| T O P I C R E V I E W |
| Ninibini |
Posted - Jan 23 2012 : 11:33:32 PM
Hi girls -
Well, after a very loooooong time of struggle and perseverance, we're just a couple months off from savoring the satisfaction of paying off all our debts - except for the mortgage, of course! I am just so excited, I could burst! Right now, we're working on our "next step" plan and could really use your insight.... Have any of you come this far yet, and, if so, when you did, did you opt to pay off your mortgage next OR save for a few months beforehand? I would SO love to have our mortgage paid off within the next four years (and it could very well be sooner!), but I know a lot of financial gurus (including my mother) warn that we should save at least 3 months of take home pay before moving on with our mortgage. Yet, I keep looking at the interest we'd pay on our mortgage while saving that kind of money, and I can't help thinking we'd be throwing a lot of money away in mortgage interest... So... What do you all think? How have you faced this crossroads? I would really, really appreciate your thoughts on this!
Thanks so much!
Nini
Farmgirl Sister #1974
God gave us two hands... one to help ourselves, and one to help others!
www.papercraftingwithnini.myctmh.com
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| 25 L A T E S T R E P L I E S (Newest First) |
| Tea Lady |
Posted - Dec 28 2012 : 06:19:12 AM
Oh Nini - that's a wonderful story and a Christmas gift for all of us. You and your husband are both very blessed. Thank you for sharing.
My husband will be eligible to retire in ~ 2 years. So in 2013, we're planning to live on what he will be receiving from his pension - to see if its feasible. My husband is relatively young to retire, and he plans to work at least part-time (doing something he really likes), but we don't want him to "have to" work. I still work part-time at something I love. We have no debt - except our house and it will be paid off in less than two years. It is soooooo worth it to have these options in our 50s... I also feel sorry for those who don't get it.
Lorraine
(aka Tea Lady)
Farmgirl #1819
www.birdsandteas.com |
| Ninibini |
Posted - Dec 27 2012 : 5:45:31 PM
I just have to share with all of you, too, that my hubby was Christmas shopping on Christmas Eve (it's a sport to him... personally, I think he's nuts). He was in line at one of the stores and this guy behind him was full of woe, freaking out about the cost of Christmas this year, and about the credit card debt he was racking up, especially buying her all the expensive gifts she expected. My husband shared with him how we did away with the credit cards years ago, and how at first it was difficult, but in time the debt started to come down faster and the cash flow in the budget became easier (not perfectly there yet, but easier). The guy was amazed that my hubby was buying me such an inexpensive gift (a silver chain for my crucifix, 75% off, ridiculously priced low... the original broke last year and could not be repaired), and that I would be satisfied with just that one thing. My husband told him that he was the luckiest guy in the world because I would've been happy with no gifts at all. The guy said his wife would never put up with that. Then the guy about fell over when my hubby paid cash. He said that he never has cash - ever. They do everything by credit cards. He said even if he decided to shoot for no credit cards, cutting back and working towards being debt-free, his wife would never go for it because she has certain standards and he is expected to ensure he meets every one. My husband couldn't get over it. He said he didn't know which one he felt worse for - the husband or the wife. He came home, wrapped his arms around me, swayed gently to and fro, smiled and stared at me for a little bit before planting a big wet one smack dab on my lips. He said that he was the richest guy in the world because he has me. Now, THAT, I tell you, is worth more than all the gold and glitter and things the world has to offer. I don't know that couple's names, but please say a little prayer for them. You can almost see the train wreck coming. Hopefully something will waken in both of them before it's too late. So sad. I just feel so bad for them. Hugs - Nini
Farmgirl Sister #1974
God gave us two hands... one to help ourselves, and one to help others!
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| Ninibini |
Posted - Dec 27 2012 : 5:33:34 PM
Good for you, Mary! It's not easy to stick to it at first, but once you get in the swing and see the debt coming down, you will be thrilled, energized and eager to pay down even more! It's sooooo totally worth the effort. Just stay strong! Remember, too, that if you hit a little speedbump or backslide a little bit, don't beat yourself up: just hop back on the path and move forward! And if you need support, please know the farmgirls and I are here for you! Good luck! Hugs - Nini
Farmgirl Sister #1974
God gave us two hands... one to help ourselves, and one to help others!
