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My savings challenge

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  • LivingAlmostLarge
    replied
    OMG are you kidding? It's inspiring watching someone attack the debt. It's great. And imagine you'd still be neck deep in debt if you hadn't bothered to do anything.

    Leave a comment:


  • james.hendrickson
    replied
    Originally posted by Smallsteps View Post
    another month just flew by feeling like progress is super slow

    end of sept
    mortgage = 31922
    cc1 = 1270
    cc2 I thought I sent in correct amount but 0.75 is my balance today
    car = 6840

    end of oct
    mortgage = 31322
    cc1=880
    cc2 =0
    car= 6364
    losing my zeal at the moment ..need to get encouraged to keep up my pace.
    Small steps - don't forget, your work is inspiring others. The forums get a lot of lurkers so every time you post your progress, you are impacting other people's lives.

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  • Smallsteps
    replied
    another month just flew by feeling like progress is super slow

    end of sept
    mortgage = 31922
    cc1 = 1270
    cc2 I thought I sent in correct amount but 0.75 is my balance today
    car = 6840

    end of oct
    mortgage = 31322
    cc1=880
    cc2 =0
    car= 6364
    losing my zeal at the moment ..need to get encouraged to keep up my pace.

    Leave a comment:


  • LivingAlmostLarge
    replied
    impressive!!

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  • Smallsteps
    replied
    well another month is almost over
    end of august totals
    mortgage 32580
    cc1= 1490
    cc2= 230
    car= 7140

    now the new totals
    end of sept
    mortgage = 31922
    cc1 = 1270
    cc2 I thought I sent in correct amount but 0.75 is my balance today
    car = 6840

    Leave a comment:


  • snafu
    replied
    I am anxious to see CC2 Gone! Please post the very day you pay off the balance.

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  • Smallsteps
    replied
    early june totals end of july
    mort=33700 32995
    cc1 2072 1756
    cc2 1549 786
    car 7692 7400

    so as the end of august is here I keep reading that writing it down like this keeps a person on course.
    end july august

    mort=32995 32580
    cc1= 1756 1490
    cc2= 786 230
    car= 7400 7140
    so by next month cc2 will be gone/ as I said before cc1 being paid in auto payments from my son to pay for an old loan he insisted now that he advanced in his job to pay me back. so all I really need to focus on is car and mortgage the difference in % rate is 1 so it is pretty even.

    Leave a comment:


  • Gailete
    replied
    Originally posted by paparazi257 View Post
    Welcome you to forum, I am a newbie too. I like your sharing. I am now a new officer. I have to pay alot for rented house, food, transportation. I don't know how to save money effectively
    Does your job allow for retirement savings in a retirement fund? If so elect to put1% of you income into it for 3 months. Things may be a bit tight, but 1% if barely noticeable, then after 3-6 months bump the amount up to 2%. Every raise you get you should increase your saving amount by a quarter to one half the raise.

    One very simple thing you can do is take $5 every pay day and stash it away for those wants that come up. Never put 'wants' (those things that are pricey and you don't really need, just want them) on credit cards. Little by little you will find your way, especially as you learn to budget (or what every system you use) and save up for things. It will give you a fantastic feeling when you can hand over hard cash to pay for whatever you have been saving for. You will probably surprise the casher as well as most things get paid for with a card.

    Leave a comment:


  • snafu
    replied
    paparazi, Welcome to SA. We all understand that creating savings after paying rent, food and transportation. With a new job it helps to write out a plan. It's difficult but if you can develop financial control and plan spending, savings to invest accumulate. Consider dividing earnings, 10% for savings, 50% for 'needs' like rent, food, phone, electric, transportation and 40 % for items you want

    Leave a comment:


  • Gailete
    replied
    Originally posted by paparazi257 View Post
    Welcome you to forum, I am a newbie too. I like your sharing. I am now a new officer. I have to pay alot for rented house, food, transportation. I don't know how to save money effectively
    Well then you have come to the right place instead of burying your head in the sand and pretending the money difficulties will all go away with your next raise. Lots of posts here for you to read and get some great ideas from.

    Leave a comment:


  • paparazi257
    replied
    Challenge to save money

    Welcome you to forum, I am a newbie too. I like your sharing. I am now a new officer. I have to pay alot for rented house, food, transportation. I don't know how to save money effectively

    Leave a comment:


  • Gailete
    replied
    Originally posted by LivingAlmostLarge View Post
    Better to pay something than nothing.
    Even if $5 extra!

    Currently a commercial on the channel I watch where some dude is talking about his payment hasn't changed in 3 years and he will be paying it the next 2-30 years at 20%+ interest. Of course let's get him owing more money. But the thing is, if you stop charging and pay even $5 extra month, the amount WOULD have gone down! This family on the commercial doesn't even seem to be trying.

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  • LivingAlmostLarge
    replied
    Better to pay something than nothing.

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  • Mikehills101
    replied
    Originally posted by Smallsteps View Post
    Well I have created a spread sheet of all debt and as long as I see a decrease in the TOTAL every week of about 200 to 300, I am satisfied. I have a couple of accounts that have a few months worth of living expenses but not as comfortable as some.

    I somehow can not get around to the "snowball" or what ever name methods of debt payoff.
    I am sending extra money on payments to ALL accounts.... car/ mortgage/ cc with a bit more towards the higher % accounts. I can SEE the arguments to support the many popular methods but I like my way.
    I am trying to focus on saving more in retirement and liquid/ emergency accounts but is has been kind of slow going lately. I feel like too many options vying for my every dollar.
    At every angle I get bombarded with messages of "debt" is bad and time is running out on some astronomical retirement $$ amount needed. all while trying to live eat/ have a roof over my head it is unrelenting sometimes and I can see why some people just take the idea of "screw it".
    I am currently working with some ladies whom are not (in my opinion) in the financial shape for their age group. no savings/ no homeownership very small if any retirement savings even though they will reach that age in a very short time. Call it late start or poor choices previously but it is sad.
    Do I feel good about my financial plan in comparison of course but on the same hand I am sure (as I see on this site) many that make me look like I am holding 2 nickels. i guess it is simply a matter of perspective.
    Like the idea of creating a spreadsheet. I usually don't monitor it by tracking it through spreadsheet. hanks

    Leave a comment:


  • Smallsteps
    replied
    thanks for the input I am not sure what I will do with CC after paid it has been awhile since it was at 0.... I only have 2 cards and this one has a better rewards/ deals when I do use it.
    As for reallocating my pay to amounts.......... I am adjusting and I already am adding 90 to 120 per month to IRA.
    My objective has changed some since the light at end of tunnel is near. I have revamped my savings accts to boost my basic emergency fund (about 2000) and then my regular savings ( approx. 9200) that would become my backup fund if ever needed.
    due to some stupid moves by my state.... i know my house payment will probably go up next year and i am in the awkward situation to raise the portion my son in law and daughter pay each month. not exactly regular landlord tenant situation since i have many items still there and it is a mutual benefit situation.
    Another child is paying 45 every 2 weeks to cc #1 is at same bank so was just easy to set up auto payments. that frees up my cash flow a bit ( paying back a loan made a long time ago)

    Leave a comment:

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