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Newbie here

December 22nd, 2016 at 12:15 am

Hi, newbie here. I've made some financial mistakes that are and will cost DW and I greatly in the form of credit card debt but let's leave the past behind. Looking ahead, DW and I are committed to tackling this debt and said we will never be in this situation again. We've made great strides in reducing our overall monthly expenses to really only what we need recently, so I am happy with this. DW started working again part-time and it will accelerate the debt payments.

We are taking this one paycheck at a time and are trying to remember it's not a sprint but a marathon.

With that said, the following payments went through this week from our most recent paycheck:

CC #5 - $1000
CC #6 - $68 Min Payment
CC #1 - $64 Min Payment
CC #8 - $400 payment
Total - $1532

15 Responses to “Newbie here”

  1. scottish girl Says:

    Welcome to SA!

  2. Laura S. Says:

    Welcome! You sure will find support here!

  3. VS_ozgirl Says:

    Welcome to SA and good luck with your debt pay down! You guys can definitely knock off that $709 card.

  4. creditcardfree Says:

    Welcome to SA! You are right about it being a marathon, but it is so worth the effort!! What is your method? Are you focusing on one card at a time, and just making minimum payments on the rest? That is the snowball method. It helps you gain momentum over time. I learned about this method from Mary Hunt. Dave Ramsey is another personal finance author and radio host that has good ideas to pay down debt fast.

    You might consider looking for another 0% card to transfer some of those balances too. It's great that you have one already!

    A lot of us here use YNAB for budgeting. It does cost $50 a year, but there are lots of free classes, and great customer support.

    I'm looking forward to cheering you on!

  5. CB in the City Says:

    Welcome, and congrats on tackling your debt!

  6. james.hendrickson Says:

    Welcome to SA, YNAB is a great budgeting tool. Please keep us updated on your journey to financial freedom!

  7. snafu Says:

    Welcome to SA. We're a diverse bunch and most of us have been through the process of digging ourselves out of debt. We are always here to cheer your every step forward and offer suggestions that might help. One step that helped here was to create a menu plan. It's not written in stone, DH and I each wrote down our 5 favorite meals. We used one of the promotional calendars being offered just now, worked out our busiest day for simplest, fastest meals to prepare.

    Sunday is our most relaxed day, so it was designated for the most time consuming meal, often roasting some type of meat and baking a treat. Finally, we reviewed the food at hand in pantry/cupboard, fridge & freezer to use what's at hand.

    The research says, you will reduce food costs nearly by half if you eat at home and take leftovers for lunch at work. We wanted to free up money to add to paying down debt faster. Our pact was to limit eating out to truly special, celebratory events. No quick take-away, that's full of fat, sugar, and unpronounceable chemicals. Since restaurant here jack up prices and treat people cattle-like New Years, Valentines, St Patrick, Mother's Day, Father's Day, Tourist season, Anniversary etc. we've chosen to make our dinner out celebratory plans one week in advance of those holidays. While our friends are waiting to be seated in overcrowded restaurants, with poor service, we're off enjoying an activity or experience which is much more fun.

    Each time you think of a favorite, add it to the list. I used to buy lovely, expensive, mostly imported fresh vegetable each shopping expedition and threw out meal leftovers and eventually the excess that went limp and remained ignored. I know frozen vegetables have a long shelf life and are easier to portion and remain just as nutricious.

  8. fern Says:

    Those interest rates you're paying are outrageous. But i'm glad to see you're throwing serious money at it. Keep it up!

    By the way, you didn't add a rate to the credit card #8.

  9. Kiki Says:

    Welcome! Do you have a monthly budget that you follow? Do you know where every penny is going or how it is working for you?

  10. viewsfoggy Says:

    Thank you everyone for the warm welcome! To answer some questions/comments:
    1. CC #3 with the $709 balance will be paid off when I get reimbursed for business expenses for work related travel. I will see the reimbursement on my next paycheck.

    2. Agreed on the interest rates and I just got an email that one of my credit cards went up by a quarter of a percent. Yikes! This is to be expected with the fed rate increase, which is why we are on the accelerated path.

    3. I do have a budget and using Mint.com over the last many months has helped me identify where our money was going and where we could cut. We cut cable/tv, have limited our eating out habits, make coffee at home with the costco size coffee bag rather than buy coffee, changed mobile phone provider's for a good but cheap plan ( I need good coverage when I travel for work plus I get $100 monthly reimbursement from work) and other little things here and there. We even cut Netflix and opted for Kodi and haven't seen a movie theater in months. Smile Every dollar saved is a dollar that can be paid to the debt. Also we both own about 12 year old cars that are paid for, so no car payments just the usual maintenance which thankfully has been minimal.

  11. crazyliblady Says:

    Do you also have a mortgage? Can you switch any other providers, like utilities? car insurance? Or get any kind of discounts on your car insurance? Home owners or renter's insurance?

  12. viewsfoggy Says:

    @crazyliblady No mortgage, we rent @ $1500/month. We are limited on utility providers in the area so no chance to change there. We pay $100 monthly for full coverage on both cars with a low deductible and high coverage. I've played with the numbers on this and saving a few bucks per month in exchange for a high deductible is not worth it in my opinion. We get maximum discounts on auto insurance.

  13. ThriftoRama Says:

    Welcome! I've managed to do amazing financial things in part thanks to the advice and support found here.

  14. rob62521 Says:

    Welcome to SA! You are right, it is a marathon. Plan accordingly like you are trying and you will succeed!

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