I have been diagnosed with ADD and now am on meds and working through getting us out of debt. I know I put us there with my impulse shopping. I can never pass up a good deal. So I have asked my FIL for help in figuring out how to get things paid off. Steven doesn't know all our debt but knows we struggle. I will be more forward with him when he gets back from Iraq. Don't want to add more stress to him!

So what was your first step towards getting out of debt?

__________________
Casey loving wife to Steven mom to 4 bratty girls Amanda, Rebecca, Jessica and Makayla
Where did my baby go

god bless you for admiting the problem and fixing it. I feel for you cause we are trying so hard to not get into anymore debt but barely have enough to make ends meet. The very first step is to stop spending. Then I would clean out. return anything you can . Then have a yard sale. Send the proceeds to your credit card. Cut the corners anywhere you can. Change your phone service, cut the cable, lose the cell phone. IF you are at home 90% of the time what do you need a cell phone for. Get use to bumping your thermasat a litlle higher. I have been withdrawing cash and taht all I allow myself to spend. When the cash is gone that means I have no money. Hope something helps.

I am on the go all the time with my girls school stuff and sports so the cell phone is what we need. Also my oldest has asthma. We do get the cheapest stuff for phone, cable, etc. Since I have figuared out my ADD when I go for my walks in the mall my biggest thing I have taught my self in the last couple months is to leave my wallet in the van! It helps so much with the spending!

__________________
Casey loving wife to Steven mom to 4 bratty girls Amanda, Rebecca, Jessica and Makayla
Where did my baby go

I didnt even know if you had a cell phone. well, if you really have already cut down then the only thing you can really do is make those payment faithfully. Maybe see a financial advisor.

I am in the process of paying off debt.

The best thing I have done is not use credit cards anymore. I am just paying them off as I go. Also, it really does help to pay off the ones that have the smallest balances. Those smaller payments really do add up. (Don't I know! )

I also want to say that while my DH was overseas it was really much easier to pay off debt and save a ton of money b/c it meant that there was only one of us back here using the debit card!

__________________
“For beautiful eyes, look for the good in others; for beautiful lips, speak only words of kindness; and for poise, walk with the knowledge that you are never alone.”

Thank. I am trying to pay off the little ones. I just paid off Lane Braynts yesterday!

__________________
Casey loving wife to Steven mom to 4 bratty girls Amanda, Rebecca, Jessica and Makayla
Where did my baby go

These are all GREAT ideas! Congrats with paying off the one card - now don't charge anymore!!! Little bits do add up so see where else you can cut - eating out and groceries can be a good place to cut back on spending too.

You CAN do it!!

__________________
Better to give your kids the values you have
than the valuables you can't afford.

I use the snowball method ...

List every single debt you have. I use an Excel spreadsheet. Include the vendor's name, your current balance, the due date, and THE INTEREST RATE.

Pay off the debt with the highest interest rate first. Keep making the minimum payment to everyone else, of course, but when you have extra money to put toward a debt, put that money on your highest interest debt first. When that debt is paid, use all the money that was going to the first debt to pay off your next highest interest rate debt.

Of course, this only works if you STOP putting any new charges on your credit accounts.

Like you, I also appreciate the satisfaction of paying off one or two small debts first. I like the early 'win' and just having one less bill coming into the mail reduces my stress. Once the small debt is out of the way, concentrate on those high interest rate debts.

It never hurts to call ALL of your debt vendors to ask them to reduce your interest rate. If the first person refuses, ask to speak to someone else in charge. You can call every few months to see if they'll budge on the interest rate.

Lastly, I know this sounds counter-intuitive, but the first step to getting out of debt is to SAVE MONEY. Make sure you have an emergency fun set aside. That way when a little expense does come up you won't be tempted to use the credit cards again.

Another piece of advice is try to only go shopping once per week, and only for groceries. Instead of going to Superwalmart or Target, go to the grocery store where there are less things to temp you. Never set foot in a mall.

We are enrolled with Consumer Credit Counseling Service/Money Management International. We had to get pretty aggressive so we could get out of debt and get our feet back on the ground. We have been paying CCCS for 2 years, and we have 2 more years to go. They basically take all of your credit cards, contact the companies and get them to lower the interest rates, payments, and fees. You actually pay cccs and they make the payments to each of the creditors. We don't have a new car, we don't eat out very often, we aren't going on vacation for a couple more years, we don't do movies at the theatre. I think you just have to sit down and make some hard decisions about what you can live without, and what are "needs" and what are "wants". I know we found out that we can live with a lot less, and change the way we think about things. Every family is different, and there are different "seasons" to every family. For instance, 2 years ago, we still had one in diapers, so when we got him potty trained that was a huge savings for us. Maybe when your dh gets back home the both of you could sit down and get a better idea of where you want to go with your finances, and what your financial goals are and just get to a starting point. Do keep in mind that you won't get out of debt overnight, and it is a committment that you will both have to make. It's not easy, but it is so worth it. Just take it one step at a time. You can do it!!! Try and find some other folks that are working on debt reduction and that might help y'all to encourage one another! Like mommysavers!!!!! LOL I hope some of this helps, and I would be glad to share more with you if you like. You can pm me. Take care, and good luck!! Angela