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| Carolina Farm Girl |
Posted - Dec 27 2012 : 1:51:43 PM
Congratulations! That has got to be an awesome feeling. We are just starting a "serious" journey to paying down debt. The end goal is to pay cash for a farm. |
| nancypo |
Posted - Jul 26 2012 : 6:03:54 PM
Glad to help! :)
Be the change...
http://littlehomesteadinboise.blogspot.com/ |
| Ninibini |
Posted - Jul 18 2012 : 9:27:48 PM
Thank you SO much, Nancy, for sharing your insight and your sage advice! AWESOME!!! I hear you! I recently had some unexpected medical problems, and the copays alone have been hitting us hard. We had been doing so well and keeping on track with the budget, our spending and the savings, but when the bills started coming in, our savings took a hit. Thank GOD we had saved what we did, though. It wasn't much, but if our savings hadn't been there, that money would've come out of our budget and REALLY set us back. We're still not all caught up, but we're plugging along, slowly recovering from the financial setback and putting a little bit away every week. Our savings is pretty pathetic right now, but it's only the beginning, right!? ;) You have to start somewhere! It's just hard not touching what is in there right now. Although modest, it still beckons to fill our pressing financial needs, you know? I'm sure we'll get there, though - we did it once, we'll do it again! Not gonna worry! :)
Heather - thank you for your thoughts, as well! You know, with the way the economy is going, I've been really considering doing more of a stock up of necessities and putting off paying down on the house for a little while longer. I really would feel a whole lot lighter knowing the mortgage is paid off, but I had heard a report on the news the other night that even the food banks are really hurting now because so many people have had need of them, and so few people are able to contribute to them. I believe it's going to get much worse before things improve. I am just trying to get ahead a little bit at a time by stocking up on things so that when the prices skyrocket next year (they say this year's prices are only a foreshadow of what is to come), we will not have to blow all of our income on groceries and other needs. Your words ring very true, however - in the worst of times, it's the mortgage that causes the most stress. We're going to have to really think this one over again... Thank you for pointing that out!
Teri - KUDOS to you! What a weight off your shoulders to know your home is yours, free and clear! I know if it were me, I sure would sleep better at night! We pay cash most of the time, too. Seeing what you have to spend, and knowing how little you'll have after making a purchase sure makes you think twice! You're right about keeping focused. With everything going on here lately, we haven't been nearly as focused on this as we were prior. I've been getting this nagging feeling about it for the past few days, and now Nancy posted and it seems as though you, Nancy and Heather are "meant" to spur me on! THANK YOU!!!
Nini
Farmgirl Sister #1974
God gave us two hands... one to help ourselves, and one to help others!
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| kysheeplady |
Posted - Jul 18 2012 : 10:30:33 AM
We have been debt free for 8 years now. And in today's ecomony, I can't tell you how very thankful I am for that. If either one of us were to lose our jobs, they could never take our home, which to me is very important. I can cut back here and there, but you have to have a place to live.
We have never lived above our means, and don't care to keep up with what is new, hot or must haves. We take care of what we do have and pay cash for MOST everything.I do have ONE small loan out, only to retain a credit score.
It can be done, just have to keep your eye on the prize!
Teri
"There are black sheep in every flock"
White Sheep Farm
www.whitesheepfarm.com |
| MagnoliaWhisper |
Posted - Jul 18 2012 : 10:15:04 AM
I know you already made your choice, but I too probably would of chose the mortgage if you think you could in just a few years...if it would be like 20 years then yeah, savings first. But, I feel the mortgage is really the only huge thing if you lost a job, so if it was paid off you wouldn't have much worry if you lost your job-food, there's food banks, and soup kitchens to rely on, along with food stamps, wic etc etc. So I don't worry about food when poor (and yeah I've been dirt poor before and have eaten food bank food, and soup kitchen food, heck we still go to the soup kitchen sometimes!). Electric, and other bills, usually there is programs through red cross and such if you are in a dire situation. It's that mortgage that you are stuck with figuring out on your own or lose the house. I would feel best with it paid off.
