startsmart
Senior Member
Joined: Dec 20, 2010 12:45:52 GMT -5
Posts: 4,425
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Post by startsmart on Aug 4, 2011 11:26:13 GMT -5
Over the years our group has seen a lot of people come and go, topics that went on for years and in January we migrated from MSN to Proboards. Despite losing corporate sponsorship, writers like MP Dunleavy and relying on volunteers for everything we are still thriving!
Which prompted me to ask: What is the single most important tip you've received from the WIR?
Not the most important tip overall or in general but to YOU and your family, what has made the biggest impact and how has your life changed?
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mizbear
Senior Member
Stand back. I have a budget, and I know how to use it.
Joined: Jan 2, 2011 13:12:46 GMT -5
Posts: 3,958
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Post by mizbear on Aug 4, 2011 13:57:35 GMT -5
The most important tip I have gotten from the WIR has been to take care of myself first.
I found the MSN boards through an article, was hesitant to participate after getting flamed in another group. The WIR was a whole different ball game. I am disabled and going back to school. I want a career, I want success- not just on the level that I am doing what needs to be done everyday, but on the level that I am doing what I want to do in some capacity. My budget is small and often tight. Sometimes my problem hasn't been the numbers- it's been seeing past roadblocks. Seeing that I need to make sure that I am okay. Seeing that I am taken care of. Seeing that I can't do for everyone else all the time. The WIR has been my sounding board- reminding me it's okay to say no, it's okay to do something for myself. I am becoming much more willing to say "I'm sorry, that's not in MY budget" or "I already have that money allocated for something else"- my way of telling DM that I am NOT budging. I know I'm not the bad guy when I tell my nieces- sorry, you have to eat A because I don't have money to go out for dinner.
If I hadn't met the WIR, I probably would have let my DM talk me into moving back home and be carrying 2 people's debt loads who make 3 and 4 times as much money as I do.
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Wisconsin Beth
Distinguished Associate
No, we don't walk away. But when we're holding on to something precious, we run.
Joined: Dec 20, 2010 11:59:36 GMT -5
Posts: 30,626
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Post by Wisconsin Beth on Aug 4, 2011 15:26:03 GMT -5
I think the most important thing I'm taking from WIR is that somewhere, somebody will have an idea that I didn't think of, in regards to any topic. So I need to think differently and to ask for other viewpoints. Sometimes I use it, sometimes I don't. But posting always generates something I hadn't thought of or considered.
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startsmart
Senior Member
Joined: Dec 20, 2010 12:45:52 GMT -5
Posts: 4,425
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Post by startsmart on Aug 4, 2011 22:28:46 GMT -5
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Pants
Junior Associate
Joined: Dec 27, 2010 19:26:44 GMT -5
Posts: 7,579
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Post by Pants on Aug 5, 2011 8:36:06 GMT -5
Two words: Automated savings. Changed my life!!
To put a bit more context around it, I first found the WIR when I started having trouble paying my bills. 5 years out of college, single, living paycheck to paycheck on $50k/year, $0 in the bank for emergencies, and $15k in credit card debt. On top of that I had a few debts hanging around from medical things that I preferred not to think about - and used my caller ID to avoid any phone numbers I didn't know. I didn't know why I was coming up short every month, I just was. After I posted the first time, some great posters encouraged me to make that list all of us at WIR know well: "List all your income and expenses, list all your debts with balances and interest rates." Seeing it all down on paper was shocking - and I spent probably 2 weeks trying to figure it all out. Someone absolutely brilliant told me that in order to stop putting things on the credit card, I needed to have money set aside for those little "bumps" that come along in life. So I started putting some money back each month, not much, but just a little out of every paycheck. It was tight at first but after a while I didn't even notice it any more. Fast forward 4 (?!?!?) years. I kept up that automatic savings. The money I set aside helped me make the transition to business-school and back. It helped me cover unexpected costs when I got married. It has helped me pay car insurance and medical bills and moving costs and car repairs. More than anything else, WIR helped me create a mindset where I plan for the bumps in the road. It’s not a very glamorous answer, but the comfort that cash gives me is profound.
