Take That, Debt Monster!
Posted by michelle on Jun 4, 2012 in Eliminating Debt | 30 comments
The chart above shows our current progress towards debt repayment. As you can see, we are slowly-but-surely getting back on track. Overall, May was a great month, and nearly made up for the lack of progress that we had in April. We have re-factored our goals just a bit, but are still maintaining our final debt-free goal of March 2013. Sure, it would make more sense to give us that extra wiggle room, but pushing back our goals feels like a tiny defeat! No, debt, you will not win this round. Not now and not ever. We will find a way to stay on track. If anything, the end zone is getting closer, not further away. The adjusted goals establish a solid goal of eliminating $900 of debt each month, and then finishing it off with next year’s tax return.
Scraping together $900 a month is still a rather ambitious goal, but we have kids–nothing scares us anymore. So, how in the world do two non-drug dealer adults come up with an extra $900 a month when only one of us is working? First of all, we have learned to skimp and save in every possible way. A penny saved is a penny earned after all. For one, I’m giving everyone in the family hair cuts now, yes even myself. This saves us approximately $100/mo. My personal beauty routine is also quite simple now. I use dollar store shampoo and conditioner (and don’t really notice a difference), don’t get my nails done ev-er, don’t get my hair dyed ev-er, use a drugstore face wash and lotion, and have been using a drugstore tinted moisturizer and only using my moderately-priced Bare Escentuals powder foundation sparingly when needed. In the future, I might do a post or two on my beauty routine as I’ve learned a lot about what’s worth it and what brand is a total rip-off, but if you would like to know exactly what I use–just ask.
We have also been fortunate enough to make a few bucks with this blog. At this infantile stage, anything above 0 is a bonus for all the good we get out of writing and keeping ourselves accountable. We aren’t making much yet, but we are still fairly new in this world, and we hope to continue our growth. We’ve also got a side hustle or two; mostly surveys, but we’ve just started with a company that does mock trials as well. Hopefully, we can start making real money doing pretend jobs. That would be pretty sweet.
One thing I hope to start up again soon is selling more on eBay. Jefferson and I used to do really well at snagging good deals at garage sales and then selling our finds online. In this smart phone age, it’s easy to find the approximate value of items on the spot and see if they’re marked for a good deal. This works well at garage sales, since most people don’t expect to make the same profit they would have had they listed the items online. They are likely just wanting to clean out their basement and will be honored if you want to give them any money at all for what they think is just junk.
On that note, I probably need to eventually go through all the baby clothes we still have and sell them as well. This is something that I dread doing, as I tend to cry through every tiny step in this painstaking process. I don’t even know why! I have been blessed with three healthy, beautiful children. Shouldn’t I go through their clothes with more verve? I survived potty-training two children (and will soon battle a third). Baby spit-up and runny noses don’t even phase me anymore. Spilled milk and missed buses don’t even ruffle my feathers these days. Tantrums? I laugh in the face of tantrums. So why do I turn into a mushy puddle going through my children’s clothing that they will never wear again? Completely beyond me.
Finally, we have one last secret where we save a ton of money, and are therefore able to put so much toward our debt repayment. Want to know it? You’re going to regret this, but I will tell you the number one secret to saving money. Ready? We. Don’t. Ever. Go. Out. To. Eat. Sorry. I know you were looking for some big secret that’s both easy and fun, but there’s no such thing. When you are trying to save money and especially if you are working with only one income, you have to make some sacrifices. Since we aren’t eating out anymore, we try to save as much money as we can on groceries. In the past few months, my grocery bill has shrunk more than Jonah Hill did in 2011 by using coupons, planning our meals, and watching out for sales. Not only are we not eating at restaurants, but we also rarely go out otherwise unless it’s free or very cheap. With kids, that can be a struggle as they always want what all the other kids have when they’re out, but we just tell them the truth–sorry, we’re not going to buy you a giant glow stick that will last 2 hours and then end up in the trash can because we would like to eat this week, yo! Kids are always very understanding upon hearing such an elegantly-worded explanation. Just the other day, we declined the invitation to go to a carnival with my sister and instead opted to go to a FREE family-friendly concert downtown with the kids. I wish I could have spent the time with my sis and nephews, but we did have a great time listening to the music and walking around downtown. The kids enjoyed seeing the Arch and running around in the park. We didn’t spend a dime, but we all had fun.
