Comments on: Consuming Ourselves to Debt http://gailvazoxlade.com/blog/archives/256 Thu, 09 Feb 2012 04:25:59 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Fay http://gailvazoxlade.com/blog/archives/256/comment-page-1#comment-14354 Fay Sat, 04 Jul 2009 03:26:26 +0000 http://www.gailvazoxlade.com/blog/?p=256#comment-14354 When I was a kid, I use to think that it was crazy that people didn't save to buy a car. Fast foward 15 years and not only didn't we save 1 penny for the car but we actually gave a thank-you card to the salesman and his boss for selling it to us ( with extended warranty). That "stupid stick" was EXTRA LARGE! Fortunately for us, through devine intervention, we got a "free out of jail card". So we are now in good place financially. Reading your blog keeps me in check from ever putting my family in financial "suicide" again. Thank-you Gail! When I was a kid, I use to think that it was crazy that people didn’t save to buy a car. Fast foward 15 years and not only didn’t we save 1 penny for the car but we actually gave a thank-you card to the salesman and his boss for selling it to us ( with extended warranty). That “stupid stick” was EXTRA LARGE! Fortunately for us, through devine intervention, we got a “free out of jail card”. So we are now in good place financially. Reading your blog keeps me in check from ever putting my family in financial “suicide” again. Thank-you Gail!

]]> By: Lisa http://gailvazoxlade.com/blog/archives/256/comment-page-1#comment-12518 Lisa Mon, 08 Jun 2009 03:06:49 +0000 http://www.gailvazoxlade.com/blog/?p=256#comment-12518 Gail I absolutely agree! The strange part is that society right now does not support this approach and it can be difficult at times to go against the "Spend it Now" mentality. My husband and I will have our house paid off in 5 more years. That's 17 years total using accelerated payments. We have two old cars which are paid for, so no monthly car payments, RESPs for our kids and are doing our best to fund our retirements. We are using your advice to work on building an emergency and long term savings for (new cars, new roofs etc.),vacations and more for retirement but overall we think we are doing not to badly. The thing is, I know there are questions being asked among our peers who have more "things" than us. Heck, we even had family members ask us what we do with all our money! The save-first-buy-later approach is definitely the exception versus the rule. In the end, we feel it is a question of priorities. We are willing to forgo a few luxuries now to ensure we and our children a good life later. Your show and Web site really are helpful in supporting those who chose to "buck the trend". Thanks. Gail I absolutely agree! The strange part is that society right now does not support this approach and it can be difficult at times to go against the “Spend it Now” mentality. My husband and I will have our house paid off in 5 more years. That’s 17 years total using accelerated payments. We have two old cars which are paid for, so no monthly car payments, RESPs for our kids and are doing our best to fund our retirements. We are using your advice to work on building an emergency and long term savings for (new cars, new roofs etc.),vacations and more for retirement but overall we think we are doing not to badly. The thing is, I know there are questions being asked among our peers who have more “things” than us. Heck, we even had family members ask us what we do with all our money! The save-first-buy-later approach is definitely the exception versus the rule. In the end, we feel it is a question of priorities. We are willing to forgo a few luxuries now to ensure we and our children a good life later. Your show and Web site really are helpful in supporting those who chose to “buck the trend”. Thanks.

]]> By: Sandy http://gailvazoxlade.com/blog/archives/256/comment-page-1#comment-5015 Sandy Mon, 19 Jan 2009 19:52:16 +0000 http://www.gailvazoxlade.com/blog/?p=256#comment-5015 I think my dumbest move so far, and it's not very long in the past, was to put a large down payment on a motorcycle, but half of the downpayment was on the line of credit because the motorcycle came up for sale before we were completely ready for it. So far I've paid off $1500 of the line of credit by paying the same amount we were saving toward the downpayment every month, and my DH has something to sell to pay off the rest plus some more on the bike, but he won't be able to sell it until spring (which was when we originally planned to buy the bike.) So we now have a bike payment and a debt payment - so frustrating when we had neither only four months ago! Dumb, dumb, dumb. I guess old habits die hard, even when we think we have the debt monster slayed. I think my dumbest move so far, and it’s not very long in the past, was to put a large down payment on a motorcycle, but half of the downpayment was on the line of credit because the motorcycle came up for sale before we were completely ready for it. So far I’ve paid off $1500 of the line of credit by paying the same amount we were saving toward the downpayment every month, and my DH has something to sell to pay off the rest plus some more on the bike, but he won’t be able to sell it until spring (which was when we originally planned to buy the bike.) So we now have a bike payment and a debt payment – so frustrating when we had neither only four months ago! Dumb, dumb, dumb. I guess old habits die hard, even when we think we have the debt monster slayed.