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financialpeace
Familiar Member
Joined: May 17, 2011 16:10:54 GMT -5
Posts: 554
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Post by financialpeace on Aug 5, 2011 9:46:39 GMT -5
The most impactful thing I have learned from lurking on the WIR boards is that every time I spend money on something it means I can't spend that money on something else. I always knew this, of course, but I never really thought about it or what it meant. I put a lot more thought into my spending now and consider the opportunity cost. It has definitely helped me reduce my money leaks.
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dragon2008
Established Member
Joined: Dec 26, 2010 14:48:43 GMT -5
Posts: 457
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Post by dragon2008 on Aug 5, 2011 12:06:37 GMT -5
The best things I learned from WIR is to JUST DO IT and BE ACCOUNTABLE!
I had a budget, but never stuck to it. I had money for savings, but never transferred the money but let it languish in my checking account until it was gone. I had dreams baby, big dreams, but no plan. I knew what I needed to do (after decades of reading PF books), but just didn't do it.
Then I started lurking on the MSN boards - fascinating to watch everyone turn their lives around and I admit I was jealous that it wasn't me. So I actually started to work my budget and watch my spending. Found money for monthly savings and then transferred those bucks into an account I couldn't access easily. Then I found ING - OMG, I could save in categories, make transfers to savings anytime I had extra - did I mention the separate categories?? It made my savings spreadsheet work so much better!
But while I enjoyed all the work I was doing for myself, no one I really knew in person wanted to celebrate the little wins with me. So I finally joined WIR and found a community of support, encouragement, advice, and a kick in the pants when needed. I would not be where I am today without knowing the Women (and Gents) in Red (no hyperbole, just the honest truth).
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sbcalimom
Familiar Member
Joined: Jan 2, 2011 21:27:25 GMT -5
Posts: 890
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Post by sbcalimom on Aug 6, 2011 12:02:17 GMT -5
By the time I joined WIR I had already turned most of my worst money habits around. In college, I racked up 10s of thousands of cc debt buying unnecessary crap and giving other family members handouts. This was of course, in addition to my student loans. I got serious about paying it all off shortly after college and with some help from DH was able to get it all paid. I also had already started saving money each month for short and long term goals. However, I really obsessed and stressed about every little purchase and had to be in total control about every single penny. Joining WIR and becoming part of the community helped me realize I was on the right track and it was ok to let go a little. It helped me realize what was important to maintain and what I could let go. I think WIR also helped me realize that it is ok to change your plan as circumstances changes. I saw a lot of members revamp their budgets or plans for debt payoff when necessary to deal with something life threw at them and not go to pieces. These things have really helped me have a healthier relationship with money and not stress so much about it.
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mizbear
Senior Member
Stand back. I have a budget, and I know how to use it.
Joined: Jan 2, 2011 13:12:46 GMT -5
Posts: 3,958
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Post by mizbear on Aug 6, 2011 12:03:58 GMT -5
You know what one of the best parts of the WIR is? Once you become a WIB, you are still welcome! ;D
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reeneejune
Established Member
Joined: Dec 20, 2010 19:49:40 GMT -5
Posts: 430
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Post by reeneejune on Aug 7, 2011 18:47:12 GMT -5
The best thing I've learned from the WIR: don't panic. Yes, the world as you know it is coming to a messy, explosive end, but if you don't panic and make a plan, you will survive and you will THRIVE.
My first year with the WIR felt like a constant stream of disasters. Garnished bank accounts, a suspended driver's license I hadn't gotten notice of, impounded car, lost job, near homelessness, etc. But through that all I managed to make a plan and work it so that things gradually got better. My second year with WIR was a grind of paying off debt and making sacrifices though I was making ok money. And now, more than half way through my third year with WIR, I'm finally seeing the light at the end of the tunnel. I am self-sufficient once again, and about a year from now I'll be debt free. I still have a long way to go towards financial security and getting my life where I want it to be, but I'm happy in knowing that I'm no where near the place I was when I joined. And I never have to go back to that place again.
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misspt
Well-Known Member
Saving for my boys!
