You certainly ask the tough questions! :) I personally feel that as long as you're mindful of your existing debt and working to eliminate it and not continuing to add to it, then you should also be able to "live" in addition to it.
DH and I paid off over 82K in cc debt over the course of about 5 years. We may have been able to do it in 3 (??) if we had tightened our belts even more...but we chose not to do that. And truthfully, the road to debt-free is a windy one. It's not a straight shot down, you know? There are bumps and life events along the way.
Sue - I don't know what the gurus here say, as they do have great advice, but I also am in debt and have two teenagers. My daughter is a junior and we went on a college tour just yesterday. Son is a sophomore. Here is what I do, maybe we can share ideas and learn. I give the kids $20 each a week for chores. Then $20 a week for gas, so I budget $60 directly to them. Their chores are responsibilities, one is responsible for dishes, the younger one all of the trash. Optimally all the dishes are done all week and I don't have to say anything and all trash is picked up around the entire house, put out on garbage day and trash cans brought back in. If you don't do your job all week, pay is docked, simply as that. They use their "pay" to save for things they want. I find I am buying them a lot less. We all pack lunches, and I will pack theirs every day, but I am not buying them gatorade, special hair conditioner or things they want anymore. They have money of their own. I do pay the $20 for gas that gets them to school and back. They have some hard classes and sports, and honestly it costs me less not driving them. Their car is a beater, 10 year old Ford Taurus, so they are learning to inflate tires, deal with dead batteries, etc.
Now I did buy them their class rings - it was a gift for them, but I got the fake silver, not the white gold they wanted - saved me $200 per ring! My parents got my daughter her varsity jacket, as her birthday gift. I will do class pictures, but as far as a senior trip - NOT in my budget! Prom, we will decide on an amount I will give her, then she will fund the rest.
She played varsity volleyball this year so she is just getting a job now. They are also expected to do volunteer work - she is going to the hospital, he will unload trucks at the food bank.
We make good money between us, but we are deeper in debt. With Michigan's economy the way it is, I am very scared.
I've just recently joined the boards here, so I'm still working on finding the best path for our family. We have about $40,000 in cc, no auto loans, a $10,000 student loan (recent for me to go back to work), a reasonable mortgage. I'm not worried about the Student loan-just going to make the monthly $130 payments for awhile. I'm trying to put $1500 a month
I love this place!! Lots of great ideas, think I'm going to go to some after grad sales this year and maybe pick up some paper products (without the year of course).
My daughter doesn't want the class ring, so that's not an issue. I think the big thing is the trip. I don't know what she is going to want, maybe a group trip with her friends or a family vacation. My older dd and I did a trip together so I feel compelled and want to do
Hello Susan.
You certainly ask the tough questions! :) I personally feel that as long as you're mindful of your existing debt and working to eliminate it and not continuing to add to it, then you should also be able to "live" in addition to it.
DH and I paid off over 82K in cc debt over the course of about 5 years. We may have been able to do it in 3 (??) if we had tightened our belts even more...but we chose not to do that. And truthfully, the road to debt-free is a windy one. It's not a straight shot down, you know? There are bumps and life events along the way.
Danni
cl-phocid, Debt Support Group
All my best,
Danni
Sue -
I don't know what the gurus here say, as they do have great advice, but I also am in debt and have two teenagers. My daughter is a junior and we went on a college tour just yesterday. Son is a sophomore.
Here is what I do, maybe we can share ideas and learn.
I give the kids $20 each a week for chores. Then $20 a week for gas, so I budget $60 directly to them. Their chores are responsibilities, one is responsible for dishes, the younger one all of the trash. Optimally all the dishes are done all week and I don't have to say anything and all trash is picked up around the entire house, put out on garbage day and trash cans brought back in. If you don't do your job all week, pay is docked, simply as that.
They use their "pay" to save for things they want. I find I am buying them a lot less.
We all pack lunches, and I will pack theirs every day, but I am not buying them gatorade, special hair conditioner or things they want anymore. They have money of their own. I do pay the $20 for gas that gets them to school and back. They have some hard classes and sports, and honestly it costs me less not driving them. Their car is a beater, 10 year old Ford Taurus, so they are learning to inflate tires, deal with dead batteries, etc.
Now I did buy them their class rings - it was a gift for them, but I got the fake silver, not the white gold they wanted - saved me $200 per ring!
My parents got my daughter her varsity jacket, as her birthday gift.
I will do class pictures, but as far as a senior trip - NOT in my budget! Prom, we will decide on an amount I will give her, then she will fund the rest.
She played varsity volleyball this year so she is just getting a job now. They are also expected to do volunteer work - she is going to the hospital, he will unload trucks at the food bank.
We make good money between us, but we are deeper in debt. With Michigan's economy the way it is, I am very scared.
Marie
Hey Danni,
I am new here and just facing my debt demon that I have created.
I've just recently joined the boards here, so I'm still working on finding the best path for our family.
We have about $40,000 in cc, no auto loans, a $10,000 student loan (recent for me to go back to work), a reasonable mortgage. I'm not worried about the Student loan-just going to make the monthly $130 payments for awhile. I'm trying to put $1500 a month
Susann
It has been many years since my son left high school. At
I love this place!! Lots of great ideas, think I'm going to go to some after grad sales this year and maybe pick up some paper products (without the year of course).
My daughter doesn't want the class ring, so that's not an issue. I think the big thing is the trip. I don't know what she is going to want, maybe a group trip with her friends or a family vacation. My older dd and I did a trip together so I feel compelled and want to do
For places to hold the party, check with your local church if you belong to one or the local vfw chapter.
Hi,