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1
Posted on 10/6/12 at 9:24 pm to I Love Bama
You're the goods, Bama. Even if you root for the wrong team! Hahahaha. Had to get that one in there.
Thanks for the link. Can I get it on my Kindle?
I'm praying for God to shower you with blessings, my friend.
Thanks for the link. Can I get it on my Kindle?
I'm praying for God to shower you with blessings, my friend.
Posted on 10/6/12 at 9:28 pm to IzUFaReel
It's $9.17 on the kindle. Good luck man.
Posted on 10/6/12 at 9:29 pm to IzUFaReel
does god love you only if you give money? will he protect you if you dont tithe?
This post was edited on 10/6/12 at 9:31 pm
Posted on 10/6/12 at 9:30 pm to I Love Bama
Thank you so much!
Posted on 10/6/12 at 9:33 pm to IzUFaReel
you should check out his website, daveramsey.com LINK - a lot of information will be listed there. I don't blindly agree with 100% of everything he says, but given your circumstance, and your questions, I think his advice is exactly what you need, and something you would embrace. Good luck man -
Posted on 10/6/12 at 9:36 pm to Lou
God unconditionally loves us all and protects us all, Slim. It is my choice to tithe and give to others to honor Him.
Lou, thank you very much for the link! Between that info., the book, and suggestions here, I think I've got some good ammo to get on the right track.
Lou, thank you very much for the link! Between that info., the book, and suggestions here, I think I've got some good ammo to get on the right track.
Posted on 10/6/12 at 9:39 pm to slim thug
quote:
maybe god should give you more disposable income
Man, you got him good with that one.
Posted on 10/6/12 at 9:40 pm to slim thug
I pray that He does bless my finances, in His time, not mine. And, if it is His will, not mine.
Posted on 10/7/12 at 4:27 am to IzUFaReel
Just looking at your budget and some suggested cuts:
Habits--assuming this is tobacco. Quit. Save $85/month.
Fiancée business expenses--$200/month--what business is she in? Is she bringing in any money? If not, then have her get another job. If yes, have her reimburse you. If she's just getting started in a legit business, that's understandable, but if it's selling weight loss products through an MLM company, stop now.
Habits--assuming this is tobacco. Quit. Save $85/month.
Fiancée business expenses--$200/month--what business is she in? Is she bringing in any money? If not, then have her get another job. If yes, have her reimburse you. If she's just getting started in a legit business, that's understandable, but if it's selling weight loss products through an MLM company, stop now.
Posted on 10/7/12 at 8:01 am to IzUFaReel
quote:
IzUFaReel
Thanks for posting the details. I'm kind of late getting back here.
I added up all the expenses (i averaged your auto work expense to 75) and it came up to $4935. Your net is 65K/12 is $5416.67. So there is a little less than $500 that is going unaccounted for each month.
Are you increasing your credit card balances right now despite sending $200/month? Or is it possible that your habits/misc spending are higher than you think?
Just scanning through, nothing seems out of line here. Your spending doesn't seem over the top, but cutting out cable temporarily and cutting down on your special spending will free up cash you can use to attack the debt. We all like to buy gifts, but if you are going into the hole every month the last thing you should be doing is giving money away.
The one exception to this is your tithes IMO. I'm not a believer, but my wife is and when she was working, we tithed off of her income. If you are truly a believer, I would never ask you to stop tithing. Besides, your tithe aren't really a problem anyway.
If I were you, I would identify where the missing $500 in take home pay is going. After that, see how much of it you can eliminate. Then cut back in other spending areas, even if it makes you temporarily uncomfortable.
After that, you should start an emergency savings. Take a few months to stock away at least $1000. Then turn towards reducing the CC and personal loan.
IMO, you really don't seem to be in bad shape on paper. It seems like you just need to understand where all the money is going and you'll be fine
Posted on 10/7/12 at 6:19 pm to Ric Flair
quote:
Quit. Save $85/month.
I'm working on it. I really wanna be done with dipping.
quote:
fiancée business expenses--$200/month
Our finances are combined, and her business turns a great profit. She is a painting instructor. Fairly new business, so it's inconsistent income.
Posted on 10/7/12 at 6:30 pm to ZereauxSum
quote:Credit cards are up and down for me. I'll work the balance down, the need to spend and it goes back up. One of which is my mother's card. She took care of my moving expenses recently, and I'm paying that now. The other two cards have a total limit of 600 (300 each), so I should be able to zero those out within the next two months and just put about 30 a month on them to keep them running.
Are you increasing your credit card balances right now despite sending $200/month?
quote:Misc. spending is likely where the trouble comes. I'll have that 500 left and the unexpected expenses become more than what I budget for in misc. Of course, 250 per check is not a whole lot to play with having four kids.
Or is it possible that your habits/misc spending are higher than you think?
Thank you, ZereauxSum! This guidance is vital to me. I appreciate the effort and I will be working on the things you've mentioned.
Posted on 10/7/12 at 7:26 pm to IzUFaReel
You have a $300 limit on each of your credit cards?
Posted on 10/7/12 at 9:11 pm to IzUFaReel
Do you attend Healing Place Church by chance?
Posted on 10/8/12 at 8:16 am to 4LSU2
Alot of good advice already in this thread so I wont repeat it other than to say I agree you need to read the stuff on Dave Ramseys page and pick up his book.
One thing I did notice on your budget / exspenses posted earlier - Your Food /Groceries looks very low especially with 4 kids. Is there more being spent from another source (fiance?)? I woudl expect closer to $500 at least for food. This seems to be an area alot of people under estimate what they spend each month, maybe this has alot to do with you shortfalls in the spending?
One thing I did notice on your budget / exspenses posted earlier - Your Food /Groceries looks very low especially with 4 kids. Is there more being spent from another source (fiance?)? I woudl expect closer to $500 at least for food. This seems to be an area alot of people under estimate what they spend each month, maybe this has alot to do with you shortfalls in the spending?
Posted on 10/8/12 at 8:19 am to Chris4x4gill2
Posted on 10/8/12 at 10:37 am to IzUFaReel
You will find Ramsey agrees with you on tithing, even when in debt.
I would recommend that you and your fiancé work together in coming up with a plan. I'd recommend finding a local Financial Peace class for you both to attend.
The fact that you are determined to do something about it is 90% of the battle.
My breakthrough came when I finally created and FOLLOWED a budget, and my wife was on board.
Automation in your budget is nice as well. I use ING to create savings accounts like birthdays, Christmas, auto repair, ect. That are automatically funded from my checking every two weeks. Retirement account contributions are automated as well.
I didn't necessarily follow Ramsey's plan, but its not bad if you need a step by step process with motivation.
I would recommend that you and your fiancé work together in coming up with a plan. I'd recommend finding a local Financial Peace class for you both to attend.
The fact that you are determined to do something about it is 90% of the battle.
My breakthrough came when I finally created and FOLLOWED a budget, and my wife was on board.
Automation in your budget is nice as well. I use ING to create savings accounts like birthdays, Christmas, auto repair, ect. That are automatically funded from my checking every two weeks. Retirement account contributions are automated as well.
I didn't necessarily follow Ramsey's plan, but its not bad if you need a step by step process with motivation.
Posted on 10/8/12 at 2:36 pm to CoolHand
Agreed. Ramsey sounds perfect for this guy.
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