Need advice on personal finance

[amberbamber]

Originally Posted by disneysteve

Bet it felt good to add an "X" to your list of goals in your sig!

Oh if you only knew!!! And when I hit the button on the online bill pay! I CRIED!!!!

[creditcardfree]

Originally Posted by amberbamber

Oh if you only knew!!! And when I hit the button on the online bill pay! I CRIED!!!!

Many of us do know. It's very freeing isn't it? I think many people don't realize what a burden their debt can become.

Good idea on adding a bit to the EF and some to CC. You won't regret either.

[LuxLiving]

I haven't reread this entire thread - but amberbamber -- can you tell me did you guys replace your whole life insurance w/a term policy?

Of course this is none-my-buz'ness, but I'd be concerned if you don't have any coverage...at least a burial policy on your husband....

I'm trying to recall what you'd written earlier on what ya'll decided about the insurance - was it to cancel whole life and not replace it with anything else?

If you're getting term then you need to save back some of those dollars to make a premium payment, and then do the EF & CC bit. (told you guys - I'm such a mother - this no insurance thing worries me!!)

[amberbamber]

[quote=LuxLiving]

I haven't reread this entire thread - but amberbamber -- can you tell me did you guys replace your whole life insurance w/a term policy?

Yes, we replaced mine and my Dh's with term policy's.

I've already paid the term policy's for the next year and we're budgeting them into our monthly budget so we can pay them in full next year also

[LuxLiving]

GREAT - I just heaved a big ol' sigh of relief for you!! and now I can sleep tonight as well.

You said:
"I've already paid the term policy's for the next year and we're budgeting them into our monthly budget so we can pay them in full next year also"

Good - You're REALLY catching on!! Ta-da!!! It's happening...pretty soon you'll be sitting on the sunny side of the street!

[amberbamber]

Originally Posted by LuxLiving

GREAT - I just heaved a big ol' sigh of relief for you!! and now I can sleep tonight as well.

You said:
"I've already paid the term policy's for the next year and we're budgeting them into our monthly budget so we can pay them in full next year also"

Good - You're REALLY catching on!! Ta-da!!! It's happening...pretty soon you'll be sitting on the sunny side of the street!

Yes! I can say that in the short 2 1/2 weeks (I think) that I've been on this site, I've learned so much! I can't thank you all enough!

[Ima saver]

Amber, you are really doing well, keep it up!

[amberbamber]

Update:
Our house is on the market. Hopefully we will make around $15-20,000. And then we will put some back to pay taxes (we haven't lived here two years) and then the rest will go towards our CC debt.

We will be renting from my IL's and so we've already been able to move stuff over to that house to make our house less cluttered. Plus I am loving the idea of saving $750 a month to put on our CC and build up our EF even more!

[greedy4chips]

Congrats on your progress!

I am not sure what the capital gains tax will be on the house sale, but that will be a nice chunk of change leftover to hit the CC debts hard!

Isn't it amazing what a little knowledge and planning can do when you couple it with persistence and a little sacrificing!

[amberbamber]

Originally Posted by greedy4chips

Congrats on your progress!

I am not sure what the capital gains tax will be on the house sale, but that will be a nice chunk of change leftover to hit the CC debts hard!

Isn't it amazing what a little knowledge and planning can do when you couple it with persistence and a little sacrificing!

Knowledge, and persistence are two big factors! Thanks to you all!

I'm guesstimating that we'll have at least $10,000 to put straight towards CC debt, leaving us with about $7-8000. Not too great, but highly workable. And with the $750 monthly savings from renting from my IL's that $8000 CC will be paid off in less than 1 year! So exciting!

[creditcardfree]

Way to go! So proud of you. I'll hope that your home sells as quick as mine did. Eight showings in three days, two offers, sold in 5 days for just ABOVE list and I didn't have to pay any of their costs!!

Good luck to you. The decluttered looks helps tremendously.

[amberbamber]

Good update: Our house sold in 5 days! For over the asking price!

So, we will make around $12,000 after closing, which is Oct 31st! We'll pay off the 11,000.00 CC and then put the rest towards the other CC.

Woooo whoooooo!!!

[disneysteve]

Originally Posted by amberbamber

Good update: Our house sold in 5 days! For over the asking price!

So, we will make around $12,000 after closing, which is Oct 31st! We'll pay off the 11,000.00 CC and then put the rest towards the other CC.

Woooo whoooooo!!!

Congrats! That's great.

[BCHGRL]

Hi Amber,
It appears that you are on the track to success. Congratulations! If you are a SAHM, have you considered becoming a childcare provider in your own home?

Good luck!

[BCHGRL]

If don't know about this already, this website is a great resourse, esp for families


http://www.stretcher.com/index.cfm

[meaghanchan]

Originally Posted by amberbamber

Good update: Our house sold in 5 days! For over the asking price!

So, we will make around $12,000 after closing, which is Oct 31st! We'll pay off the 11,000.00 CC and then put the rest towards the other CC.

Woooo whoooooo!!!

That's terrific! You're really on your way!

[greedy4chips]

5 days! That is great!

Now you can have a moving sale and sell all the clutter you don't feel like moving. Even if you just had a rummage sale you can find stuff that just isn't worth packing, carrying out of the house, into the truck, out of the truck, into the house, and put away.

When all your CCs are paid off (within next 6 months i predict ) your van payment won't be such a serious issue and your argument over it will end. I believe you have learned your lesson on such a big purchase that only goes down in value. I know we did when we purchased the Yukon 7 years ago...we still own it and have 120k or so on it, so I plan on owning it for several more years!

I would like to see a summary post of your starting situation, what steps you took to get out of debt, the approx dates of those steps, etc to help those in similar situations who are too afraid to post their situation.

You've come a long way baby!

[creditcardfree]

Originally Posted by amberbamber

Good update: Our house sold in 5 days! For over the asking price!

So, we will make around $12,000 after closing, which is Oct 31st! We'll pay off the 11,000.00 CC and then put the rest towards the other CC.

Woooo whoooooo!!!

Yea!! I'm so glad you had a quick sale. It feels nice to have it happen so quick. Did you get more than one offer?

I'm glad you get to pay off a whole CC. You are really getting things moving. It would be nice to get an update on where you stand now as far as debt and savings. Let us know when you can...I'm sure you are pretty busy with the move.

[amberbamber]

Originally Posted by creditcardfree

Yea!! I'm so glad you had a quick sale. It feels nice to have it happen so quick. Did you get more than one offer?

I'm glad you get to pay off a whole CC. You are really getting things moving. It would be nice to get an update on where you stand now as far as debt and savings. Let us know when you can...I'm sure you are pretty busy with the move.

We did get more than one offer and both came in on Friday. Everything went very quickly! It came down to who wanted less closing costs. We did make a mistake but we've learned from it already- so next time it WILL NOT happen! Mistake was: They offered full price and wanted $6000 in closing costs. We agreed, as the other offer was much more than that in closing costs. We should have come down about $3000 in our asking price and then maybe given them $3000 in closing costs. Instead our realtor and theirs gets commissions off of the full price. Oh well, lesson learned. Right?

I'll update everything once we get settled into the other house. And I'll do another update after that on the monthly expenses (and how much less they are)!
It'll probably be around a month But I'll keep you updated!

[amberbamber]

Originally Posted by BCHGRL

Hi Amber,
It appears that you are on the track to success. Congratulations! If you are a SAHM, have you considered becoming a childcare provider in your own home?

Good luck!

I have considered taking care of children. Right now for alittle extra money I pick up our neighbors from school. I'm picking up odd jobs here and there too!