Went to the Financial Counselor

stacyd1987

TCS Member
Thread starter
Top Cat
Joined
Jun 15, 2007
Messages
1,883
Purraise
2
Location
Fayetteville, NC
Well, we both went to the financial counseling appointment at the base today. It was honestly really insightful! We learned of this site that can help us 'power pay' our debts away. It basically helps us forecast out how much we should pay for each of our debts and when one is done, takes that money that was used for that one debt and combines it to another... If that doesn't make sense, here's their statement "As soon as one debt is paid off, applying the monthly payment from that debt to the next debt is called a Power Payment." It's easier to just go to the site and see.
We also received help from the budget adviser there who helped us formulate a 'spending plan'. She didn't call it a budget because she said that we still need to spend money and that we can't just take everything away or else we would have nothing to do. We were to organize our money intake in this order; cash, bills, debt, savings. Once we get into a better situation, we would start giving ourselves small 'allowances' for things that both of us want to do with. Personally, I'll be using my allowance for resizing my wedding ring!
I'm so afraid it's going to slip off one of these days!
Gah! There was so much information!!! Funds, stocks, insurance, banking, credit cards, frauds, lenders, taxes...
My heads spinning!
 

emrldsky

TCS Member
Top Cat
Joined
Jun 27, 2006
Messages
2,335
Purraise
2
Location
Nuh uh...might give me away!
Congrats on getting things in order!! Another thing you can do is this...if you get a raise, just sock it away immediately. You haven't been living with the raise so far, so no need to spend it.


That way, you still have all your payments set up, etc., but you can save a bit of money while doing that, too.

Good luck! I'm sure you'll do just fine.
 

catsarebetter

TCS Member
Top Cat
Joined
Feb 13, 2007
Messages
2,373
Purraise
2
Location
N. VA
Maybe that's what I need to do... I can't get my budget or payments in order to save my life.
 

babyharley

TCS Member
Top Cat
Joined
Aug 17, 2005
Messages
25,708
Purraise
2
Location
Minnesota
Good for you! I think thats the best thing to do- see a Financial Counselor if you need to. Sounds like a lot, but I have a feeling you'll be seeing a light at the end of the debt tunnel sooner than later!
 
  • Thread Starter Thread Starter
  • #5

stacyd1987

TCS Member
Thread starter
Top Cat
Joined
Jun 15, 2007
Messages
1,883
Purraise
2
Location
Fayetteville, NC
I've been working with MS Excel and it's a lot easier now to see where things are going and how I should spread them out.
 

lunasmom

TCS Member
Top Cat
Joined
Sep 7, 2005
Messages
8,801
Purraise
12
Location
Jersey Shore
Congrats! That's what one of our friends (in MI) does for a living. Those people are really handy when you need them

She says the biggest thing is sticking to the plan (not that I don't think you won't). She tells us stories of her clients that drop money to get their hair done every 2 weeks, but don't understand why they can't pay their utilities bill
 
  • Thread Starter Thread Starter
  • #7

stacyd1987

TCS Member
Thread starter
Top Cat
Joined
Jun 15, 2007
Messages
1,883
Purraise
2
Location
Fayetteville, NC
Originally Posted by lunasmom

Congrats! That's what one of our friends (in MI) does for a living. Those people are really handy when you need them

She says the biggest thing is sticking to the plan (not that I don't think you won't). She tells us stories of her clients that drop money to get their hair done every 2 weeks, but don't understand why they can't pay their utilities bill
I honestly don't understand people like that.
I'm a very conservative spender. I'll hunt down deals like a lion going after its prey!
 

essayons89

TCS Member
Top Cat
Joined
Sep 5, 2006
Messages
3,611
Purraise
2
Location
Cincinnati
Originally Posted by StaceyD1987

Well, we both went to the financial counseling appointment at the base today. It was honestly really insightful! We learned of this site that can help us 'power pay' our debts away. It basically helps us forecast out how much we should pay for each of our debts and when one is done, takes that money that was used for that one debt and combines it to another... If that doesn't make sense, here's their statement "As soon as one debt is paid off, applying the monthly payment from that debt to the next debt is called a Power Payment." It's easier to just go to the site and see
I did something like this to help myself start to get out of debt, without the financial counselor. I took one credit card and took the minimum payment and multiplied by two (or sometimes three) and paid that. The other cards I continued to pay the minimum on. Once the card that I triple the minimum payment on was gone I put the money I used to pay off that card and put it towards the next card that needed to be paid off.