Joined: Dec 21, 2010 20:05:33 GMT -5
Posts: 1,211
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Post by misspt on Aug 7, 2011 19:06:30 GMT -5
I think the most important thing I'm taking from WIR is that somewhere, somebody will have an idea that I didn't think of, in regards to any topic. So I need to think differently and to ask for other viewpoints. Sometimes I use it, sometimes I don't. But posting always generates something I hadn't thought of or considered.
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misspt
Well-Known Member
Saving for my boys!
Joined: Dec 21, 2010 20:05:33 GMT -5
Posts: 1,211
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Post by misspt on Aug 7, 2011 19:07:58 GMT -5
The coupon shopping tips on the grocery challenge thread also made it impossible for me to pay full price for almost anything.....
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dividend
Established Member
It's 5:00 somewhere.
Joined: Dec 23, 2010 21:31:29 GMT -5
Posts: 387
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Post by dividend on Aug 8, 2011 9:55:01 GMT -5
I have a pretty good handle on my money - automated savings, categories for everything I can think of, etc. But what I've noticed, and don't laugh at me because this is totally stupid and obvious, is that when I've participated in a month of the no-spend threads, and really paid attention every day to whether or not I should spend money, I spend a lot less. I track every single purchase all the time, and log it in the appropriate category, and never really go that much over budget in each category, but I spend within the categories mindlessly if I don't pay attention. By just looking at my tabulated monthly totals, it's obvious which months I was aiming for NS goals. And I am someone (I thought) without a lot of budget leaks.
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ambellamy
Established Member
Joined: Dec 23, 2010 10:05:26 GMT -5
Posts: 458
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Post by ambellamy on Aug 8, 2011 22:38:57 GMT -5
For me it was the community... It was so nice to be able to ask questions and get advice as a confused 20 something with no where to go. I learned so much that I don't think I could possibly narrow it down to one particular idea.
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ses
Familiar Member
Joined: Dec 20, 2010 14:18:37 GMT -5
Posts: 654
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Post by ses on Aug 12, 2011 11:36:57 GMT -5
I think the most important thing I have gained is the support and understanding I found here.
My story starts when i first started lurking in 2007. My mother, who had lived with me the previous six years, had recently died. In settling her estate I realized I needed to get my own act together. I wanted to retire early in a year or so and really needed to pull things together. My finances were not really in terrible shape, just sort of amorphous. I had stumbled along pretty much alone because in my world discussing financial issues, even in very general terms, was akin to farting in church. I started posting New Year's Day 2008. It was a blessing to find a group to discuss things with.
I learned to control my spending, or not spend. The fuzzy edges of my budget were firmed up and followed. A couple of years before I had calculated what my income in retirement would be and had been living on that amount so transitioning into retirement would not be such a shock. Any extra income went to savings and paying off the last of my debt. I was able to retire Jan. 2, 2009 with no debt, my car and house paid off, and experienced at living on a reduced income.
Amazingly, with some savings and a small inheritance from my mother I was able to pay CASH for a kitchen remodel that was desperately needed. I was down to two working burners, a dead built-in oven (that was too old to replace without major changes), my trusty crock pot, a George Foreman grill and a microwave. So I gutted the entire kitchen and started over. Thank God I did. I found wiring that scared me to death.
Even living in construction chaos for almost nine months, I was still able to live comfortably on my reduced retirement income and still continue to save about 20% of my income. I was able to do a modest amount of traveling, spend time with and entertain friends, and read all the books I wanted to.
I am living a very satisfying life, staying within my budget, being aware of what I spend and asking myself if I really need something or just want it, and finding I really don't want a lot of the things I used to think I really needed.
Through the support and understanding I found here I think I found and understand myself better. I think I am more focused and grounded now. Pretty good for just "talking" with a bunch of strangers whom I now count as good friends.
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el1504
Junior Member
Joined: Dec 22, 2010 16:26:20 GMT -5
Posts: 161
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Post by el1504 on Aug 15, 2011 5:35:48 GMT -5
I think the best tip I found was it doesn't matter if you can only pay $5 more than the minimum pay that $5 extra and it will make a difference in the end.
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Rocky Mtn Saver
Junior Associate
Joined: Dec 23, 2010 9:40:57 GMT -5
Posts: 7,461
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Post by Rocky Mtn Saver on Aug 15, 2011 13:56:00 GMT -5
Best thing I learned here so far? To write it down. Putting my debt, savings, and goals in front of me in black-and-white really helps me to control them all so much better than before!
