One year ago

iVillage Member
Registered: 07-14-2008
One year ago
4
Fri, 11-28-2008 - 9:57pm

A year ago, I was charging Christmas presents, but was worried how I was going to pay for them
We had signed an agreement to put in pool in the summer, but didn't have money for it, and I was not positive I would have the money once it was installed
We had a Home Depot card that had come due from one year no interest, but didn't have quite enough to pay it. So we transferred it to a line of credit
I wanted to make a plan to make sure I could purchase my leased car in 2010, but had no plan
I had given very little thought to having an Emergency Fund

But now:
I have no credit card debt
I have cash to pay for Christmas, and I refuse to go off budget
I have started my Emergency Fund (but it's not growing as quickly as I would like)
I have been putting away for my car, and I should have enough to buy it once the lease is done

I have made quite a bit of progress in a year. Lots more to go, but I feel like I am on track. I really need to start writing down where my money is going. I can probably cut back some more if I do this. I have been worrying about the economy, and that I am not prepared for what may be coming. Thus far, my job, as well as DH's jobs are fine. But I can't help wondering if that will change down the road.

How were things for you this time last year? What do you hope to accomplish in the next year?






iVillage Member
Registered: 06-09-2008
Fri, 11-28-2008 - 10:33pm
Good for you!! You should be very proud of yourself- you have made strides over the past year. I hope that within the next year me and my husband will significantly reduce our debt (by at least 50%) if not more, have an emergency fund, and be able to stay within my budget ( I have trouble doing this).
iVillage Member
Registered: 11-28-2008
Sat, 11-29-2008 - 12:31am

Good for you. I hope in the next year I have made alot of progress in my debt (currently $25,600) and have an emergency fund and savings. This time of year is so stressful for me. I am not looking forward to Christmas at all. I am NOT going to use credit for Xmas presents. Only cash.


Can I ask? How much debt were you in last year? How much were you able to pay off?


iVillage Member
Registered: 11-14-2008
Sat, 11-29-2008 - 2:18pm

What an inspirational post!

2008 was rough. I know my ex husband and I split up in 2007 and that was tough, but I had no idea how the next few years were going to play out. So....I got a rude awakening in about January

*the business I was planning to buy from my ex owed taxes
*the business needed cashflow
*my own personal taxes were high because of selling and buying everything between us
*so now I was in huge debt(personal and with the business) with no personal assets and business with a poor credit rating. I moved out our house to an apartment and had a leased vehicle with too many miles on it that didn't fit my two kids in it properly.

So now........Fast forward to Nov 2008
*I have all the taxes paid and all the forms up to date(huge amounts of stress, large accountant and lawyer bills) all paid
*I still have debt with the business(some bills I would like to pay, credit line and land and building loan) but I have goals and a time line to pay all that off. If everything goes well it will be fine I just need time
*I have paid my 30,0000 personal credit line down to 19,800 since May and hope to have it paid off by Christmas of next year but I think that is a tad aggressive and not doable. I will see how the business does.
*I am now in a house with a wonderful bf and driving one of his vehicles(gave the lease back, a nightmare that is now over) building equity instead of throwing rent checks out the window.
*I have a much better sense of goals, and financial planning than I ever thought I would
*I am on the road to financial independence, I am determined to move forward and be successful in everything I do no matter how long it takes.



iVillage Member
Registered: 07-14-2008
Sat, 11-29-2008 - 5:08pm
Bloggirl,
Of couse you can ask. About $11,500. We are lucky though, because all of our debt was on 0% offers, so we were not battling interest. And, it wasn't a tonne of debt, as dh and I both make pretty good money. However, we don't consider ourselves out of the woods. We both still have car loans, and we need an emergency fund.
Tara