Hi Everyone

iVillage Member
Registered: 10-17-2012
Hi Everyone
10
Wed, 10-17-2012 - 9:08pm

Hello,

I have read this board on and off for a while now, but this is the first time I am posting.  I have used so much of the advice (thank you) and have gotten out of  $12,000  in debt over the last year.  I still owe about $3,800 and really want to start saving for a house now.  The problem I am having is I don't really feel like being so stringent anymore, and I find myself not saving a penny as the months go by.  I had a great plan to save $2,000 a month, but it was too strict for my family-I have 2 little ones and it always seems like there is something to purchase.  So, this is what brings me to my first post, I want to stay on track and be honest about my money. I work very hard for it, and want to respect it.

Thanks in advance, and I look forward to adding to this wonderful and inspiring board.

Shell

iVillage Member
Registered: 10-01-2009
Sat, 10-27-2012 - 7:46pm
yes put it in a separate account welcome to the board Duke
iVillage Member
Registered: 10-17-2012
Sun, 10-21-2012 - 5:06pm
Oooh, I like the idea of saving $1000 and putting $1000 into a sinking fund. But, how does that work- do you just keep adding and using as needed? Because I definitely want the savings to be hands off. Thank u, Shell
iVillage Member
Registered: 04-10-2003
Sun, 10-21-2012 - 11:57am
Woo, can finally reply! Welcome! I have read the replies and thank you so much for sharing how you got out of debt. Its really inspiring! The zero balance budget really helped me significantly. I also implemented sinking funds for all of those wierd one off expenses. Each pay I put away about $250 in e funds, home/car repair funds, pets, vacation, christmas and me! I noticed you said you had a plan to pay about $2k a month. Does that mean that on paper you have $2K extra? What about starting slightly smaller and trying to save $1k? You could take the extra $1k and put it in sinking funds or add it to your cash flow so you don't feel so overwhelmed? Either way, welcome! Post often!

Bex -

iVillage Member
Registered: 10-17-2012
Sat, 10-20-2012 - 8:25pm

 Hi Bumbling,

I am trying the zero balance myself.  I  think talking about it here will also keep me on track.  

iVillage Member
Registered: 07-24-2001
Fri, 10-19-2012 - 3:46pm

Shell,

I really understand what you are talking about.  I'm feeling the debt fatique bug myself these days.

I do a zero balance budget myself - so every single penny for each month is allocated toward something.  This keeps me on track.  When I'm feeling particularly fatiqued, I know that next month's budget is not that far away, and I'll have a chance to set some money aside then to do something fun - and put that in my next month's zero balance budget.

This keeps me on track and also makes me feel like I have some leeway when I'm frustrated.

iVillage Member
Registered: 07-06-2003
Fri, 10-19-2012 - 10:46am

Hi Shell,

It's great that you've decided to come out of lurkdom :)  You have made real progress on your debt and you are so close to being completely done with it.  I know about debt fatigue and wanting to loosen the noose so to speak.  I am just a few thousand away from paying off $55K of debt and there are days where I think about spending the money I have reserved for my debt BUT I also look to the near future where ALL of the money that I have currently going to debt will be free for me to spend/save as I please...that's what keeps me dialed in and focused.

I loved what you said about wanting to respect the money you earn.  Money can do so much good for you and your family if you are in control of where it goes.  Do reward yourself with small treats (paid in cash lol) that you can savour and it helps you to continue to keep on your debt free/Savings path. 

You can do this!

Kassandra

"It is said that life has its peaks and valleys.  The challenge is to accept them equally and experience them

iVillage Member
Registered: 10-17-2012
Thu, 10-18-2012 - 8:47pm

Hi, it really is nice to actually write in instead of just reading on the board (for all those lurkers-come join in) Michele, to answer your question about paying off the debt, I don't own my home(that's my next step) so I don't have all those added expenses of home ownership.  I paid my rent and fixed expenses then my family of 4 lived off $800 a month for food, gas, fun (i just  took my 6 and 3 year old to lots of free events and parks) .  It was a strict plan and I feel so tired of watching every penny - hence my post about not really saving much lately.  I also threw in every penny from my tax refund. 

Now, I am just caught between not feeling like being so strict to feeling awful with each month that goes by and I have nothing to show for it.  But, I am feeling a bit refreshed because I am going to try cash envelopes in November. I think feeling the cash in my hand is going to keep me in check.  I will keep you posted.

Shell

Community Leader
Registered: 08-25-2006
Thu, 10-18-2012 - 7:16pm
So glad you came out to say hi! You probably already know this, but really there are not very many true suprises. We call them that and think Murphy is against us, but really don't we all know that things break, people get sick and kids need things? So adjust your spending plan to include everything, including the "unexpected." It may not be as tight as you would like it to be, but there does need to be some sense of peace in the home, too. Me and DD could probably live off of beans and cornchips, and spagehetti, and cereal. But no way that will fly with SO. Good luck and keep posting!
Serenity
iVillage Member
Registered: 09-19-2012
Thu, 10-18-2012 - 11:05am

Hi Shell.  First let me say congrats on getting out of debt so nicely.  That is awesome!  I am in debt so I may not be the best one to give advice, but maybe you should lower your savings plan a bit or, as I learned in the very beginning of posting here last month, maybe you need to tweak your budget.  If you are aren't planning for things appropriately, it will definitely mess you up in the savings department and that will put a damper on your plans and possibly discourage you for the long run.  You have done so well in such a short period of time that you know you have it in you to do this.  Don't let the idea of 'freedom' cloud your ability to stay focused.

Care to share how you were able to pay off that money? 

Michele

iVillage Member
Registered: 09-19-2012
Thu, 10-18-2012 - 11:03am

Hi Shell.  First let me say congrats on getting out of debt so nicely.  That is awesome!  I am debt so I may not be the best one to give advice, but maybe you should lower your savings plan a bit or, as I learned in the very beginning of posting here last month, maybe you need to tweak your budget.  If you are aren't planning for things appropriately, it will definitely mess you up in the savings department and that will put a damper on your plans and possibly discourage you for the long run.  You have done so well in such a short period of time that you know you have it in you to do this.  Don't let the idea of 'freedom' cloud your ability to stay focused.

Care to share how you were able to pay off that money? 

Michele