[mango]

It's New Year's Eve in the southern hemisphere and the time has come for a radical overhaul in our financial situation. Just new to this forum and from a quick glance it is exactly what I am looking for. After years of drowning in debt and spending above our means, 2011 is going to be the year that all changes for our family.

I have thought about writing a blog but am not quite ready for that but I do like the idea of public accountablity to help us achieve our financial aims. There looks like some great information and support to be had here.

Will tally up the balance of all the debts and post soon. I'm thinking a snowball approach will be go however we do have a very annoying car lease that I would really love to get rid of.

 

[Wendy99]

Happy New Year!! Are you looking to drastically lower your debt or rid of it all together? Sounds like a good plan either way. Something we too will be looking at. Not sure if it's possible for us to remove our debt all together, but definately taking a huge chunk out of it would be great!! I'll be checking back here Can't wait to see your next post.

 

[arnie]

Congratulations on taking the plunge.
I began listening to Dave Ramsey on talk radio last year and he has totally changed my life. I am now working on getting out of debt- I look forward to his radio show everyday on my commute home to gain as much knowledge as I can about how to best achieve this. He specifically talks about a Debt Snowball- if you haven't read any of his books, I highly recommend it.
Good luck and let us know how you are progressing.

 

[mopples]

Welcome Mango

Im in the southern hemisphere as well - Sydney.

2011 is also a year for me to get stuck into my debt owed and begin saving.

OH and I are planning on moving to the UK in 2014, so definitely need to knuckle down and pay things off. Would love to be debt free before we go.

 

[Debbie-cat]

Good luck ands welcome to Frugal Village! You will receive alot of support here!

 

[mango]

hey Wendy, arnie, mopples and debbie thanks for popping in and supporting me.

Wendy, I am looking at getting rid of all the credit card/line of credit debt in 2011 and then work on the car lease. The mortgage is a whole other story and although I would love to get to the stage that we can make extra payments, realistically that is a while away.

We have talked about selling the car but I think when I last checked the balance we still owe more on the lease than the car is worth. Am going to contact the leasing company next week to find out the ugly truth and maybe make some hard decisions. The other way would be to pay that debt off first as it is the one that causes me the most grief. Not sure so will lay it all on the line and maybe get some advice here on what is the best option.

Arnie was only thinking today that I might order Dave Ramsay's book. I've read lots of personal finance blogs and there are lots of recommendations about it.

Mopples good idea to pay off all your debts before relocating which can be an expensive exercise. 2011 is our year!

My biggest challenge will be to live within our means and not keep 'borrowing' from the credit card to keep financing our lifestyle. I work part-time and my aim is that we live off my husband's wage and put all of my wage towards debt reduction. Wish us luck, am really going to need it!

 

[bumplett]

mango ~ you can DO it!!!

I really would recommend Dave Ramsey's Total Money Makeover book - it's simply fantastic. You won't be sorry!

I purchased it from a used book store, but I bet you can find a used copy on amazon.

One of my favorite things about Frugal Village is that this is the one place where you will find others that don't think you're crazy if you wash out your ziploc baggies and reuse them - and if you aren't there yet, you will be soon, I promise!

Another reading suggestion I have for you is the Tightwad Gazette

Amazon.com: The Complete Tightwad Gazette (9780375752254): Amy Dacyczyn: [email protected]@[email protected]@http://ecx.images-amazon.com/images/I/[email protected]@[email protected]@51UL1XfIloL

it may be a bit outdated at this point, but still incredibly useful!