Hello, I just introduced myself in the new members forum and I'm ready to face the music about our financial situation. We are in debt and we are trying to and have been trying to dig ourselves out. We've been smart and stupid with money. Let's start with what we owe. I have a $40K student loan that is now $51K because it's been consolidated and stretched out over 25 years. We have a $16K cc consolidation loan and another $14K in cc debt, $7K of that was charged after we paid off the cards with the first loan. We owe almost $5K on one vehicle and have one vehicle that's paid off. We owe $85K on our house. We also owe almost $700 on a medical bill.

So let's talk about what we've done right in the past 12 months. We paid off $10K last year of new debt. We have $800 in savings for emergencies. We have $10K equity in our house. We also have a Christmas account started for next year because I refuse to go through what I went through this year. (we only charged $65 at Christmas this year but I cried on Christmas Eve because I felt like my DH was saying we didn't have enough junk to eat over Christmas break). Here's the best think I've done: I've opened up a second checking account for all those irregular expenses that kill a budget. Those things like clothes, shoes, irregular bills, car repairs, school supplies, etc. Like our Christmas account, money is deposited here 4 times a month. So far, I've found that having this money set aside keeps finances more even. I no longer feel like I'm waiting for the next big paycheck to buy what I need. I shop sales and use coupons. I cook a lot and we only go out to eat one-two times a week.

Well, that's all of it. I've made myself face our situation. So, I worry. My Dh and I both work--he works full time and I work very part time outside the home and also have a small business with irregular income. We are both professionals. We have three girls and we have desperately outgrown our house. We are in no position to sell and take on a bigger loan. We have excellent credit and I'm constantly throwing away offers to dig ourselves into a deeper hole. My DH is on board completely. I handle the finances but he sticks by what I say that we can and can't do (financially).

Wow, it's been really great to talk about all this. I'm really committed to getting out of debt. Thanks for listening.

acsamom

Welcome and great job actually putting what you owe and what you do in writing. That is first step. Good luck!

__________________
http://mommysavers.com/boards/journa...wjournal&j=184
Amber

You've done one of the hardest steps. ... facing and admitting to yourself and others what your mistakes were. Congratz on this. Make sure you keep a blog entry here at mommysavers. It's really easy and you can relieve frustration and journal in your accomplishments. The Forget the Jonesses Project will be a great aid for your financial goals, especially that your dh (dear husband) is on board.

Welcome to mommysavers and keep up the hard work... it will be worth it and pay off in the future...

__________________

Admitting that you are in debt and need help getting out is really the hardest part IMO. This board is great and you will find a ton of advice and support here. I agree with happymommy that keeping your records in your blog is nice. Its good to have everything all in one place and sometimes just a great place to sort it all out!

__________________
Proud mommy to adorable Kinsley

Keep up the good work!

First of all, Welcome. Second of all, it sounds like you are well on your way to being debt free, that is great. It will take some time, but you can do it. The second account sounds like a great idea. The fact that you are saving for christmas already, shows you are determined to make changes. Great job!!!

__________________
Thank you God.....for all You are........I would be nothing without You.

~jen~

Welcome.
Sounds like you are headed in the right direction. Helps that youe dh is onboard with you!

Hi and welcome!! Looks like you're both well on your way to making the necessary changes to become debt free!! Best of luck!!

__________________
~*~ Angie~*~
Wife to Brian
SAHM to Sarah & Andy 2/11/2000

Welcome! Have you checked out our Forget the Joneses forum yet? It sounds like if you followed along with us as we go through the steps you'd get a lot out of it. You've done the tough work already, so I applaud you for that!

__________________
Check out the Mommysavers Fan Page on Facebook
Frugal Tweets! Follow Mommysavers on Twitter
Preorder the NEW Mommysavers.com Book: Instant Bargains

Welcome! You're definitely in the right place!!!
Another thing you should do for your nightly reading...get Dave Ramsey's Total Money Makeover book from your local library and read it as soon as you can.

I am also new to this forum and someone here introduced me to this program...I read the book in 2 nights and am SO PUMPED UP and KNOW I'm headed in the right direction and have A CLEAR CUT PLAN on how to solve it.

He speaks in normal terms...makes it easy to understand... Suze Orman is good, but she talks over my head often times and makes me feel like I'm being punished by most of what she says...however...this guy has a good thing going. I'm an addict already and my husband will probably roll his eyes next time he hears me say "Dave says...."!!!

Anyhow, welcome! Feel free to PM me if you like with any questions or just when you need someone who knows how you feel.

Robin in Texas

__________________