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Like the title says, I'm new and happy to be here!

I am looking for some accountability and support as I go through the process of becoming debt free in as little time as possible, and any tips, guidance, etc I can get.

Background: Single mom, 28 years old, divorced 3 years. Not receiving CS since XH keeps moving jobs. Partially his fault, partially not, but I digress. 2 kids, one in daycare FT and one in afterschool care. Daycare bill is $967/mo, almost rivaling house payment of $1200/mo. Other expenses: 6 year old used Acura TL at $423/mo (includes insurance, GAP coverage, and warranty that has paid for itself almsot twice now). Household bills, groceries, etc- those aren't exactly killing me. No cable TV (Netflix only), combined cell phone plan with XH and I get a 22% discount from my employer so I am sticking with the (FREE over a year ago) iPhone. I have $60/mo in spending money that goes towards either wine, coffee, a pedicure, a birthday gift for a friend, an incidental (new pair of boots for work), etc.

So what brought me here today is that I started a new job the 1st of this month and I have managed with the extra income to pay off a good chunk of debt already in the form of an old speeding ticket, an appliance line of credit (before the 0% interest introductory period expired!!), and a bank credit card with a 23% (OUCH) interest rate- it's now cut up :-D

I am very excited to move forward with paying off all of my debt. Small CC's first (within the next 2 months), signature loan next (PRAYING for February- I can apply my tax return of approx $1500 to whatever remains after I've snowballed through Christmastime and 2 kids birthdays :-o) THEN attack the car loan! THEN, come August when my daycare bill drops from $967/mo the $414/mo (both kids in afterschool care only) I will be paying over $1k/mo on my car and have it paid off in just over a year!

That is my basic plan. Numbers are in my signature. Can I ask anyoen who's been around here longer than me...that's everyone... for some feedback? Advice? Thoughts, tips, etc on what I'm doing right/wrong...could improve on, etc? I would LOVE you all for it!

Thank you in advance for being excited with me- my XH is broke as a joke with no retirement savings at almost 40, and many of my friends credit card it up, lease brand new Audis, and go out to bars like there's no tomorrow. I have higher hopes for my future than to throw it all away on crap I don't need. I did plenty of that in my early 20's- squandered tons of resources, blew money, got into debt, and it's time to really crack down on myself now in hopes that I'll be a homeowner again (got rid of house in divorce) by the time I'm 35, with NO other debt except a mortgage with a 20%+ down payment to aviod PMI this time around.

Thanks!
 

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:welcome2:To fv you have come to the right place for good information.
 
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Welcome to the Village! It sounds as you are doing a kick a$$ job at getting out of debt and changing your family tree. Congratulations!

I follow the Dave Ramsey plan (tweaked to fit our lifestyle) and your plan sounds great to me.


If you haven't read Dave Ramsey please peruse the forums here. He lays out a good solid plan of action to build your future. You may also like Gail Vaz Oxlade as an inspiration. Both advocate getting out of debt and living within your means. :)
 
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Ceashels, I read the materials from Dave Ramsey's Financial Peace University back in July, loaned to me from a friend at church. I didn't actually take the class but I was so inspired that I spent the next 2 months interviewing and resume-tweaking to eventually land a new job making $15k more than I was previously. That way I can live within my means and provide a good life for my children- debt free!

Before I was just completely fine with putting everything on credit- basically after my divorce I kept 2 cars for way too long (could have been more than fine with one!) and bought new appliances, furniture, etc and took out cash advances and a loan through my credit union- to maintain the lifestyle that my XH and I had years before when we were making six figures combined. He has been broke since we separated and I was digging myself into a financial hole. I couldn't keep up with the bills and dropped my credit score over 150 points with late payments and a collection. Reading Dave Ramsey got me motivated to get to the point I'm at now- motivated and determined to change. I have eliminated $2300 in debt so far with the severance from my old job, plus some of my new income thanks to DR's inspiration!

Long winded, sorry! I am just so glad to be on the right track for the first time in my life.
 

