Women in Red Racers - West Region

[sealy]

murphath We all have to be 12 month or no one can be 12 month.

ses thank you very much for your help.  My main problem are the leaks.
   I am still going strong with my EF thanks to my son helping me with 
   gas.  I don't want to have to worry about how I'm going to pay for
   gas for my car.  I wasn't able to pay off Best Buy but it is down to
   $272.  I can't wait to spread more good cheer to others.

[Rocky Mtn Saver]

Sept 18, 2014 0:33:01 GMT -5 sealy said:

murphath We all have to be 12 month or no one can be 12 month.

ses thank you very much for your help.  My main problem are the leaks.
   I am still going strong with my EF thanks to my son helping me with 
   gas.  I don't want to have to worry about how I'm going to pay for
   gas for my car.  I wasn't able to pay off Best Buy but it is down to
   $272.  

Did you not get the $700 extra check? 

[sealy]

I need to figure out where it went. I ate out a few times, paid cash for car repairs, put $200 on best buy, the rest I don't know.

[startsmart]

I think I got dropped off the official list but if y'all could add me back I have a nice little UPDATE: 

startsmart: 9/19/2014 $0.00 (3/19/2008 $14,157.31 W155,695)


Student loans are finally at a zero balance (actually negative 4 cents since they didn't adjust the interest rate yet) and I'm so glad to have those gone! 

[sealy]

WAY TO GO

[ses]

Sealy--what system are you going to use to trace your leaks?  Many people have had success by designating an envelope to stash all receipts and notes of all cash expenditures.  On the NS/CS board finding leaks and determining wants vs needs is one of the toughest things newbies have to learn. Good Luck.

[Rocky Mtn Saver]

Sept 19, 2014 15:22:46 GMT -5 sealy said:

I need to figure out where it went. I ate out a few times, paid cash for car repairs, put $200 on best buy, the rest I don't know.

I cannot stress enough the value of using cash in envelopes only.  Debit and credit cards are not working for you.  Stop using them both immediately.  When you give out cash from your envelope for anything, you put a receipt into it.  Even a sticky-note you wrote.  Period. 

There should be NO 'figure out where it went' after the purchase.  You need to institute a plan to know where your money is going BEFORE you hand it over the counter.  Until you figure out how to do this, you will not be able to get hold of your budget and stop your long-term difficulties. 

How is the rest of your budgeting for September and October going? 

But good job paying for car repairs from your monthly cash-flow instead of credit or savings! 

[sealy]

Rocky I have $20 left for gas. I haven't done budgeting because I don't know how. I've never done a budget. I just pay the bill and then not have enough at the end of the month with nothing to show for it. That's why I'm working on totally changing what I've been doing. I'm going to be using envelopes like you said. I'm tired of not knowing where my money is going. I've been watching Dave Ramsey. I'm also looking into going to FPU.

[sealy]

Ok. I finally went to YouTube and found an explanation on the zero balance budget. This looks like something I can do. Thank y'all for helping me figure this out.

[Rocky Mtn Saver]

Sept 22, 2014 22:33:03 GMT -5 sealy said:

Ok. I finally went to YouTube and found an explanation on the zero balance budget. This looks like something I can do. Thank y'all for helping me figure this out.

Don't try to make it too complicated, especially at first.  People feel like a 'budget' is a big, complex thing that they must get right the first time.  It's not.  It can be done on paper if you need it simple, and it can change any time. 

It's a basic equation: Paychecks for the month minus Fixed Expenses (mortgage, insurance, utilities, all recurring monthly bills you pay each month).  This equals the amount left over for everything else. 

Pay all your recurring expenses as soon as you can.  Divide the 'leftover for everything else' category into a group of envelopes, depending on how detailed you want to be.  I suggest for you, that you begin with a simple, simple system.  Perhaps 6 cash envelopes:  "Food" (all food!), "Gas", and 4 "Weekly Misc" envelopes. 

Don't get caught up in the minutae of budgeting every tiny category.  Make a few broad categories of spending cash and then just stick with it.  Remember: cash out, receipts in.  At the end of the month, you will know exactly where your money went and can make a new plan for the new month based on that. 

and NO DEBIT CARD and NO CREDIT CARD! 

You can do this!!  Believe me, you'll be amazed at how much more money you have to work with once you get rid of the plastic safety net and get focused. 

[ses]

Sealy--Everything Rocky said .

