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Forum: Financial Planning and Budgeting

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  #1  
January 22nd, 2010, 02:54 PM
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Join Date: Jan 2007
Location: Portland, OR
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This is more of a whine I guess. I wish I had been more tuned into smart financial planning 10 years ago! I think DH and I are both doing great at paying extra payments toward debt, we both put about $500 each toward it a month in extra principal payments, but it doesn't even seem like we are making a dent in it. DH will finish school, this fall, and our debtload will increase when his student loans become due. It seemed smarter at the time, to pay off the higher interest home improvement card and his credit card first, and I hope this was a good decision. I'm so stressed about this. I want to move eventually to a better school district for my daughter, but I want our, student loans, cars and home improvement loan to be paid off soon. It just blows my mind right now about how long that is going to take. Any advice on ways to be more patient would be appreciated
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  #2  
January 25th, 2010, 07:10 AM
mommy2Breana+Brandon's Avatar Platinum Supermommy
Join Date: Dec 2006
Location: PA
Posts: 39,401
I am right there with you. We are in debt and we are struggling.

Good Luck
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  #3  
January 26th, 2010, 09:08 AM
Mega Super Mommy
Join Date: Aug 2005
Location: Texas
Posts: 4,649
Have you ever read the Total Money Makeover by Dave Ramsey? He has some great plans to get debt free.

Dave Ramsey teaches a "debt snowball" Basically, you make the minimum payments on all your debts. Then you take all of the extra and apply it to your smallest debt. Then when that is paid off you apply all that money as extra to your next smallest debt.

Are you both paying $1000 extra towards the debt or $500 (you said $500 each, but i wasn't sure). Either way, it sounds like you are really on the right track. I'd get on a strict budget and cut out as many extras as you can to make more payments. When you get them paid off, it will be like a raise!

Have you paid off the credit cards already? Dave Ramsey is all about attacking the smallest first, which does have some distinct advantages, but if one of my debts was at an outrageous interest rate, I'd think about trying to knock that one out first.

We just paid off our 2nd car a few months ago and have no car payments now! We are down to just student loans (and the mortgage). I decided that we should divert some of the car payment money to our emergency fund for a while to pay for car repairs and to save for a new car in a few years. Then I want to get our student loans gone - we've been paying on them for like 7 years already :-(. I wish we had paid more on them we were younger, but we did at least save enough to have a good down payment on our house

Good luck!
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  #4  
January 26th, 2010, 07:56 PM
Mega Super Mommy
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Thanks for the advice! We are working on the Dave Ramsey Snowball method, and it is literally both of us paying an extra $500/month and still feeling like we are not making a dent. We have separate bills debt and joint debt. I have already paid off my care credit card and personal credit card. I am paying $400 extra toward my car, holding steady on my student loan, and paying $100 toward our joint home improvement card. we are putting all of our tax refund toward that home improvement card. I guess we are snowballing our own separate debt and simultaneously hitting our joint debt.

DH is still paying off his own credit card and also $100 on the joint card. He will be working on saving up for a used car when he is done with the credit card.
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  #5  
January 27th, 2010, 05:58 AM
Mega Super Mommy
Join Date: Aug 2005
Location: Texas
Posts: 4,649
Quote:
Originally Posted by MomtoAnnaLise View Post
Thanks for the advice! We are working on the Dave Ramsey Snowball method, and it is literally both of us paying an extra $500/month and still feeling like we are not making a dent. We have separate bills debt and joint debt. I have already paid off my care credit card and personal credit card. I am paying $400 extra toward my car, holding steady on my student loan, and paying $100 toward our joint home improvement card. we are putting all of our tax refund toward that home improvement card. I guess we are snowballing our own separate debt and simultaneously hitting our joint debt.

DH is still paying off his own credit card and also $100 on the joint card. He will be working on saving up for a used car when he is done with the credit card.
I know what you mean about feeling like it will take forever! The farther you get into your loans, the more you are paying on principal and less on interest, so keep at it and you'll start seeing some progress. I feel like our student loans are taking forever. Between DH and I, it started out about about 30K. Not TOO bad for both of us. It's down to 17K now. Still alot left, but it makes me feel good to see 13K has been knocked out.
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  #6  
January 27th, 2010, 09:41 AM
Mega Super Mommy
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13K is awesome! In 4 years, I've paid about 6K of an original 19K. DH's will add 20K. I want the 9K left on my car and the 11K on our home improvement card gone. 53K is just too much to think about without my head spinning :S
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