Meet the Middleton Family
The current economy has been tough on the local mailing products and services company owned by Todd and Danielle Middleton. As small business owners, they are used to “running the numbers.” And their family “numbers” are starting to add up as well. The Middletons have three children: ten-year-old Connor, eight-year-old Emily, and Jack, age 4.
In addition to running his business, Todd works as General Manager at a local hotel to help make ends meet, and Danielle has a fulltime position at a vitreoretinal practice. Together, they have over $25,000 in credit card debt. Preparing for the children’s futures is one important reason why they made the decision to “LiveFIT” and commit to one more number: the big zero they want to see on their debt balance in just two years.
Blog
Phase 2 almost done!
09/03/2010 11:39 am
In my last blog I mentioned that the voting started on Monday the 6th of Sept. Well….as much as I don’t like to admit when I’m wrong……I was… incorrect! The voting will take place on the 13th of Sept and run thru the 24th. The next elimination will be held on Sept 28th……eeek!
With that being said, we have done just about all we can for now. We have made final payments to the credit cards for the month. We evaluate the money we can put in savings each week and we consistently question every purchase that we make.
I think right now we have become a little less strict with ourselves. We had to be so tight with our money thru the summer with daycare costs that we are rewarding ourselves with a Pizza for dinner every now and then. That feels pretty good and the kids appreciate it a little more now.
It is amazing to me how everything around the house goes when you’re watching your money. It’s like it knows we have money set aside and that we don’t want to touch it right now. We will need to make a few repairs soon. The front of the house needs new windows (really the whole house, but a little at a time) the garbage disposal is going (leaking now, soon to be gone). We need new ceiling fans in the kids’ room, and some painting is needed. Anyone who owns a home understands the constant “to do list”.
We have not had a “mini challenge” given to us for a while, but we were given one this week. We had to make a “Vote For Us” video to be run during the voting process (I think). We really had fun with this challenge! We have not laughed that hard in a long time. I cannot wait for you all to see it! We watched it over and over last night laughing. If you don’t “get it” you can ask Todd! This was his “baby” and I will give him all the credit! LOL
Please don’t forget to vote starting on the 13th! Your votes count as 25% of our score so we really need your support!! We want to say “Thank you” to everyone that has been following us and the rest of the families of the FCCU WeLiveFit Challenge!
Go Middleton’s!!!
Good Feeling 1 week later!!
08/30/2010 02:10 pm
Wow…1 week can really change how you’re feeling! I went from feeling really good to….”What just happened?”
Since my last blog our van broke down….yes….again! I truly thought this time would be the last but, Doug at RPM Transmissions, was able to get it running for us again! (Still with no air) This time it was some sort of radiator hose or something. All I know is that the thing kept overheating and it cost us $103.04 to fix this time. I can’t wait to see what will go next! Please just let it last a few more months!!
We also had Jack’s birthday party this weekend. We had a slight change in plans with the weather, but it went well. I spent $125.89 on that. I know I could have spent a lot less if I would have planned better and shopped at different stored, but I am not in the routine of school yet and time got away from me. I could have saved some money if I would have made the cupcakes myself. I also decided to have a piñata. (not in the original plan) I didn’t know that they cost so much! Then you have to fill them with candy (which is not cheap). I don’t have the receipt in front of me, but if I remember correctly it cost me anywhere from $35-$40 just for that! Well, fun was had by all and I’m done with birthdays now (at least my kids) until next year!
Jack was given a couple of gift cards to Toys r us and wanted a skate board for his birthday so I spent Sunday shopping for that and some new clothes for the other 2. I’m trying to buy the clothes a little at a time so that I don’t make us too short on funds. It’s a challenge not using the credit card and just getting it all done at once. I really don’t like shopping and would love to be done in one trip, but I am making sacrifices…my sanity!!!
We are going to Tampa next weekend for a long weekend to see family. The kids are really looking forward to seeing their cousins! I’m looking forward to getting away and seeing my sister and her family too!
Don’t forget to Vote starting Monday Sept 6th! You can vote ONCE every hour until the 17th! Thank you for all the support you have given us on our journey to becoming DEBT FREE!!!
Stay tuned….
O WHAT A FEELING!!
08/23/2010 12:47 pm
I wish I could bottle up the feeling that I have today and sell it….. I would be a very wealthy lady!
