    Didn't have any

    0.7 Cut lifestyle (Cut CATV, Cellphone, Regular phone "extra's", Internet, Eating out, etc) and/or take second job if $1000 EF will take more than 30-90 days. (depending on income)

    0.8 Get current on ALL bills

    1.0 Save $1000 In baby EF

    1.1 Chop up CC's (You have an EF now, no NEED to keep those CC's !!)
    Nope I do too much shopping on the internet, they are paid in full every month and I get cash back.

    1.2 Get Health insurance NOW (chances of getting sick w/ major medical bills are larger than that of death), especially if you have children.
    Done. Have HSA thru work and have the max taken out pre-tax and put on a card for medical expenses.

    1.3 Get Life insurance NOW if you have considerable debt/your family couldn't make it financially if you died. Especially important if you have children !! Social Insecurity provides only a small amount of coverage if you have dependents.
    Nope, we have $ saved for our funerals and we agree that it isn't needed.

    1.4 Amputate cars that you can't pay off within 24 months (You have an EF to fix the "bondo buggy" if something should happen)

    1.5 Consider raising insurance deductables to $500 or $1000 and dropping full coverage on paid for "bondo buggy" (You have an EF ya know)

    2.0 Do debt snowball, paying all your debts from lowest BALANCE to highest.
    Doing - paying highest interest first. I didn't need the motivation I wanted the best bang for my buck.

    2.1: You can take your first vacation since finding Dave if you can pay cash for it (no using the EF !!!)

    3.0 Save 3-6 months EXPENSES in EF
    Saved 10 months

    3.1 Start car replacement fund
    Haven't started yet

    3.2 Save up 20% for home purchase OR pay down existing mortgage to the point you can drop PMI.
    Not needed - as I'm not paying PMI

    3.3 Start furniture or other non-essential stuff replacement fund
    Haven't started yet

    3.4 Move up in car if you still feel the need to (must pay cash for it)
    Nope, I love my 13 yo car that has only ever needed regular maintenance. DH's car was wrecked and has been in the shop for over a year and we have cash to pay for the repairs.

    4.0 Start contributing 15% of your paycheck to retirement.
    I just started putting into my 104k and I maxed it at 18k

    5.0 Save for kids college fund
    Nope! I paid mine ($5,500 to go) and they can pay for theirs.

    6.0 Pay off house early
    House 1 - estimated pay off date 12/31/2016
    House 2 - epd 12/31/2019

    7.0 Live like no one else since you have lived like no one else (investment ideas at this stage greatly appreciated, Dave doesn't go into too much detail on this stage)
    Estimated date - 12/31/2019. I'm so excited I can't wait!!!!
    2020 Goals:
    Pay off Ohio House - PAID OFF!! March 2020
    Save for whole house generator - $0/$15,000 (Guess amount, no quote)
    Fully Fund all Retirement Accounts & HSA - $12,500/$43,000
    Save for fruit trees - $0/$2,000 (by December)
    Survive Outage - 6-12s for 3-6 months.....love the pay, hate the hours
    Save for pond....now a 2022 goal

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