How are you doing compared to a year ago

iVillage Member
Registered: 09-22-1999
How are you doing compared to a year ago
16
Fri, 12-31-2004 - 6:18am

I guess someone should ask THE BIG QUESTION, and so it will be me!:

How are you doing compared to a year ago????????????????

Even if you do not respond here, I am hoping you will take a few moments to reflect on how your financial situation and aspects of your life that it affects have changed or not changed in the past year.

To be considered:
Are you more or less in debt?
Is your mental/physical health improved?
Is your job situation different?
Are you more or less dedicated to reducing debt?
Have you been working on and executing new ideas to make things better?
Have you made some bad decisions or had bad luck?
Do you have support from family, friends and professionals that has made a difference in your situation?
How is your self-esteem?
Are you better educated about money?
Do you have the same goals or new goals?
What have you learned this past year? What have you learned about yourself?

I know I am going to have to examine my situation more before I can answer this question. I hope that anyone who is journaling thru their debt experience will answer the questions above in their writing. and revisit these answers a year from now.

Happy New Year!!!!! Littlesbigs

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iVillage Member
Registered: 09-25-2003
Fri, 12-31-2004 - 2:39pm

Financially, we will be starting 2005 off in a worse position. Our credit cards are lower, which is good, but my credit rating took a beating when some payments didn't get made. We also now have a car payment, which we should be able to pay off this year. His student loan is marginally lower, and he no longer has collection agencies calling. (Argh! He managed to mess up both our credit ratings in 2 years. But he learned a valuable lesson.)

In other areas, we are doing better. He just got his first full time job in his field, so while it doesn't pay a lot, it's something he'll like doing. We have moved, so we are no longer living with his family, which was a major source of stress for me, and we like where we live. We have more contact with friends and family now, which we appreciate.
Job wise, I still don't have a 'real' job, but I like what I do and am reasonably good at it. So 2005 should be a good year. 2004 was a very hard year, but we got things done and we're in a good position for 2005.

And now, I'm going to go clean this clutter filled apartment.

:)

iVillage Member
Registered: 05-30-2003
Fri, 12-31-2004 - 7:15pm

Compared to a year ago, we are in much much better shape. I think we started 2004 with over $80,000 in debt (includes everything, even the darn kitchen sink)and are ending just short of $65,000.

Some of the biggest changes came from actually buckling down and working the snowball plan, and redirecting as much extra income as possible. The Financial Peace University classes were a major factor in our success, of that I'm sure!

I'd say that our mental health is approximately the same-we're both hanging in there, but at least we can see the end in sight. Sort of. On a real clear day with binoculars, LOL! Our job situations aren't any different right now-I did pick up a work study job until the end of school, but otherwise, we're working 6 jobs between the 2 of us plus both of us going to school full time. (wow) So, yes, we're more dedicated to stomping out the debt-sort of. We took a detour this Christmas, but neither of us enjoyed it nearly as much as we thought we might, so we've taken the steps to not go there again.

We've retooled our budget, started funding envelopes again, and are recommitted to breaking free of debt. We really do not have support from friends or family on DH's side-I don't even know if they know what we're doing. I do know that many times they perceive us to be 'poor' or plain not doing well. That's OK-we know the truth. My best friend and my mom are excited for us. In fact, my mom gave me the option to either get money for Christmas or have her knock $100 off my debt to my dad. Huh-I took the debt reduction! I think my best support group is here! Really. The friday check-in's are worth their weight in gold, and I know I wouldn't have been as diligent about snowflaking this year had I not told Becky that I would keep track of my totals this year. (Thanks, Becky!)

I think we're better educated about money, but more importantly, better educated about where we want to be & what we want to accomplish both in the short-term and in the long-term. Our goals are pretty much the same: pay off the credit cards and Blazer before December, so when my student loans come due, we're ready for them. We're aiming for having the CC's/Blazer paid off by September so that we can get a jump on the bigger emergency fund.

