Comments on: Tell All Tuesday: Four Figure Debt Edition http://www.paidtwice.com/2009/01/13/tell-all-tuesday-four-figure-debt-edition/ Frugal living and debt reduction tips for a better financial future. This is one family's story. Fri, 27 Jan 2012 20:52:38 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Emily http://www.paidtwice.com/2009/01/13/tell-all-tuesday-four-figure-debt-edition/#comment-75562 Emily Fri, 16 Jan 2009 20:47:11 +0000 http://www.paidtwice.com/2009/01/13/tell-all-tuesday-four-figure-debt-edition/#comment-75562 Well done, that's a staggering amount of debt to have paid off! I love this website, it's keeping me inspired to sort out my finances. I'm in the opposite situation - I've gone from in a fair amount of debt to having a lot of savings due to an inheritance and I'm getting ready to buy a house. But I'm saving and snowflaking as hard as I can to pay for all the moving costs and make sure we are secure through the recession. Well done, that’s a staggering amount of debt to have paid off! I love this website, it’s keeping me inspired to sort out my finances.

I’m in the opposite situation – I’ve gone from in a fair amount of debt to having a lot of savings due to an inheritance and I’m getting ready to buy a house. But I’m saving and snowflaking as hard as I can to pay for all the moving costs and make sure we are secure through the recession.

]]> By: Adam http://www.paidtwice.com/2009/01/13/tell-all-tuesday-four-figure-debt-edition/#comment-75328 Adam Fri, 16 Jan 2009 01:24:53 +0000 http://www.paidtwice.com/2009/01/13/tell-all-tuesday-four-figure-debt-edition/#comment-75328 keep doing a good job on paying off the debt! I paid off my car a few years ago and I never felt better. Then I was able to put that money into a savings account and did other things with it (like put bamboo flooring in the house, painting and fixing up some things). I'm down to about $2700 in my savings account because I bought a used car (for $3300) a few months ago so that my girlfriend has something to get around in (the car is titled in my name though because we agreed that since I paid for it, it should be in my name). i'm building up the fund again though. having that coushin of money feels good incase of emergencies keep doing a good job on paying off the debt! I paid off my car a few years ago and I never felt better. Then I was able to put that money into a savings account and did other things with it (like put bamboo flooring in the house, painting and fixing up some things). I’m down to about $2700 in my savings account because I bought a used car (for $3300) a few months ago so that my girlfriend has something to get around in (the car is titled in my name though because we agreed that since I paid for it, it should be in my name). i’m building up the fund again though. having that coushin of money feels good incase of emergencies

]]> By: Chris http://www.paidtwice.com/2009/01/13/tell-all-tuesday-four-figure-debt-edition/#comment-75074 Chris Thu, 15 Jan 2009 02:09:16 +0000 http://www.paidtwice.com/2009/01/13/tell-all-tuesday-four-figure-debt-edition/#comment-75074 As a follow-up to Jay's comment, here's what I do regarding cars and car maintenance. I set aside an amount, per mile driven, in my budget that goes against either car maintenance or car savings. If I spend it on repairs or changing the oil, it's maintenance. If I don't spend it, it goes into my "car replacement fund." And I pull from that car replacement fund to repair my car, if needed. If I don't see the amount in my car replacement fund going up every month, I know that maintenance costs are getting too high. I've used 20, 25, and 30 cents per mile, depending on what I'm driving. (Been doing it for a lot of years, and now even have two cars.) I don't add the amount I earn on the car fund to it, but I considered that. I just decided it was too much of a bookkeeping problem, and decided to not keep it as a separate bank account. As a follow-up to Jay’s comment, here’s what I do regarding cars and car maintenance.

I set aside an amount, per mile driven, in my budget that goes against either car maintenance or car savings. If I spend it on repairs or changing the oil, it’s maintenance. If I don’t spend it, it goes into my “car replacement fund.” And I pull from that car replacement fund to repair my car, if needed.

If I don’t see the amount in my car replacement fund going up every month, I know that maintenance costs are getting too high. I’ve used 20, 25, and 30 cents per mile, depending on what I’m driving. (Been doing it for a lot of years, and now even have two cars.)

I don’t add the amount I earn on the car fund to it, but I considered that. I just decided it was too much of a bookkeeping problem, and decided to not keep it as a separate bank account.

]]> By: SingleGuyMoney http://www.paidtwice.com/2009/01/13/tell-all-tuesday-four-figure-debt-edition/#comment-74806 SingleGuyMoney Tue, 13 Jan 2009 23:24:22 +0000 http://www.paidtwice.com/2009/01/13/tell-all-tuesday-four-figure-debt-edition/#comment-74806 That is so awesome. Congratulations on dropping into the 4 figures. Do you see the light at the end of the tunnel yet? Hopefully, the Saturn will hang on until you are able to pay cash for another car! That is so awesome. Congratulations on dropping into the 4 figures. Do you see the light at the end of the tunnel yet? Hopefully, the Saturn will hang on until you are able to pay cash for another car!

