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Need some gameplan advice for paying down my debt

Moderator Emeritus

Re: Need some gameplan advice for paying down my debt

LS,

 

I have had much luck with a cash flow spreadsheet to plan my cash flow. 

 

Focus on the day to day behaviors...  sit down and plan your cash flow and then follow the plan for the month.  Focus on purchasing sale items while at the grocery store, and stay away from easy to cook meals.  Bags of beans and rice can be had very cheaply Smiley Wink

 

Bring your lunch to work, something like a can of soup and crackers

 

Set it up so that every dollar from your income is told what bucket to go into.

 

Good luck!  Don't be down!  I've got some debt from a remodel project.. its also in the  5 digits, split out on two different 0 percent cards, and will be paid off with income tax and bonus this April.

 

Don't feel guilty... just stop frivoulous spending and pick up extra cash if you can.

 

also, plan your income and outflow.

 

Good luck LS


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Message 71 of 91
Moderator Emeritus

Re: Need some gameplan advice for paying down my debt

Also,  posters to this thread,  

 

Please keep in mind that kindness is a form of respect, and that we all must do our part to be friendly, supportive and above all respectful.

 

There are methods to communicate your points while maintaining kindness towards others.

 

Again,  Good Luck LS!


Starting Score: 08/29/2011 TU 671 EQ 674
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Message 72 of 91
Moderator Emeritus

Re: Need some gameplan advice for paying down my debt


webhopper wrote:

LS,

 

I have had much luck with a cash flow spreadsheet to plan my cash flow. 

 

Focus on the day to day behaviors...  sit down and plan your cash flow and then follow the plan for the month.  Focus on purchasing sale items while at the grocery store, and stay away from easy to cook meals.  Bags of beans and rice can be had very cheaply Smiley Wink

 

Bring your lunch to work, something like a can of soup and crackers

 

Set it up so that every dollar from your income is told what bucket to go into.

 

Good luck!  Don't be down!  I've got some debt from a remodel project.. its also in the  5 digits, split out on two different 0 percent cards, and will be paid off with income tax and bonus this April.

 

Don't feel guilty... just stop frivoulous spending and pick up extra cash if you can.

 

also, plan your income and outflow.

 

Good luck LS


 

I agree with this. When I was digging my way out of debt, I put a moratorium on any unnecessary spending. We ate at home most of the time, and things that could be cooked cheaply. Going out to the movies -- nixed. Did I really need to buy a new blouse or pair of shoes? -- no. Anything that we didn't use that could be put up for sale on eBay? -- done. I had to get into a mindset of living cheaply until all of the debt was paid off, coupled with living within my means after we were out of the hole. That sometimes means putting off discretionary purchases even when there's 0% financing available to you. For instance, I wanted to recarpet our living room last fall, at 0%, but decided that we would have to wait until later this year as I had some unexpected and costly dental work come into the picture. I charged, at 0%, and completely paid off, phase one of it by cutting back on discretionary spending; I just underwent phase two a couple of days ago and have worked my budget to have it paid off by the end of summer. It's all been worked out by deciding on what non-essential expenses I can forgo while I pay off the charges for this needed work. I can also fall back on emergency savings, if necessary, but I'd rather live life a little more simply for a while and keep my savings intact.

 

I'm sure that you can do this, too. Look for any areas in your life where you can cut back; there may be more than you realize. It won't be easy, but it's well worth it.

 

And kudos to you for realizing that you have a problem and need to make a plan to solve it. Best wishes to you.


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Message 73 of 91
Mega Contributor

Re: Need some gameplan advice for paying down my debt

Thank you guys so much I really appreciate everyones tboughts. In all honesty the posters with blunt responses are right on the money. I needed that. I was in this situation 4 months ago and thought I was good.

Had a long heart to heart with the DW, she knew we had debt but not the exact amount. We have a gameplan. All of my cards are being SD'd except Chase if I need something in an emergency. Groceries are a big thing as she likes shopping at Costco 400-450 a month. Were gonna butt heads on that but its gotta change. I got my federal tax in today and PIF PSECU PSL and made another payment on the visa.

Its gonna be around January but I WILL be debt free and now fully aware of my situation.



EQ FICO 548 3/3/16
Message 74 of 91
Frequent Contributor

Re: Need some gameplan advice for paying down my debt

That's great. Having your wife fully informed and supporting you will make it a lot easier to stick with your plan. You may butt heads over what to cut back on, but if you both know what you need to do, you'll find a way to make it work.

Keep us updated on your progress! I think stories that posters share about debt management and debt reduction are an important part of the credit discussion world, and it sounds like you'll have a good story to tell.

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Message 75 of 91
Established Contributor

Re: Need some gameplan advice for paying down my debt


09Lexie wrote:

stormb28 wrote:
Your spending is out of control. Period. Youre worried about AA and youre buying impulse tickets to football games and gaudy car audio toys? Now, youre seeking a BT card to cover your reckless behavior. You are "scared" of the market, which is a long term investment vehicle, but you spend $1, 000s on "stuff"?