]]> By: Ian http://gailvazoxlade.com/blog/archives/256/comment-page-1#comment-3244 Ian Mon, 01 Dec 2008 18:05:02 +0000 http://www.gailvazoxlade.com/blog/?p=256#comment-3244 I confess too to my consumer sins :-). mine was replacing my functioning used car (paid with cash) with a new one and i financed it! this was in 1991 so it was similar economic situation. what a dumb move! thankfully i managed to pay it of before full 5 yr term and i have never since than bought a new car! saved tonne of money that way, i'm comfortable with myself and will no longer be defined by THINGS I OWN. my ego isn't bruised because of that and other than the mortgage, i have noooooo debt :-). good luck and all the best to all the readers. we can all do it. I confess too to my consumer sins :-) . mine was replacing my functioning used car (paid with cash) with a new one and i financed it! this was in 1991 so it was similar economic situation. what a dumb move! thankfully i managed to pay it of before full 5 yr term and i have never since than bought a new car! saved tonne of money that way, i’m comfortable with myself and will no longer be defined by THINGS I OWN. my ego isn’t bruised because of that and other than the mortgage, i have noooooo debt :-) .
good luck and all the best to all the readers. we can all do it.

]]> By: Darren http://gailvazoxlade.com/blog/archives/256/comment-page-1#comment-3238 Darren Thu, 13 Nov 2008 19:32:18 +0000 http://www.gailvazoxlade.com/blog/?p=256#comment-3238 Geoff - Thanks for the tips. Yes, about 2 months ago, I started an EXCEL spreadsheet that keeps track of my paydays and their amounts and the expected expenses and debt payments required for each pay period. It's a real eye opener for sure and points out the waste and spontaneous spending habits of my past. The same EXCEL workbook keeps track of my three debts (credit card, personal and line of credit) as to how much how I still owe, how much I'm contributing for debt payments, when I can give extra money, the interest charges and my expected date to totally pay off the debt. Currently the spread sheet is a 6 month window but with some annual and biannual expenses tagged on. It's help me to be a smarter sharper. I currently budgeted $75 a week for each groceries and transportation. I'm probably using only $75 for two weeks worth of gas, so the other $75 is going to go to truck maintenance expenses. I think I can probably get my two week grocery budget of $150 to $125, but going to leave it at $150 and use the extra monies for the occasional bigger grocery expenses (laundry detergent, dog food, cleaning supplies, etc.). I will reevaluate after a few months. I have made the U-turn as to realizing the waste of interest on debts and the waste in my spending. Now I'm living within my means and coming pretty close to having money at the end of the month. This time of the year has been crazy (unexpected vet bills {dog and horse}, truck maintenance, truck inspection, Christmas spending). I'm looking forward to next fall when these expenses have been saved over the entire year. Friends have been bugging me to participate in horse clinics, lessons and shows and I have refused and will continue to refuse until I get my finances in line. I will be using Gail's suggestion today to use horse clinic and shows as rewards to my paying off my debts. Happy Saving and Paying Debts off everyone! Geoff – Thanks for the tips. Yes, about 2 months ago, I started an EXCEL spreadsheet that keeps track of my paydays and their amounts and the expected expenses and debt payments required for each pay period. It’s a real eye opener for sure and points out the waste and spontaneous spending habits of my past. The same EXCEL workbook keeps track of my three debts (credit card, personal and line of credit) as to how much how I still owe, how much I’m contributing for debt payments, when I can give extra money, the interest charges and my expected date to totally pay off the debt.

Currently the spread sheet is a 6 month window but with some annual and biannual expenses tagged on. It’s help me to be a smarter sharper. I currently budgeted $75 a week for each groceries and transportation. I’m probably using only $75 for two weeks worth of gas, so the other $75 is going to go to truck maintenance expenses. I think I can probably get my two week grocery budget of $150 to $125, but going to leave it at $150 and use the extra monies for the occasional bigger grocery expenses (laundry detergent, dog food, cleaning supplies, etc.). I will reevaluate after a few months.

I have made the U-turn as to realizing the waste of interest on debts and the waste in my spending. Now I’m living within my means and coming pretty close to having money at the end of the month. This time of the year has been crazy (unexpected vet bills {dog and horse}, truck maintenance, truck inspection, Christmas spending). I’m looking forward to next fall when these expenses have been saved over the entire year.

