Comments on: How To Stop The Bleeding: Become a Budget Doctor! http://www.debtkid.com/how-to-stop-the-bleeding-become-a-budget-doctor Get Out of Debt @ DebtKid.com Mon, 22 Mar 2010 02:08:53 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: jessica w http://www.debtkid.com/how-to-stop-the-bleeding-become-a-budget-doctor/comment-page-1#comment-19796 jessica w Mon, 13 Jul 2009 19:31:51 +0000 http://www.debtkid.com/?p=4076#comment-19796 Mike, my apologies, I had no idea there really was a person by the nom de plume "Budget Doctor," though thanks for the endorsement of the advice doc! Jessica Mike, my apologies, I had no idea there really was a person by the nom de plume “Budget Doctor,” though thanks for the endorsement of the advice doc!

Jessica

]]> By: Mike Sullivan http://www.debtkid.com/how-to-stop-the-bleeding-become-a-budget-doctor/comment-page-1#comment-19793 Mike Sullivan Mon, 13 Jul 2009 14:45:27 +0000 http://www.debtkid.com/?p=4076#comment-19793 As the real "Budget Doctor" (TM), I'm not sure I want everyone calling themselves a budget doctor, but the advice is very good! As the real “Budget Doctor” (TM), I’m not sure I want everyone calling themselves a budget doctor, but the advice is very good!

]]> By: jessica w http://www.debtkid.com/how-to-stop-the-bleeding-become-a-budget-doctor/comment-page-1#comment-19785 jessica w Mon, 13 Jul 2009 03:27:15 +0000 http://www.debtkid.com/?p=4076#comment-19785 Thanks so much Kristy and David for the pointers! Kristy, I never even tried on our HELOC--instead, we were already planning a refinance, and now I wish we'd tried that before doing the refinance. We weren't in too drastic of financial shape with my layoff--once we calculated the costs of having two parents working (commuting, daycare, etc), so we knew that this being a down time in the economy would actually be a good time to start my business. I actually only "looked for a job" for a week until we'd done our budget and discovered we didn't really need it (now I'm feeling awfully sheepish for our spending habits in the prior several years!) Not being in the midst of an adoption right now eases the financial strains--we've been midway through or deeply into paying on one for so long, I forget what a financial relief it is to not be starting on another right now. That said, as soon as I build up more income, I can't wait to invite more kids into the family! For now, our two seem like plenty. Ha ha! (Can you tell it's been a long day at the park for this mom? I'm beat!) thanks again for the comments Kristi and David! Thanks so much Kristy and David for the pointers! Kristy, I never even tried on our HELOC–instead, we were already planning a refinance, and now I wish we’d tried that before doing the refinance.

We weren’t in too drastic of financial shape with my layoff–once we calculated the costs of having two parents working (commuting, daycare, etc), so we knew that this being a down time in the economy would actually be a good time to start my business.

I actually only “looked for a job” for a week until we’d done our budget and discovered we didn’t really need it (now I’m feeling awfully sheepish for our spending habits in the prior several years!)

Not being in the midst of an adoption right now eases the financial strains–we’ve been midway through or deeply into paying on one for so long, I forget what a financial relief it is to not be starting on another right now.

That said, as soon as I build up more income, I can’t wait to invite more kids into the family! For now, our two seem like plenty. Ha ha! (Can you tell it’s been a long day at the park for this mom? I’m beat!)

thanks again for the comments Kristi and David!

]]> By: David http://www.debtkid.com/how-to-stop-the-bleeding-become-a-budget-doctor/comment-page-1#comment-19782 David Mon, 13 Jul 2009 02:49:22 +0000 http://www.debtkid.com/?p=4076#comment-19782 Jessica, Your post here is right on! One must definitely review and categorize where you spend money and figure out where to cut back to get the most benefit. Grocery, cars and housing are the three biggest expense areas, so cutting back or stopping the bleeding can bring big savings. On the budget issue, our family has been for 15 years using an allowance system, where each member gets a set amount of money each pay period (that you set) where they can spend as they need or please. Allowances are created/budgeted from the money that is left over after fixed expenses are paid for. Therefore, each member has their own money to spend as they please and the budget master knows the spending stays within budget. Visit www.theallowancesystem.com for more information. One thing I think some people do once they lose their job is wait too long to either search for a permanent replacement and/or go out and getting a lesser job till they find the job they are really looking for. Bringing in $1,000 a month for 6 months goes a long ways to helping get through the tough times, rather than waiting for 3-4 months before going out and finding the temporary job when all funds are absolutely exhausted. Getting that hold over job immediatly, means you have something coming in. Clerks and other low paying jobs are not fun, but they are temporary and should not last forever. Jessica,
Your post here is right on! One must definitely review and categorize where you spend money and figure out where to cut back to get the most benefit. Grocery, cars and housing are the three biggest expense areas, so cutting back or stopping the bleeding can bring big savings.

On the budget issue, our family has been for 15 years using an allowance system, where each member gets a set amount of money each pay period (that you set) where they can spend as they need or please. Allowances are created/budgeted from the money that is left over after fixed expenses are paid for. Therefore, each member has their own money to spend as they please and the budget master knows the spending stays within budget. Visit http://www.theallowancesystem.com for more information.

One thing I think some people do once they lose their job is wait too long to either search for a permanent replacement and/or go out and getting a lesser job till they find the job they are really looking for. Bringing in $1,000 a month for 6 months goes a long ways to helping get through the tough times, rather than waiting for 3-4 months before going out and finding the temporary job when all funds are absolutely exhausted. Getting that hold over job immediatly, means you have something coming in. Clerks and other low paying jobs are not fun, but they are temporary and should not last forever.

]]> By: Kristy http://www.debtkid.com/how-to-stop-the-bleeding-become-a-budget-doctor/comment-page-1#comment-19780 Kristy Sun, 12 Jul 2009 20:40:44 +0000 http://www.debtkid.com/?p=4076#comment-19780 My husband lost his job back in Feb and we've increasingly felt the money crunch. We decided to call around to see if we could lower rates etc and found for the most part companies are willing to help. We made one mistake by deciding not to call on our home equity line of credit because we thought they would take away our available credit if we told them we needed help (it was the only money available for us if we had an emergency). We finally got to the point that we couldn't pay, called them up, and they gave us a 0% interest rate for 2 years and cut our monthly payment 75%!!! I was shocked! And it only took one 15 minute phone call! Now we owe $46 a month instead of $200! It all goes to principle and anything we can pay over the $46 goes to principle too! What a relief! Please call your lenders!! It is worth it! And they did not take away our available credit (we have no intention of using it but it is there just in case). My husband lost his job back in Feb and we’ve increasingly felt the money crunch. We decided to call around to see if we could lower rates etc and found for the most part companies are willing to help. We made one mistake by deciding not to call on our home equity line of credit because we thought they would take away our available credit if we told them we needed help (it was the only money available for us if we had an emergency). We finally got to the point that we couldn’t pay, called them up, and they gave us a 0% interest rate for 2 years and cut our monthly payment 75%!!! I was shocked! And it only took one 15 minute phone call! Now we owe $46 a month instead of $200! It all goes to principle and anything we can pay over the $46 goes to principle too! What a relief! Please call your lenders!! It is worth it! And they did not take away our available credit (we have no intention of using it but it is there just in case).

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