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Minnesotagirl7
Well-Known Member
Joined: Dec 27, 2010 11:43:59 GMT -5
Posts: 1,791
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Post by Minnesotagirl7 on Aug 16, 2011 12:37:28 GMT -5
I think one of the most important tips I've learned from the WIR is to plan for the expenses you know are coming. Christmas, property taxes, auto insurance, etc. all come at the same time every year. Now, instead of being "surprised" by those expenses, and taking money away from paying down another debt or throwing it onto a credit card, I'm ready for these items when they come. And I pay for them in cash!!
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urdoingit
Established Member
May the road rise to meet you ...
Joined: Dec 23, 2010 8:04:56 GMT -5
Posts: 480
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Post by urdoingit on Aug 17, 2011 6:39:46 GMT -5
The most important tip I learned from the WIR is that it is possible to get out of debt if you are willing to work at it and that the WIR is a group of like-minded people who are willing to lend support and advice while you do it.
I paid off over $18k while lurking on the board and paid off nearly $22k once I started my race. Had my share of ups and downs along the way but by staying focused, I made it to the finish line. The best advice I followed was to open an ING account. I now have 8 separate ING accounts for everything from personal property tax to Christmas.
Like many others, we did not and still do not discuss finances with family and friends - not in any detail anyway. Having a supportive group who GETS IT makes the debt pay down process doable. Go Racers!
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murphath
Well-Known Member
Joined: Dec 22, 2010 16:12:33 GMT -5
Posts: 1,981
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Post by murphath on Aug 17, 2011 11:49:47 GMT -5
I'm not sure why I became hooked on WIR because we've never had any cc debt. We use a card for the rewards but always pay it off. Even so, I have learned so much from the posts. Our budget was amorphous also--in my head but not on paper. I also became aware of how much $ we wasted on take out or ordering pizza--even though we only did that @ 1-2 times a week. That seemed reasonable when we both worked full time and had hectic schedules with the kids etc.. The kids are adults now but we ended the take out stuff while they were still home. I cook much more efficiently and we eat all leftovers.
WIR also led me to the Grocery Challenge thread. That has been the biggest money saver for me. I know there's been tons of discussion whether coupons work or not. They certainly have for me. Does it take time? Yes, but I treat it like a game/hobby. I kept track in 2010 just to see if it was worth the time/effort. In the 3 major drugstore chains (Rite Aid, Walgreens, CVS) I purchased $4,455.80 worth of products for $694.32 out of pocket. I received $362.99 in rebates and $273.35 in Rite Aid's rebate program. If you do the math, after rebates, I actually spent $58.08 out of pocket for $4,455.80. At the grocery store, I spent $3,509.55 for an average of $292.46 per month. That was for a family of 4 living in the home and an additional 1 or two who came for visits every weekend (daughter #1 and daughter #2's boyfriend). We live in a very HCOLA--the Bay Area in Northern California.
So, thank you Mia for starting the WIR; and to all those ladies on the Grocery Challenge thread who were so patient with all my questions: SuziQ, Dancinmama, JMO (aka Jenny'smom), saveinla, MissPT etc.. I'm so happy these threads were able to continue on proboards.
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blackcard
Familiar Member
As of April 2013 Mortgage is paid in full :) NO debt of any kind.
Joined: Dec 23, 2010 22:06:57 GMT -5
Posts: 660
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Post by blackcard on Aug 18, 2011 19:28:44 GMT -5
Wow! This is like a "Best Hits of Women in Red" album.
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nalto
Familiar Member
Joined: Dec 21, 2010 15:31:54 GMT -5
Posts: 777
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Post by nalto on Aug 19, 2011 12:42:53 GMT -5
Wow! This is like a "Best Hits of Women in Red" album. And who can forget the classic hit, "Live Within Your Means (Spend Less Than You Earn.)"?
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Pants
Junior Associate
Joined: Dec 27, 2010 19:26:44 GMT -5
Posts: 7,579
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Post by Pants on Aug 22, 2011 16:05:15 GMT -5
Just wanted to add another: "It never hurts to ask." Today I saved myself $400 on car repairs by asking the dealer come down to another price I was quoted somewhere else.