Friends have been bugging me to participate in horse clinics, lessons and shows and I have refused and will continue to refuse until I get my finances in line. I will be using Gail’s suggestion today to use horse clinic and shows as rewards to my paying off my debts.

Happy Saving and Paying Debts off everyone!

]]> By: Geoff http://gailvazoxlade.com/blog/archives/256/comment-page-1#comment-3239 Geoff Thu, 13 Nov 2008 16:46:48 +0000 http://www.gailvazoxlade.com/blog/?p=256#comment-3239 Darren - good luck with everything. Initially so you know I tried using an excel sheet / database to keep track of our spending but ultimately I've had the best success with a simple notebook and pen left on my kitchen table. Try just writing everything you bring in and everything you spend and see how that goes, if you're not doing anything like that now. It's eye opening. This whole 3 year vs 5 year plan links back to possibly my only complaint about the TDDUP show and it's not gails' fault I know. I wish that Gail would withhold 50% of the amount the "contestants" win for 6 months to a year to see if they maintain the course and do a 'reunion' update. It's not a sprint, its a marathon. Darren – good luck with everything. Initially so you know I tried using an excel sheet / database to keep track of our spending but ultimately I’ve had the best success with a simple notebook and pen left on my kitchen table. Try just writing everything you bring in and everything you spend and see how that goes, if you’re not doing anything like that now. It’s eye opening.

This whole 3 year vs 5 year plan links back to possibly my only complaint about the TDDUP show and it’s not gails’ fault I know. I wish that Gail would withhold 50% of the amount the “contestants” win for 6 months to a year to see if they maintain the course and do a ‘reunion’ update. It’s not a sprint, its a marathon.

]]> By: Darren http://gailvazoxlade.com/blog/archives/256/comment-page-1#comment-3242 Darren Thu, 13 Nov 2008 14:35:55 +0000 http://www.gailvazoxlade.com/blog/?p=256#comment-3242 Thanks Annie and Geoff for the suggestions. Unfortunately, the emotion attachment to my horse would be the equivalent of one selling one of their kids. As for renting him, that's a slippery and sometimes dangerous slope. He's a performance horse and is not easily ridden by new riders (ie. experienced rider needed). I also hear you about the 3 year plan versus the 5 year plan. I have seen episodes that there are more than 3 years of debt payment. I would like to get to a three year plan but that will be determined by my success of finding an additional part-time job. I have seen some of your blogspots and I'm liking how you folks track your savings and other goals. I will have to do the same. Thanks Annie and Geoff for the suggestions. Unfortunately, the emotion attachment to my horse would be the equivalent of one selling one of their kids. As for renting him, that’s a slippery and sometimes dangerous slope. He’s a performance horse and is not easily ridden by new riders (ie. experienced rider needed). I also hear you about the 3 year plan versus the 5 year plan. I have seen episodes that there are more than 3 years of debt payment. I would like to get to a three year plan but that will be determined by my success of finding an additional part-time job.

I have seen some of your blogspots and I’m liking how you folks track your savings and other goals. I will have to do the same.

]]> By: Melaniesd http://gailvazoxlade.com/blog/archives/256/comment-page-1#comment-3243 Melaniesd Thu, 13 Nov 2008 13:18:31 +0000 http://www.gailvazoxlade.com/blog/?p=256#comment-3243 I think my stupidest move was buying a house with someone I didn't know long enough/well enough. The relationship ended and it cost me a fortune! I don't have regrets, but I would certainly do things differently if I had the opportunity to do it again. I think my stupidest move was buying a house with someone I didn’t know long enough/well enough. The relationship ended and it cost me a fortune! I don’t have regrets, but I would certainly do things differently if I had the opportunity to do it again.

]]> By: Annie http://gailvazoxlade.com/blog/archives/256/comment-page-1#comment-3241 Annie Wed, 12 Nov 2008 22:05:56 +0000 http://www.gailvazoxlade.com/blog/?p=256#comment-3241 @ Darren - Alternatively, why not sell (or rent) "shares" in your horse? You'll still own him, but with two, three or four other people, so all the costs and responsibilities don't fall entirely on you? You can schedule your time with Horse and still enjoy your time, but sharing will lessen your cost burden tremendously and you may be able to cut your debt repayment considerably. Just a thought. I'm considering looking for a share in a horse as I've always wanted one, but just don't have the funds to be responsible for one on my own. @ Darren – Alternatively, why not sell (or rent) “shares” in your horse? You’ll still own him, but with two, three or four other people, so all the costs and responsibilities don’t fall entirely on you? You can schedule your time with Horse and still enjoy your time, but sharing will lessen your cost burden tremendously and you may be able to cut your debt repayment considerably.

