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Originally Posted by amberbamber
Here's my idea about the whole life insurance for my kids- they will pay for their weddings and or that can be a nice gift for a down payment on their first house.
I checked the policies about cash value...and honestly with all the money we've already put into them I'd cry at what we would actually be getting back from them. Still think it's a good idea?
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If they have paid so badly so far why would you want to dump more money into them? I will guarantee they will never be worth what you pay for them. Once you are on a more solid footing put the same amount away in a savings plan or mutual fund and you will have more for your children.
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Originally Posted by amberbamber
The lease on the van we'd have to pay a 2500 penalty for early return, plus an over the mile fee @ 10 cents a mile- over by about 2000 miles. Plus we'd have to pay the difference in the value that the van is now. It's a 2006 Honda Odyssey. So, I can see that being about $5000 to just get out of it. Does that make sense? We don't have the $5000 right now to even think about doing that.
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You are right you don't have the Cash available right now, it is possible you can get a loan to get out of the lease and buy a used car and still reduce this payment. Even you admitted the lease was not a good idea, I would look into ANY possible way to get out of it.
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Originally Posted by amberbamber
The personal loan is 0% and to DH's parents so it's really not on our radar right now. But eventually we'd like to pay it back, KWIM?
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The emotional toll on these kinds of loans can be the biggest cost. Just make sure the in-laws know you haven't forgotten them.
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Originally Posted by amberbamber
Thanks for all the advice. I really am doing everything that I can to conserve, we cloth diaper both of our children that are in diapers, I hang clothes on the line, etc. I am very frugal, but some very spur of the moment decisions and bad decisions at that have caused us to get to this place. I have never felt so out of control of debt in my life!
Thanks again, keep it coming! PLEASE!
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I think you can pull it out, you and your DH seem to have a good attitude. Just make a plan and work towards it. If you don't have one you need to work out a written budget for your spending so every penny works as hard as it can for you.