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kalenjin 
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 Topic: Ladies who launch - BHM Summer Money Challenge
Posted: 10 Jun 2009 at 3:43pm |
** The Challenge is now closed**Please check in every Sunday. I will be sending some annoying PMs every week to those who dont  So far we have: - Kalenjin - Save $4,000, Pay off car by September
- MissCassC - Pay down CC debt, Save 10% of earnings and stick to budget
- Dynamite23 - Payoff car by March 2010, payoff student loans by November 2010
- Ratholfellgirl - Save 3k and pay off $500 CC debt
- Binky
- kellbells
- divalane25 - Catch up on $300 late bill, Pay off $700 CC, Save $1,500 for August vacation, Save for next big secret purchase $1,000
- jamara0120 - Save 2k, Pay down student loan and stop spending money
- Koala_Tee - Save Money, Pay off CCs ($350, $250). Pay off surgery bill $1,500
- bellahoney - Pay off CC bills $750, $908. Start budgeting
- Chyna_Li - Payoff mastercard and visa followed by Honda and then student loans
- AllAboutMe - Save Money
This will be a two part challenge - debt reduction and saving. If anyone needs help please PM me - i have budget spreadsheets to share if you want one.  lets do this ladies!
Edited by kalenjin - 16 Jun 2009 at 11:38am
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binky622
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Posted: 10 Jun 2009 at 3:49pm |
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I need it today.
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kalenjin
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Posted: 10 Jun 2009 at 4:08pm |
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well then...binky to the list.
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kalenjin
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Posted: 10 Jun 2009 at 4:09pm |
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Here are my goals
Pay off my car by September - its a stretch but i MUST!
Save a minimum of 4,000 by the end of this challenge
I dont have any other debt since my CC is paid of every month.
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dynamite23
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Posted: 11 Jun 2009 at 6:57am |
My goals Pay off my car by March 2010 Pay almost all of my student loan by November 2010, that's a big stretch but I'm hoping to accomplish that goal 
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Chyna_Li
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Posted: 11 Jun 2009 at 10:58am |
Im down.
Ladies who launch...I like that name
I have too many financial goals.
Mastercard will be paid off this yr. Next is the Visa, Honda and then my student loans. Thank God for deferment & Grad school.
I alreadyc ompleted one goal this year and paid off my Amex.
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Chyna_Li
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Posted: 11 Jun 2009 at 10:58am |
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oh and I want my credit score at a 800+. right now its 771.
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MissCassC
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Posted: 11 Jun 2009 at 11:31am |
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Goals:
Pay down credit card debt
Stick to my budget
Save 10% of my earnings
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jamara0120
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Posted: 11 Jun 2009 at 2:34pm |
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I'll like to join. I'll be back later tonight to post my goals.
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bellahoney
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Posted: 11 Jun 2009 at 3:48pm |
Add me to list...I will update later with my goals.
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divalane25
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Posted: 11 Jun 2009 at 3:51pm |
i'm in... dont really care what it's called but i'm all for weekly updates because if you leave me alone for longer than that i'll be broke by the first check-in LOL
since the target is savings and debt reduction here are my goals for the next three months; in order of importance starting with the most important.
*catch-up my only 'late' bill
300 dollars behind
* pay off remaining CC debt
that's 700 dollars
* save for august vacations
that's 1500 dollars
* save for my 'next big purchase' << it's a secret
1,000 dollars
those are my big goals... but the mini 'to get me there' goals would be to stay on budget and eat 100% out of my kitchen at least 5 days a week (since most of my 'wastefullness' goes on food). i'd also like to put any money i have left over at the day before a pay-day to go towards my auto loan... it's sooo upside down right now i need to get that together.
Edited by divalane25 - 11 Jun 2009 at 3:54pm
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kellbells
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Posted: 11 Jun 2009 at 4:24pm |
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rathofhellgirl
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Posted: 11 Jun 2009 at 4:34pm |
My goal is to save enough money to have a deposit for a new place I need to save at least 3k which im sure i can do if i can stop buying junk spontaneously .
Also keep up on that damn credit card bill from two years ago. and thats only around $500.
So im gonna head start buy taking my change to coin star.
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jamara0120
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Posted: 12 Jun 2009 at 12:14pm |
My short term 3 month goal will be to save $2K to pay down my student loan. I'll go about this by not over spending on things I don't NEED.
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bellahoney
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Posted: 15 Jun 2009 at 9:31am |
My short term goal
pay off 2 credit cards
CC #1-750.00
CC-#2-908.00
Also be very strict with my budget. Usually if I want something I will budget for it, but this needs to change to if I really need it.
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binky622
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Posted: 15 Jun 2009 at 9:46am |
I have a question?