I obsess over $10 debt, yes, im that guy. I wouldnt be able to sleep if I were you. If its not a car, home, school, or medical debt I couldnt fathom carrying the debt you do.

Sorry to be so blunt, but you need to buckle down and take a long look in the mirror and curb your spending and decipher the difference between a need and a want.

Wow! I thought this forum was to help and give advice. Your 'bluntness' and your opinion does neither. 


+1......i mean seriously, tell me how you really feel! 



Start Score:493Current Score:510,540, 569
Goal Score: 700>>>>>
Message 76 of 91
Established Contributor

Re: Need some gameplan advice for paying down my debt


myjourney wrote:

Lumps are one thing.....dumps are another

Support is what this forum is about and LS you have mine!!!!!!!!!!!!!!!!!!!!!

Plan your actions and execute them


Team LS!!!!!



Start Score:493Current Score:510,540, 569
Goal Score: 700>>>>>
Message 77 of 91
Established Contributor

Re: Need some gameplan advice for paying down my debt


LS2982 wrote:
Went from being confident to just down in the dumps and depressed about it. Makes you feel like a failure at times.

Not gonna let this beat me, I had my fun now I have to do the right thing and pay it back which I have absolutely no problem doing. I had a problem. My solution now is to take pride in seeing this big number down slowly and slowly every month.


LS, keep your head up. You did your fun now time to pay the piper. No biggie. You have a game plan so just execute it.  That's what makes life so fun, there is always something new to learn. 



Start Score:493Current Score:510,540, 569
Goal Score: 700>>>>>
Message 78 of 91
Mega Contributor

Re: Need some gameplan advice for paying down my debt

March Update

 

Starting Balances

PSECU 6,200 / 12,000CL APR 9.9%

PSECU LOC 1,226 / 12,000CL APR 10%

Barclays 3,985 / 7,200CL APR 0% (15 months from 9/12)

Chase 600 / 2,300CL APR 0% (15 months from 7/12)

Best Buy 3,178 / 4,000CL APR 0% (deferred 18 mo since 12/12)

GE CareCredit 1,237 / 2,100CL APR 0% (deferred 12 months since 11/12)

Kay Jewelers 1,179 / 2,000CL APR 0% (deferred 12 months from 12/12)

GE Amazon $748 / 6,000CL APR 0% (deferred until 6/13)

 

Current

PSECU 5,900 / 12,000CL APR 9.9%

PSECU LOC $0 / 12,000CL APR 10%

Barclays 3,493 / 7,200CL APR 0% (15 months from 9/12)

Chase 600 / 2,300CL APR 0% (15 months from 7/12)

Best Buy 2,978 / 4,000CL APR 0% (deferred 18 mo since 12/12)

GE CareCredit 1,237 / 2,100CL APR 0% (deferred 12 months since 11/12)

Kay Jewelers 1,179 / 2,000CL APR 0% (deferred 12 months from 12/12)

GE Amazon $748 / 6,000CL APR 0% (deferred until 6/13)

 

So I only have 1 interest accuing acount to tackle, the others are set on approximate monthly payments. After this month I have it figured I can throw $700-800 at the PSECU account which will take me to the end of the year but it will be PIF (Cant wait)!!!!!!

 

I'm excited to get these balances down and watch my credit and score age and grow!!!




EQ FICO 548 3/3/16
Message 79 of 91
Valued Contributor

Re: Need some gameplan advice for paying down my debt


LS2982 wrote:

March Update

 

Starting Balances

PSECU 6,200 / 12,000CL APR 9.9%

PSECU LOC 1,226 / 12,000CL APR 10%

Barclays 3,985 / 7,200CL APR 0% (15 months from 9/12)

Chase 600 / 2,300CL APR 0% (15 months from 7/12)

Best Buy 3,178 / 4,000CL APR 0% (deferred 18 mo since 12/12)

GE CareCredit 1,237 / 2,100CL APR 0% (deferred 12 months since 11/12)

Kay Jewelers 1,179 / 2,000CL APR 0% (deferred 12 months from 12/12)

GE Amazon $748 / 6,000CL APR 0% (deferred until 6/13)

 

Current

PSECU 5,900 / 12,000CL APR 9.9%

PSECU LOC $0 / 12,000CL APR 10%

Barclays 3,493 / 7,200CL APR 0% (15 months from 9/12)

Chase 600 / 2,300CL APR 0% (15 months from 7/12)

Best Buy 2,978 / 4,000CL APR 0% (deferred 18 mo since 12/12)

GE CareCredit 1,237 / 2,100CL APR 0% (deferred 12 months since 11/12)

Kay Jewelers 1,179 / 2,000CL APR 0% (deferred 12 months from 12/12)

GE Amazon $748 / 6,000CL APR 0% (deferred until 6/13)

 

So I only have 1 interest accuing acount to tackle, the others are set on approximate monthly payments. After this month I have it figured I can throw $700-800 at the PSECU account which will take me to the end of the year but it will be PIF (Cant wait)!!!!!!

 

I'm excited to get these balances down and watch my credit and score age and grow!!!


Good progress! Keep the momentum going and you will reach your goal.  Smiley Happy

Ray

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Message 80 of 91