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Went to the Financial Counselor

post #1 of 15
Thread Starter 
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!
post #2 of 15
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.
post #3 of 15
Maybe that's what I need to do... I can't get my budget or payments in order to save my life.
post #4 of 15
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!
post #5 of 15
Thread Starter 
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.
post #6 of 15
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
post #7 of 15
Thread Starter 
Quote:
Originally Posted by lunasmom View Post
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!
post #8 of 15
Quote:
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!
post #9 of 15
Thread Starter 
Quote:
Originally Posted by Essayons89 View Post
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!
post #10 of 15
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.
post #11 of 15
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...
post #12 of 15
Good for you! How much was your appointment with the financial counselor? Ive always wanted to check them out.
post #13 of 15
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!
post #14 of 15
Thread Starter 
Quote:
Originally Posted by yasmine View Post
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!
post #15 of 15
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.
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