I agree with you about tithing, my belief is that tithing ended with Jesus ransom sacrifice, as did the other Jewish laws, and now we are under a different law. I still believe in giving no doubt, but in our religion there is no passing of plates, no mailing of envelopes and no tithing, people give secretly (in a box at the back) what they want, and mainly give of their time, and energy. All things in our congregation are on volunteer basis no one is paid to mow the grass, to get a sermon, etc, all that is free and voluntary. The only money out in our congregation was the price of materials to build-as the time and labor to build was volunteers as well, and the electric, and such bills as that, but no one is paid to work for our church-ministers, gardeners, etc. All that is members of the congregation volunteering as we believe in the it was given to your freely so freely give back. ;o) But that's all another subject. lol
http://www.heathersprairie.blogspot.com |
| nancypo |
Posted - Jul 18 2012 : 09:49:30 AM
I don't know if this is a dead thread... but, we recently did some retirement/financial planning, so here's a few ideas-
We pay our mortgage every 2 weeks, which addes quite a bit to paying it off early. You get tax breaks for not paying off early, so that's a thought. The other thought, depending on your age- if something happens to you both in a period of time, and your home is paid for- who would it go to? Kids, friends? It can be tough selling off a home as part of an estate...
We refinanced our 3 year old car and saved 3 pts. We'll pay it off a year earlier.
We consolidated our remianing credit cards (which we have almost eliminated thru diligent big, extra payments) to a low interest signature loan thru a credit union, we're almost done there.
DO NOT start a college fund, if you have kids, plan your retirement funds FIRST. We helped 3 kinds thru college and only co-signed 2 small loans. They should use student grants & loans FIRST. If they are responsible for their own education if makes them much more invested (excuse the pun) in doing well, keeping their grades up and finishing. If you put them thru college and it breaks your bank, where does that leave you? Not in a good place... And teach them (if you haven't already) how to create a good credit history. Or kids took a basic "how to use a checking account" class in high school. WE sat them down and taught them about establishing credit to get 1 credit card for emergency use, and keep it paid off. They had a few bumps, but in their mid 20's they all have good credit! Can't buy a home with it...
Save, save, save. We had 2 hospitalizations, one emergency, and one for hubby's shoulder surgery. The costs were really tough. If we'd had more savings, it would have really taken the mental load off us...
I buy most of my clothes used, and we don't live the same urban life as most (check out my blog) BUT we're happier and don't have the $$$ worries of most either :) Good luck!
Be the change...
http://littlehomesteadinboise.blogspot.com/ |
| Ninibini |
Posted - Apr 28 2012 : 07:56:04 AM
Absolutley, Mara! I don't think I really found a lot of Christian concepts "pushed" in his books at all... I just think the 10% or tithing aspect - the aspect of giving - is taught... But even if you are not a Christian, I'm willing to bet that as a farmgirl generosity and caring for others is definitely part of your make-up! ;) Giving is a personal decision, a heart thing. I personally find giving is a good thing on many levels - but never if you "expect" to receive in return. The good inside of a person just simply seems to flow in a giving direction!
Thank you for your support - it's such an encouragement to me! I'm just a girl like you - we all have struggles getting where we want to be, but we'll get there chipping away at things a little at a time, I'm convinced of that. We did refinance a couple of years ago, but what that did for us was (1) shorten the length of our loan (15 instead of 20, like yours), and it really did lower our interest rate so that more money was going to principle than to interest. Next year we're really planning to pound away at the mortgage, and because we had refinanced it will be a lot easier to see the principle go down and the mortgage fade away. Had we not refinanced, it would've taken us much longer to reduce the principle. Now, we have a very good chance of paying it of in a couple of years vs. the 15... It's just going to take a lot of diligence and sacrifice, which we have become accustomed to. When I think of where we were only a few short years ago and where we are now, I sooo wish I could write our former selves a letter and show what our financial picture has now become - it would've been great incentive. We're hardly wealthy - we still have an extremely modest savings (most would probably laugh!), but it's a start, and it's something we never were able to do before - or, rather, something we never committed to do before, you know?
I have to say, recently I have had to deal with a health situation that has really hit the pocket book hard, even though we have health insurance and supplementary coverage. Thank goodness that we have "planned ahead" and had a little bit squirreled away for an emergency. This was the first time in our lives that a speed bump like this hasn't crushed us financially. We didn't have enough saved to cover everything, of course, but what we did have prevented us from serious financial strain. That is something that I really appreciate about Dave Ramsey's books - he really explains why saving is so important. It really saved us this time around - thank God!