I've learned lots about myself in 2004. I learned that I *am* good with money (for a long time I didn't think so) and that every bit we throw at the big total helps. I also learned that I am quite capable of backsliding if I don't stick to my spending plan, LOL! I learned that paying in cash is truly more painful than using a credit card.

I think that even though there were spots in 2004 that made me want to beat my head against my desk, overall, the year was a shining success. 2005 will be more of the same, because now I *know* that debt doesn't have to be a permanent condition, and I refuse to believe that I will 'always' have a car payment/house payment/whatever payment.

Here's to less debt in 2005!
~Lisa

iVillage Member
Registered: 08-02-2001
Fri, 12-31-2004 - 7:27pm

We are doing much, much better than we were a year ago. At the beginning of 2004, DH did not have a job. He found an overnight job (he takes care of our youngest during the day and gets our older son on/off the bus) after nearly 20 months of being unemployed. He worked 12 hours/day, 7 days/week) and brought home incredible money that really saved us. He was unemployed for a few months this past summer during offseason, but he's been back at work since October (12 hours/day, 7 days/week). I made much more money ($15,000+) in 2004 vs. 2003 because I left my clerical job and went back to teaching. I just received the last installment of my $5,000 sign-on bonus, and that helped a lot.

We just paid off our Citi Card today, and we'll pay off Discover by the middle of January. We paid off our car ($650./month) this past May with a HELOC, freeing up $300./month. This past April we paid off our 1-year-no-interest Home Depot account ($4,000) w/o giving them a penny in interest. We did the same with Best Buy ($2,500), paying off our new appliances/tv/vacuum cleaner w/o any interest due. We closed 2 days ago on a new townhome, but we made $80,000-$90,000 on our current home in 2 years (the real estate market is really hot here), so when we sell our current home in 2-3 months, that money will pay off our present mortgage, HELOC, and other debt. We are looking forward to being debt free by the end of 2005 (other than a new mortgage and possibly small car payment on a 2nd car we plan to add in 2005), and I believe we'll do it.

DH and I have had a lot of financial worries since May 2000, but we have never had one late payment (on anything!!). Our credit score has remained high, and it has enabled us to do a lot with credit in spite of our high debt. Our kids are healthy and thriving, and we look forward to 2005!

iVillage Member
Registered: 05-10-2004
Sat, 01-01-2005 - 9:16pm

Happy New Year!


At this time last year, I was unemployed & didn't know how I was going to make my next months payment.

 

Avatar for mrslove2000
iVillage Member
Registered: 03-26-2003
Sat, 01-01-2005 - 9:45pm

Wow, this required some deep thought before I could answer. 2004 was full of ups and downs for us. As far as our credit/debt we owe much more than a year ago. Several factors led to this including Dh's knee surgery. Which leads to the next question about health. I think physically we are doing much better. However, it has been much tougher mentally. We have NEVER been late on any of our cc's until Dh's surgery. We are now in the middle of filing bankruptcy. {we *thought* Short Term Disability would support us through this....it didn't} So it's been challenging to accept this option and not beat ourselves up about it. Our job situations are still the same. Other than DH's company has been less than cooperative with his transition after surgery. He is looking at another line of work which will mean $$$ for classes and the possibility of moving or he might end up working over seas in the coming year. We are still dedicated to paying our debts even though the majority of them will be in the BK. We are looking at starting an emergency fund ASAP.
We have a great support system. His mom has helped tremendously and I have some really good friends helping as well. I have learned a lot this year when it comes to money and the *emotional* toll it can have on my life. (Both positive and negative) Our goals haven't changed drastically. We want to rebuild our finances and plan for the future. We are committed to move forward from this point; NOT slide backwards to where we have been. I think the one thing that sticks out the most for me that I have learned is that life is too short. We have been living to work to pay the bills and in 2005 we want to work so that we can enjoy living. We are so fortunate to have so many opportunities. I also learned we are blessed abundantly and I am thankful for it.

Susan

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Avatar for mquin73
iVillage Member
Registered: 03-27-2003
Sun, 01-02-2005 - 6:53pm

Are you more or less in debt?


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