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It's Feb 2008, I have a 4 month old baby and we're living paycheck to paycheck with hubby and barely cutting that. Each of us have 5-7 defaulted accounts (credit cards, phone accounts, hospital bills, etc) on top of our current regular bills and new car (no running car at the time of purchase). We have hand-me-down furniture and not even much of that, our home is sparse.
I decided to buckle down and change our situation. Hubby deployed. I moved in with his mother (which I regret fully cause I hate that woman, but for us financially it was a God-send). I cut out every bill, even suspending our phone service and hoping to catch his calls on his mother's house phone (which if you're military you realize what a sacrifice that is).
After 10 months all but one defaulted account is paid in full. (the remaining one we're fighting with indefinatly cause they won't give me a balance owed, it'll be paid off when we can get minimal cooperation).
After 14 months, we have zero c/c balance anywhere. We're still making payments on now 2 new cars, but even with those our bills/income ratio is 70%. DD has a saving account of $1400. Our whole house is fully furnished (living room, DD's room and master bed are all new furniture).
By the end of this year we will be able to start some retirement savings. The cars are expected to be paid off in 4 years (which at this point they each have less than 10,000 miles so we expect them to last past the next 4 years). DD will have over $3000 and we'll becontributing $100/month comfortably.
What a change huh?
And we've adopted a new way of budgeting our money... I think someone one here posted it (I'm totally not trying to take credit for this brilliant woman's idea, I just don't remember who I read it from).
We have a spreadsheet with a tab for every month. In that tab put what income we have for the month (she said shedid a few months at a time cause her income wasn't consistant, but ours is so I do almost a year). Then I put what is coming our of each pay period. The first of the month is rent, water, groceries, and gas, middle of the month... is a long list. Under those I can put one time expenses that aren't typically budgeted for (getting the dog fixed, one time trip to ND in June, new shoes for DH, ETC). Below that all the debts are subtracted from the income. It helps us stay on track and know what our next couple weeks look like (ramen and water or nightly olive garden, lol)
"Disability is not a brave struggle or ‘courage in the face of adversity.’ Disability is an art. It’s an ingenious way to live."
Last edited by C&K'sMama; May 12th, 2009 at 08:15 PM.