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Introduction

February 27th, 2007 at 07:32 pm

This is pretty cool....I read about financial blogs in our local paper and how people basically counsel themselves in getting rid of debt and eventually actually putting money away. So, I thought I'd give it a try and see how it works out.
My husband and I are in major debt. We recently lost a 3-family to foreclosure and that put is in the hole--big time. So, my goal for this coming year is to pay off atleast 10 of our smaller bills so that way I can concentrate on the bigger ones after.
So, here goes!! These are our debts.
credit cards--$9,829.21
$12,105.06
$186.01
$233.10
$450.95
car loan $900.00
overdraft $1,493.01
medical bills-$363.95
$132.48
$310.00
$302.42
$262.20
$237.96
home equity $58,000.00
grandparents--$5,500.00
mom $1,500.00
Total--$91,806.35

OUCH!!!! It hurts to see that figure. So, my goal is to pay off all the medical bills, car loan, and the 3 smaller credit cards. And hopefully when I get my taxes done (eventually), I can pay my grandparents whatever I can.
So how's that for debt!!! I'm really hoping this works because I hate to know that all our money goes towards bills and not savings.

14 Responses to “Introduction”

  1. tinapbeana Says:

    sandy, it's great to have you join us! you'll find lots of great ideas and helpful people around here.

  2. JanH Says:

    Welcome to the group! It is a big shock to see the numbers--it took me awhile to total them up myself. I am making progress on the debt and also adding a bit to savings to feel much better. Having a small fund helps me. But now, I am getting frustrated with the debt. Visiting here and learning has helped me alot. Glad you are along!

  3. sfborges79 Says:

    Thank you for both of your comments--any advice on how I can get rid of this debt quicker is greatly appreciated.

  4. tinapbeana Says:

    if you've never done one, a spending log can be a big eye opener. keep track of everything (EVERYTHING) you spend for a month. bills, mortgage, debt, groceries, latte, road tolls, gas, stamps. you get the picture. it's always an eye opener to see how much you have to spend a month to survive (food, utilities, housing), how much you have to spend a month because you're obligated (medical and credit card bills, contracts, debt in general), and how much seems to just get wasted during the month. it's that last part about seeing money that seems to have been wasted that puts you in gear to gather it together and pay off the debt rather than see it leaking out every month.

  5. Ima saver Says:

    Tina has some good idea. welcome to this site.

  6. sfborges79 Says:

    Thanks Tina--definitely going to do that. I'm starting tomorrow though because I've got to buy cigarettes tonight! lol....yeah, that's another thing I've got to get rid of!!

  7. daylily Says:

    The biggest step is just recognizing the situation for what it is. Now you're on your way. This site has been great for me to get ideas.

  8. Joan.of.the.Arch Says:

    Hi, Sandy. Welcome! I just want to make sure you know that there are also discussion forums connected with this blog site. You can read about what other people have done in similar situations, give your input to others, and ask for input, too. The forums are at

    http://www.savingadvice.com/forums/

  9. sfborges79 Says:

    Again, I want to thank all of you for your comments on welcoming me to the site, and for your support and advice. And to Joan of the Arch, I'm definitely going to check out the forums. Any tips I can get will certainly help!! Thank you!!

  10. fairy74 Says:

    it is hard to face debt, but the sooner you get serious about it, the easier it becomes to handle. You are moving in the right direction. Welcome Smile

  11. carol Says:

    Congratulations for taking the first and most important step(facing debt). Sounds like you are getting a plan in place already and yes there are all kinds of good tips and advice here to help you.

    The only tip I would have to add here is to start a plan to "pay yourself first" even if it's only $5 or $10 from each check.

    For years I have been a total spender and could not save if my life had depended on it. lol. I am in charge of $101 each month.
    Since I have joined this site, for the last two years I have been broke only 2 months out of the year at the end of the month. I still am working on actually saving, but I'm starting to get there this year.

    You can do it!

  12. sfborges79 Says:

    Carol thanks for your advice--it's not a bad idea to "pay yourself first". If it's $10 of each paycheck a week, it adds up. Before I got married, I used to put away $100 from each check, but back then I was still living at home and only had to worry about my car insurance. Now, life is different, and just $10 can be a sacrifice. But it's somewhere to start. Thank you!
    And thanks for the encouragement Fairy!!

  13. LuckyRobin Says:

    Welcome. I started my blog with massive debt. Actually, I still have massive debt, but since starting my blog it has been slowly decreasing. I also save $10 a week no matter what, to get myself in the savings habit. It's a good community here. Good luck on your journey to out of debt land.

  14. sfborges79 Says:

    Thanks LuckyRobin....I'm going to attempt putting $10 away every week, but I've decided to probably open up an account at a bank that I rarely go to and having it direct-deposited there from my check every week. I've realized that if I put it in my regular savings account, I can very easily transfer it into my checking for unnecessary expenses. I've decided I'm doing that on Friday...so let's see how it goes!!

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