I dont pay rent I dont pay a phone bill
just cable Tv I drive to work I need $25.00 for that
and my husbands medicine $116.00 a month
2007-03-17 12:04:22 · 8 answers · asked by Tracey r 1 in Business & Finance ➔ Personal Finance
We also use the Dave Ramsey plan.
Very simple-
First write down all your debts smallest debt to largest.
Then do a budget; spend all your money on paper before the start of each month. But you must start saving $1000 in an emergency fund so you don't go back to credit cards. After you have your $1000, then you start your debt snowball. Start with your smallest debt and pay that off. After that is paid off use that money to pay towards the next smallest debt. And so forth. By the time you get to your last debt you should be paying a lot of money per month towards that debt.
You may need to have a garage sale or you or your husband get a 2nd job during this to get out of debt.
After you get out of debt you need to save 3-6 months of expenses for a fully funded emergency fund.
Read the Total Money Makeover to get all the details.
Also his website has budget forms on it.
2007-03-17 14:16:47 · answer #1 · answered by mldjay 5 · 0⤊ 0⤋
Sounds like you have a fair amount of disposable income, considering you dont pay rent.
Do you need to drive to work? Its amazing how much you can save by leaving the car at home and biking, walking, or taking the bus.
You should have no problem paying that off, but it will take time and restraint.
2007-03-17 12:35:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It sounds like your expenses may amount to $1000 at the end of the month, including personal expenses. Stick to only spending $1000/month = $250/week. Put the balance in savings or toward your debt.
2007-03-17 12:12:56 · answer #3 · answered by LadyDeathStryke 4 · 0⤊ 0⤋
We have used Dave Ramsey's plan. It is very simple to follow & has helped us pay off thousands of dollars of debt!
Best wishes.
2007-03-17 12:06:38 · answer #4 · answered by Tom's Mom 4 · 1⤊ 0⤋
Go to the library or Amazon.com and get Total Money Makeover . Dave Ramsey is the best you can't hardly go wrong.
2007-03-17 12:08:18 · answer #5 · answered by Anonymous · 1⤊ 0⤋
See a debt settlement company. Creditsolutions.com is a good one. They will cut your debt in half and have you out in 3 years.
2007-03-17 13:08:04 · answer #6 · answered by john d 1 · 0⤊ 2⤋
Stop using the credit cards.....
2007-03-17 12:55:49 · answer #7 · answered by kay k 2 · 0⤊ 0⤋
start paying your bills
2007-03-17 12:07:06 · answer #8 · answered by Anonymous · 0⤊ 0⤋