It works pretty well but you have create a budget and be disciplined enough to stick to it. Within the next month or two I'll be at the point where I have one whole paycheck free every month to put in the bank. I'm not the greatest with money but I've slowly been able to turn myself around.

Good luck!
 
  • Thread Starter Thread Starter
  • #9

stacyd1987

TCS Member
Thread starter
Top Cat
Joined
Jun 15, 2007
Messages
1,883
Purraise
2
Location
Fayetteville, NC
Originally Posted by Essayons89

I did something like this to help myself start to get out of debt, without the financial counselor. I took one credit card and took the minimum payment and multiplied by two (or sometimes three) and paid that. The other cards I continued to pay the minimum on. Once the card that I triple the minimum payment on was gone I put the money I used to pay off that card and put it towards the next card that needed to be paid off.

It works pretty well but you have create a budget and be disciplined enough to stick to it. Within the next month or two I'll be at the point where I have one whole paycheck free every month to put in the bank. I'm not the greatest with money but I've slowly been able to turn myself around.

Good luck!
Thanks!
I know I'll stick to it, as for Hubby, he better!
 

clixpix

TCS Member
Veteran
Joined
Dec 9, 2004
Messages
14,540
Purraise
2
Good for you!
You're very smart to realize that credit card debt is no way to live! You'll be out of debt in no time, and you can pat yourselves on the back.
 

tierre0

TCS Member
Top Cat
Joined
Mar 17, 2007
Messages
7,256
Purraise
1
Location
on the shores of Georgian Bay
Well Done getting your finances in order is the best feeling in the world.
I recently finished paying off my financial counselor program after 6 years and am now debt free.
When I compare my spending habits then as oppose to now it's like day and night. And I am so happy that I took the step.

I am sure that you will be successful as well and believe me it will be well worth it...
 

yasmine

TCS Member
Super Cat
Joined
Jun 26, 2005
Messages
753
Purraise
1
Location
Arkansas
Good for you! How much was your appointment with the financial counselor? Ive always wanted to check them out.
 

greenvillegal

TCS Member
Alpha Cat
Joined
Jul 25, 2007
Messages
594
Purraise
1
Location
Bossier City, LA
I'm only 25 and I've already got a ton of debt. Credit cards did it to me, and now that I am paying them off, I don't have the extra money to save, or pay other small bills. My parents gave me Dave Ramsey's "Total Money Makeover" for Christmas, and that book was a lifesaver. I am doing what you're doing too, the debt snowball, and I have closed 2 credit cards already. It feels to good to break free of monthly payments. I still have a long way to go, at least a year, but I'll do it, and I'll be free and will never get into that situation again.

Congrats on turning over your new leaf, and good luck!
 
  • Thread Starter Thread Starter
  • #14

stacyd1987

TCS Member
Thread starter
Top Cat
Joined
Jun 15, 2007
Messages
1,883
Purraise
2
Location
Fayetteville, NC
Originally Posted by yasmine

Good for you! How much was your appointment with the financial counselor? Ive always wanted to check them out.
Well, it was done by the military so I don't know exactly how much they paid for the civilian contractors to come. One woman makes regular trips here from FL! (We're in D.C.) But the military does pay for everything for them. They're really good at their job!
 

katachtig

Moderator
Staff Member
Admin
Joined
Jun 25, 2005
Messages
25,290
Purraise
2,893
Location
Colorado
I'm glad that the military is coming through for you now. Especially when they contributed to the problem by not paying you.

Having a spending plan and keeping track of how you are spending it are two of the best tools. It is easier to determine what you need vs want when you have goals spelled out. And sometimes you don't realize how the little things like $5 here and there really add up.
 
Top