I FEEL GREAT!!!
All 3 kids are at school ;) I know most moms’ are a little sad when they take the last baby to Kindergarten, but not me! Jack is growing up! He has had a very productive summer and I greet this day with open arms!! I have enjoyed every stage of his growing up and I look at this day as just another chapter!! I must say that I wouldn’t mind if it did slow down now just a bit!!
With school back in, Todd and I are ready to buckle down again and get rid of this debt! We are continuing to focus on one credit card at a time and are making some headway. The decision not to spend money is a day to day battle. I did spend some this weekend on clothes for the kids, but you really can't avoid that.
We do have to get through Jack’s birthday this week! We are going to have a small party for him on Sat, but nothing extravagant. We are keeping it pretty traditional with cake, ice cream and snacks! Since school is just starting it will be only a few friends and family...poor kid really won’t know anyone at school yet to invite. He will still enjoy his birthday with everyone who loves him. His present from us was a gerbil that he wanted for $8.00 plus a cage. I can handle that! At least he didn’t ask for the DS he keeps talking about. The DS will have to wait until Christmas!
I hope this feeling continues through the rest of this challenge….I am very optimistic right now!!
Quick Update
08/13/2010 09:47 am
So…... we have paid our last summer daycare payment today. We had our neighbor’s daughter babysit for us 3 days this week and 1 day next week. My good friend will take them for 3 days next week and I will take Friday off. After that our daycare cost will be $500 a month for before/after school care. We made it!! All 3 kids will be at the same school and on the same schedule!! YES!
Todd and I have been having a discussion about which credit card to payoff next. We have one card that we had to close a while back because the company wanted to increase our interest rate to 30%. They gave us the option to accept the rate or close the account and remain at the current rate. What kind of choice was that?!?
We closed the account…. at least we could afford to make the payments. Now Todd wants to pay that one off first. In my opinion….we should be paying off the accounts that show “available credit” to us. The account that is closed is no longer available to us. Am I right? Usually I’m right…but when it comes to credit I’m still learning. If you have any thought on this we would like to hear them.
Everything else remains the same….using coupons, not fixing the AC in the van (only about 6 more weeks of heat….right?), both still working 2 jobs and of course trying to put money in savings!
I have lost 27 lbs now and need to buy some new clothes. I FEEL SO GOOD!! Part of me wants to go shopping and the other half can’t seem to part with the money. I think I’ll just deal with the baggy clothes!! Becoming debt free is more important than “looking good”!
Stay tuned....
The Bombs Keep Coming!
08/04/2010 02:57 pm
Just when we think things are settling down…….another bomb goes off!!
We have finally made it thru the most expensive part of our year. We were so excited to pay that last $400 check to summer camp. We were thinking “finally some free money to help catch up”. (by free I mean un-budgeted) Well….we were wrong again!
We had our van in the shop a few weeks ago to have the air conditioner fixed and it cost us $180. OK…fine…well worth it in our minds!
I thought all was well until Monday morning when Todd called me as said …“the AC in the van is out again”. Well, the air conditioner is one thing that I’m not willing to go without right now, so we took it back in to have it looked at today.
$1200 to have it fixed!!! I said…. “WHAT…That van is not even worth that much!!”
I’m going to be honest here…..and tell you that if we were not in this challenge I would be trading that thing in faster than you can fry an egg on a FL sidewalk right now!!
It has been nothing but a “thorn in my side” for years now!
I’m trying to think of a solution to this problem, but I can’t seem to come up with anything yet. I guess I’m just going to have to drive that “thing” to and from work until this challenge is over. I’m not willing to put that much money into it anymore.
If you see me driving the Innovative Mailing Solutions van around town topless for the next few months please don’t think I’m crazy! I’m just trying to keep cool!!
Progress in the making!!
07/12/2010 03:57 pm
How nice! You can finally see the progress that we’ve made! They have updated the website so you can now see our totals as of June. It doesn’t look like much, but we have managed to pay off $1,624.00 in debt and put $2,465.00 in savings in just under 3 months. This is exciting to us!
We cannot wait for summer to be over! I know we’ve talked about daycare costs in the past, and I don’t want to keep bringing it up, but that is where most of our money goes right now. I have managed to come up with a sitter for 2 weeks in August so that only leaves us with 3 more weeks of summer camp to pay for! Yay! Then… it’s back to school!!
