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View Poll Results: What percentage of your income goes towards regular bills?
Less than 60% 1 12.50%
60% - 70% 1 12.50%
70% - 80% 2 25.00%
80% - 90% 1 12.50%
90% - 100% 2 25.00%
We can't afford our bills 1 12.50%
Voters: 8. You may not vote on this poll

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  #1  
April 19th, 2009, 09:39 PM
C&K'sMama's Avatar Platinum Supermommy
Join Date: Sep 2008
Posts: 6,150
HI! I never knew this board existed, what a great find!

I keep the books in our house, we've recently moved which racked us up a tidy $1000 on our credit card. We have no other c/c or other debt (I paid off all previous debts last summer while Dh was in Iraq). I mean we have car payments, but those are figured into our budget.

I recently read that a safe place to be with your bills is that all (gas/groceries/cars/insurance/utilities/rent(mortgage)/phones/tv/internet basically everything that you have to pay each month) should be 60% of your income. Ours is closer to 80%, but that's with all the bells and whistles that we like (not to mention that we live in rural nowhere and utilities are outrageous since you can ONLY get satellite out here and there is no competition for electric).

I'm a stay at home mom. We have satellite TV (no other provider out here), Wireless Internet (again, no other provider except sat which is more expensive), 2 new cars (2008 Ram 1500 Lone Star Edition, and a 2008 Toyota Yaris), wonderful home (rented cause we're military and we're not here for long (couple years max), cell phones (lowest plan and no home phone cause who would really use it?) and I cook from scratch all the time (trying to get better with coupons and sale and such but right now we buy everything at full price at the comissary which is about 10% cheaper than a civilian grocery store). DD is 18 months old and has over $3000 in savings for braces, car, college, etc (we decided to start early). We don't have regular savings, I plan to start that again once the c/c is paid off.

I feel a little stretched with the 80% (an now more cause of the c/c which WILL be paid off before the end of summer, we do NOT use plastic unless absolutely necessary and even then it's paid off ASAP).

Overall 80% works for us, (and we're able to put a little back for DD). I'm hoping to start some retirement (or similar) savings by the fall. Where does your family sit in in the income to debt ratio?

I know most of the women reading this are budget pros, but our tricks are mainly research... I'm always looking for the better price. We requote car insurance every 6 months, no home phone, low cell plan and use night and weekend minutes (never have overages to pay), drew a line in the sand when we were car shopping as to how much we could afford (reasonably) a month so we set the price. We'd have more for saving, but I'm a shop-a-holic when it comes to clothes for DD.

I got a Dave Ramsey book for Christmas, and (as dorky as this may sound), I'm totally stoked about reading it!!

What do you save in?? I loved Banking with Bank of America, but we found this other bank that offers 5% interest on checking accounts!! Not wanting to pass that up, we switched banks. It's less conveinant, but more money is more money (and it's only less conveinant cause I can't make automatic/recurring transfers). Where do you stash your savings? DD's saving won't be touched until we need help (whether it's for braces, or a first car or whatever), but I feel like I'm wasting an opportunity just letting it sit in a regular savings account (low intrest rate, like 1%ish?). Since we won't be touching it for a few years I feel like I should invest it somewhere... but I don't know what is safe. I feel like a CD is betting against the economy, I'm not particularly familiar with money market accounts, and I'm terrified of investing it anywhere we could lose money. What do you do with your long term savings? (I don't want to put it in a 529 or other college account, cause we will probably not only use it for education).
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Last edited by C&K'sMama; April 19th, 2009 at 09:56 PM.
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  #3  
April 20th, 2009, 06:36 PM
C&K'sMama's Avatar Platinum Supermommy
Join Date: Sep 2008
Posts: 6,150
Toal money makover... My grand-mother in law bought them for everyone in Dh's family for Christmas. She gave a disclaimer before giving the gift, like it was an insincere idea... She also caught a lot of flack for it, but I gushed for DAYS!
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  #4  
April 26th, 2009, 09:42 AM
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Join Date: Oct 2008
Posts: 373
Could you do a longer term CD? Like 3 years for son? To me, investing is so scary right now and all but one of my investments (TIAA-CREF) are down, one by 1/2 so that is out the window for me. At this time, we have no ability to risk loss. Tried PROSPER.com and 3 of my 12 loans defaulted so am taking money out as it comes available but sigh, was getting about 16%. I am moving everything to just old regular CDs with 12 m or less (not that we have a lot) but interest rates are at best 2.3%. Have you checked credit unions-here Navy Federal is doing better than ABNB but I am hoping for a special rate at a little hometown bank later this week. Have to go in and see the lady I sort of know in person to request. Have not read Ramsey but looked at his show a couple of times-I like him but he is never answering the specific things I really need-LIKE get this bond, stock, or don't believe this. I will look here for your thoughts and advice because I am not doing so well on my own. We have a lot of credit card debt (medical) but hoping to pay off in next three months with settlement as well as reduce mortgage-won't be eligible for refinance and am at 6.25 % on 20 year mortgage.
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  #5  
April 26th, 2009, 02:38 PM
SamuelsMommy's Avatar Platinum Supermommy
Join Date: Nov 2006
Location: Indiana
Posts: 16,541
Hi! We're also close to 80% on our bills but we have an unique situation because when we moved for a new job for DH we couldn't sell our house so we have a mortgage on that and rent on our house here.Once the house sells I think we'll be closer to 70% once we buy a house here. That includes our satellite, internet, and a cell which aren't necessities and could be cut out if we needed to.
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  #6  
April 26th, 2009, 02:38 PM
SamuelsMommy's Avatar Platinum Supermommy
Join Date: Nov 2006
Location: Indiana
Posts: 16,541
Hi! We're also close to 80% on our bills but we have an unique situation because when we moved for a new job for DH we couldn't sell our house so we have a mortgage on that and rent on our house here.Once the house sells I think we'll be closer to 70% once we buy a house here. That includes our satellite, internet, and a cell which aren't necessities and could be cut out if we needed to.
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  #7  
April 26th, 2009, 06:15 PM
2pinks&ablue's Avatar Chantelle
Join Date: May 2007
Location: NB, Canada
Posts: 36,142
We're more like 80-90%, but when DH starts his new job, it should get A LOT better..
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