So I'm on the road to monetary strength. I started with some Suze inspiration and now I've moved along to Dave Ramsey (pictured above). I won't pretend to know or represent their thoughts as you can go to their websites if you'd like but as always.... I will share my thoughts!.
First question: Does anyone know how to search through Blogosphere world and find bloggers devoted to budgeting and Dave Ramsey or that are like 'following his steps'.
I would very much like to connect to a strong community of Bloggies
Second question: I need some real logistical applications here. I can create a debt to income flow chart, I know what I owe and I know I make more.. I know how to set limits and I know how to break them. What I don't know is how to coordinate that with a 'significant other'. I'm not ready for the 'joint account' world, but we definitely want to be saving more and pushing ourselves more and limiting more and the logistics of 'envelope programming' is confusing to me.
Third question: When do you pay off bills and when do you pay above the minimum but use the extra for savings?
Fourth question: Do you put money away for when your car does need to be replaced? What areas are in your budgets and envelopes. Just when I think I have a complete budget I forget about prescriptions or stamps or something stupid.
Okay thats all the questions I have today.
Mostly I need some logistics and 'this pulls from here and this pulls from there and then your rich over a long period of time'
D
6 comments:
Hey D. Good for you getting this all sorted out. I don't do bills using the "envelope" method. So i cant help ya there. But I do have a suggestion for how to get around a joint account, yet still save. Couldnt you both have your own account, but have a joint "pot" where you save for things, or out of which you could pay for joint expenses? I think Suze Orman reccomends that each person contribute the same percentage of their income to said pot, rather than a set amount. That way each partner is invested in the savings, but one person isn't having on live on less.
As for stamps and random stuff in your budget, perhaps you could have a "miscellaneous" budget set? That way when unexpected small purchases come up, you would have a place to take it out of?
Suze did have a formula for like %ge of income and stuff but I couldnt figure out how to make it work when my loans and stuff are significantly more.
And I love the idea of having a 'misc' envelope but I need some more structure on what would be allowed to be used in the misc section.
D
I still have student loan debt and Martin always tells me to "focus like a laserbeam" on getting it paid off. And its actually really worked so far. I have the one gone but still the one left. What that means, to me anyways, is to, as much as possible, don't spend on anything else unless you absolutely have to other than the debt you are working to eliminate. Budgeting wise, I think its all up to you really. My sister and her fiance don't have alot and they are having a beautiful wedding and cutting costs on everything possible. for example - i'm doing their flowers for their gift, my cousin is taking the photos cause she's been doing wedding photography lately, she made her own invites, etc. i think you can have the life you want, you just have to want it and do it, and the money will be there.
back from my rambles:) budgeting -i don't know any bloggies for budgeting, sorry! but if i find some I'll send them your way.
2- joint accounts - i think its important to do whats right for you both as a couple. like - is it possible that kevin could take over the rent while you pay down and focus on some of your debt? or is it possible that he could pay the rent while you pay the utilities and also your debt down? I think its important to have your own account as well as a joint account. maybe your joint acct could be for the both of you, like Shan said, to put money into for things you both want, and then your account is for paying off your debt only "like a laserbeam"? also, its important to think about how much you can live on, not how much you want to live on, but what is the minimum you can live on, and then try living on that for awhile and see how much money you can save. like - can you save money by making and bringing lunches into work? can you save by maybe sharing a car with Kevin and seeing how that would work for a week? can you save by buying food once every 2 weeks and limiting that budget so that you use all the food you have bought and don't waste?
also i think its important to give yourself a little pampering here and there, (i admit it, i give myself a grande zen tea with one tea bag from starbucks every morning, its only 1.91!! thats all i buy for myself all week, so i only spend 10$ a week on myself.) which works out cause i have those pesky sl's too:) i know you are an extremely smart person and you will figure all this stuff out.
Hey D-
I just found a listing of some churches in your area that teach Dave Ramsey classes. Some starting in February, 5 and 6 miles from you.The closest I found to your zip is:Faith United Methodist Church,5505 Broadway, Lancaster, NY 14086 - It has a preview class on Jan 18th.
Not sure how much the classes cost, but perhaps they have a sliding scale, or some are offered free? Might be worth looking into?
http://www.daveramsey.com/fpu/process.locateClass/
Thanks for the suggestions Shan, I'm looking into the cost of the classes. I posted online to see if any of my FB peeps have his books and would let me read them. I find it hard to pay for something that is supposed to help me with my money.
Nikki-I emailed you a longer response but your so wise and sweet about your suggestions. I very much want to 'laserbeam' my loan to shreds but its not as important to me as my emergency savings first..
Hey Danielle! Sorry it has taken me so long to respond. I am super stoked someone is on the same page as us right now as far as doing a Total Money Makeover. I highly recommend Total Money Makeover and if you don't have time for the classes, see about buying the cds on Craigslist or Ebay. My mom has them and said it is basically the same as what is in the class. We just listen to them in the car and the are fab. All of the questions you have are basically answered in the Total Money Makeover. He has a thing called the "debt snowball" and he explains what you pay minimums on etc. He has a formula that is VERY easy to follow and understand. I am a super big fan of his. I cannot believe I am now a convert!!! Anywho, I look forward to getting to know you via the blogosphere! Hopefully in a year we will have many success stories!
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