I'm so glad you got that book and found it helpful... you really would think you'd find it at the bookstore... or even at a big box store like Costco (I'm always looking!). You can definitely find them second hand on ebay. My plan is simply to continue to pass mine around between family friends. It's so cool to see people getting excited about it - and it really does make a big difference when we're all working toward the same goal!
Good luck with reaching YOUR goals, too! I know you can do it!
Hugs -
Nini
Farmgirl Sister #1974
God gave us two hands... one to help ourselves, and one to help others!
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| Rosemary |
Posted - Apr 27 2012 : 09:06:32 AM
I got Dave Ramsey's book (the one with the baby steps) and found it very helpful. It's such a popular book that you might find it in your library or at a used book store, cheap. You don't need to be a Christian to benefit form his advice.
My husband and I recently refinanced our mortgage down from 20 years to 15 and at a much better interest rate than we had before. There was no change in the monthly payments overall, but after 15 years, we'll own the place and will have saved oodles in interest payments. If we'd stayed with the 20 years, we could have significantly reduced our monthly payments. We went through Lending Tree.
Good luck with reaching your goals! I applaud you for having done so well already! Yay! |
| Ninibini |
Posted - Mar 30 2012 : 07:05:42 AM
Absolutely, Sheila - we couldn't have done it without the help of God. Hang tough. I think you probably learned what you needed to know from Crown financial. But for some reason, Dave Ramsey's plan helped me a lot more with the budgeting. I don't feel it's too different. It may be worth checking out his books, though. And I love his envelope system. I made my own up when Larry Burkett was still alive, and I've altered it a bit over time, but I really like Dave's system so much more - there's just something about having it all in one little case at the ready! I also really, really, really like his budgeting software. The download version is there in minutes, and then you're on your way! :)
We still encounter those things that come up, too. But what really helped was sticking our nose to the grindstone and making the necessary sacrifices to pay off all the things that were chipping away at our income. Once the debts started coming down, paying the rest off got easier, and then when finally reached THAT point, those speed bumps didn't break our stride nearly as badly. The thing we didn't do, however, was really save during that period, and I think that made things a lot harder for us in the long run. But saving didn't "seem" to be an option during that time, to be honest, because whenever we tried, something came up and sucked every penny away. Whenever we got ahead a little bit, I'd joke that God was probably sending us a little signal that something was about to go wrong and we'd need it. More often than not, that was very true. I can't stress enough the amount of sacrifice and self-control it took. It was really hard sometimes, and we made a lot of adjustments to our spending habits and ways of thinking about money. When everyone was out buying new clothes, new "toys," new furniture, going out to eat, etc., we simply weren't. Last weekend we had to break down and buy a new sofa set. I thought my neighbor was going to fall over when she saw the old one going out. We didn't buy what I wanted - we bought what we needed. Something a lot less expensive, a lot less pretty (okay - hubby loves it, I hate it - it's ugly), but sturdy and do-able. We figure our son won't be going off to college for another three years, which means about four summers and so many weeknights and weekends in between where they will trash the furniture (even though they really do try). Once he's gone, THEN I'm splurging on what I really want so that I can enjoy it! 'Til then, we have settled for something much more reasonable. Same thing with the carpeting - until our beloved semi-incontinent dog passes, no carpeting or new flooring! It'd be a waste!
Once my hubby was on board (you are SO right, Lorraine!), the money arguments stopped, the "free spending" and ATM visits on his end stopped - it was SUCH a blessing. When he started noticing the difference his efforts made, he became really motivated. He was never one to blow money on big things for himself, but he would nickle-and-dime our budget to death. He didn't understand why his money simply disappeared. The ATM was the worst - if he felt he "needed" money, he'd go to the ATM, see a balance, and take some. What he couldn't process was that just because there was a balance didn't mean that there was money available for spending. He didn't get the whole thing about it taking a few days for a check payment to clear. Can you say, "big honkin' headaches?" Yeah, trust me. The world will never know! When he finally hopped on board, and I showed him what a REAL budget should look like, I thought he'd have a stroke. He promised to work with me on the whole finances issue, but he just couldn't handle it - it stressed him out too much. What ticked him off the most was the cost of cable (if we want to watch television at all, we need it) - and that was the last straw. I was on my own at that point as far as paying the bills, but he did start turning over his paycheck without any questions afterward. And although he didn't ask me to do so, I felt it was super important to always have a little cash available if he were to ask for it. $10 here, $20 there... It didn't hurt the budget at all, really. In my book, he earns it, he needs to have a little fun money every now and then - don't we all? What was hardest on me was "gift" days - birthdays, holidays, anniversaries... But I became very creative, too; nobody suffered. It's just something you work at until you find your groove, I suppose. In the end, when you can breathe - all that stick-to-it-ness is just so worth it! So hang in there, Sheila! You'll get there! It just takes a lot of time and perseverance!