However, with back to school, brings back to school supplies. Jack will start Kindergarten this year so he will get a new back pack and lunch box. Connor and Emily do not need new back packs so that will save a little money. Todd receives cash back rewards from Staples so I have about $95 to use there. That should just about cover everything. I plan on going during the “tax free” weekend in August! I hope I don’t need to spend more than $95!
I don’t remember ever having to buy school supplies growing up. We would get new clothes, shoes and maybe a new backpack, but not pencils, crayons, paper, scissors and glue. Not to mention Kleenex, antibacterial wipes, hand soap…ECT. It really just shows how out of control our country is now. Schools don’t get the financial support they need. OK…I’m getting off track now.
I’m excited to be showing some progress! The key to our financial success right now is the savings account. We need to have a good emergency savings in place so we don’t fall back into the habit of using the credit cards. We are going to keep putting the money away!
Connor really has noticed the changes we’ve made in the past few months. He said to me the other day “this challenge has really changed this family”! I don’t think it was meant as a “Good Change” since I had just told him “NO” to something. I just keep reminding him what he does at camp everyday and how much we pay for that! He is lucky!!
July is going to be a GREAT month with many more to follow! I'm very proud of us!!
Lost Focus:(
07/06/2010 10:59 am
I sat down last night and figured out where our money went for the month of June.
In order…
# 1 Bills ….of course!
# 2 Day care…big surprise!
# 3 Groceries…not good!
# 4 Miscellaneous…what?? Exactly!
# 5 Gas...must have it!
# 6 eating out (Todd’s lunch…he won’t pack)
In June, I spent $1085.02! Way over the budget that I had created! That difference should be going into savings! I have been trying to use the coupons, but I cannot seem to find them for the items that we eat the most. There are no coupons for fresh fruit and veggies or meat! I do look for sales on these items and it does help, but not too much when you have a house full of picky eaters!
We did go camping in June and that did help add up the cost of food, but not that much! I think I just lost focus for a while. It’s a new month and I have re-focused! Todd will be out of town for 10 days, which means that I don’t have to cook much! The kids will be happy with whatever is easy and cheap!
So far in July I have already spent $207.33. It’s only 1 week into the month! We did have a 4th of July get together and the adult beverages add up fast! Thank goodness we don’t do that much! I will do better this month!!
Watch out Publix…here I come!! Coupons ready!!
We're still in it!!
06/29/2010 01:20 pm
Wow, that elimination was tuff! We all knew that this was part of the competition, but it still stinks! We were really sad to see 3 families taken out of the running for the $10,000, but especially the Fleischer family! We have really enjoyed getting to know them and are looking forward to hanging out with them again and again!! They have worked really hard for the past 3 months and I know they will continue to do the same. We wish them lots of luck in the savings challenge! We will be cheering you on!!
For us.....we will be focusing on getting through the next 2 months of summer. We will have to be really tight with our money and pray for no more "unexpected" expenses. Todd will be going out of town for 2 weeks in July for training so that limits the amount of work I will be able to do on the weekends this month. That extra money really helps us out!
Well.....I'm tired after this emotional day! I'm going to rest with Jack since he is home sick today. (that was another $150 copay today) and gear up for the next 3 months! Wish us luck!!
First Three Months Done
06/25/2010 11:03 am
With three months under our belts now I think we (all of the families) are a little nervous…. I know I am!! None of us want to be the first…. or third family…. for that matter, eliminated. I think we have all worked hard, made sacrifices and felt the pinch of a tighter budget.
We have been writing $400 checks for the past 3 weeks for summer camp for the kids. I really hate writing that check each Friday. I would rather be sending it to savings or debt reduction…. but at the same time I know that the kids are safe, having fun and not sitting home all day bored. We are not taking a vacation this summer so at least they will have some fun while they have a break from school.
It has been hard not shopping for new summer clothes this year. I have lost 21 lbs since Mothers Day weekend and would love to add some new clothes to my wardrobe. My mom has lost a lot of weight also (she gave me the inspiration) and gave me some of her clothes that no longer fit her to hold me over. Sooner or later I will need to get something new. I’m working on those no longer fitting me either. Our weight loss has not been in vain, but rather health inspired. We have a family history of high cholesterol and heart disease and are trying to prevent health issues and medical costs in the future. I am proud of both of us. Especially mom! Way to go mom!
