dcsimg The Get Rich Slowly Forums • View topic - Out of CC Debt, and a starter emergency fund.

  GRS Home  Forum Home
Bank Rates Center
   Savings Account Rates
   Money Market Rates
   Highest CD Rates
Insurance Rates Center
  Auto           Health
   Life              Home
Mortgage Rates Center
  Mortgage Rates
  Mortgage Quotes

Last visit was:
A place for Get Rich Slowly readers to ask questions
and exchange ideas
It is currently Fri Nov 27, 2015 9:05 pm

Post new topic Reply to topic  [ 3 posts ] 
Author Message
 Post subject: Out of CC Debt, and a starter emergency fund.
PostPosted: Tue Jul 14, 2009 1:33 pm 

Joined: Mon Jun 30, 2008 5:32 am
Posts: 13
Several months ago, I posted on the GRS forum looking for advice. I had a new job, a wonderful girlfriend, and was feeling a crunch from an over large rent payment, student loans, and clothes for the new job. Shortly thereafter, I got into credit card debt to pay for such things as furniture (a bed and a couple of chairs.). My student loans were 15% of my gross income.

I wasn't sure how to get out of the problems, and couldn't see a way to save. Each month, I'd pay down the bills and then the newly accrued debt on my Credit Card.

With my tax refund, I was able to get out of credit card debt.
1. I have reduced my rent by a third by moving my relationship with my wonderful girlfriend to the next level.
2. In part thanks to that, I'm paying for a lot fewer meals. We're cooking together pretty often.
3. I put my students loans on a longer plan, and am paying 10% of my gross income. At this rate, it'll be paid off in around 15 years. Unless my gross income goes up, in which case I plan to up the amount I toss at my loans.
4. I've got all the clothes and supplies for work that I should need.
5. Oh, and I got an 8% raise when I hit one year. (Apparently I'm good at this.)
6. Since January, I've been putting 6% into my 401k (6% is where the free money stops.).
7. As of yesterday, I've got a thousand dollars in savings.

I read Get Rich Slowly almost everyday. There's nothing quite like constant attention to ensure you follow through with it.

Thanks GRS.

Offline Profile   
 Post subject:
PostPosted: Thu Jul 16, 2009 1:10 pm 

Joined: Fri May 01, 2009 11:59 pm
Posts: 5
Location: Norway
Congrats! You made some sound economic moves (Although I hope the girl friend moving to next level was an economic decision :-) ) and are reaping the rewards. Keep up the good work!

I agree that a daily dose of GRS and/or other PF blogs is a good way to keep focused.


Offline Profile   
 Post subject:
PostPosted: Mon Aug 03, 2009 6:39 am 

Joined: Mon Jun 30, 2008 5:32 am
Posts: 13
rbabi18 wrote:
Wow I am amazed! I know it's hard to just stop and really account for what you spend and what you earn but when you actually look at it, it becomes a lot easier to manage yourself financially and save for the future that you cannot stop from coming! I am very happy for you

Thanks! That means quite a bit.

I'm pretty good with numbers, and spend a few minutes each month looking through my CC statement and assessing what everything goes to. Additionally, at this point I'm keeping myself close to a spending-to-date throughout the month. That is, I want my balance to be no higher than X on day Y.

So, if I have scheduled to spend $20 a day, then by day 5 I want the balance to be less than $100.

It seems to be working for me.

Additionally, I just set up ING to automatically save $500 a month. I'm expecting another ~3% COL raise in the early part of next year, so that should let me save more and paydown my loans more, too.

Offline Profile   
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 3 posts ]  Moderators: kombat, bpgui, JerichoHill, Fiscal Fitness Moderator

Who is online

Users browsing this forum: No registered users and 1 guest

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Theme created StylerBB.net & kodeki