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Looks like you are on the right track with a great plan! Welcome to the village, you are going to love it here! :wave:
 

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Thanks, Debbie cat! I have been reading the forum for a few days and thought it was finally time to join. Accountability and support systems are a wonderful thing to have. I'm glad to be here!
 

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Like the title says, I'm new and happy to be here!

I am looking for some accountability and support as I go through the process of becoming debt free in as little time as possible, and any tips, guidance, etc I can get.

Background: Single mom, 28 years old, divorced 3 years. Not receiving CS since XH keeps moving jobs. Partially his fault, partially not, but I digress. 2 kids, one in daycare FT and one in afterschool care. Daycare bill is $967/mo, almost rivaling house payment of $1200/mo. Other expenses: 6 year old used Acura TL at $423/mo (includes insurance, GAP coverage, and warranty that has paid for itself almsot twice now). Household bills, groceries, etc- those aren't exactly killing me. No cable TV (Netflix only), combined cell phone plan with XH and I get a 22% discount from my employer so I am sticking with the (FREE over a year ago) iPhone. I have $60/mo in spending money that goes towards either wine, coffee, a pedicure, a birthday gift for a friend, an incidental (new pair of boots for work), etc.

So what brought me here today is that I started a new job the 1st of this month and I have managed with the extra income to pay off a good chunk of debt already in the form of an old speeding ticket, an appliance line of credit (before the 0% interest introductory period expired!!), and a bank credit card with a 23% (OUCH) interest rate- it's now cut up :-D

I am very excited to move forward with paying off all of my debt. Small CC's first (within the next 2 months), signature loan next (PRAYING for February- I can apply my tax return of approx $1500 to whatever remains after I've snowballed through Christmastime and 2 kids birthdays :-o) THEN attack the car loan! THEN, come August when my daycare bill drops from $967/mo the $414/mo (both kids in afterschool care only) I will be paying over $1k/mo on my car and have it paid off in just over a year!

That is my basic plan. Numbers are in my signature. Can I ask anyoen who's been around here longer than me...that's everyone... for some feedback? Advice? Thoughts, tips, etc on what I'm doing right/wrong...could improve on, etc? I would LOVE you all for it!

Thank you in advance for being excited with me- my XH is broke as a joke with no retirement savings at almost 40, and many of my friends credit card it up, lease brand new Audis, and go out to bars like there's no tomorrow. I have higher hopes for my future than to throw it all away on crap I don't need. I did plenty of that in my early 20's- squandered tons of resources, blew money, got into debt, and it's time to really crack down on myself now in hopes that I'll be a homeowner again (got rid of house in divorce) by the time I'm 35, with NO other debt except a mortgage with a 20%+ down payment to aviod PMI this time around.

Thanks!
Just a few questions.

Do you have life and health insurance? Also, if something happens to you, will your husband get the children? It doesn't sound like he is capable of raising two children with "his" financial situation.
 

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Just a few questions.

Do you have life and health insurance? Also, if something happens to you, will your husband get the children? It doesn't sound like he is capable of raising two children with "his" financial situation.
Great question- I have life insurance through work and also a policy through my credit union. I have health insurance as well. My ex husband will absolutely not get the children if something were to happen to me- my will and my living will both specify that my dad & stepmom would get the kids, and that the ex-in-laws would get them during holidays, school breaks, etc. allowing my ex-husband to see them as well but not unsupervised.
 

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Great question- I have life insurance through work and also a policy through my credit union. I have health insurance as well. My ex husband will absolutely not get the children if something were to happen to me- my will and my living will both specify that my dad & stepmom would get the kids, and that the ex-in-laws would get them during holidays, school breaks, etc. allowing my ex-husband to see them as well but not unsupervised.
It sound like you are off to a great start.

My comments are for general information purposes only.
 

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It sound like you are off to a great start.

My comments are for general information purposes only.
I'm certainly trying. And I've gathered... I think some of them riled me up a little because I'm pretty sure we have some things in common.

We're all here for information, so inform away! If it helps even one person it's worth saying.
 

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Like the title says, I'm new and happy to be here!