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In other news….occasionally at See Debt Run, we receive a question from a reader about various money-related concerns. Even though I didn’t receive an Associate’s Degree in Accounting, or consider myself an expert in anything finance-related (I’m in debt, duh.), I do still try to help out with advice or offer some comforting words. The other day, we received a question to which I have no idea how to respond. I was wondering if any of my more knowledgeable friends could help out our friend Debbie.
Her question:
I have no idea if this is legal. Does anyone know? Either way, good luck to you, Debbie! That does not sound good.
(Disclaimer: Jefferson and I are not financial advisors and therefore cannot be held responsible for anything you read on our site. Anything you do for your financial situation, you do so at your own risk. We can only tell you what has worked or not worked for us. As you can see, we have our own financial situation we are trying fervently to eradicate. As always, thank you for your questions and comments! Full disclaimer available here.)
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I would imagine they could do anything they wanted, but I’m not sure if they could do it for anything other than poor job performance. Hopefully somebody that knows something will chime in though.
We don’t eat out very often either Michelle and I love how much money we save!
WorkSaveLive recently posted..Blog Income and Site Statistics May 2012
Well, you’re a good cook…and you ENJOY cooking! I like cooking, but hate cleaning up afterward. I do love saving money, though, so I will continue to look for good, healthy recipes…like on WSL!
I can’t wait until all debt is gone!
Wow I can’t believe someone would show the paycheck stub to everyone! That’s ridiculous. I would be angry if they lowered my pay, I’d probably quit because I don’t know what else they would do.
Michelle recently posted..Spending, Life, Income and Food Updates… 6/4/2012
I feel the same way! I think, if it’s legal or not, you’ve got to at least try to find another job. Even if it’s legal, it’s not right!
I don’t know for sure, but I assume job wage isn’t covered much by law. They can probably do whatever they want in that regard. It is pretty brutal though. I’d personally be looking for a new job asap if my employer tried to pull something like that.
On a side note, disappointed to hear that you and Jeff aren’t drug dealers. That would’ve helped a lot with the debt. Perhaps reconsider once the kids are old enough to help out lol. I’m kidding. You guys sound like you do awesome with all your sacrifices. Good luck with that dreaded debt monster.
Modest Money recently posted..Overcoming Unemployment Challenges
Ha, Jeremy! Thanks for the encouragement! Remember: HUGS NOT DRUGS.
lol thanks for the reminder Michelle. Well I think I’ve got the drugs part taken care of these days. Now I just need to get me some loving
Modest Money recently posted..Pros and Cons to To Investing In The Stock Market Today
Too funny! You know I commented you back here before reading your post! I was actually kind of mortified thinking you might feel I was being condescending or belittling of your past struggles. Then I remembered that you have a pretty good sense of humor!
Whether that is legal would depend on the state/country/labour laws there. In BC, Canada, that would be considered constructive dismissal and the employer would either need to give you notice or severance pay because they fundamentally altered the employment agreement (lol… HR person here!)
LOL at the glow stick thing. I think it would be so beneficial to the boy and I if we stopped eating out, but I’m just so lazy. I hate cooking!
Daisy recently posted..It’s Not Necessary To Save For Your Kid’s College Education
I was wondering if it varied state to state (and country to country.) In Missouri, for example, you can fire someone without any cause. You can fire someone because you don’t like the way they look even! I know that’s not the case in most areas.
I have no idea about the legality of that, but it sucks.
I do the same thing when I get rid of baby clothes! It has to be done, though. I sell them mostly through resale stores. What method are you guys using?
femmefrugality recently posted..Six Months with Yakezie
You know, we went to a second hand shop before and I was so insulted by what they wanted to give me for all my quality clothing! I know they have to low-ball you so they can turn a profit, and it’s probably easier for some sellers than listing everything on ebay, but that’s our preferred method because of higher profit. I might sell some of our non-name brand clothes at a resale shop, though. We’ll see.
I totally can relate to the whole “getting rid of baby clothes thing”! It happened the other day; I was cleaning out my daughter’s old ginormous diaper bag, the one she used when she was more in the infant stage. I found a pair of 3-6 month pants, and I teared up. Time just goes by too fast, darn it!
Mackenzie recently posted..Mexicali Sliders
Ohh, I’ve done that. I rarely keep an outfit in the bag for longer than a week for fear that we won’t need it and then she’ll outgrow it. Stop growing up so quick, babies!