Since my last blog we have had to repair our AC in the house also. First the car, then the AC! That was about $400 out of the savings in 1 week! Thankfully we had the cast to pay for it. Savings is key for us right now. We will continue working on that! Once summer is over things should get a little easier for us.....hopefully!
Wanted.....A Good, Honest Mechanic.....is there such a thing?
06/15/2010 01:00 pm
Last Thursday (June 10th) I went to start my car and it was “dead”. Thank God Todd had just left for work and had not gotten out of the neighborhood yet. He had to come home to get all of us and deliver us to our destinations. We were both thinking “GREAT, how much is this going to cost us?”
I grew up in a family with a couple of mechanics and never really had to worry about getting “ripped off”. Now that I’m out of my home town I have realized that around every corner there is someone waiting to “take you for a ride”. We have had our share of auto expenses in the past and have defiantly found our share of these “bad guys”.
We had an idea of what was wrong with the car. We thought it was the alternator, but as I found out it could be a list of different things. I remembered a conversation that I had with the parents of my oldest son Connor’s friend. They own a transmission garage just around the corner. We had been talking about how “dishonest” some people can be…..not only the mechanic, but the car owner also. Some of his stories blew my mind. After having this conversation with them, I decided that the next time we needed something taken care of I was going to try them.
After calling them and talking about what was going on he said he would be happy to take a look at. He gave me a very reasonable estimate for what I thought was wrong, $235 to replace the alternator, but assured me that he would look at all the “little stuff” first. He said that it could be something very simple to fix. I appreciated this so much. I had called a couple places to get some estimates and was told $300-$500. “What……my car is not even worth that much”!
Needless to say I had my car towed to RPM Transmissions on Capital Circle NW, across from The Home Depot. (They also have a patio shop) It ended up being the battery and the battery cable. I was thankful that he did not add a bunch of “small stuff” to that problem. With a car that has as many miles as mine does, he very well could have. Most places will do that even with an oil change! The owners, Doug and Melissa Walker, are as honest as the day is long! I am very grateful that I stumbled across this family. My car is running great now!
I highly recommend their services!! (850)562-7222
With the towing ($59.50), parts ($58.62), labor ($50, which is usually more that the parts no matter what they are), disposal fee of $1.00 and tax ($12.65) it cost us $181.74.
Another bonus to this is that since we’ve been saving money (thanks to Florida Commerce Credit Union) we had the cash to pay for it! We did not have to use a credit card!
FOUND………A GREAT, HONEST MECHANIC!
THE FIRST ROUND IS ALMOST DONE......BUT WE'RE NOT =)
06/10/2010 12:30 pm
Wow.....I can't believe that we have been doing this challenge for almost 3 months now! It feels like we just started. I can honestly say that we have put everything we've got into this. I think I'm obsessed with all aspects of the challenge, except the video blog =) I know I can't possibly put anymore effort into the "mini challenges". They consume me!!
My emotions are all over the place. Some days I feel really good about it, some not so good. I have been ANGRY, remorseful, frustrated, hopeful, confused, proud, grateful, even competitive……..the list goes on and on. When we were just getting started with this challenge, I never dreamed that I would feel the range of emotions that I have.
I think we’ve done pretty well with the savings and debt payoff aspects of the challenge. We are trying to put close to the same amount of money into each. We know we need to pay off the debt, but we also need to have the saving in place so we don’t fall back into the credit card pattern again. That is defiantly something we will take with us from this challenge weather we win the money or not.
The elimination is coming in the next 2 ½ weeks. What does that mean for those of you reading this? WE NEED YOU TO REGISTER AND VOTE! Although we feel good about everything, we don’t know what the other families have been able to do. The community vote will be very important. We need your support here! Here is what we need you to do:
1) Register on the We Live Fit Challenge website
2) Make sure you can log in (if not let us know)
3) Log in everyday between June 14th and 25th and VOTE for us! (you can vote once a day!)
4) Tune in and be sure to watch the Live elimination on WTXL TV 27 (if you’re local) on June 29th (we'll post a link for everyone else!)