Hugs -
Nini
(\_/)
(='.'=)
(") (")*
Farmgirl Sister #1974
God gave us two hands... one to help ourselves, and one to help others!
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| SheilaC |
Posted - Mar 29 2012 : 8:12:32 PM
Nini, I'm impressed. We are trying to become debt-free and have a savings. Things always come up. Always. I haven't read Dave Ramsey, but everyone seems to recommend him. I did go to a Crown financial seminar and that was helpful. My husband has his "dream job" which unfortunately doesn't pay much, so we have to get ultra-creative in our spending. I think the only way we can do it will be through God's help.
http://troutwife.blogspot.com/
http://www.etsy.com/shop/brooktroutwife |
| Tea Lady |
Posted - Mar 25 2012 : 2:03:40 PM
Nini - you're right. Things go much smoother and faster when both people are involved with in the process. DH and I still have issues we "debate" - but we're pretty much on the same page, especially now that DH will be eligible to retire in a couple years. I also agree that it takes a lot of dedication and sacrifice - but for me, once I got those debts paid off and started seeing the savings grow, I was more motivated and it seemed easier - it was just such a relief. Our biggest weakness is travel - we enjoy traveling and we have family all over. We're saving for a big trip in a couple years - until we can afford it, we're doing little weekend jaunts. Keep up the good work!
Lorraine
(aka Tea Lady)
Farmgirl #1819
www.birdsandteas.com |
| Ninibini |
Posted - Mar 24 2012 : 07:38:28 AM
LOL! Trish! You crack me up!!! I'm telling you, though, it's really and truly do-able! I think it's as "old school" American as it comes! ;)
Thank you, Lorraine, it really is amazing. But honestly, it took a LOT of time and sacrifice. It did seem like an eternity while we were walking through the process, but we have been chipping away at this for a few years. I can't tell you exactly how long, because we weren't "jointly involved" as a couple in the plan or sticking to any "formal" budgeting plan until about four years ago. We BOTH really needed to be on board to make this happen. Only in the last month have we come to this breathing point. To be honest, it's both a relief and extremely unnerving at the same time. Past experience has taught us that things can go >KABOOM!< when you least expect it - and the stress that accompanies that kind of experience is an absolute killer. Right now we're feeling more "cautiously optimistic" than anything. My husband, though - I just wish you could see what a relief this is to him. That alone was worth the sacrifice! :) I haven't had opportunity yet to hear Dave Ramsey's program or watch his videos because homeschool this year is just so intense and time-consuming, but when school is out, I'll try to contact him and ask about the investments and interest. I'll let you know what I find out, for sure!
(\_/)
(='.'=)
(") (")*
Farmgirl Sister #1974
God gave us two hands... one to help ourselves, and one to help others!
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| one_dog_per_acre |
Posted - Mar 24 2012 : 04:41:01 AM
Debt free? Well that's just un-American!
“It always looks darkest just before it gets totally black.”-Charlie Brown |
| Tea Lady |
Posted - Mar 23 2012 : 4:25:50 PM
Congratulations Nini for making so much progress in so little time. It shows how dedicated you've been. And I don't mean to minimize your accomplishment, but as you go along, it really does get easier, doesn't it? And once you have that peace of mind, there is nothing better. Its also a good feeling to be able to splurge on people you care about, and know that you can pay for it without worry. Kudos to you and your DH.
As far as the interest rates for your investments, I think most interest rates are lower now than in the not so distant past. However, as you continue to save and are able to invest more money and capitalize on longer investment periods, you're interest will increase as well. This is my understanding - if there is an opportunity to ask this question online or call in to the radio show, I'd like to hear what he has to say too.
