Just need a lil encouragement

iVillage Member
Registered: 08-23-2006
Just need a lil encouragement
13
Mon, 09-28-2009 - 10:09am

I have been posting on the budgeting board but think this board seems a little busier.

Photobucket

Pages

iVillage Member
Registered: 07-02-2008
Mon, 09-28-2009 - 10:57am

You are doing amazing. You didn't get INTO debt overnight and you certainly aren't going to get out of it overnight. Most people don't lose 50 lbs right away on a diet - they WORK at it and it takes time. Especially if you want to keep the weight (or debt in this case) off (and gone) for GOOD. Which you do!

Just to put you in perspective and try to make you feel like you can do this - My DH and I made about $95,000 / year (combined) and we were tackling $28,000 in credit card debt. (yep, you read that right.)

I got laid off - putting our yearly salary down to DH's only - about $75,000/year (I was part time) and we only owe $1,600 on our final credit card and its been 15 months. We did it!

And you can too. Now, we had some great/lucky windfalls come our way moneywise- not many large stumbling blocks. Take your time - it will happen.

Building your efund is awesome - I took a second job to build mine. I had to have money saved so I never used a c/c again. And now we have $4,700 in savings. Totally different world then we used ot live .

We cut out things - we used to get water delivered to our house - and we changed our life style. I used to shop for fun or out of boredom with the kids. Now, we plan other activities - free things. It can be done. Tell your DH to be patient. Perhaps look at your budget and see where you can cut/change things and start living the life you want to live - debt free!!!!

Post often. Lots of ladies around all times of day to lend a hand or give advice.

iVillage Member
Registered: 11-02-1999
Mon, 09-28-2009 - 11:08am

Hi - and welcome!

FWIW, I think you're doing AMAZING - you have a plan in place, a baby e-fund fully funded in less than three months (since you started the plan), and a great attitude.

I like the analogy beepsmom made to losing weight...it's definitely a heck of a lot easier to get OUT of debt than it is to get IN. But I have to admit, I'm a little bit more like your DH in this situation...within a couple of weeks after my DH and I came up with our one-year plan (first of many years to get out of debt), I was already finding myself impatient and disheartened. It's easy to fall into that trap. Don't let that discourage you - remind him that it is a process, and make sure that you both are providing input on the budget and the debt-reduction process.

It's a roller coaster ride, for sure, with good days and bad, but if you can stick to your plan it will be well worth it!! Good luck!










Photobucket









Photobucket















iVillage Member
Registered: 11-14-2008
Mon, 09-28-2009 - 11:56am

Hi,

Welcome.

Your plan sounds great. Try not be so hard on yourself. You will get there. Remember a student loan is an investment in yourself and is probably the reason you make so much money. So keep at it, you are headed in the right direction.(my boy friend has one that is about $25,000 at the moment and we work on it, among other things, so I feel your pain)

I have a couple of tips for you: 1, make sure you set aside some spending money in your plan or it will not work because you will get frustrated on the bad days and spend. 2, Keep at that emergency fund. It is key to this process and I am with you on sleeping better with that in place. Some people say $1000 is enough, others go with $1500 or $1000. You might be ok with $1000 because your vehicles sound newer. That is just my opinion, you will have to what you are comfortable with. 3, there may be bumps in the road so don't get discouraged.4, I also get impatient with not paying things down quickly but as others have said before, it helps to look at where you were 5 weeks, 6 months ago etc and see how far you have come(show DH too) and it does tend to keep you motivated.

Being out of debt except for your house is fantastic goal. Then you have the rest of your lives to save for things you want. Good luck!


iVillage Member
Registered: 08-04-2008
Mon, 09-28-2009 - 1:03pm

We make about what you do, and what people do not understand is how high the taxes are when your income goes up that much.




iVillage Member
Registered: 11-17-2007
Mon, 09-28-2009 - 1:19pm

It is funny how this stuff works. When we started two years ago this month. We were in around 30,000 of credit card debt. For a long time I put every cent extra I could get my hands on to the bills and nothing really except for the balance

iVillage Member
Registered: 03-27-2005
Mon, 09-28-2009 - 1:20pm

Keep plugging away at it. You didn't get into debt over night and you won't get out overnight either.

One suggestion would be to amputate some toys. Get your budget down to where you are living within your means. If you can't live off your base pay, then you need to make some cuts somewhere.

It's amazing how used to having over-time we can get. Then when it's gone, it's hard to recover from the loss. I know this first hand.
stacy

iVillage Member
Registered: 08-23-2006
Mon, 09-28-2009 - 5:01pm
Thanks everyone, I love the support on this board already! I hope that the progress will pick up soon. Honestly we are going on vacation next week, the vacation home has long been paid for but the recent spending I've been doing has been mostly getting things to prepare for the trip. We are not going on an expensive trip either, just to the outer banks, so lots of free beach to enjoy! So, I think we would have made better progress if we didn't have the vacation coming up....but that is still no excuse I guess.
Photobucket
iVillage Member
Registered: 07-10-2003
Tue, 09-29-2009 - 1:22am

A couple important things to remember and the first is remember the budget may need to be somewhat flexible.

Avatar for sohappilyme
iVillage Member
Registered: 03-26-2003
Tue, 09-29-2009 - 5:58pm

I'm there with you on the Outer Banks! DH and I used to hang out there every weekend when we were childless. Five kids later, we sneak out when we can. We're 45 mins by car and 25 by boat. LOVE IT!!

Enjoy the vacay - and at off season prices, too. You rock!

Sarah


sahm, wahm, homeschooling mom to

Sarah
iVillage Member
Registered: 08-23-2006
Wed, 09-30-2009 - 10:45am

We can't wait....we live about 3.5 hours away in eastern NC. I have actually never been, we typically spend our beach vacations on the coast.

Photobucket

Pages