Just a thought. I’m considering looking for a share in a horse as I’ve always wanted one, but just don’t have the funds to be responsible for one on my own.

]]> By: Geoff http://gailvazoxlade.com/blog/archives/256/comment-page-1#comment-3240 Geoff Wed, 12 Nov 2008 21:51:25 +0000 http://www.gailvazoxlade.com/blog/?p=256#comment-3240 @ Darren - it's none of my business but as a web friend I really think you have to take a close look at selling your horse. I've seen Gail on her show saying you shouldn't have a plan to be out of major consumer debt that takes longer than 3 years I believe, and your tentatively scheduling yourself 5 years. It also sounds that your currently picking up additional debt, instead of reducing it. My experience has been that what happens yesterday will happen today -- there is no perfect time to start saving, the time is now and between the lines I don't think you're going to be able to with your horse. Don't look at the sunk-cost so far, look at the debt reduction opportunity / savings and dont' feel bad as long as you can find a good home for your horse, think about what happen if you go bankrupt suddenly. Though I do understand the emotional commitment involved. @ Darren – it’s none of my business but as a web friend I really think you have to take a close look at selling your horse. I’ve seen Gail on her show saying you shouldn’t have a plan to be out of major consumer debt that takes longer than 3 years I believe, and your tentatively scheduling yourself 5 years. It also sounds that your currently picking up additional debt, instead of reducing it. My experience has been that what happens yesterday will happen today — there is no perfect time to start saving, the time is now and between the lines I don’t think you’re going to be able to with your horse. Don’t look at the sunk-cost so far, look at the debt reduction opportunity / savings and dont’ feel bad as long as you can find a good home for your horse, think about what happen if you go bankrupt suddenly. Though I do understand the emotional commitment involved.

]]> By: Darren http://gailvazoxlade.com/blog/archives/256/comment-page-1#comment-3237 Darren Wed, 12 Nov 2008 15:43:22 +0000 http://www.gailvazoxlade.com/blog/?p=256#comment-3237 A horse... I always wanted a horse growing up and I was going through some tough personal times and used the horse as a means to connect with others to feel more fulfilled... I have become honest with myself and have learned a lot about not having to please others so that you think they like and accept you more... sounds a bit confusing... I do love my horse and I can't really bare parting with him but I have racked up a huge line of credit that I am currently working on to get rid of... thanks to your show Gail. Like they say in the horse world, the cheapest part of owning a horse is buying him. It's the upkeep, vet bills, etc. that cost the most. I also did the naughty and used my line of credit to pay for Christmas shopping, horse shows and pay off my credit card... I now know that I should not do the above thanks to your show. I have a personal loan (ugly debt), a credit card and a huge line of credit... I have plans to pay off the first two by May 2010 and hopefully the big one by 2013. My goal is great rid of a great portion of my consumer debt free by the time I turn forty, now about to turn 37. I have learned to not spend... I just started the jars (baggies) last month and I'm starting to feel a bit of control in my finances. Your show has taught me to start living within my means and save for in the future. I have not got to the point where I have started my emergency fund but I think it would have came in very handy when my dog went for $400 surgery last month which now leaves me scrambling to find money for my $400 winter tires... I am now looking for part-time work so that I can add money to savings, emergency fund and to pay off my consumer debts . I am more focused and have planned grocery shopping list (really helps to look at store specials and plan your meals for the week based on the specials). I have forecasted my budget Thanks for your website blogs and your show Gail... I wish there was a high school required "Gail Finance" course. I never really discussed proper financing with anyone before. Thanks again Gail!!!!! A horse… I always wanted a horse growing up and I was going through some tough personal times and used the horse as a means to connect with others to feel more fulfilled… I have become honest with myself and have learned a lot about not having to please others so that you think they like and accept you more… sounds a bit confusing… I do love my horse and I can’t really bare parting with him but I have racked up a huge line of credit that I am currently working on to get rid of… thanks to your show Gail. Like they say in the horse world, the cheapest part of owning a horse is buying him. It’s the upkeep, vet bills, etc. that cost the most. I also did the naughty and used my line of credit to pay for Christmas shopping, horse shows and pay off my credit card… I now know that I should not do the above thanks to your show.

