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Hello, I joined this website day before yesterday and for some reason my posts and my account was deleted? does anyone know why? lol
Second, I had posted here and I know I had a reply to my post but I didnt get to read it. So I am going to repost and hope I can find the one that replied to it.
My husband and I got married on August 9, 2008 and I am sad to say that we have already got ourselves int almost 10,000 dollars in debt. We got a little out of control, But we are wanting to get our own place and start a family of our own, But I would like to get some debt paid off before we can and want to do this. I really just dont know where to start. If I could get any advice on where to start on a budget and how to stick to it or if there is a good debt consolidating program that someone knows about I would appreciate it.
There was an error that deleted some stuff (there is an announcement up top).
Dh and I took Dave Ramsey's Financial Peace University and it was really helpful and still is very helpful to us. If you get the book, Total Money Makeover or Financial Peace, or visit his web site there is more info.
There is a sticky up top, that has a budget form if you need help with that. I'm not great at it, but ya know.
We opted to stay away from the debt consolidation, there are some pros and cons. We were told it would negatively affect our credit score, and the amount of debt we had really wasn't significant enough to require debt consolidation (but it was similar to yours just on credit cards - we also had about the same on my car or more on the car when we started doing the dave ramsey thing). More or less, what DR suggests is to list your credit cards with the lowest balance highest interest rate, pay that off first and so forth. Someone else probably has a better example, but here is my best:
CC #1 $100, 20%
CC#2 $300, 15%
CC #3 $1,000 15%
If you have $50 left after all bills paid and minimums are paid on the cards, put that extra $50 onto card one. Pay that off. Take the minimum on card one plus the extra $50 and pay onto card 2 and so forth until all debts are paid. The statistic I saw w/ DR program is baby step 2 (Debt Snowball) takes 18 to 24 months to complete. For us it has been about 2 years. We haven't been very serious about it either - we could have had it paid off sooner, but stuff happens.
Sticking to the budget, is the hardest part. For me, I just swipe my debit card left and right. DH spends cash quickly. So it really depends on individuals. The envelope system is good for basic stuff that is more flexible like blow money, food, misc. expenses. Anything we can't pay online or isn't a bill, we try to use cash for. Which typically leaves JUST our food and blow money.
Proud Mommy To My Princess (5)
Watching over us -- August 2005, March 2010, October 2010, July 2011