Thank you all for your support! “GO MIDDLETONS”
Rewards
06/07/2010 04:06 pm
Last week, a couple days before school let out for the summer, Connor asked me “if I get an “A” in math can I have a hamster?” I thought about it. He had a “C” the first 9 weeks and “B’s” the following two. So I thought…..sure……he’ll end up with a “B” again and I won’t have to worry about it.
On Friday (the last day of school) he comes running to the car and says with a huge grin on his face “guess who made the all “A” honor roll?.........ME!!” I was shocked! Not only did he get the “A” in math, but he got “A’s” in everything. The next words out of his mouth were “when can I get my hamster?” Well, our daughter Emily has gotten straight “A’s” all year and we’ve never rewarded her so I asked her what she wanted. She said….. “A hamster, but I’ll buy my own, I have $35 saved.” I said …”if that’s what you want, then ok.” Todd didn’t like the idea of more animals in the house, especially 2 stinky hamsters.
On Sunday we went to the pet store and purchased 2 black gerbils. I guess gerbils are friendlier than hamsters. All in all, it cost us about $62.00 for everything. I ended up paying for Emily’s stuff also. The poor girl got straight “A’s” all year and never asked for a reward. I didn’t think it was fair to make her pay for her own.
I know that those are the kind of things we should NOT be spending money on right now, but we have been telling our kids “no” to everything since this challenge started. That was probably the best $62.00 we’ve spent since April. The kids are happy with “Cosmo and Wanda” and we told them not to play the “straight A’s” card again until next school year! The next “want” they will have to buy on their own.
What is a need vs. a want?
06/04/2010 01:07 pm
I was having a discussion with a co-worker this morning when the topic for my next blog hit me. We were talking about new running shoes. I have started walking in the past month and I’m gradually trying to increase to jogging. Our conversation started off talking about the aches and pains that come with the exercise and how to help lessen these “side effects”. As the conversation progressed we started taking about “good” running shoes and arch supports and the cost of them vs. what they do for you. Is the cost justified?
My co-worker also has children and faces the same choices that my husband and I face. Anyone with children know that mom and dad’s needs and/or wants are often placed on the so to speak “back burner”. I would love to be able to go shopping and buy myself the “Mac daddy” of all running shoes, but I know we cannot afford that. So I ask myself, “What is a good compromise”? We don’t spend a great amount on the kids’ shoes because their feet are still growing and they are very hard on sneakers. It seems like we are buying them every 5 or 6 months. My feet, however are done growing. Thank God! A size 12 is big enough! So, should I buy something a little more expensive?
I always have this internal battle in my brain when it comes to buying something for myself. Buy or don't buy......I do this with everything; the shoes are just an example. Have you ever walked through a store and had a bunch of items in your cart that you want.....then just before you are ready to purchase them you say, “Do I really need these”? "Do we have the money to buy this"? I do this a lot.....At least since we've had the kids and we were living off of 1 income. Unless it was something that I absolutly needed....I would always buy something for the kids first.
What is that teaching them? They didn't need it....they just wanted it. And I got it for them!
This challenge has given us the opportunity to teach a very important lesson to our kids. I want them to realize the difference between “needs” and “wants”. There are always things in life that you cannot go without....food....water...clothes and shelter, but if they can understand now that saving for the “wants” and the "unexpected" is necessary then we will have taught them a valuable lesson.
Balance Financial Counselor
05/26/2010 01:58 pm
Last night Todd and I sat down and had a conversation with a financial counselor from Balance. I really recommend doing this. It was really nice to have someone else doing the thinking. Since this challenge started I have been overly obsessive with our budget. I am tired of "working the numbers" everyday. I'm hoping that once we get the budget that Sandy (our counselor) put together for us I can relax a little. Since we have been recording where all of our money goes since this challenge has started, we were able to give her a pretty accurate amount for each topic.
I know most of you do not know what Balance is about, so I will do my best to explain...(or ask someone at Florida Commerce Credit Union, they are so willing to help!!)
