Author Topic: Case Study - Digging out of the Debt Grave  (Read 8593 times)

TassieFI

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Re: Case Study - Digging out of the Debt Grave
« Reply #50 on: July 16, 2018, 04:49:30 AM »
PTF

diapasoun

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Re: Case Study - Digging out of the Debt Grave
« Reply #51 on: July 16, 2018, 10:45:14 AM »
Setbacks happen. It sounds like you're persevering on, though, and continuing to make changes and keep improving your finances -- and that's the important part. What you want is the overall upward trajectory; a few bobbles along the way are expected, and really, what a boring journey it'd be without them. ;)

That being said, I'm sorry to hear about your father. I hope you and your family are doing okay.

Levi421

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Re: Case Study - Digging out of the Debt Grave
« Reply #52 on: July 26, 2018, 03:25:29 PM »
Quote
That being said, I'm sorry to hear about your father. I hope you and your family are doing okay.

Thank you, I am doing alright. However, my mother is in a much different situation both mentally, emotionally, and financially.

Posting another update because something amazing happened!

My wife got a part-time job! Not as much as mine, but it will give us another $200 to $400 per month (still unknown exactly how much she just accepted it 2 days ago.) I know, it is crazy but I think this whole "making better moves with money" has spoken to her a bit. She has voiced some opinions that differ from mine, but I am slowly converting her.

I have looked and compared current spending budget with the prior attached spreadsheet. We are spending about ~$130.00/mo less than where we started. This is less than I expected and want to be at. However, we have made a pretty big overhaul to it where include more things on it than before. (I pay more attention to cost I never really tracked). I guess we are just being more organized? Like we included annual expenses like Dr's visits, professional development memberships, and such. I expect our "Grocery" category to decrease because this was including personal hygiene products, Toilet paper, and whatnot. I will attach the updated version as soon as I can. Gotta keep on keeping on!

diapasoun

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Re: Case Study - Digging out of the Debt Grave
« Reply #53 on: July 26, 2018, 04:51:45 PM »
I hope your mother can find her equilibrium soon. I can't imagine the trauma of losing a life-long partner.

Congrats to your wife, and it sounds like you're making real progress. Even if you're not cutting spending as much as you had hoped, the fact that you are moving to a more accurate tracking of your finances is BIG. That means that you're getting a much truer picture of your finances, and seeing their full breadth, not just everyday expenses. It's amazing how much those once-or-twice yearly expenses can add up -- think of a car insurance payment every six months! -- and seeing all of that can be very illuminating.

Hirondelle

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Re: Case Study - Digging out of the Debt Grave
« Reply #54 on: July 26, 2018, 11:18:26 PM »
Sounds like you're on the right track. $130 may not sound like much but it's a great start and as you said part of it might've been expenses you hadn't accounted for before. A decreased spending of $130 (with potential for more) AND an increased income of at least $200/month are both great steps.

Take you time and I'm sure you'll improve further soon.


I'm very sorry to hear about your dad. Glad you were able to spend some time with family. Those are the real important things.

Levi421

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Re: Case Study - Digging out of the Debt Grave
« Reply #55 on: August 12, 2018, 07:33:21 AM »
Attaching updated spreadsheets.

According to the updated spreadsheet, we have found $367.00/mo. (this is still without the updated grocery spending, still trying to find the average)

I also wanted to start notating where I began and how far I have come in the past year. When I started the debt BURN last year in August, my debt credit card load looked something like the list below. This does not include my wife's fed student loans, as it should be forgiven in 10 years (not super accurate 2017 list, but as close as I can get it):

Aug 2017
Levi Chase            6,500.00
Wife's Chase    10,500.00
Wife's SM 1    6,870.00
Levi Fed Loan    5,860.00
Wife's SM 2    10,725.00
Wife's Car    17,160.00
Debt load w/o Wife's fed loans $-57,615.00

Aug 2018
Levi Chase                0.00
Wife's Chase    9,800.00
Wife's SM 1    6,600.00
Wife's SM 2      10,500.00
My Fed Loan    5,700.00
Wife's Car    15,656.00
Debt load w/o wife's fed loans $-48,256.00

Onward we go!
« Last Edit: August 12, 2018, 08:11:19 AM by Levi421 »

CrustyBadger

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Re: Case Study - Digging out of the Debt Grave
« Reply #56 on: August 12, 2018, 08:02:17 AM »
You are heading in the right direction Levi!  Good job, and keep on going!