What do you mean you don't know how to budget?  You are almost there with the items you gave us on the last page.  Go back to my post #2426 where your expenses are listed and start from there.

Budgets are not rocket science, the hardest part is to get started.  You have made some good progress even by stumbling through life with your money dripping through your fingers.  It is up to you to take control and make a plan.  I know you can do it--you wanted your house enough to make that happen so now make your budget happen.  Stop being a financial victim and make a plan for success.

[sealy]

Thanks ses I can and will get going and stay the course.

[ses]

Sealy--You have 1 week before October starts.  Use that as a deadline to come up with a budget.  You could post it here if you want it reviewed before the month starts.  You must remember a budget is a "living" thing and will need frequent adjusting before you get it "right", just don't give up.  

I think you might want to let your older kids in on what you are doing.  It is a skill they will need, and they can provide support, too.

[megaptera]

UPDATE

megaptera (1): 9/30/2014 $290,270.00 (7/30/2014 $309,224.00)

megaptera (2): 9/30/2014 $417.00 (1/14/2014 $3,340.00)

Minnesotagirl7 posted a couple of months ago that the WIRR boards were going to be consolidated. Is that still happening? Just curious.

[Minnesotagirl7]

megaptera- Yes, its still going to happen. As soon as I get off my butt and do it. I still need the spreadsheets from a few of the regions. It should happen within the next few weeks. Sorry for the delay!

[Deleted]

UPDATE

I paid off one of my medical bills this month. Yay for another small win!


amiteraus: 10/03/14 $24,759.21 (6/26/14, $35,191.85, W80)

Debt	Interest Rate	10/03/14	06/26/14	PTD	% PTD	Final Payment Date
Medical Bill #1	12.00%	$0.00	$1,113.29	$1,113.29	100.00%	10/3/2014
Medical Bill #2	0.00%	$567.66	$1,192.66	$625.00	52.40%	--
Medical Bill #3	0.00%	$278.71	$578.71	$300.00	51.84%	--
Auto Loan	6.90%	$3,519.52	$3,881.71	$362.19	9.33%	--
Student Loan	3.88%	$0.00	$7,881.60	$7,881.60	100.00%	7/22/2014
CC #1	13.24%	$6,645.48	$6,859.96	$214.48	3.13%	--
CC #2	16.99%	$11,925.59	$11,756.67	-$168.92	-1.44%	--
CC #3	0% until Jan 2015	$1,822.25	$1,927.25	$105.00	5.45%	--
Total	--	$24,759.21	$35,191.85	$10,432.64	29.65%	--

[Minnesotagirl7]

All-

We still plan to consolidate the regions. I’m hoping we can have it done within a month or two. I’m working with the other captains to get this done. The tentative plan is to have one thread for chatting and questions, and another thread for the smiley updates. If anyone has any suggestions, please let me know. Thanks!  

[sealy]

I paid off Best Buy!!!! I've been working on a zero balance budget I'm still making mistakes budget-wise but I finally have a plan. My next goal is to withdraw my gas and food money then shred my debit card. Thank y'all for helping me.

[ses]

Sealy-- doesn't it feel good to have a plan!  Congrats on paying off Best Buy.  I have a suggestion that we frequently recommend to newbies on the CS/NS (Controlled/No Spend) thread that really works.  Physically write down every expenditure, no matter how small.  If nothing else, you will know exactly where your leaks are.  Report in so we can cheer your successes.

If things go as planned I will have all of my surgical expenses replaced in my savings by January.  It is really an uncomfortable feeling to have those accounts depleted so much.  But at least I HAD an emergency fund  I could deplete and didn't have to touch my retirement funds.  I can't wait for January.

[Rocky Mtn Saver]

Oct 4, 2014 10:16:31 GMT -5 sealy said:

I paid off Best Buy!!!! I've been working on a zero balance budget I'm still making mistakes budget-wise but I finally have a plan. My next goal is to withdraw my gas and food money then shred my debit card. Thank y'all for helping me.

Shredding your debit card will be the best thing you will ever do for your budget, believe me!  Going cash-only was a temporary measure for me, but it worked in one year better than all the years I spent trying to stick to a budget on paper while still using debit and credit cards. 

[snapdragon]

Ambellamy - wonderful news about expanding the family!

amiteraus - That second zero looks good on you! Are you going to concentrate on CC1 or your Auto loan next? Either would make a good zero and a great morale booster!