]]> By: jay http://www.paidtwice.com/2009/01/13/tell-all-tuesday-four-figure-debt-edition/#comment-74795 jay Tue, 13 Jan 2009 22:45:22 +0000 http://www.paidtwice.com/2009/01/13/tell-all-tuesday-four-figure-debt-edition/#comment-74795 Hey, Paid Twice, had a thought: have you considered using your "new car" ING account to double as your Saturn repair account? Not sure, but maybe that'd make it crystal clear the tipping point for chucking the "old" in favor of the "new"; e.g., if you had an estimate for a repair you'd have to choose putting off buying the new car vs biting the bullet, and choosing a bit of debt [maybe] to complete purchase of a "new" car. May be too discouraging, weird .... I don't know..... just a thought from my highly compartmentalized brain :-) Hey, Paid Twice, had a thought: have you considered using your “new car” ING account to double as your Saturn repair account? Not sure, but maybe that’d make it crystal clear the tipping point for chucking the “old” in favor of the “new”; e.g., if you had an estimate for a repair you’d have to choose putting off buying the new car vs biting the bullet, and choosing a bit of debt [maybe] to complete purchase of a “new” car. May be too discouraging, weird …. I don’t know….. just a thought from my highly compartmentalized brain :-)

]]> By: jay http://www.paidtwice.com/2009/01/13/tell-all-tuesday-four-figure-debt-edition/#comment-74746 jay Tue, 13 Jan 2009 20:21:39 +0000 http://www.paidtwice.com/2009/01/13/tell-all-tuesday-four-figure-debt-edition/#comment-74746 You GO Girl!!! Just remember, life happens, and if you incur more debt, that's OK. You have the process and tools down pat, so you will always climb back out. BTW, if you decide on a specific car model for your next vehicle, think about giving your ING account that name. That would be inspiring :-) You GO Girl!!! Just remember, life happens, and if you incur more debt, that’s OK. You have the process and tools down pat, so you will always climb back out.

BTW, if you decide on a specific car model for your next vehicle, think about giving your ING account that name. That would be inspiring :-)

]]> By: Travis http://www.paidtwice.com/2009/01/13/tell-all-tuesday-four-figure-debt-edition/#comment-74745 Travis Tue, 13 Jan 2009 20:21:10 +0000 http://www.paidtwice.com/2009/01/13/tell-all-tuesday-four-figure-debt-edition/#comment-74745 Wow, that is impressive. Imagine how great it will feel when the mortgage debt is in the 4 digits. I still have my wife's student loan, my student loan, and a car to pay for, but if I can hold on to my job through this economy I think I can have those all taken care of by the end of 2010. Wow, that is impressive. Imagine how great it will feel when the mortgage debt is in the 4 digits. I still have my wife’s student loan, my student loan, and a car to pay for, but if I can hold on to my job through this economy I think I can have those all taken care of by the end of 2010.

]]> By: Abigail http://www.paidtwice.com/2009/01/13/tell-all-tuesday-four-figure-debt-edition/#comment-74738 Abigail Tue, 13 Jan 2009 19:38:00 +0000 http://www.paidtwice.com/2009/01/13/tell-all-tuesday-four-figure-debt-edition/#comment-74738 Congrats on getting down to 4 figures. We hit that goal, too, right before the new year. It's really just so inspiring to get to something like that. Sorry to hear about your Saturn being no good. It must be awfully frustrating. Congrats on getting down to 4 figures. We hit that goal, too, right before the new year. It’s really just so inspiring to get to something like that.

Sorry to hear about your Saturn being no good. It must be awfully frustrating.

]]> By: Tanya http://www.paidtwice.com/2009/01/13/tell-all-tuesday-four-figure-debt-edition/#comment-74727 Tanya Tue, 13 Jan 2009 18:37:14 +0000 http://www.paidtwice.com/2009/01/13/tell-all-tuesday-four-figure-debt-edition/#comment-74727 ^^^But as of yet, none of it has had to go on the credit card. ^^^But as of yet, none of it has had to go on the credit card.

]]> By: Tanya http://www.paidtwice.com/2009/01/13/tell-all-tuesday-four-figure-debt-edition/#comment-74726 Tanya Tue, 13 Jan 2009 18:36:21 +0000 http://www.paidtwice.com/2009/01/13/tell-all-tuesday-four-figure-debt-edition/#comment-74726 I'm glad to hear that you've decided to increase your emergency fund. We are mostly out of non-mortgage debt (a bit on my credit card from groceries and Christmas that should be paid off at the end of the month is all we have), and we had an emergency fund of $2500. A few broken windows on my husband's truck, him having problems with his tooth that require a couple of dental visits, and me having problems with my back that require a yet-to-be-known number of physiotherapist visits, and our emergency fund has taken a big beating. I’m glad to hear that you’ve decided to increase your emergency fund. We are mostly out of non-mortgage debt (a bit on my credit card from groceries and Christmas that should be paid off at the end of the month is all we have), and we had an emergency fund of $2500. A few broken windows on my husband’s truck, him having problems with his tooth that require a couple of dental visits, and me having problems with my back that require a yet-to-be-known number of physiotherapist visits, and our emergency fund has taken a big beating.

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