Lorraine
(aka Tea Lady)
Farmgirl #1819
www.birdsandteas.com |
| Ninibini |
Posted - Mar 22 2012 : 9:31:59 PM
I have to tell you girls, I'm hooked on Dave Ramsey's plan, too. I have NEVER had such an efficient budget and savings plan! The more I read, the more excited I become. But you know, I look at his savings vs. cost of living percentages, then I check online to find savings and investing accounts with comparable interest rates, and I just can't find them. Is that because of the current economy, or am I missing something and just looking in all the wrong places? I know we're not at his recommended point for investing yet, but I can't help looking online just to see what's out there, you know?
ANYWAY, these sacrifices we've been making are really paying off, and it's so weird to be at this place where we actually have a little money in the savings account and enough cash for what we need. I am so grateful to God. There is such a sense of peace and contentment in our home. My husband has never before been so relaxed and at ease as he has been lately. He is very contented to know our bills are current, our savings is growing, and we even have enough cash for some fun. Last weekend we were actually able to treat his 84 year old uncle out to a special dinner at a Lebanese restaurant he had been wanting to take us to for a very long time. His uncle kept forewarning us it was going to be expensive, and he was right, it was - I haven't ever spent that much on dinner for four people in my life! When the bill arrived, my husband quickly snatched it up, of course, and paid without batting an eye. After we took his uncle home, my husband just kind of winced and became tense as he said, "Okay, so that set us back, huh? I'm sorry, I just didn't realize how expensive that was going to be." I just smiled, squeezed his hand and said, "Don't even give it a second thought. We had it set aside for a special occasion, and you made that dear old man a very happy man indeed tonight. It was worth every penny and then some." You could just see the calm wash over my husband - a massage could not have done him any better. He had been "hearing" me over these past couple of months, but he really hadn't been "listening" and letting it sink in: we can breathe a little better now; we're better prepared. We need to stay focused, we need to stick to the game plan, but we can also chill a little bit and enjoy a few things that we had been giving up for so, so long because everything - and I mean EVERYTHING - is in the budget. I'm almost afraid to actually speak the words to say we're finally at this place, to be honest - I don't want to jinx anything! ;) And it's so weird because even though we've budgeted for a few extras, I'm finding it more and more difficult to allow myself to spend anything. I just really want to be sure we're "okay" in case something happens!
Our plan now is to just keep saving through the end of this year, God willing, and next year, we move on to paying off the house. I want that so badly, I can almost taste it, I'm telling you! I am praying that we never have another life-altering financial bomb hit. At least now, though, we have a strong plan and are trying to prepare for the worst - just in case - with the help of God. Right now, I can honestly say I'm more motivated than ever. We're really and truly on our way to not owing a soul another dime. Not one penny. Absolutely amazing. I honestly never thought we'd see the day. I can't begin to tell you how SO worth the struggle and sacrifice was. If I knew back then how this was going to feel, I would definitely have been a lot more cheerful during the tough times, that's for sure! :)
So, once again - thank you farmgirls! Your sage advice, as always, has been a godsend!!! I really pray everyone who is working so hard at this will stick to it and see their plans come to fruition, too. Those of you who are trying - hang in there! You can do it! You really, really can!
Hugs -
Nini
(\_/)
(='.'=)
(") (")*
Farmgirl Sister #1974
God gave us two hands... one to help ourselves, and one to help others!
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| nubidane |
Posted - Mar 22 2012 : 8:03:53 PM
Dave Ramsey rocks
Unfortunately, our local stations moved him to 7-10 at might, so we rarely listen anymore, but we completed his FPU & have his books in case we need a refresher. |
| MississippiMama |
Posted - Mar 22 2012 : 7:34:36 PM
When you pay extra on the mortgage ~ make sure you specify that the extra is for the principal. Dave Ramsey has a radio show also thats really good. And I think on his website you can listen to the shows also. |
| Tea Lady |
Posted - Jan 29 2012 : 4:17:13 PM
Nini - I know what you mean about past spending habits and/or "stupid" mistakes. My husband and I were just talking about that the other day. Sometimes when I think about financial choices I made in the past, I cringe. However, it doesn't help to beat yourself up over the past. Just keep focused now and as Tina mentioned, when you see how quickly it adds up, its definitely worth it.
