Getting out of debt - a book suggestion

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FitzyK23
Veteran Member


Date Joined May 2005
Total Posts : 4219
   Posted 11/2/2008 3:10 PM (GMT -7)   
Many of us have "normal" debt like car payments and student loans.  Others here have huge medical debt.  Debt is scary for everyone but even worse for us crohnies.  There have been posts by upset people that would go on disability if it would start today.  They can't wait the 6 months without work it takes to qualify.  Many of us can't get out of debt let alone save 6 months worth of living expenses.  My inlaws suggested a book to my husband and I to help pay off his car and my law school debt.  I kept thinking yeah yeah yeah, everyone has debt, I don't care.  But to my surprise I really liked the book and I think it is a great way to save some for emergencies and pay off debt.  Part of it involves making cut backs though, which are hard and often seem impossible.  The first step is writing it all out.  Anyway the book is by Dave Ramsey and is called "The Total Money Makeover." I suggest everyone looking for a good read get it or borrow it from the library.  If anyone is following the book we can do are own little support group to stay on track.  The mantra is something like "Live like no one else today so you can really live like no one else later."  Essentially avoid the luxuries now and live like a king later lol.  Its not perfect, but makes sense.
27 Year old married female law student (last year!!). Diagnosed w/ CD 4 years ago, IBS for over 10 years before that, which was probably the CD. I am sort of lactose intollerant too but can handle anything cultured and do well w/ lactose pills and lactaid. For crohns I am currently on Pentasa 4 pills/4x day and hysociamine prn. I also have bad acid reflux and have been on PPI's since age 13. I have been through prilosec, prevacid, and nexium. Currently I am on Protonix in the morning and Zantac at night. I also take a birth control pill to allow some fun in my life.


TeacherBetsy
Regular Member


Date Joined Mar 2006
Total Posts : 310
   Posted 11/2/2008 4:26 PM (GMT -7)   
Hey Fitzy, I haven't read the book but am familiar with his website... some excellent advice there that helped me dig out of debt. I agree that it's much tougher managing finances and having a chronic illness, as mentioned in the forum on cost of living and having a disease... so much to manage in addition to regular expenses. I'm glad you're enjoying the Ramsey book, I've heard good things about it, too.

chroniemomx2
Veteran Member


Date Joined Apr 2005
Total Posts : 2346
   Posted 11/2/2008 4:36 PM (GMT -7)   
YES! We have been doing that for a year now! Also, a few of our friends are doing it, which really helps. They totally understand when you say no, we can't do that right now. Our cars have been paid off for about 4 months now, and we will NEVER have another car payment. We will save and pay cash for the next car that we want. It is so liberating! The world's mentality is if you want it now, you should have it now....that is such warped thinking. My 2 girls ages 6 and 8 wanted halloween costumes that cost about $25 each. Now, I could have made it work money wise, but we also had stuff at home that would work just great. So, at the store, we had a money discussion, and I told them that they could get the costumes if they wanted but that they were going to have to use some of their own money. I then asked them if that was a good choice...buying something that they would only use for one night or using what they had and saving their money for something they really wanted later. I was SOOOOO PROUD of them. They choose to use what they had! By doing the Ramsey plan, my husband and I also feel that we are giving our girls useful money skills that they will be comfortable with and that they won't get sucked into the credit card trap when they are older. I highly recommend his book!

FitzyK23
Veteran Member


Date Joined May 2005
Total Posts : 4219
   Posted 11/2/2008 7:24 PM (GMT -7)   
Chroniemom - while I totally agree w/ his plan to get out of debt and stay out of debt, I do think debt does have a place in our society just not as much as it is used. I think many people need to finance that first car to get to their job ... if they didn't work in high school and weren't given money from their parents they really dont have much choice. Same for people whose parents didn't pay for their education. If I saved for law school first I would have been 50 by the time I went. This way I will have a much higher income and hopefully following the Ramsey plan get out of debt in 5 years instead of 30. So I agree that as a society we need to re-vamp our spending but I understand that there are times and places where debt is a useful tool. (Including starting a business or to pay for a needed surgery before you were old enough to have a savings plan. A friend of mine is often criticized for her medical debt. But she was diagnosed w/ crohns in college and needed a resection after graduation before she started a job and was uninsured. She had no choice and wasn't irresponsible. She just didn't have an opportunity to save for emergencies yet.)
27 Year old married female law student (last year!!). Diagnosed w/ CD 4 years ago, IBS for over 10 years before that, which was probably the CD. I am sort of lactose intollerant too but can handle anything cultured and do well w/ lactose pills and lactaid. For crohns I am currently on Pentasa 4 pills/4x day and hysociamine prn. I also have bad acid reflux and have been on PPI's since age 13. I have been through prilosec, prevacid, and nexium. Currently I am on Protonix in the morning and Zantac at night. I also take a birth control pill to allow some fun in my life.