First you need to go to their website (www.balancepro.net). Read some of the information about the site…there is a lot! Then you want to go to forms and print off the Personal Financial Assessment forms. Below that form you will find several other forms to print off and fill in as best you can. You need to keep track of your expenses for at least 1 month. It will help you do this more efficiently. Keep all of your credit card statements, or at least know the account number, total balance, interest rate, and minimum payment. They will ask you for this. Basically what they do is look at your creditors and the total amounts due and see if they can get the creditors to lower the interest rate. Not all creditors qualify for this unless you are delinquent on the account. You are not obligated to participate with the debt consolidation!! This conversation does not affect your credit or close your accounts unless you “opt in” and are approved.
If you are approved they will combine your debt. You will send the payment to them and they pay the creditors at the lower interest rate .
This method seems to be a last resort. You should think carefully about this prior to doing it. It seems to me that if you are making your payments and your credit is decent you don’t want to do it. We do not qualify for consolidation because we are not behind on payments and still show a slight surplus in our account after paying all bills. (Minimum payments only) The counselor felt that we were better off trying to pay a little extra each month on our credit cards. (Like we haven’t thought of that already)
One benefit of Balance is that they draft you a budget and send you information that they feel will help you most. It is very personal and tailored to your situation. The budget will help us set aside a certain amount of money for each area every month. This works even if you do not use the money that month….just leave it there so you have it. I think I’m going to try the “envelope system” and put the designated cash in the appropriate envelopes each month. I’ll keep you posted on how that goes.
All in all, I think that anyone that is in credit card debt and is struggling to get out should at least call and have someone look at your budget and suggest ideas. You are not obligated to participate in the consolidation program if you don’t want to, but having someone else looking at it in a different way could help. Don’t be afraid to ask for help!
"How has being in debt affected you?"
05/20/2010 01:42 pm
I have always been “financially irresponsible”. Thinking back to before I was married, I remember having numerous credit cards, department store cards etc. Every year when I got a bonus or my income tax check, it went right to a credit card. Being single, I was playing golf all the time, eating out, buying things I couldn’t afford, just being stupid with money. If there was a time in my life I would change, it would be that time. I know I would not be in the situation I am today if I would smarter with my money during my twenties and early thirties.
So, to answer the question, how has it affected me? Well, I am tired of making a $200 payment to a credit card and $150 of it goes towards interest – this makes me sick to my stomach. I am tired of worrying about money all of the time. I am tired of family members worrying about our financial problems. I am tired of the way I have been treating my wife and kids, on occasion, because of the stress involved with not having the money to do the things they want to do. I’m just tired of it!
The only positive about this, is being in this challenge. I know we can do it! I know we can get out of the debt trap we are in. Whether we win or lose the 10 K, we will be in a better financial situation. Another positive about this challenge is sharing this experience with everyone. It is very humbling sharing your entire financial situation with people you know and don’t know. However, it is our hope that someone reads this that might be just starting out with their marriage or planning a family or something like that and this helps them decide not to make the same mistakes we did. That would make us feel great!
Summer is a CHALLENGE alone!
05/19/2010 01:10 pm
With summer break for the kids’ right around the corner I find myself thinking, “How are we going to get through the next 3 months”? Our daycare costs are already $580 a month. Now that I stop and think about that amount, I wish I could keep it. Have you heard the expression, “All good things must come to an end”? This is definitely the case.
Are you sitting down? For 3 kids to go to their elementary school summer camp it will cost us $1,600 a month!! August might be a little cheaper, but only because child care is for 3 weeks. (Those of you with kids might not be surprised) Then school is back!!
I vote for year around school!
Last summer we had sitters and it saved us a lot of money. This summer our sitters have grown up and are going on to do things to help their futures’. (Very bright girls) I have not had any luck finding a reliable and responsible sitter that likes to do activities with the kids to replace them. Our kids are like most kids and like to keep busy. And I am just like any other mother and want to feel that my kids are safe and well taken care of. We don’t have family in town to help us out.... I wish we could just drop them off with grandma! With that in mind, that is why we chose to send them to this camp. They are comfortable with the staff and have a lot of fun during the summer. I have been on trips with the kids in the past and know they are well looked after. We are hoping it will help Jack become a "big boy" before starting Kindergarten.
I know that the $10,000 is not the most important thing in this Challenge. However, our competitive natures are taking over and it is driving me crazy to write the first $800 check to the school when I would rather be sending it to a credit card. I wish this challenge ran from August to May! We would have more “extra” cash! (We all know that there is no such thing, right?) Those families in the Challenge that do not have kids have the upper hand on us right now! We will need the voters support, Please!