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ambellamy
Established Member
Joined: Dec 23, 2010 10:05:26 GMT -5
Posts: 458
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Post by ambellamy on Aug 24, 2011 9:43:34 GMT -5
I thought of another... physically writting down a budget and including a line for savings like its a bill...
DH just got a job and his first paycheck just ended up being spent because we didn't have a plan for it before we got it and we just kept thinking of the extra money coming in and it ended up being absorbed and spent...
So we took the time to earmark his checks for some goals we have coming up over the next few months so we should be able to get ourselves off to a good start for 2012.
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Clever Username
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Joined: Jan 27, 2011 14:15:59 GMT -5
Posts: 1,313
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Post by Clever Username on Aug 24, 2011 15:34:57 GMT -5
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MittenKitten
Well-Known Member
Home of the Circus
Joined: Dec 19, 2010 19:12:58 GMT -5
Posts: 1,070
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Post by MittenKitten on Aug 24, 2011 21:27:29 GMT -5
Accountability. I joined with only mortgages for debt but our grocery bill and misc were out of control. Here I was able to say through the no spend/controlled spend thread that no I don't want a coffee to mess up my no spend day.
I also found the grocery thread useful. I just wish I had more time to read more threads!
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dancinmama
Senior Associate
LIVIN' THE DREAM!!
Joined: Dec 18, 2010 20:49:45 GMT -5
Posts: 10,659
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Post by dancinmama on Aug 24, 2011 23:08:06 GMT -5
Not so much a tip, but a realization after having been a part of the Grocery Challenge for several years. I never imagined that total strangers could come to REALLY care about one another so much. The gals on the Grocery Challenge are an awesome group of women. Their willingness to help one another and any newbie in any way that they can is nothing short of amazing . I can only imagine the amount of money that we have helped one another save, but I would guess that it is in the hundreds of thousands of dollars. The thread, however, goes way beyond that. We have supported each other through births, deaths, marriages, job losses, relocation, and starting new careers. I will be forever grateful for having found them.
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Clever Username
Well-Known Member
Joined: Jan 27, 2011 14:15:59 GMT -5
Posts: 1,313
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Post by Clever Username on Aug 25, 2011 13:20:54 GMT -5
I don't want a coffee to mess up my no spend day. Interesting that my best lesson is quite the opposide (thanks Phil). The latte factor might get a lot of press, but it doesn't even change the rounding of the digits I use in yearly planning.
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shanendoah
Senior Associate
Joined: Dec 18, 2010 19:44:48 GMT -5
Posts: 10,096
Mini-Profile Name Color: 0c3563
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Post by shanendoah on Sept 8, 2011 19:44:25 GMT -5
Like others, the most important thing I learned was that I was NOT alone. The community game me a sounding board, moral support, and practical advice. It made me feel accountable not just to myself but to the people here- they gave me so much help, how could I let them down by not following through... I have a post up about it on my budget blog bakingbudget.blogspot.com/2011/09/you-are-not-alone.html
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Post by rmtvbrooks on Sept 9, 2011 15:39:14 GMT -5
My life kind of fell apart last September (Has it really been a year?!) when I found out my husband had been abusing DD. He also left me with a financial...well, MESS does not even begin to describe it. We had a debt to the IRS (still paying on that one), a timeshare for which I had received foreclosure papers, and nothing in savings. I posted all this mess, and everyone was so supportive and made some great suggestions. The best thing, though--I had decided to let the timeshare go into foreclosure because my credit score was already crap anyway, and I didn't want to be stuck with a timeshare I couldn't sell and maintenance fees I couldn't afford. I wanted some confirmation, though, whether that was the best way to go, so I posted it to the South board. Someone posted about doing a deed in lieu of foreclosure, which I'd never heard of, so I asked my attorney. She sent a letter to the timeshare company, and they agreed to do a deed in lieu. I unloaded the timeshare and they didn't even put it on my credit report! That was a huge relief and something I would never have known about if I hadn't posted the question to the board. I've decided that no matter how dumb the question may seem, ask it anyway. Someone usually has good advice to offer!
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