chroniemomx2
Veteran Member


Date Joined Apr 2005
Total Posts : 2346
   Posted 11/2/2008 8:52 PM (GMT -7)   
I agree with you Fitzy...I wasn't talking about the debts that you need...like for example house, school, medical. I was talking about wants...like the snowmobiles, rvs, and so on. It seems like everybody finances everything these days without a second thought, and it is so easy to get sucked in.

broomhilda
Veteran Member


Date Joined May 2007
Total Posts : 1488
   Posted 11/2/2008 9:48 PM (GMT -7)   
yeah  This is an absolutely great topic for everyone, chronies included!!  I had just finished sending 3 kids through college when I was diagnosed with CD & Fibro.  Six months later came the resection and thank God I had insurance for that!  I have been working on my own debt free plan this year as well as trying to build capital for a home business and all the equipment needs that come with it.  While the extra borrowing was necessary to get the kids through college (all three being the first college graduates on both sides of the family) I am very uncomfortable with the debt remaining and this dang illness.  Prior to the bottom falling out of the markets we were right on target for retirement.  Now that we have lost appx. a third of our savings I am freaking out!  We are still young enough to recoup most of the losses, however, we all know how CD pulls "suprises" on us at every corner.   I am proud of the fact that I haven't had to charge my scripts in about 3 months now (local pharmacy) and that has been a hurdle in itself.  I also have been able to pay down a sizable amount towards credit cards and stay on track with all the co-pays to the medical team.  I am within a year of paying off my car loans too!  Yippee!  I surely will read this book to help keep me on track and hopefully give me some ideas I haven't thought about.  I think everyone has a comfort level with their day to day sacrifices and once you establish what you really "need" vs. what you can "live" without, your vision and priorities begin to get crystal clear.  Not to mention how much stress you relieve! Thanks for posting this!

FitzyK23
Veteran Member


Date Joined May 2005
Total Posts : 4219
   Posted 11/3/2008 1:56 PM (GMT 0)   
A big misconception is that we shouldn't save if we have debt, we should pay it off first. While that is true in the big picture, it is important to save about $1000 first so that when the next emergency comes up (and it will) you won't be pulling out the plastic. I always use my plastic for emergencies, but while I am still paying off the last emergency another one pops up and it is a never ending cycle. Under this plan we are paying the minimums (or in our case extra but not a ton) until we have the $1000 cushion. Then we are working on paying off the debt. If we have to tap into that $1000 cushion we replenish it while holding off on paying off debt. Then it is back to paying off debt. He explains it better than I do.
27 Year old married female law student (last year!!). Diagnosed w/ CD 4 years ago, IBS for over 10 years before that, which was probably the CD. I am sort of lactose intollerant too but can handle anything cultured and do well w/ lactose pills and lactaid. For crohns I am currently on Pentasa 4 pills/4x day and hysociamine prn. I also have bad acid reflux and have been on PPI's since age 13. I have been through prilosec, prevacid, and nexium. Currently I am on Protonix in the morning and Zantac at night. I also take a birth control pill to allow some fun in my life.


Howlyncat
Elite Member


Date Joined Jan 2005
Total Posts : 24909
   Posted 3/29/2009 8:47 AM (GMT -7)   
Fitzky

THANK you
It is at times like this we sure need to be able to post something......anything to help

I KNOW i sure do appreciate it as do others my friend

Take care

LYN

**I am also for a go round on what we think of the Book**

I do not believe this to be Off Topic as it does pertain to the way we have to LIVE today .......tomorrow turn


 DX: Crohns,Pyoderma Gangrenosum,Anxiety/Panic,
Fibro & Other DD

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                                     LYN

Post Edited (Howlyncat) : 3/29/2009 9:50:07 AM (GMT-6)

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