Dave's Baby Steps: Which are you on and is it working?

[cbmeeks]

We are still on step one....I shouldn't have (according to Dave) but I paid off three small (<$300) debts before I got the complete $1000 in savings.

I have also stopped putting into savings until the END of the month after everything is paid. I have found that a couple of times, mid-month that me putting $200 into savings made normal bills a little hard to pay.

So, at the end of June, I will take whatever is left over and finish the savings and then start Baby Step 2 (instead of skipping ahead).

Your progress would be appreciated.

-cbmeeks

[jmjj215]

Re: Dave's Baby Steps: Which are you on and is it working?

I'm working on saving up a downpayment for our first house. Is that step 6? Once I start my job in September we'll start thinking about kids' college funds. They're both under two years old right now so I'm not sweatin' it yet.

[juligirl]

Re: Dave's Baby Steps: Which are you on and is it working?

My DH and I just started, so we are also on step 1. I'm like you though, we decided to go ahead and pay off one of our debts this month too. It's something that will cost us about twice as much if we don't pay it off now, so we just want to get it out of the way.

We're also starting out envelope system this month too, so I am very excited to see how it goes. We are both impulsive spenders, so I think it will help us in that area. Good luck with yours!!

[sakigt]

Re: Dave's Baby Steps: Which are you on and is it working?

I cheated on step 1 as well and paid some cards off.

Im halfway through Step I.
After that Im going to tackle the credit cards. Theyre so close to being paid off, I can taste it

[Ima saver]

Re: Dave's Baby Steps: Which are you on and is it working?

I am on step 7 and it feels great.[Automated by GetSmile]

[cbmeeks]

Re: Dave's Baby Steps: Which are you on and is it working?

I am on step 7 and it feels great.[Automated by GetSmile]

I hate you.


j/k


seriously, we cheated on step 1 but I am going to try to fix that this month. Plus, I am also going to cheat a little and put money into a higher-yield savings. I think for our family of five, and two vehicles, $2000 for emergencies would be better.

[wwjdmsl]

Re: Dave's Baby Steps: Which are you on and is it working?

Step 1 - complete
Step 2 - In Progress
Van - 2,800 left
1 CC - 7,700 left
Truck - 7,900 left
Step 3 - complete (improvising a bit here since all debt left to pay (except house) is at 4% APR so kept 5 months EF
Step 4 - some investment but not a full 15% until step 2 is done
Step 5 - some saving for college but halted until step 2 done
Step 6 - will take a while current mortgage balance pretty high but will get aggressive in a couple years
Step 7 - cant wait !!

[pkthunder]

Re: Dave's Baby Steps: Which are you on and is it working?

I also decided to go with $2000 for the emergency fund, and now we are on step 2. We're about 12% through our debt.

[jmjj215]

Re: Dave's Baby Steps: Which are you on and is it working?

I must say it's interesting to see the 'customization' of the DR fans on some of his principles - while being die hard about others

In the end, everyone still does what they feel/think/know works best for them.

[Ima saver]

Re: Dave's Baby Steps: Which are you on and is it working?

cbmeeks, I am about 100 years older than you!! I should be on step 7!

[cbmeeks]

Re: Dave's Baby Steps: Which are you on and is it working?

cbmeeks, I am about 100 years older than you!! I should be on step 7!

but you don't look a day over 99....hahaha

seriously, congrats.

Last week, I wrote out a check for $370 and one for $256 and the week before that, $135 for van, car, student loans.

Man, will it feel good when I write those checks for US!

[Benny]

Re: Dave's Baby Steps: Which are you on and is it working?

Great vibes here can't wait to get going on this.

Benny

[Writer@Large]

Re: Dave's Baby Steps: Which are you on and is it working?

Step Two, the Debt Snowball. We got off to a kicking start, thanks to a retirement fund cashout, but we've slowed perilously in the past couple months as we've adjusted to being homeowners. It will kick in again the end of June, when I start teaching my summer classes.

--W@L

[jodi]

Re: Dave's Baby Steps: Which are you on and is it working?

We don't follow Dave to a tee, but I do take a lot of his ideas. We have a good emergency fund set up, nearly 6 months worth (was that Step 3?), as it was more important for us to maintain that fund as Dh is currently in school and not working. Meanwhile, we are still trying to pay off his car (only about $1500 left!), then we will tackle the student loans ($21,000 total) when DH returns to work. So I guess we're technically still on step 2.

[Bookie]

Re: Dave's Baby Steps: Which are you on and is it working?

In the world of Dave Ramsey I guess I'm on step 2. And have been for a number of years.

I took all the cc debt after the divorce. That was five accounts plus a line of credit. I set a five-year timeline to liquidate the total. The final payment is scheduled for October of this year, and I'm on track to meet it.

I wonder how it will feel to owe nothing? I've had some of these account for so long they should probably quality for a pension.