When I'm debt free. . . .
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When I'm debt free. . . .
| Wed, 02-04-2009 - 8:01pm |
OK, I declared bankrutcy basically on my 27th birthday.
| Wed, 02-04-2009 - 8:01pm |
OK, I declared bankrutcy basically on my 27th birthday.
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Now that is an inspiring story. If I don't count my mortgage - which I just got this year and will have for 30 years - I DO see myself being out of debt and I think that book sounds like a great one to read!
Congratulations to you!
Gee we both just signed 30 year mortgages!
One payment at a time my friend and don't underestimate your ability to DANCE at 60! Heck I will be 67 in 30 years and
After you get the car and parents paid then you need at least 6 months of living money and then retirement and saving on the side. So you have a way to go before you can say you are in the driver's seat
Now that you have paid everyone else you need to start paying yourself.
And you need to put at least 5% a month away in an auto account for that next car and car repair and taxes and all that good stuff that doesn't end once the car is paid off Oh insurance too.
It was a good book...also a fast read (about the same as Total Money Makeover), and he is about not having a "budget".
Teresa
http://www.affordingpickles.blogspot.com
Thanks Mary Ann!
Teresa
http://www.affordingpickles.blogspot.com
I can completely understand this fear. I once was very much in debt (I stopped adding it up when I got to 50K). When you are in debt, working to pay bills, and just trying to survive you
My dream is to be debt free, except for the mortgage.
Norma
"Patience is the best remedy for every trouble"- Plautus
I wondered the same thing at one point (I've been free of all debt except mortgage and cars since April 2008). A couple of years ago, I started making a list of all the big things I wanted to or expected to have to spend money on, both while we were paying off debt and after it was paid off. Now, I'm 46yo with 3 kids, ages 16, 14, and 8, and we own a house, so that automatically gives me things to save up for!
Here are some of the things I wrote down:
Tuition for DD's high school
Family vacation
Patio furniture
Foundation & plumbing work on the house
Furniture for the living room, family room, dining room, master bedroom, DD#2's bedroom
College savings for all three kids
Etc.
Some of those things are pretty short-term to save up for (e.g. furniture), so I'll keep that money in my regular savings account. I'm not going to buy furniture until I have the money saved up for it, so that's easy.
The bigger challenge is making sure I don't touch the things that are long-term, e.g. the kids' college savings. For that I use ING Direct accounts and CDs that are separate from my regular credit union accounts. You can set up an ING account to make a direct transfer from your checking account to ING on a recurring basis. And you can open up multiple accounts. I have a couple of ING accounts that have different purposes. I also have CDs that will mature at different dates so they are off-limits until the time when I plan to spend them on the kids' college tuition.
Even your 3-6 month living expenses can be saved for this way. When you reach what you need in that account, open a new one and start transferring money to that one to save for buying a house.
It's a wonderful feeling! Enjoy!
Kelly
Norma ~
The thought is there...sort of.
I truly *get* why owning is wiser...now...but being 2 yrs out of Chap 7 AND still having the debt to my parents ( a true loan in my family, with interest, NOT a casual "I should pay them back" situation), the past 2 years I havent been able to think about getting a down payment, etc.
To make life more interesting, In the past 11 years, I have moved 10 times.
Teresa
http://www.affordingpickles.blogspot.com
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