I have already decided that as soon as this summer is over I am starting to save for next summer. With a little planning we can make our lives a little easier. I like my weekend job, but will be so happy to give it up!
First Credit Card...PAID!
05/14/2010 06:00 pm
We paid off our first credit card today! What an amazing feeling! It was the one with the smallest balance, but what a Great start! Now we can take the money that we were paying on that card and add it to our next card balance. I think Dave Ramsey calls it the “snowball effect”. We are starting with a “snowball” and hopefully we will end up with a “snowman”! he he!
As I was telling some of the girls that I work with about our first accomplishment one of them came up to me and said that she just paid off her first credit card also. She is so excited! I’m happy for her! Hopefully our enthusiasm about paying off our debt will be passed on to everyone! I am sharing as much information about the tools we are given with as many people that I can.
Our challenge for ourselves this week is putting on a party for Emily’s First Holy Communion. We will have about 30 people at our house on Saturday and family in town all weekend. I have been picking up things as I go, but I have not finished all the shopping. I am doing the cooking (at least most of it) with some help from my mom and Todd’s mom. My good friend is also going to make a few dishes for me. I am trying to keep it very affordable, but I really don’t know what a reasonable dollar amount should be for this number of people. I think this will be a struggle for us.
My mom is making the cake, I’ve already picked up the meat (when it was on sale), and I’m trying to think of inexpensive yet healthy side dishes. Then you have the drinks….. That’s where it gets expensive for us. I will keep a list of what I bought and how much it cost in the end. Wish us luck!!
Coaching...
05/14/2010 05:57 pm
We had our first coaching meeting yesterday. It went very well! We took a look at our credit report with Warren (our coach). Both of our FICO credit scores are better than we thought they would be. We have set a goal to increase our score to a certain number during the challenge.
We discussed where our savings was going and made some adjustments there. We also set up our account to deduct a specific amount of money out of each of our paychecks to go into savings. We are not telling you how much we are putting into savings. This is a competition after all!!
We are going to be calling a company called Balance. They will assign us a financial counselor. For those of you that are reading this and have not heard of them, they have a website you can check out. It is www.balancepro.net . Anyone can do it and it is FREE! We have been writing down where all of our money goes for the past month. We will pass on this information to the counselor and they will help us come up with a budget. We are really nervous about doing this, but once we get the budget in place we can make some adjustments on our spending habits.
The summer months are going to be difficult for us with this challenge. With Jack still in daycare and Connor and Emily going to summer camp, the cost of this is “ through the roof”. This takes up all of our “extra” money. (If there is such a thing) Unfortunately for us, we don’t have family here in town to help us out and our babysitters all have a full summer planned. Needless to say, we don’t have a choice but to pay for camps. The kids will at least have a fun summer and Todd and I will not feel as bad when we don’t take them on a vacation this summer.We would rather be spending time with the kids, but we put ourselves here and we have to get ourselves out.
It Begins!
05/14/2010 05:56 pm
We finally feel like we’ve started! With all the anticipation of this challenge we felt like it was taking forever to get going! As we gathered all of our old “stuff” for the yard sale it finally felt real, like we were starting the process of a healthy financial future. Not that a yard sale was going to get us there, but the fact that our challenge had started is what will help us get there!
We just had a yard sale last spring and really did well. I was quite surprised by the amount of stuff we have accumulated since then. As Todd cleaned out the attic and passed boxes and crates down to me, I honestly could not remember what was in them. I found clothes from our oldest son that I was saving for our youngest son that would no longer fit him. I had either forgotten all about them or they would not fit him for another couple of years. So we decided to get rid of them. It was for a really good cause, right? All the money from the yard sale went into our savings.
We managed to bring in $356 for our savings! We are very happy with that! Everything that we did not sell, we donated to Goodwill. I’m sure that someone out there will get some use of all of those items.
Although it was a long day, the kids had a blast! I think they have made some new, lasting friendships with the Knowles’ girls. If it had not been for the other kids to play with, I know we would not have made it all day. It is so important to save, save, save!!!
Photos
Videos
Scorecard
| Current Savings* | Debt Level* | FICO Score |
|---|---|---|
| $1,156.61 | $27,580.00 | 665 |
Figures as of April 2010