I have a personal loan (ugly debt), a credit card and a huge line of credit… I have plans to pay off the first two by May 2010 and hopefully the big one by 2013. My goal is great rid of a great portion of my consumer debt free by the time I turn forty, now about to turn 37.

I have learned to not spend… I just started the jars (baggies) last month and I’m starting to feel a bit of control in my finances. Your show has taught me to start living within my means and save for in the future. I have not got to the point where I have started my emergency fund but I think it would have came in very handy when my dog went for $400 surgery last month which now leaves me scrambling to find money for my $400 winter tires…

I am now looking for part-time work so that I can add money to savings, emergency fund and to pay off my consumer debts . I am more focused and have planned grocery shopping list (really helps to look at store specials and plan your meals for the week based on the specials). I have forecasted my budget

Thanks for your website blogs and your show Gail… I wish there was a high school required “Gail Finance” course. I never really discussed proper financing with anyone before.

Thanks again Gail!!!!!

]]> By: Caitlin http://gailvazoxlade.com/blog/archives/256/comment-page-1#comment-3236 Caitlin Wed, 12 Nov 2008 04:35:04 +0000 http://www.gailvazoxlade.com/blog/?p=256#comment-3236 Gail, can I hug you, can I? Cyber **hug**! How I wish more people, young and old would get this THROUGH THEIR THICK HEADS! I don't care home much you think you deserve it, if you don't have the money, then you CANNOT AFFORD IT! Sorry about the yelling! :) ***hugs*** again! (Love your blog!) Gail, can I hug you, can I? Cyber **hug**! How I wish more people, young and old would get this THROUGH THEIR THICK HEADS! I don’t care home much you think you deserve it, if you don’t have the money, then you CANNOT AFFORD IT!

Sorry about the yelling! :)

***hugs*** again! (Love your blog!)

]]> By: Alicia http://gailvazoxlade.com/blog/archives/256/comment-page-1#comment-3235 Alicia Wed, 12 Nov 2008 04:15:04 +0000 http://www.gailvazoxlade.com/blog/?p=256#comment-3235 Ours was taking so long to make the decision to move. We had been renting a place that was costing us an ernormous amont to live in - the rent was on the low side, but the utilities were sky high! Since we moved to a cheaper place, we've been so happy (and our debt been dropping significantly every month)! Wish we had made the decision sooner. Ours was taking so long to make the decision to move. We had been renting a place that was costing us an ernormous amont to live in – the rent was on the low side, but the utilities were sky high! Since we moved to a cheaper place, we’ve been so happy (and our debt been dropping significantly every month)! Wish we had made the decision sooner.

]]> By: sandra http://gailvazoxlade.com/blog/archives/256/comment-page-1#comment-3234 sandra Wed, 12 Nov 2008 03:45:52 +0000 http://www.gailvazoxlade.com/blog/?p=256#comment-3234 Uggg I hate to be reminded of my worst thing. About 8 years ago me and my sister in law got talked into joining a pyramid scheme by our other sister in law. Needless to say it cost us each 1250. Still to this day can not believe that i gave a perfect stranger 1250. It disbanded before we could recoup our money. Dumb Dumb Dumb. :( Uggg I hate to be reminded of my worst thing. About 8 years ago me and my sister in law got talked into joining a pyramid scheme by our other sister in law. Needless to say it cost us each 1250. Still to this day can not believe that i gave a perfect stranger 1250. It disbanded before we could recoup our money. Dumb Dumb Dumb. :(

]]> By: Amber http://gailvazoxlade.com/blog/archives/256/comment-page-1#comment-3233 Amber Wed, 12 Nov 2008 02:11:10 +0000 http://www.gailvazoxlade.com/blog/?p=256#comment-3233 Watching my university friends spend all of their student loans on clothes they didn't need, and then beg their parents for grocery money when they couldn't afford to eat - that was pretty bad. I'm sure they're still paying off that cute skirt today. As for me, the worst mess I got myself in was renovating our first home. We had cash, but of course it ran over budget and we ended up buying flooring on credit. Luckily it was interest-free (other than a $100 financing fee) and we were able to pay it off faster than required. I learned my lesson about home renovations, though. Watching my university friends spend all of their student loans on clothes they didn’t need, and then beg their parents for grocery money when they couldn’t afford to eat – that was pretty bad. I’m sure they’re still paying off that cute skirt today.

As for me, the worst mess I got myself in was renovating our first home. We had cash, but of course it ran over budget and we ended up buying flooring on credit. Luckily it was interest-free (other than a $100 financing fee) and we were able to pay it off faster than required. I learned my lesson about home renovations, though.

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