Im new here..... SLAP ME IN THE FACE ! ( Canadian )

[tyhatts]

One suggestion that might smooth over money matters: Create a monthly allowance for the two of you, that each of you can spend without consulting the other. Might be $50/month, might be $200, but that should resolve some of the "why do you need ANOTHER pair of shoes!?" friction between the two of you.

I TOTALLY agree... I also think we are going to work off cash for weekly expenses. FREEZE the cards in a big ole block of ice and be done with it. 

[Another Reader]

Actually, cash is generally not a good idea while you are trying to figure out where the money is going.  It's better to use debit cards or a rewards credit card and Mint or a similar program to track expenditures.  Otherwise you have to account for all your cash expenditures in a notebook or something like that to understand where the money is going.  Will you both do that?

I commend you for what you are doing.  It's difficult to start given how you have handled money in the past.  However, you have to start somewhere.  It will get easier if your wife continues to buy in as she has so far.  And your stress will drop as you gain more control over your money and accomplish your goals, making it even easier to follow this path.

[tyhatts]

Actually, cash is generally not a good idea while you are trying to figure out where the money is going.  It's better to use debit cards or a rewards credit card and Mint or a similar program to track expenditures.  Otherwise you have to account for all your cash expenditures in a notebook or something like that to understand where the money is going.  Will you both do that?

I commend you for what you are doing.  It's difficult to start given how you have handled money in the past.  However, you have to start somewhere.  It will get easier if your wife continues to buy in as she has so far.  And your stress will drop as you gain more control over your money and accomplish your goals, making it even easier to follow this path.

We both have downloaded the YNAB apps to our phones, and to both the home computer and my work computer.They are all linked together and get updated at the same time. If either spends money, as long as we update, the other can see the updated budget. As long as we both stick to the system, there should be no reason why we cant track our purchases.

[nofool]

tyhatts, great job so far! I know this thread has probably been love/hate, but we are still glad you joined this community and are excited to walk through this process with you! Not sure if anyone has said it yet, so here's a belated welcome to this forum! :)

[tyhatts]

tyhatts, great job so far! I know this thread has probably been love/hate, but we are still glad you joined this community and are excited to walk through this process with you! Not sure if anyone has said it yet, so here's a belated welcome to this forum! :)

haha Thanks for taking the time to welcome us.

Its going to be a ride..... I joined the YNAB community also.... things are a little more laid back there LOL ! Ill come here when i need a ... well , slap to the face ! Which im sure is going to be frequent in the beginning. NOW.... if I could only get Wifey to join and get as involved.... perhaps a short term goal ? More like long term ! haha

ANYHOW..... The Tahoe

Loan payout at the moment = $5411.00 .... Cost / month = $420 + fuel/ maintenence.

Its listed for $5500 safety and e-tested or $4750 AS IS.
I had a guy come look over the lunch hour ( I just listed it for sale last night ) and he offered to take it for $4500 AS IS .... -$911 ( hmm.... just realized the "emergency" coincidence )

I'm thinking I need to hold out for a little longer.

[tyhatts]

UPDATE

The guy sent me a txt and asked if I would sell the truck and rims for $5200 as is.... I countered with $5250 ( Just so I get the win LOL ) and he accepted.

So I will have to pay an extra $161 to the loan.... BUT.... that frees up OVER $500/ month ............ :)

[Another Reader]

Great news on the Tahoe!!!!

[tyhatts]

Second Update for the day

Talked to the bank.... I asked about turning my LOC into a term loan. So the funds are gone once I pay into the loan.... as opposed to the never ended revolving credit trap the LOC is.

She said "sure!!! But can I make a suggestion ? ".  I said ok.... she said " Typically I wouldn't do this.... but since you have such a nice interest rate (4.5%) and I know your trying to get rid of debt.  I will just freeze the LOC, apply a regular Bi-weekly payment, and just let you pay it off as you like. BUT the funds will be locked and un available to use "

She went on to tell me that if she turned it into an un secure term loan, I would be in the 9-9.5% interest rate.

SO that's another step in the right direction today.

[mensa]

Sounds like you're making fantastic progress! Great work so far, and enjoy watching the momentum build up as you get your debts paid down and your savings accumulate!

[Another Reader]

Between the YNAB, the Tahoe, and your committment to locking away the LOC, you have accomplished a huge amount in a very short time.  Very impressive!

[GoStumpy]

Absolutely amazing what can happen in such a short time to get out of a mess, after such a long time getting into it!

[tyhatts]

Absolutely amazing what can happen in such a short time to get out of a mess, after such a long time getting into it!

It is really.... lots of challenges , both mental with myself and also with outside influence!

I think Im on page four of your journal over on YNAB forums ! Your doing great yourself.... When I read your I see alot of whats going on in my life/head. Its a great read

[tyhatts]

So the Tahoe is officially SOLD. The guy came and paid me for it @ Lunch

I had to pay an extra $160 towards the loan, but thats free and clear now.

Making baby steps.

That will probably be it for a while .... as far as big progress.... now its time to buckle down and stick to the plan

[nofool]

Great job! Love the updates-keep them coming!

[Jack]

So the Tahoe is officially SOLD.

Great job!

So the boat is next?

(Just kidding!)

(...but not really)

[NWstubble]

Tyhatts, not sure if you have done this yet and I think others may have assumed you had, but read all of The MMM blog posts. ALL of them. This will introduce you to the mentality and approach that serves as the foundation for this community. A sense of doing more with less, realizing what is a necessecity vs. luxury, living a full and happy life outside the normal constraints of society, etc..

Take the time, however long it takes you, it may change your life. If you have already done this...do it again, I think you missed something.

Also, solid solid progress on the debt emergency. Nicely done.

[retiredat58]

Guys,

Give it up. This idiot is not going to sell the boat or do anything else suggested. He doesn't want to put in the work.

[NoraLenderbee]

Guys,

Give it up. This idiot is not going to sell the boat or do anything else suggested. He doesn't want to put in the work.

This thread was 3 years old. Holy necrobump!

[scottish]

What did happen to the boat?   I vote for a canoe instead.

[danzabar]

I'm really curious now!
If this guy had sold the boat would he be FI by now?
My guess is perhaps he purchased a 26,000 boat because the motor is maintenance free for the first 5 years, so it's basically saving thousands of dollars.