Should you pay off your credit card debt before you start saving money so you can just thow all your money into getting the debt down? I remember Suze Ormond suggesting something like this bc the cards are earning interesting daily and the money sitting can be used towards paying it off quicker and then start saving?
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kalenjin
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Posted: 15 Jun 2009 at 12:58pm |
Originally posted by binky622
I have a question?
Should you pay off your credit card debt before you start saving money so you can just thow all your money into getting the debt down? I remember Suze Ormond suggesting something like this bc the cards are earning interesting daily and the money sitting can be used towards paying it off quicker and then start saving? |
Hey Binky It depends on the amount of debt you are talking about. I would suggest putting aside at least $1,000 for an EF and then paying off your debt there after. You can also put your 401 k on hold if you want to use some of that money to pay off the debt faster.
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binky622
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Posted: 15 Jun 2009 at 2:29pm |
Originally posted by kalenjin
Originally posted by binky622
I have a question?
Should you pay off your credit card debt before you start saving money so you can just thow all your money into getting the debt down? I remember Suze Ormond suggesting something like this bc the cards are earning interesting daily and the money sitting can be used towards paying it off quicker and then start saving? |
Hey Binky
It depends on the amount of debt you are talking about.
I would suggest putting aside at least $1,000 for an EF and then paying off your debt there after.
You can also put your 401 k on hold if you want to use some of that money to pay off the debt faster.
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thanks
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AllAboutMe
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Posted: 16 Jun 2009 at 8:32am |
Kalenjin - Put me on the list please !!!!
My goal is simply to get money saved - PERIOD !!!!
Edited by AllAboutMe - 16 Jun 2009 at 8:33am
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binky622
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Posted: 16 Jun 2009 at 11:27am |
Here is my plan:
cards that I have:
-American Express
-discover
-visa
-value city
here is my plan for my cards
*take all my profile information out of my online shopping accounts
*give my mother all my cards to hold and run purchases by her
*pay them off quickly
I also stopped my deductions going into my vanguard account so that I can use that money towards paying down my debts once completed I will increase my deductions to vanguard.
Once i eliminate 1/3 of my cc debt I plan to save 10% of my earnings and once debt is completed will use that money towards savings.
what do you think kale? any suggestions?
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kalenjin
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Posted: 16 Jun 2009 at 11:33am |
Originally posted by binky622
Here is my plan:
cards that I have:
-American Express
-discover
-visa
-value city
here is my plan for my cards
*take all my profile information out of my online shopping accounts
*give my mother all my cards to hold and run purchases by her
*pay them off quickly
I also stopped my deductions going into my vanguard account so that I can use that money towards paying down my debts once completed I will increase my deductions to vanguard.
Once i eliminate 1/3 of my cc debt I plan to save 10% of my earnings and once debt is completed will use that money towards savings.
what do you think kale? any suggestions? |
Great plan - I think that's great Also make a budget too so you can track all your money. Make sure you tell your mum to stick to her guns with the cards. Try and pay cash for everything...even groceries...its alot more painful that way than swiping your card away.
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kalenjin
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Posted: 16 Jun 2009 at 11:36am |
Originally posted by Koala_Tee
today i paid on my surgery bill......still in the game...also i decided to chacha for my online shopping habit......i also decided to stop parking the garage at work to save an extra 25 a week...
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 -- keep going - every little bit helps!
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binky622
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Posted: 16 Jun 2009 at 11:40am |
Originally posted by kalenjin
Originally posted by binky622
Here is my plan:
cards that I have:
-American Express
-discover
-visa
-value city
here is my plan for my cards
*take all my profile information out of my online shopping accounts
*give my mother all my cards to hold and run purchases by her
*pay them off quickly
I also stopped my deductions going into my vanguard account so that I can use that money towards paying down my debts once completed I will increase my deductions to vanguard.
Once i eliminate 1/3 of my cc debt I plan to save 10% of my earnings and once debt is completed will use that money towards savings.
what do you think kale? any suggestions? |
Great plan - I think that's great
Also make a budget too so you can track all your money. Make sure you tell your mum to stick to her guns with the cards.
Try and pay cash for everything...even groceries...its alot more painful that way than swiping your card away.
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that was my undoing groceries, gas. she already has my atm card and i get a stippend  i have got to give her the cards.
I will start making a budget and tracking my spending  . Oh take my lunch
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kalenjin
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Posted: 16 Jun 2009 at 11:47am |
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Yep - people dont realize how much they are actually spending till they see it on paper.
If you can get sams club or BJs - it helps alot so you dont need to really shop major groceries for a long time thus keeping you away from the stores.
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binky622
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Posted: 16 Jun 2009 at 12:50pm |
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I am gonna try to stick to my plan of 60's every 2 wks on groceries. not buy outside snacks bring them to work. I skate multiple times per week i will use my stippend and not take out extra money.
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