Posted on 06/01/2011 6:57:16 PM PDT by Libloather
$2500 on the credit card, $40,000 on the mortgage (paid off in 7.83 years if life makes it that long), $3000 monthly bills. 10+ year old autos-paid off. No kids. Started putting stuff aside, not enough to survive on other than a storm.
Going to school, taking tests, looking for jobs closer to home. No eating out, kerosene heater, no vacations, no entertainment, no shopping for fun, worry and stare at Quicken a great deal.
I hate my austerity plan!
Having grown up poor seems to be a big help in my case. Its made me frugal.
60k left on the mortgage and then I am debt free. I am working haard to pay that down I can tell you!
Quit smoking, but bought a lot of new fishing gear with the savings.
>>All I can say is hold on and survive.<<
It is a bit late for some, but the way to survive is to live well within your means and stock up on cash when you do have employment. The bigger the nest-egg, the better you’ll breath. Those who are currently employed should act as if they won’t be tomorrow. I have 9 months gross pay in a special account (sadly, you can’t get squat on CDs or Interest checking accounts but I want to able to tap it at a moment’s notice). But has taken me 10 years to accumulate it.
Pay cash for everything, do without that which you can’t buy for cash. Use a very few cards (it is almost impossible to operate today without them), get the points and use them like cash — always pay them down to zero.
All the ideas here to stretch dollars should be strongly considered.
FWIIW, that is what people with money do. I read last week that the popular car for millionaires is a Toyota Camry.
Dang. That's nasty stuff at what - around 20% interest? Gotta get rid of that - maybe first.
your fortunate to have no mortgage. mine is over $100k underwater. and it’s just me and my child now.
and you said:
“Hyperinflation or a second recession will likely kill a lot of us financially.”
sadly, i think we are ALREADY in it.
if the gov. used it’s own figure for GDP, it would have been -3 for 1st Q, instead of the 1.8 they reported.
http://www.freerepublic.com/focus/f-news/2727239/posts
What GDP Growth Would Look Like If The Government Were Using The Right Inflation Numbers
...a top finance guy on Drudge today, said we are entering a full blown depression. Chicago manufacturing index is at record low. other things i don’t understand, but sound bad. i took out half of the little i have in retirement.
...not trying to sound gloomy. the 10 in the Bible were praised for being ready with extra oil. so, i’m just preparing the best i can, and praying.
>>60k left on the mortgage and then I am debt free. I am working haard to pay that down I can tell you!<<
Paid off the mortgage last month (after 12 years). I have admit it feels pretty to owe no one a penny.
My wife and I came from desperately poor families and as a consequence have lived our entire life way BELOW our means. We have no debt (and I mean house, two cars, and credit cards paid off). We have a tidy bit of savings and investments.
And every night I go to be worrying about this crap.
It doesn't matter what your situation is, when you have idiots at the controls in Washington, only a fool isn't worried. Until we have a solidly conservative President and a filibuster proof conservative congress, everybody should be worried.
I’ll be debt free in 3 months.
I may be job free in 3 months too. It’s getting slow.
If you’re near a town of any size at all there will be no-charge public events, concerts, music, even outdoor classic movies, that will break the monotony but not the budget.
Speaking of budgets, I’ve eased off on my austerity budget somewhat, since things are looking better for me at present, didn’t have much debt so that helped, monthly total outlay is less than $2K. But, during the course of my rough patch in 2008-2010, I found it very helpful to get out into the world to see that it was still there and not gone all completely to hell just because my life had personally. Seeing people still having fun, kids and dogs, smiling faces, helped tremendously.
Life does go on.
Set our taxes so we won’t get a return, but will use the money for our needs.
Don’t answer the phone if it looks like a telemarketer or politician.
Tithe
Paid off the mortgage last month (after 12 years). I have admit it feels pretty to owe no one a penny
congratulations! have a mortgage burning party yet?
Agreed! We know how to get by with little.
10% interest. Working on it.
Been pondering a question, maybe someone could help...would it be better to take money from savings in to pay the card off in hopes of replenishing savings, or should we just keep plugging away at the credit card?
Exactly! Buy a house you can afford in an area with low taxes. Buy a car you can afford. Don't borrow for education either.
If it isn't too inconveeeenient -- go Galt!
Paid off the house right after the election, just before Hussein hit. (When I say I saw it comin', I wasn't kidding.) One lump sum. Done.
Now, the annual property tax bill comes in the mail. It's always somethin'.
Anyone that uses a credit card and doesn’t pay it off in full every month deserves to lose big.
How do you know? You have no idea what people are up against. Credit cards aren't being used for fun anymore, they are being used for survival...as in paying bills and eating.
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