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Quarterly Report
| Sat, 04-01-2006 - 8:31am |
April 1st already? Where did the last quarter go?
Please share your assessment of your first Quarter of 2006:
1. Have you made any progress with the debt total?
2. Have you learned anything new you have been putting into action in the last quarter?
3. Do you feel that your debt journey has taken any interesting turns in the last quarter?
Please share!
Littlesbigs

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We did manage to make a decent hit with our tax refund so that was great.
I think one thing that's becoming apparent to me over the last quarter is that I don't like what debt does to my emotional state-I'm a little discouraged because it seems like we just keep scrimping and yet haven't seen much movement. I think this will change once we've paid the first debt in our chain off-I hope so at least! But, here's what I mean about emotional--
1) I find myself more frustrated with people around me about money. Like when someone says they don't have money and then buy a new pair of jeans or something-the more I focus on my debt the harder it is to bite my tongue and not say something. I find myself more jealous of people getting raises, bonuses, etc. than I want to be.
2) I've posted about my DD's bathroom issues. We did another pediatric gastro visit and according to this doctor it's all psychological. I find myself frustrated with the amount of money we spend (about 35.00 per psych visit, 25.00 per month for medication plus the cost of pull-ups and extra clothing) on something that doesn't show an immediate benefit for anyone in the family. Don't get me wrong-I know she needs help and I think the psych is doing a great job but definitely debt is making me more aware of everything that doesn't have a long term benefit-for example, I do spend money on my scrapbooking and that doesn't bother me as much as spending money on eating out. The kids are in swim lessons which I can see them enjoying it and learning a skill versus the medication which DD hates taking and may or may not be helpful. The bathroom thing is the most evident because of the amount involved but generally just a greater awareness of which items have long term effects.
Taleyna
1. Have you made any progress with the debt total?
Yes, I have. I only totalled it once soon after I joined the board this year. But, I continue to pay 2x a month on my cc's and had figured out on a spreadsheet all would be paid off no later than 12/31/07, if we kept on track like we are currently doing, or sooner if we have a good year. Last week I got in the mail a new CC I applied for that had 0% till 7/07 so transfering balance from another card all our debts will now be paid off 10/01/07 or sooner. Another big thing is vacation this year, I have 3 weeks off for the first time in 4 years and have a budget for the trip. My tax return came in last month and that went into the vacation account so we're half way to our goal for our Sept trip.
2. Have you learned anything new you have been putting into action in the last quarter?
This board convinced me to go for it and do the bal.transfer since 15 months 0% interest (and 8% after) was better than 20% I was paying. I'll pay off my debts a few months earlier. I've also tried to brown bag it more often and be more aware of the grocery bills as we don't have an actual budget. Today I went with a list and stuck to it, SO didn't but he didn't do too bad after all and I was able to keep him from going too far overboard.
3. Do you feel that your debt journey has taken any interesting turns in the last quarter?
Well annoy is more like it, mom did a home line of credit a couple of years ago to bail us out of our situation where we couldn't make minimums, last March she "lost" the check we sent for our monthly payment to her. I asked her about it at the time, but I guess she just forgot, as my dad was sick again at the time. They found it in Feb and called me on it. They agreed rather than putting me in a tight spot as that money is long gone, I can tack that to the end of the term. Now, they've lost a second check this one for Febuary and either we extend the term again 2 months now or we double up in April. I'm not sure we can double up April but I'm going to try because I want to be debt free 10/07.
Proud sister of a Marine:
1. Have you made any progress with the debt total?
Yes. Started in January with 63,893.41 new debt total is 45,145.75 (lg portion due to unplanned event)
2. Have you learned anything new you have been putting into action in the last quarter?
In December I started to "pay myself first" with automatic transfers on my first paycheck of the month. I split it up into two different accounts and I've been pleasantly surprised how quickly it has accumulated as well as I haven't "missed" the money. We are still "getting by" somehow even though our take home is "less".
3. Do you feel that your debt journey has taken any interesting turns in the last quarter?
Yes. My only brother died of cancer in mid February. I owed him nearly $18k from a personal loan he gave me a couple of years ago to "consolidate" my debt. What bothers me is not knowing if that debt could have made the last couple months of his life "better". He wasn't able to work the last six months and he died before he recieved any benefits from social security. I miss him terribly. I guess the most interesting turn in my debt journey is having my "a-ha" moment with one of Suze Orman's famous sayings "People first, then money, then things". I would give up any "thing" I have and what little "money" I have to have more time with my brother. So I am more conscience of people in my life and making a difference in relationships instead of focusing so much on debt.