Michelle - I also believe in treating yourself, just not going overboard. Some times a small splurge is just what you need. Its all about priorities and a bit of balance. You just want to make sure you're getting the biggest bang for your buck. We have an entertainment category in our budget and we're planning for a vacation. I just know that I feel a whole lot better now without carrying balances on credit cards or car payments, than when I was "rewarding" myself more often than I could truly afford and justifying it by telling myself I deserved it. Your remodeled farmhouse sounds like a huge reward to me. Congratulations!
Its great to read these success stories. Very inspiring. Thanks for sharing.
Lorraine
(aka Tea Lady)
Farmgirl #1819
www.birdsandteas.com |
| tangledthreads |
Posted - Jan 29 2012 : 07:51:28 AM
I have never read or seen tthe Dave Ramsey stuff, but it might help us get back on track with our savings..I think its great to start young with your son, something that will benefit him for the rest of his life!
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¸.•´¸.•*´¨) ¸.•*¨)
(¸.•´ (¸.•´Michelle Farmgirl #85
You must be the change you wish to see in the world.
Mahatma Ghandi
Well behaved women rarely make history.
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| Ninibini |
Posted - Jan 28 2012 : 4:39:27 PM
Thank you, girls!
Yay, Michelle! You GO girl!!!
It took us a loooong time, we made quite a few mistakes, did some "stupid" things, and we had a couple of mountains to climb, but we're almost there. It was hard, but it feels so good to finally be in the final stretch. I finally can see the light at the end of the tunnel and it's getting brighter every week. As the weight has lifted, I'm finding it's getting easier and easier to breathe again, you know? We've had friends along the way who have scoffed at our earnest, but now they're in a heap of trouble and seeking our counsel. I just really pray that they all will have perseverance, and not punish themselves when they get off track. I'm hoping that our example will provide them with hope and encouragement along their journey. I also think I may be buying a few of Dave's books and software CDs as wedding, college and Christmas gifts this year! :)
Yesterday when I received Dave's book in the mail, and simply couldn't put it down. Read it straight through til 4:30ish this morning. I am so impressed and "get" the whole save 3 - 6 months in expenses before paying down on the mortgage. I am really excited now! We're going to make a few changes to my husbands 401(k) allocations. We have been extremely conservative with it over the years (which I think really saved us during the crashes), but the other day my husband indicated he would like to do a little more with it. Dave's book really explained it so well. I was really excited to read his discussion about funding college. We're just a little more than three years away, but have only a very modest savings for our son's education (homeschooling hasn't been killer expensive, but it has come first). We had already discussed/planned on doing some of the things he mentioned in his book, but he really has given some great ideas for us to pursue. In fact, my cousin's husband worked for a company who put him through Harvard, if you can believe it. Something I hadn't remembered until I read the book last night. Also, I'm really thinking about purchasing the homeschool program for my son for next year, because nothing would thrill me more to see him stay on the right track financially and buy a home with cash. He's very good with his money (tries to be very free with ours, however - LOL!), and I think the course would really help him. He has already asked if he can read Dave's book, which is so great. He has a really great opportunity to work with my husband this summer. Wouldn't it be so great if he applies these principles to his own finances starting at 15 years old? Yes! Yes! Yes!
Thanks again - SO much - for everything, girls. I really, really appreciate you all so much!
Hugs -
Nini
Farmgirl Sister #1974
God gave us two hands... one to help ourselves, and one to help others!
www.papercraftingwithnini.myctmh.com
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| tangledthreads |
Posted - Jan 28 2012 : 12:02:31 PM
After many years of penny pinching and doing without to remodel a 1930's farmhouse and property to be debt free and having a savings account in case of an emergency, I now say along the way people should splurge on small pleasures, don't get off track but a life with no treats and all penny pinching makes the process become a burden.
Congratulations on your progress to being debt-free!!
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(¸.•´ (¸.•´Michelle Farmgirl #85
You must be the change you wish to see in the world.
Mahatma Ghandi
Well behaved women rarely make history.
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| oldbittyhen |
Posted - Jan 26 2012 : 2:46:39 PM
So glad your hubby is at peace with it all, and I know its tuff to put away that much money every month, BUT, when you start seeing the amount grow , it is so worth it...good luck
"Knowlege is knowing that a tomato is a fruit, Wisdom is not putting it in a fruit salad" |
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