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October 11, 2013 at 2:49 am
LeoFirst is FPU.
I posted a few days ago that several FPU classes were starting in our area.
I don’t know if we would benefit from the class.
Here is our background: We paid off $7816.91 + 3 other CC that were same as cash for x#/months that I made sure I paid before due.
We have 1 CC left that has $3841.48 with 0% finance for the life of the loan with payments of $168/month.
Which means with nothing extra thrown at it, will be paid off in just under 2 yrs.
DH doesn’t seem to want to throw anything more to it except to maybe increase his FICO score to be able to refi the house.
We are 1 payment behind but BofA doesn’t seem to care much.
I started working full time in November.
We plan to start our FFEF tomorrow with my Dec pay.
If I take all my pay each month, we should be able to have a FFEF in 8 months.
DH has been at his job for 1 yr on Wednesday.
He isn’t sure how secure his job is.
HE feels he can’t read his boss well.
He was supposed to have his year end review before Christmas but that didn’t happen.
Maybe tomorrow.
So with that info, would we gain anything from FPU? Second question: I will be finishing a research project on Tuesday or Wednesday; that will pay me $300.
I am unsure what to do with the money.
Part of me says use the money for BofA.
Another part says start those college funds I have started.
(I know, first BS2,3 and 4) but I am nervous with my oldest in 8th grade).
Another part says we were planning on taking a ski vacation with some money my aunt left me.
I feel she would want us to use the money for fun.
And now dh feels that it isn’t quite enough for a ski weekend.
So, what would you use the money for? Thanks for your advice.
TovaOctober 11, 2013 at 2:52 am
BillDave’s plan works. Stick with his plan.
I know you are concerned about kids college funds, but if you’ll stick with BS 2 THEN BS3 you’ll have freed up a lot to fund college. Music is the universal language-Learn it.
First is FPU.
I posted a few days ago that several FPU classes were starting in our area.
I don’t know if we would benefit from the class.
Here is our background: We paid off $7816.91 + 3 other CC that were same as cash for x#/months that I made sure I paid before due.
We have 1 CC left that has $3841.48 with 0% finance for the life of the loan with payments of $168/month.
Which means with nothing extra thrown at it, will be paid off in just under 2 yrs.
DH doesn’t seem to want to throw anything more to it except to maybe increase his FICO score to be able to refi the house.
We are 1 payment behind but BofA doesn’t seem to care much.
I started working full time in November.
We plan to start our FFEF tomorrow with my Dec pay.
If I take all my pay each month, we should be able to have a FFEF in 8 months.
DH has been at his job for 1 yr on Wednesday.
He isn’t sure how secure his job is.
HE feels he
can’t read his boss well.
He was supposed to have his year end review before Christmas but that didn’t happen.
Maybe tomorrow.
So with that info, would we gain anything from FPU? Second question: I will be finishing a research project on Tuesday or Wednesday; that will pay me $300.
I am unsure what to do with the money.
Part of me says use the money for BofA.
Another part says start those college funds I have started.
(I know, first BS2,3 and 4) but I am nervous with my oldest in 8th grade).
Another part says we were planning on taking a ski vacation with some money my aunt left me.
I feel she would want us to use the money for fun.
And now dh feels that it isn’t quite enough for a ski weekend.
So, what would you use the money for? Thanks for your advice.
TovaOctober 11, 2013 at 2:55 am
TobyHi Tova: FPU is more than just teaching you how to get out of debt – although that’s probably the lesson that Dave is best known for. He teaches a whole financial plan — from budgeting, to how to get good deals, to insurance, to investing, to giving, and lots more. IMHO, it’s the best resource to tap into. So, yes, I would encourage you to find a class in your area and take it. Keep in mind, you will only get out of it what you put into it. Your rate of success will depend on your size of debt, your income, and your intensity (whether it’s gazelle or not). Having said all this…
normally, Dave would encourage you to
actually work his plan…
paying extra on your last credit card and knocking it out as fast as you can. However, he also states that when your job security isn’t so secure, you should temporarily stop your snowball and build up your EF (emergency fund). So…, I would get current and stay current on all my bills and build the EF until you know what’s happening with his work. To answer your second question…
I would take the $300 from your research job and put it in the EF along with the money your aunt left you. When you still have debt AND your husband’s job security hangs in the wind, I wouldn’t be taking any vacations (sorry) …and I also would not be concerned with the college savings at this point either — $300 isn’t going to make it or break it right now. College comes after you get out of debt and have
a FFEF. It’s BS 5 and you’re currently on BS 2/3. You’ll get there…
just be patient. We all would love to be there right now, but, *sigh* it doesn’t quite work that way.
Please keep in mind all this hinges on your current situation. Circumstances, like job security, can cause you to slightly change course direction from time to time. Oh, and you had mentioned his year-end review…
if he knows something is coming down the pike, I would be pro-active and begin looking for another job now. Don’t wait for the hammer to fall…by then it puts a lot of stress and undue pressure on him and the family. I hope this helps you. Good luck and keep us updated. Blessings, Deb <*(((October 11, 2013 at 2:56 am
ErvinI would use the money for debt payment.
The sooner you become debt-free, the sooner you can start *enjoying* your income…
Eldred — I’m riding in the Wish-A-Mile 300 bicycle tour July 23-26 to raise money for the Make-A-Wish Foundation.
Please donate if you can: [MOD EDIT: URL removed] -
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