What a gutless move by Debbie’s employer! If the paystub was “found” due to the employer’s failure to protect properly Debbie’s personal information, a conversation with an attorney about the circumstances might be in order. Otherwise, if Debbie’s worth $16 per hour, with time and effort she can perhaps find another job at that level.
Kurt @ Money Counselor recently posted..Time to Buy a House?
I agree with the last part. If at all possible, just get another job. I never bother to sue anyone, even when I’ve been wronged. It would be too much hassle…and then you’d just have to see the scumball again in court. Yuck….no thanks. I would just try to find another job and say “good riddance.” Thanks for your comment, Kurt!
I can’t believe they cut her pay that much. No idea if that is legal or not but I would be looking for a new job if that was me. One of our larger unneeeded expenses throughout the month is going out to eat. We really need to stop eating out so much. I think it comes down to us being lazy after work and not wanting to cook. Have to get more motivated.
DebtsnTaxes recently posted..Weekly Linkin’ it Up: 2nd Edition
I understand completely. I stay home with the kids, and at the end of the day–it feels like I’ve worked all day!! There are some things we haven’t given up (cable for one!), but giving up restaurant food was much easier for us to swallow–pun intended.
I’m no lawyer, but it doesn’t sound legal at all. I’d want to know if she signed a contract outlining the agreed rate of pay. If she did, I don’t think they can lower her wage without reason such as an actual change in job description. If they didn’t protect her information, and other employees are ticked off that she’s being paid more, that’s their fault, not hers. She could battle this with her employer if she wanted to, but if other comparable jobs are available in her area I would recommend she continue her job search. Her employer’s actions sound shady at best, and I’m sure over time this isn’t the only area she’d encounter it in.
Cassie recently posted..I Have to Spend it Now?
True. I wouldn’t want to continue to work for them no matter what.
I know nothing about the question but wanted to comment on the other stuff. I didn’t realize you had three kids, same as me, so that was good information. While I enjoy all the blogs I read it’s a nice change from a single young person to a family. The struggles are the same, the way we get the is different.
I say the same things to my kids when they ask for useless things. I tell them I don’t have a job and we like to live in our house not on the street. Extremes I know, but frivolous spending will eventually result in that so I feel better to be honest
Ha, love it! My kids probably think I’m a drama queen when I tell them we won’t be able to eat or we’ll have to live on the streets if we buy cotton candy/personal fans/funnel cakes every time we see one, but I think it’s my job to make my kids think I’m completely crazy.
I take this job very seriously.
Poor Debbie, hope she can find something else, because at minimum she needs an employer who will go to bat for her. I am with you on the not-eating-out, it saves so much money! Also I save haircuts for milestones, so either weddings/family get-togethers/or finishing off one of my debts.
Frugal Portland recently posted..Update on my eBay venture
That’s a good idea. I just get my hair cut by a pro whenever I start looking like a hot mess. That’s all the milestone I need.
By the time I got to “our budget shrunk more than Jonah Hill in 2011″ I knew you were on fire with this post. Hilarious.
Our friend is addicted now to selling stuff on Craigs List, now that she sold her washer and dryer (she was going to put both out by the street and let someone just take them). She’s sold 10 things in the past 7 days. I told her husband to watch out…he’s on Craigs List next….
AverageJoe recently posted..A Chart that Frightens Me: Investing 101
That wasn’t a joke…Jonah Hill and my grocery bill look GOOD skinny. Ow ow!
I love reading your posts – probably bc you’re so funny and I can relate to the small children thing. Especially crying when I pack up the little outfits. Too funny.
Anyway, about the paystub thing — that cannot be legal! I don’t know for sure, but it just seems illegal to me..
Housewife Empire recently posted..Side Hustle Wednesday
I think it is legal to reduce wages for any one of multiple reasons. It could be due to poor job performance or struggling business. Owner has right to reduce wages and/or hours if business conditions require to do so.
Wow! I am appalled about what happened to Debbie. My first reaction was no, it is not legal. But then I read Daisy’s comment, and now I don’t know! But how horrible it is! I would probably quit on a spot.
Nice work slaying the monster!
I used to make quite a bit of extra cash flipping stuff on eBay, but as you mention regarding smart phones – eBay has become a much more efficient market and I find it increasingly difficult to score big discounts on hot items.. it’s great for buyers, but not so great for sellers.
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