| T O P I C R E V I E W |
| Prairie Princess |
Posted - Jan 27 2009 : 4:54:37 PM
Or SOME strange bug that is messing with my mind...I just came up with the guts to do a new year's resolution (I know, I'm late...but at least it's still January, lol)...
First step....
I JUST CUT UP ALL MY CREDIT CARDS.
PANIC
LOL
Anybody else out there trying to get finances under control this year?? I sliced up my cards on a random whim...I think I'll regret it next time the shopping urge strikes ((die hard shopaholic here))
~Jodi
"Women are like teabags...you never know how strong they are until they get into hot water." Eleanor Roosevelt |
| 13 L A T E S T R E P L I E S (Newest First) |
| Canadian farmgirl |
Posted - Jan 28 2009 : 2:46:06 PM
From what I've read, you have done the first step in paying off credit card debt: to stop using the cards! That's the only way they are going to get paid off. I tried calling my credit card company and negotiating a lower interest rate, but they just said I'd have to take out a different card to get a different rate.)
If things are REALLY bad, you can always go to a debt management service, who will work with your creditors to negotiate something.
There are lots of good books at the library about this topic, all FREE to borrow!
I'm doing the grocery budget thing severely here (have only spent $405 this month for a family of 4)so tonight we are having baked beans with bacon, in the crock pot. I stocked up when beans were 50 cents a can, and got bacon for $1.99/lb. And I baked homemade bread the other night. And I confess, I watered down the coffee cream the other day, to stretch it!
I also started tracking my spending on an Excel spreadsheet, so I could really see where the money was going every month. It has helped.
Lori
Farmgirl Sister #183 |
| Prairie Princess |
Posted - Jan 28 2009 : 1:31:44 PM
Thanks for ALL the encouragement, ladies!  You've mentioned that paying off the entire balance or closing credit accounts completely can be a hit on my credit score -- I wonder if I have to keep a small balance on the account to keep it from looking bad...?
It's totally NOT an issue right now, as I have a LOT of paying off to do, lol, but when I start to make a dent in the debt, I'll have to figure out the second step -- maintaining the accounts to better my credit score. :) The shopaholic in me is wishing I'd frozen the cards in a block of ice instead of chopping them up...now that the idea was presented... ROFL Sales last long enough to thaw out ice, right?? 
Anyway, on the 'frugal' note, I'm thinking the first major steps will be altering my grocery habits, and cutting back dramatically on the electricity and natural gas usage in my home. My last heating bill was $200 and some odd dollars -- I should only have to use the heat for two more months...and even when I leave the heat completely off, it doesn't drop below 58 degrees in the house. I'm only home in the evenings, since I work all day...and since I live by myself...I think I could manage without using the heat at all. Might be a wee bit uncomfy, but I WON'T freeze! SOOO...don't use the heat, and put $200 into paying off debt in February and March. There's $400 out of the way...
That's the first detailed brainstorm, lol. :)
I'm going to do some menu planning for super cheap meals...I'll see what I can come up with!!
~Jodi
"Women are like teabags...you never know how strong they are until they get into hot water." Eleanor Roosevelt |
| Canadian farmgirl |
Posted - Jan 28 2009 : 10:33:01 AM
Hi Jodi,
I'm with you on this, too! This is my goal, to have no credit card debt by the summer.
Now that I am working outside the home, I have been slowly paying off debt accumulated from 15 years of being a stay at home mom (you don't think $500 a year will matter? Think again!). However, now is the time to get aggressive with this debt. I had a setback with a car repair and vet bill in December, which I had to put on a card, and do you know that they charge daily interest once you don't pay off the full balance each month? I didn't really clue in to what they were doing until I saw Suze Orman on Oprah talking about this. And it takes a while to regain your interest-free grace period on new charges, after you have let this happen.
Last month, I paid off a ton of debt, but have now left myself short for groceries. So, I'm just working with what's in the house, until next pay...I do NOT want to put groceries on credit!
Hang in there, and when you want to buy something, ask yourself, "Do I need it, or just want it?"
Good luck on this! You can do it.
Lori
Farmgirl Sister #183 |
| babysmama |
Posted - Jan 28 2009 : 09:42:12 AM
Congratulations on your first step to being debt free. The first step really is to do what you did...it is hard but remember that using credit cards is spending money you don't have. Unless it is an emergency (car repair or something that just HAS to be done) the card shouldn't come into play. My husband and I got into about $2,000 worth of debt in the early years of our marriage just from car repairs and such but we paid those off and have been able to not use a credit card for three years. We have one, somewhere (I'd have to search the house for it!), for emergencies but also try to keep an emergency fund in savings. So far we've always had enough in savings for what we needed like new tires, a new roof on the house, etc.
I'm not trying to brag because honestly we live on one income and it is small, so I am just saying that it is do-able. But it also takes commitment. We do go without cable, eating out much, movies, etc. in order to live within our means. It is so freeing though to realize the only debt we have is our house and not to have to pay monthly credit card bills. You'll see!
-Elizabeth |
| bohemiangel |
Posted - Jan 28 2009 : 08:17:47 AM
jodi, I have been thinking about the ramen or super frugal style and one that might help trim my waist line.......lol I wish I could ONLY eat all organic but $ grrr I'm still pondering how I can do that. Keep me updated!
