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ErinB

Getting out of debt - best financial advice/plan?

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thanks for sharing. i have the episode tivoed, but haven't watched it yet. I'm forwarding this link to several friends who have made getting out of debt their 09 goal.

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has anyone started reading the suze orman book yet (the freebie one from oprah)? so far it isn't anything i don't already know, but i'm enjoying it.

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Listen to the advice whoever you feel like you connect with. If you like someone's approach, and what they are saying makes sense, go with it.

 

If there's something about the person or the advice that you just don't like, don't try to apply it directly. You don't want to get into a situation where the you resent or don't follow someone's advice because you don't like the person.

 

For me, when I was working to get out of debt, I made a budget and stuck to it. And that amount of self control was really hard. One of the things that made it easiest for me was that I put away my credit and debit cards. If I went to the bank and took out $100, I was far less likely to spend it on stuff I didn't need (Starbucks, etc.) than I was if it was as easy as pulling out a credit card. I also built "rewards" into my budget so that when I hit certain milestones I was "allowed" to have a treat.

 

Also, I called my credit card companies and had them reduce both my interest rates and my limits. And now, I have a rule that I pay off my credit card debt in full each month.

 

But being out of debt, or mostly out of debt (because I don't count the mortgage), is a WONDERFUL feeling.

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for us the biggest money sucker is dougs child support. even tho we still have the kids 1/2 the week, he pays the full amount. we only have 1 medium sized credit card, and it probably wont be paid off until the first kids child support ends in 5 years. until then we just do what we can.

 

other than that the car payments are our only outstanding debt and both of those will be paid off within 4 years. once we become empty nesters (haha, come on 18!!) there will be a lot less financial strain.

 

sorry erin i know that doesnt help you out, but just thought i'd add my story.

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High child support payments drives me nuts!!! I understand it is required in some cases...but when there is shared custody (especially equal) I don't understand why the other parent (mostly the man) has to pay such a high amount. I"ve never been in that situation, but from the outside looking in it just doesn't seem fair. Same goes for alimony - and when one party won't get married or live with their new partner simply because there alimony will get cut out - some people are so greedy!!

Sorry...that's my rant for the day!

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I used Oprah's Debt Diet a few years ago when I wanted to get out of debt. I found Suze Orman's book Women and Money to be very helpful as well.

 

For me, it was really about approaching this as a permanent lifestyle change (like eating healthier and exercising) rather than a one-time thing. I'm still not perfect-- I know I could save more than I do -- but I have been debt-free for a year and it is so liberating.

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TAHOEJENI- Can you tell me which company you secret shop for? I would like to have a second job with that kind of flexibility!

 

Sorry for the hijack ladies! hijacked.gif

 

popcorn.gif...now back to your regularly scheduled thread...

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