I am looking for some accountability and support as I go through the process of becoming debt free in as little time as possible, and any tips, guidance, etc I can get.

Background: Single mom, 28 years old, divorced 3 years. Not receiving CS since XH keeps moving jobs. Partially his fault, partially not, but I digress. 2 kids, one in daycare FT and one in afterschool care. Daycare bill is $967/mo, almost rivaling house payment of $1200/mo. Other expenses: 6 year old used Acura TL at $423/mo (includes insurance, GAP coverage, and warranty that has paid for itself almsot twice now). Household bills, groceries, etc- those aren't exactly killing me. No cable TV (Netflix only), combined cell phone plan with XH and I get a 22% discount from my employer so I am sticking with the (FREE over a year ago) iPhone. I have $60/mo in spending money that goes towards either wine, coffee, a pedicure, a birthday gift for a friend, an incidental (new pair of boots for work), etc.

So what brought me here today is that I started a new job the 1st of this month and I have managed with the extra income to pay off a good chunk of debt already in the form of an old speeding ticket, an appliance line of credit (before the 0% interest introductory period expired!!), and a bank credit card with a 23% (OUCH) interest rate- it's now cut up :-D

I am very excited to move forward with paying off all of my debt. Small CC's first (within the next 2 months), signature loan next (PRAYING for February- I can apply my tax return of approx $1500 to whatever remains after I've snowballed through Christmastime and 2 kids birthdays :-o) THEN attack the car loan! THEN, come August when my daycare bill drops from $967/mo the $414/mo (both kids in afterschool care only) I will be paying over $1k/mo on my car and have it paid off in just over a year!

That is my basic plan. Numbers are in my signature. Can I ask anyoen who's been around here longer than me...that's everyone... for some feedback? Advice? Thoughts, tips, etc on what I'm doing right/wrong...could improve on, etc? I would LOVE you all for it!

Thank you in advance for being excited with me- my XH is broke as a joke with no retirement savings at almost 40, and many of my friends credit card it up, lease brand new Audis, and go out to bars like there's no tomorrow. I have higher hopes for my future than to throw it all away on crap I don't need. I did plenty of that in my early 20's- squandered tons of resources, blew money, got into debt, and it's time to really crack down on myself now in hopes that I'll be a homeowner again (got rid of house in divorce) by the time I'm 35, with NO other debt except a mortgage with a 20%+ down payment to aviod PMI this time around.

Thanks!
One more thing, and I may have missed your comments related to this but it is never too early to start doing your research related to your children's college fund. I know you have some other "steps" you need to move out of the way first but I would start making plans so you will be ready as time is important when it comes to "growing" money. These years--when your children are in grade school--will fly by and you need to be ready because a child, in my opinion, is at a great disadvantage without some type of college education or tech school.
 

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One more thing, and I may have missed your comments related to this but it is never too early to start doing your research related to your children's college fund. I know you have some other "steps" you need to move out of the way first but I would start making plans so you will be ready as time is important when it comes to "growing" money. These years--when your children are in grade school--will fly by and you need to be ready because a child, in my opinion, is at a great disadvantage without some type of college education or tech school.
Ah, I didn't actually mention that I do have 2 529's set up through Fidelity. They have about $10 each in them right now! However, the plan with these is to give the information to grandparents/relatives who would be able to contribute should they choose to. All of the g-parents (all 6 of them!) have expressed an interest in this plan. With a college professor mom and VP of finance dad... I think this will go a long way :) Of course, I will be contributing when I am able, as well.

Edit: the boys are 4 & 5 years old right now so I anticipate 13-14 years for the funds to grow!
 

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Browsing these forums has been so inspiring. I was able to pay off another CC today to the tune of a whopping $200... however HEY- one less CC I ever have to see again! :hurray:
 

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THANKS! Oh and there's more... I got a little bit of unexpected cash, and put ALL of it ($169) towards another CC bring my total CC debt down to only $273! My December goal to have no more CC debt at all is looking soooo easy now!
 

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You are a Super Star.
 
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wow, you are breezing through some of these goals... ;)

Congratulations!
 
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