**~~Farmgirl Sister #60~~**
"... to thine ownself be true."
http://liggybitsandpieces.blogspot.com/
http://ligonierliving.blogspot.com/
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| bohemiangel |
Posted - Jan 28 2009 : 08:16:14 AM
YAY!!!!! GOOD FOR YOU, and you just might've inspired me to do that! :) Or at least freeze mine in the freezer :) xoxoxo keep doing your thang girlfriend!
**~~Farmgirl Sister #60~~**
"... to thine ownself be true."
http://liggybitsandpieces.blogspot.com/
http://ligonierliving.blogspot.com/
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| Bellepepper |
Posted - Jan 28 2009 : 07:36:20 AM
Jodi, good for you!! Amazing what we can do when we put our mind to it. There is an commercial on tv that runs several times a day. A guy trying to sell you a book that tells you how to get out of credit card debt. His book is $19.95 I think. And if you order it, by phone, you will have to put it on your credit card. Also in his commercial, he tells us that if you don't have a credit card, his book will tell us how to get one. Hello????
Jodi, Talk to us, we'll be cheering for you. And we won't charge you $19.95.
And I did here a finance guy (on TV) say NOT to close your account from that credit card. Just don't use the card! |
| Mother Hen |
Posted - Jan 27 2009 : 11:54:00 PM
Jody, Congratulations!!! How wonderful for you to get rid of your debt. I hate making payments. The last time I paid of a vehicle (after a 6 yr loan) I said never again. So far, I've been able to keep with that. My DH bought me a 4x4 truck a little over a year ago, but it's a '90 and he paid on the spot for it. The paint is peeling on some of it, but I don't care, it runs great and gets me where I want to go.
Anything you can do to get out of debt is fantastic!! Another reason to barter here instead of buying with greenbacks.
Cindy
I will bless the Lord at all times: his praise shall continually be in my mouth. Psalms 34:1 |
| Alee |
Posted - Jan 27 2009 : 8:44:49 PM
That is awesome Jodi! We are really pinching our budget as well to pay off debt! Our goal is to get up to paying around $630 a month in debt off! That is close to a third of our income!
Alee
Farmgirl Sister #8
www.awarmheart.com
Please come visit Nora and me on our blog: www.farmgirlalee.blogspot.com
Put your pin on the farmgirl map! www.farmgirlmap.blogspot.com |
| rabbithorns |
Posted - Jan 27 2009 : 7:14:45 PM
I got rid of all my cards except one and only kept that for emergencies. We stayed out of debt for the last 9 years, partly because we only had one card each and left it at home most of the time.
I don't know if it's true, but I heard that if you cancel a few cards at once, your credit rating takes a hit because it looks like you can't pay your bills and that's why you have fewer creditors.
I don't know why. If you have a $0 balance on all those cards anyway (like we did), technically, they weren't creditors. But I guess the accounts show up as being in good standing rather than being cancelled right and left.
http://www.rabbithorns.etsy.com & www.wayofthewife.blogspot.com |
| Prairie Princess |
Posted - Jan 27 2009 : 6:10:10 PM
Thanks, Jessie! They ARE addicting! Especially when there's a big sale........or....payday is JUST A COUPLE DAYS AWAY....or...*cough* LOL
~Jodi
"Women are like teabags...you never know how strong they are until they get into hot water." Eleanor Roosevelt |
| Prairie Princess |
Posted - Jan 27 2009 : 6:08:09 PM
I've got a couple minutes to add to this here...
So my late new year's resolution will officially start February 1st. I want to try to stick with it at least until September 1st (I have a vacation planned the 8th, so my "frugal" aspects of this resolution will go down the drain then, anyway)
On my way home from work today, I started thinking about those INSANE penny pinchers...you know, the ones that die with millions because they never spent a penny, only ate things like TOP RAMEN and all that jazz. I began playing with the idea of living that crazy from February through September, and putting the saved money into paying off student loans, credit card debt, etc.
Then the idea of making some lifestyle changes started to grow....and I added to the resolution...going to go back to being vegan (it'll save me money...dairy is SO expensive). IF I HAVE to splurge, I will only buy organic dairy (wasn't doing this before).
So I will live frugally, pay off debt, and be healthier....or that's the idea, lol.
I think the "Nifty Thrifty" section of the forum showed up just in time.
Any ideas from y'all??
~Jodi
"Women are like teabags...you never know how strong they are until they get into hot water." Eleanor Roosevelt |
| Sitnalta |
Posted - Jan 27 2009 : 6:05:35 PM
YAY!! That is a huge step!! I will be praying for you as you learn to do without those. They can be so addictive!
You Go Girl!!!
hugs
Jessie
Farmgirl Sister #235
Life should NOT be a jounrey to the grave with the intention of arriving safely in an attractive and well preserved body, but rather to skid in sideways, chocolate in one hand, latte in the other, body thoroughly used up, totally worn out and screaming. "WOOHOO, what a ride!"
Stop by my blog for a visit www.messiejessie2.blogspot.com |
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