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03-22-2009, 03:10 PM
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The Baby Steps - where are you? Where are you going?
I thought it might be nice to have a thread to post our Baby Steps and encourage one another. Here are the Baby Steps, in detail: Dave Ramsey - Baby Steps @ Moneyspot.org Baby Step 1 Make minimum payments on all your bills. Squeeze your budget until you've accumulated $1,000 cash. This is your beginner Emergency Fund. Baby Step 2 Pay off your debts in order of smallest balance to largest. "Snowball" the payments as you go. Baby Step 3 Create a full-fledged Emergency Fund containing 3 to 6 months' worth of expenses. Baby Step 4 Direct 15% of your annual pre-tax income into your retirement plans. Utilize tax-advantaged accounts such as 401ks and Roth IRAs, if eligible. Baby Step 5 Take care of college funding. Fully fund Educational Savings Accounts and/or utilize 529 plans. Baby Step 6 Become financially "ultra-fit" and 100% debt-free: Pay off your home early. Baby Step 7 Get to the point where your money works harder than you do: Build wealth (mutual funds, real estate, etc.), have fun, and give! Set up your first budget for free here: Gazelle Budget Lite Remember to give the first 10% of your income to your favorite charity or tithe if you attend church. "Giving liberates the soul of the giver. You never walk away feeling badly. Whether through a tithe, charitable contribution, or gift to a friend in need, give away at least some of your money. Not only does it generate good feelings, but it generates contentment." ~Dave Ramsey Let's all get Debt-Free!!! 
    
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Apple (05-04-2009), apsufan82 (03-22-2009), BBailey (03-31-2009), Beckysue510 (03-25-2009), busymom (01-15-2010), Emily (03-23-2009), JenBob05 (03-25-2009), my6kids (04-01-2009), pepsilover (05-04-2009), princess (03-31-2009), Shereen (03-25-2009), sweetpea101506 (06-03-2009), Teacup3 (03-22-2009), wlcrosss (05-04-2009) | ||
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03-22-2009, 03:12 PM
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I'm ashamed to say that I am just starting on Baby Step 1. But we all have to start somewhere, right?
I am getting more worried every day/week/month about DH and I when we retire. His retirement is gone thanks to his crooked CEO (Tyco exec who embezzled millions of $$). My employer doesn't offer any retirement or 401K benefits. I have a small account through T. Rowe Price, but contributing $50 a month isn't really enough to live on in 20 years when we are both retired. It's scary to think about being old and poor. 
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| The Following 7 Users Say Thank You to mpayne For This Useful Post: | ||
Apple (05-04-2009), apsufan82 (03-22-2009), Beckysue510 (03-25-2009), Emily (03-23-2009), JenBob05 (05-05-2009), my6kids (04-01-2009), pepsilover (05-04-2009) | ||
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03-22-2009, 04:42 PM
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Everyone has to start somewhere!
We are on #2. We have 2 loans left. We are buying a home right now and with the tax credit, we will pay off those 2 loans and be debt free but for the house. Brittany  , wife to Adam and Mom to Edith , and Cricket . Forum Leader for Wanna be Debt Free Divas and Dudes, TTC, and Pet Talk. Do you Wanna be Debt Free or are you TTC? PM me to join one or both of those private forums!  
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| The Following 6 Users Say Thank You to apsufan82 For This Useful Post: | ||
Apple (05-04-2009), Beckysue510 (03-25-2009), Emily (03-23-2009), JenBob05 (05-05-2009), my6kids (04-01-2009), pepsilover (05-04-2009) | ||
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03-22-2009, 04:46 PM
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We are on step 2..
I was so excited that I paid another card off on Friday and next month my last small balance card is going to be paid off. Then all I have left for cc debt is 3 large balance cards. So, by the end of the year, hopefully, our CC will be done and then I will tackle a loan and my car note...Getting those paid off early is the next goal after CC debt is paid off...
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03-22-2009, 04:55 PM
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It is so hard. we paid of our CC once and then loaded it up (lawnmower and laptop) and had to pay it off again. I think we have been working on this for a year or so.
Brittany , wife to Adam and Mom to Edith, and Cricket. Forum Leader for Wanna be Debt Free Divas and Dudes, TTC, and Pet Talk. Do you Wanna be Debt Free or are you TTC? PM me to join one or both of those private forums!
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| The Following 5 Users Say Thank You to apsufan82 For This Useful Post: | ||
Apple (01-15-2010), Emily (03-23-2009), JenBob05 (05-05-2009), my6kids (04-01-2009), pepsilover (05-04-2009) | ||
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03-22-2009, 04:57 PM
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Yeah, it is hard to not touch a card once it's paid off. I kept getting into that cycle but have tapered down a lot...
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03-22-2009, 07:08 PM
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I also am on #2.
I have a car loan, Discover and a student loan left.. I hope that my garage sale will take care of the Discovercard..That is a biggie though.. This is why I stockpile so I can pay off my debt! 8000 left on discover, 6000 left on car loan.. My Coupons are my American Express Card - Don't leave home without them! 
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03-22-2009, 07:14 PM
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We are on number 2, but going at it a little differently. We have 3 loans (not counting mortgage) and we will need a car SOON! Smallest loan is interest free; and next the interest is tax deductible (student loan) so we started with the largest and it's almost gone!!!!! Then we will have to buy a car (used of course) so that will be next since there are advantags to both others if we have to have debt.
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03-25-2009, 07:14 PM
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We're on step 2. I'm the saver and he's the spender but thank goodness I am in charge of all bills and $$ and he's ok with that.
I think we'll be on step 2 for a little while but that's ok for now.
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| The Following 5 Users Say Thank You to Beckysue510 For This Useful Post: | ||
Apple (01-15-2010), apsufan82 (03-25-2009), JenBob05 (05-05-2009), my6kids (04-01-2009), pepsilover (05-04-2009) | ||
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03-25-2009, 07:19 PM
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We are pretty much on # 3 if you dont count the car.
Married to THE Beast
, Mom to the mini Beast  and then some  
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| The Following 5 Users Say Thank You to Shereen For This Useful Post: | ||
Apple (01-15-2010), apsufan82 (03-25-2009), JenBob05 (05-05-2009), my6kids (04-01-2009), pepsilover (05-04-2009) | ||
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