Should have came here first!!

iVillage Member
Registered: 04-27-2005
Should have came here first!!
38
Wed, 08-17-2005 - 8:09pm
I went to the SAHM/WOHM debate board to ask about my finances and that was a BIG mistake. Most of those women are nasty, know-it-alls who just looking for someone to put down. Here is my story:
My dh and I have gotten ourselves into over $6000 debt with our line of credit for overdrawing our checking account. Yes, it was stupid but it just escalated. I have come to terms with this and figured out a way to pay it off AND get us back on track (cutting out one of my dd's activities, having my dh understand he can't just take $20 here and $20 there whenever he feels like it, etc.)I know it will be hard but we are going to try our best. We do have cc debt but I only use one card and put all my clothes and medical bills on it and pay over the minimum every month. They were telling me I am wrong because I have a lease and my dh has a car loan. They INSISTED I needed to get rid of my car, my cable and cellphone. I have different ideas of how to save the money and they just insisted I wasn't listening.
I hope I have found a better board to go to. One that other people are in the same boat as me and we are all here to help one another, not berate them like they are a child.
iVillage Member
Registered: 04-27-2005
Thu, 08-18-2005 - 8:48pm
Thanks. Yeah, they are REALLY bad. They are still attacking me even though I have not answered them in 2 days! They keep insisting I will not be able to pay back the LOC and that I am going to lose my house!! I told them I have only known one family that old their house and it was because the wife was an alcoholic and the husband lost his business.
iVillage Member
Registered: 08-19-2003
Fri, 08-19-2005 - 7:48am

Just want to check in with you and see if you found a solution.

(BTW- I would put the $6k on a low interest credit card. I would not put your home on the line for this debt)

Shannon

Shannon


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iVillage Member
Registered: 03-25-2003
Fri, 08-19-2005 - 7:52am
welcome. It sounds great that you have come to term with things and have a plan to get control of stuff! :) Glad youre here
iVillage Member
Registered: 04-27-2005
Fri, 08-19-2005 - 8:06am
Yes, I have an extra $160/month that I will be using to pay off the LOC. It is not a HOME line of credit so it has nothing to do with losing my home. It is a bank LOC-kind of like bouncing a check but you don't. Thanks!
iVillage Member
Registered: 08-19-2003
Fri, 08-19-2005 - 8:32am

I was just reading the other thread. The thing that may be getting in trouble is you need a budget. As in a set amount that you can spend on each category every month. I think you are just following a list of set bills.

Most of us here use a spreadsheet to track our monthly spending, and bills. I budget for everything, tags, savings, gifts, clothing, shoes...

Please try to set this type of system up ASAP.

Its amazing how much money you find once you start tracking every dollar. When we started budgeting, we realized we were spending $900+ just eating out & entertainment a month. $20 & $40 here and there does not "look" like $900 until you have to hold yourself accountable by putting on spreadsheet.

Hope this helps,
Shannon

Shannon


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iVillage Member
Registered: 04-11-2005
Fri, 08-19-2005 - 12:31pm
Hi!

Lara

 

iVillage Member
Registered: 04-27-2005
Fri, 08-19-2005 - 1:48pm
Hi!
I actually do have a spreadsheet that I work with every week when I do the bills. I have a set budget for each item. I am at work so I don't have it now so I can show you later if you want, let me know. Our spending money for ourselves is spent anyway we want. The problem was we were just spending beyond our budget with our debit card and then starting overdrawing on our LOC. I have set up a tighter budget now. My dd has to cut out an activity that will save us $35 month which will help ALOT when it comes to the extra things we will need for field trips, gifts, pictures, etc. I AM pretty good with my money even though it didn't come across that way on the other board. We just have to learn what IS important and what IS NOT. Thanks for helping, I really appreciate it.
iVillage Member
Registered: 08-19-2003
Sat, 08-20-2005 - 9:08am

Of course you can always email me you budget or post it here! everyone around here is very helpful, and we all have the same goal.

Shannon

Shannon


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iVillage Member
Registered: 04-27-2005
Sat, 08-20-2005 - 10:56am

Thanks. This is what I budget per week:

mortgage & utilites
cars (insurance & maintenace)
car lease
car loan
phone
food
diapers/wipes
newspaper
Kids activities
clothes
life insurance
medical bills
cellphone
credit card
after-care
spending money
LOC money
savings-us
savings-for each child
table-paying off (had a 2 year deal)

All of these total to our weekly paychecks
Our "5th" week paychecks go for food, spending and after-care and the rest go towards the after-care.

I hope this helps you out a little to see what I do. Thanks!

iVillage Member
Registered: 08-19-2003
Sat, 08-20-2005 - 11:03am

Can you add the amounts? Only because it helps to know "what" you are budgeting, and may show things that can be cut back? $10 for interent, compared to $45, see what I mean.

Shannon

Shannon


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