How Do you have Debt Reduction
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  1. #1

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    Default How Do you have Debt Reduction

    I am barely managing to get enough paid off to keep the wolfs
    at bay. ( enough so this isn't shut off or that isn't shut off )
    How do I come up with the extra to pay ahead so I can start saving something for life in general.
    Not sure I am explaining this right.

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    When we started, we just had to look at what we could slice into and then put every extra dollar on one credit card bill. When that was done, we went to the next CC until all were paid off. Tax refunds, any bonuses, anything at all went to debt reduction.

    Our big one was eating out. You have to look at whatever yours is. I also was in a job where I could work overtime and did so, knowing that any extra would do also to debt reduction.

    It was a long road and took us honestly several years. We are so much better off though now in terms of mental stress financially. We are far from wealthy and probably will never be wealthy but we aren't living in fear either or stressed when bills come. What a blessing that is.

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    the stress part is me right now. I wake up in the middle of the night and worry about bills. Then i get stressed out and can't get back to sleep. Then my day is stressed because I'm tired.
    We don't go out to eat very much, we don't order out , we don't go on vacations.
    Right now we go to the volleyball games 1 night a week at school
    but spend no money.
    I feel so helpless

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  5. #4

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    We were like you at one time. We realized during this time that in order to get out, we had to get out of debt. We didn't have much money to spare either. So, we started saving our change and using it for debt reduction. Also, we used any extra money (bonuses, etc) to put towards the debt.

    Good luck!

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    Sorry about your stress Try to tell yourself, we're doing our best - that's all anyone can expect. I recommend Dave Ramsey's book Financial Peace, if you can get it, he explains how to get control of your money and he gives you some hope - very important!

    If you can't cut back on anything another way might be to sell some things or work a 2nd job. Sorry I don't have any better advice, but I will be praying for you! Good Luck!

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    Holly,
    I think the first step is to track your spending. For me that is the only way to see exactly where everything is going and where cuts can be made.

    Eating out was a big one for us as well as "cash". We switched to allowances and never felt the difference but our checking account sure did.

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    First thing is baby steps. You didn't get where you are overnight and you won't get out of debt overnight.

    ~To begin, put absolutely nothing else on your cc if you have cc.

    ~Next make phone calls and explain your situation. In most cases they will work with you to help you make your payments.

    ~Look at areas you can cut back in. I know your cutting it close right now, but you did say you don't go out to each much. Cut that out completely. If you have a car but can walk, don't use your car. We went w/o a car for one full year. It can be done. I know you have an older son. Its time for him to get a job and help out. It teaches them responsibility and helps make them a part of the family.

    ~call a debt counselling company in your area to have them help you. If nothing else, they can write letters to those you owe explaining the situation.

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    We live miles from town, our eating out is the one day we have to go to the city for bussines,we have to have something as my BF
    is diabetic and its to keep his sugar regulated.
    If DS gets a job right now it would add on to the debt in many ways. nothing close for his age to work at. He will try when he reaches 16.
    I have been trying to get part time job as I am not allowed full time on disability. BF works 12 hrs a week to supliment his disability.
    I just have to keep working at it I guess.
    If I ever figure it out I'm writting a book lol

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    Holly we live 1 hr. from the city and 3 hrs. from the largest city in our province. When we travel, we take our own lunch, snacks and drinks. That saves us at least $30 each time we do this.

    Its not easy to get out of debt, it takes lots of hard work. I know, I've been there, done that. We had $18,000 in cc debt (along with a mortgage payment at the time) and it took us several years to pay it off, but we made a committment to doing it and that meant cutting back everyway we could.

    The hardest one was not going out to eat. We did that at least 4 times a week before we decided to get out of debt. During the time we worked at our debt reduction, we didn't eat out once. It was a huge sacrifice and not one I liked at all.

    I hope you don't think I'm being mean here, I'm not. I know the stress of living under debt and I know how that stress can work at making you sick.

    Good luck!!

    btw I can't remember where you live. Can you grow a veggie garden? Even if you have winter, you can grow lettuce, tomatoes and herbs inside during the winter months. Just a thought!! Also are there foodbanks where you are to help in your food expenses?

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    No I don't think your mean, if i didn't want honest input and advise i wouldn't ask for it. Thank you!
    I have been thinking that also to take meals with us.
    Yes I live where in the summer I have a huge garden. This year we are making raised beds to start a herb nursery.
    I will be selling off outr front lawn and one farmers market.
    We are trippling our regular garden to sell produce also.
    Everything we make will be going toward debt and EF.
    I will be having a huge garage sale the first of May.
    I am trying everything I can think of to figure this out....
    I live in Central NY

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    Hang in there Holly. It's hard, especially at first. Be sure to start out with tracking your spending, like one of the ladies suggested above. It's very, very important. You may even be surprised at the small leaks that you can plug.

    The next thing is to remember, you're taking control.....! It's easy to feel helpless but when we let our fears control us then we tend to make mistakes for lack of focus.

    Now, look around your house. Anything that you can live without? I have an antique armoire that I have seriously considered selling at times when money was really tight. I didn't, but I certainly could have had it come to that. Anything that you can do like this will add to your debt reduction (provided you apply it) and every penny you eliminate will relieve just a little bit of stress. Get creative. Are you a crafter? Can you make crocheted ponchos? Could you sell a couple? I mean this is just an example...but you get the drift.

    You can do this....You CAN do this.....You can DO this....You can do THIS...! For sure you can.

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    Write down everything you spend. Just keeping track helps you be aware where it goes. Maybe you will find a way to save maybe not but at least you will know where every penny is going. cau

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    I don't have much to add. You have received good advice.
    I would first focus on the basics, roof over your head, electric, heat etc.
    As far as paying credit cards, send them $5 if thats all you can round up.
    Absolutely keep track of your spending, hopefully their will be places to cut, even if it's a few dollars.

    I also have had sleepless nights. I don't wish that on anyone.

    Best of luck to you and your family. Jan

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    Thanks everyone,
    I knew I could count on you to give me the advice I need.

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