Susan
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Sincerely,
Lindsey Schocke
Geeks on Tap: Mission Accomplished
Hello Whiz,
Your utility bills (cell phone, gas bill, etc) are not reported on your credit report. The only things that normally show up (as active accounts) are credit cards, loans, and mortgages. So paying extra on those bills will not affect your score, but there is certainly nothing wrong with doing it!
Sincerely,
Lindsey Schocke
Geeks on Tap: Mission Accomplished
1. Have you made any progress with the debt total?
Yes - have only charged one item since January 1, (normally would charge groceries and other day-to-day expenses without even thinking about it).
2. Have you learned anything new you have been putting into action in the last quarter?
I finally began a budget and have been sticking to it. It is surprising how much my pay does stretch - I really do have enough (or almost enough!) as long as I budget for each item each pay!
It's amazing how fast this year is flying by.
1. I've made some dents in our credit card bill, thanks to our Federal Tax Refund. :-D I've cut my credit card debt in half since New Years, but I've still got a way to go. I really want to start out 2007 with no credit card debt, so that's my goal. :-D
2. I've learned that when my home is de-cluttered, I feel more at peace in my home, and I'm not as eager to go shopping. :-D It took a lot of work to get the house decluttered, but now that it is, I'm enjoying it.
3. The most interesting turn for me was finding out someone may have stolen my debit card number in one of the many recent data theft rings being reported on. I know this sounds silly, but I just had an opinion that it could never happen to me. I live in a small country town with a tiny little Town Square and one tiny library and one tiny post office, and I guess I thought, "Why would anyone want my information??" I guess none of that matters, though, really. So for the past four days, I have been making only cash transactions. I'm enjoying it so far, and it's saving me money because I notice that I 'did' tend to overspend when I used my debit card. :-D
Pat :-D
This is a great thread! :)
1. Have you made any progress with the debt total?
Yes -- I have payment arrangements with my creditors and have been following them. I've also been taking the money from my second job and putting it into a snowflake fund, so I can pay off a bill in total later this spring. I also have been looking at what order I should snowflake the rest of my bills to get them paid off earlier.
2. Have you learned anything new you have been putting into action in the last quarter?
I've learned that I can't really carry a lot of cash with me. In general, if my money is too accessible, I want to spend it. So I have one checking account that is used strictly for debt payments, and ING account that is used for snowflaking/emergency fund/freedom account and another checking account that is for household expenses. When I get paid, the money gets divvied up into the different accounts and I try really hard not to transfer any back. I've started paying all of my bills the day I get paid, so the money's mainly gone. There's a small cushion in the checking accounts, just in case.
I've also just started doing the envelope system. I actually made little cloth pouches (zippered pouches) just for that purpose. It was bothering me to open up an envelope and have the change rolling around in my purse. So I have made categories of cash spending (rent and utilities get paid by check, so I have a receipt of it) and a little pouch for each one. I tried to make them cute so I would be more likely to use them.
I've also learned that there are some areas in my budget that need to be addressed. I'm wasting money in certain areas and not budgeting enough in others.
3. Do you feel that your debt journey has taken any interesting turns in the last quarter?
I'm more tense about it. I think maybe because I've been paying more attention to the gaps in my budget/spending overages and realizing that I need to be sure my expenses reflect my priorities. There are a few things I think I need, but then I look at my purchases and realize that the money for these things is taken up by stuff I want, but could do without. Also I'm aware that I have to be careful not to fall into the two-income trap: spending almost as much as you make at the second job to keep life smooth while working two jobs! So I've been more concious of the impulse buys and why I do them. For example, buying lunch because I was too tired to pack the night before costs me at least 3.00 and up to 8.00. But now that I'm just using cash, it's obivous that the money is actually being taken from another budgeted category, which ends up shorted. So that means that I have to pack the lunches on the weekend, when I have the energy and the time. It also meant that upon reflection, it makes more sense for me to drop some hours at the second job, which I did.
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