Dave Ramsey followers - got a question
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Dave Ramsey followers - got a question
| Thu, 04-21-2005 - 3:59pm |
I just finished reading the Money Makeover. I was very impressed and inspired - unfortunately DH is not. He is not at the point of doing WHATEVER it takes to get out of debt - working a second job, me taking in daycare kids, going down to one car (even just temporarily), etc.
Just curious - what are some of the things you are doing (that others are not willing to do) in order to get rid of debt?
Christie

Welcome!
Here are some things we did early in our journey to get ourselves up to date and back in the black:
We moved out of our duplex into a small, cheap apartment, despite having a toddler.
We considered selling our more expensive car but were able instead to refinance.
I got a job at night running drinks at a bar--long hours, hard work, smoky bar, icky stuff, but GOOD money, and I could do it while my son was at home with his dad (no childcare).
We cut our food budget to $200 a month.
We sold lots of things we didn't need--not everything that wasn't nailed down, but a lot of stuff we thought we wanted.
We got rid of our landline phone and went to cell phone only.
Those are the major things I can think of off-hand. Of course, we also whittled down our budget in other smaller ways, which add up.
Our situation is different now. While we still have a lot of debt, it is a much smaller portion of our budget (because dh has moved rapidly up in his position and, thanks to my new business, I now make quite a bit of money also), and our assets actually outweigh our debts now, which is a nice feeling. So we have added some things back into our budget. We bought a house, and we raised our food budget so that we can eat more fresh fruits and vegetables, and we have a regular budget now for things like eating out (still only rarely, though), and going to yard sales (every weekend). But we are still very conscious of our debt, and currently all of the excess income from my business (after charity, taxes, long term savings, short term savings, and operating expenses) goes straight to debt. This month I am sending to our debts at least an additional $1000 from my business alone (I do my books at the end of the month, so it could be more by then).
We started our debt-free journey three years ago, and a lot has changed since then. That $1000, which is over and above the regular amount we send, represents more money than we had TOTAL each month to spare for our debts, even after all our cuts, when we began our debt journey. So we have definitely seen a major snowballing effect as we've learned to manage our money better.
Anyway, keep working on your dh. You can do this, and you will be so much happier for it if you do. Maybe you could show him how much you are sending to debt in minimums each month, and point out how many months it would take to save for some coveted toy (for my dh it's a plasma television) if you could send all that money to savings instead of debt. Pick something that it would take only a couple or three months to save for, but that he has been really wanting but feeling like you couldn't afford.
Keep your chin up and keep coming back.
Blessings,
Heather
Great question!
We sold our 2nd car and manage to get around just fine with one car.
All my best,
Danni
Thank you for your response. It really helps me to see that it is actually working for someone. I am sooooo ready to do what it takes - even getting uncomfortable. I just don't see how DH is not there yet. I quit my full-time job last June (due to the birth of my 2nd child) and I think a good way for me to make some extra income is to take in a child or two for daycare. DH is against this idea. I am trying to talk him into letting me watch one or two kids just for the summer - we'll see.
Like I said, it is nice to read that it is working for someone. That's great that you have started to see the results of your hardwork and have added some things back to your budget. That's awesome!
Thank you again,
Christie
Thanks Danni! As I said in the previous post - I'm still working on getting hubbie on board with Dave's plan. I don't see how he is not ready to do WHATEVER it takes to get out of debt. My main ideas are:
* drop down to one car - DH's car is paid for - mine is not with a $350 car payment - this would also save on car insurance.
* make some additional income by taking in a child or two for daycare (even if it is just for the summer)
* sell our eliptical exercise machine and some other items in the paper or at a garage sale and send the cash toward debt
That is what is at the top of my idea list right now.
Christie