Sealy - Great job on paying off the Best Buy! Best of luck with your new budget!

megaptera - Your almost done with your second race! I can see a zero for you by the New Year! What a great present to yourself!

Smartstart - Great job on winning your race! 

Everyone I missed keep up the good work and thank you to everyone with their great comments and ideas.

Snap~

[seriousthistime]

Dear Racers,

I am trying to drum up a few more members and/or regular posters for the Women in Red Savers 2014 thread (and hopefully for 2015).

For the longest time I didn't join them because I was focused on paying off debt. Then I started to realize that some of the Savers are also as focused on debt as I am. But we try to set money aside, at least for those semi-annual or annual, but predictable, expenses (like car insurance, property taxes, and so on). It's fine to track your savings that you know will be spent within a certain period of time (a/k/a sinking funds, where you need only track your money deposited; forget about the withdrawals). It could be something fun (vacations!), or something completely boring but necessary (EF, anyone?).

Some Savers set an annual goal and restart at zero each January. Others set a goal and keep chipping away at it regardless of the number of years it takes to save up (for example, a house downpayment often requires savings over multiple years). Some people track retirement contributions. Other people don't. Some only track extra money they can set aside, and others track automatic deposits into savings accounts. Whatever is your style, it works for us.

We all have a little bit of the Saver instinct in us. Please read a few of the Saver pages and see if it interests you. You'll see all sorts of saving styles and goals. If you're interested in trying it out, see the first few posts in the Savers 2014, and get started!

[sealy]

Paid off my portion of my daughter's braces and my lunch account at work is also paid off. Three bills left CC #1, Visa, and car.

My son is going to need new retainers because he lost his but that will also be split between his father and I.

[snapdragon]

UPDATE: snapdragon 10/15/14 $16,345.64 (8/6/12 $28,849.00 WU 79,80,81,82)


I will be out of the 16,000's before the end of the year. That is the goal and I hope to be well into the 15's by the New Year.


Everyone keep on pluggin' away. 

[Rocky Mtn Saver]

Oct 6, 2014 19:01:25 GMT -5 seriousthistime said:

Dear Racers,

I am trying to drum up a few more members and/or regular posters for the Women in Red Savers 2014 thread (and hopefully for 2015).

For the longest time I didn't join them because I was focused on paying off debt. Then I started to realize that some of the Savers are also as focused on debt as I am. But we try to set money aside, at least for those semi-annual or annual, but predictable, expenses (like car insurance, property taxes, and so on). It's fine to track your savings that you know will be spent within a certain period of time (a/k/a sinking funds, where you need only track your money deposited; forget about the withdrawals). It could be something fun (vacations!), or something completely boring but necessary (EF, anyone?).

Some Savers set an annual goal and restart at zero each January. Others set a goal and keep chipping away at it regardless of the number of years it takes to save up (for example, a house downpayment often requires savings over multiple years). Some people track retirement contributions. Other people don't. Some only track extra money they can set aside, and others track automatic deposits into savings accounts. Whatever is your style, it works for us.

We all have a little bit of the Saver instinct in us. Please read a few of the Saver pages and see if it interests you. You'll see all sorts of saving styles and goals. If you're interested in trying it out, see the first few posts in the Savers 2014, and get started!

For me, the Racers and Savers go hand-in-hand.  Racers are reactive to our past debt, and Savers are proactive to avoid future debt!  It's awesome to be planning for the future instead of just worrying about what we've already done.  I  the Savers threads!

[sealy]

I'm saving too. I have $1,000. I'm on my way. 

[ambellamy]

Aug 21, 2014 8:31:04 GMT -5 ambellamy said:

Ambellamy(2): 10/15/2014 $107,560.80 (10/03/2009 $127,176.40)  

$19,615.60 Paid     
$107,560.80 left to go!   

Update above for October. Not too much has changed... Just paying things down and growing a baby in my belly

[sealy]

grrr correction it's actually $701.60. The check for $300 came back from my online bank to 
my walk in bank. I'm going to use it for gas so I won't have to use my card.  I haven't used
my CCs at all.  I'm sure each month will get better.

Going back to baby step #1.  Working on my budget for my next check now.

[snapdragon]

Sealy - Just remember that a budget is a flexible thing and not set in stone. I am always fiddling with mine. Keep working on it until it works for you.

[sealy]

Thank you snap.