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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
a question for you all..
I have been feeling very overwhelmed with finances and debt and not making enough money. I'm thinking of getting help and going to a debt managemnent place here in Des Moines.
Any thoughts? Ideas? Input...
T.I.A
Re: a question for you all..
I'll email you.
I personally would not want to spend money on something like that. There are so many free resources and things you can do on your own.
For us, we discussed goals and wants vs. needs, compiled a list of necessary fixed and variable expenses, additional expenses*, and created a budget based on that.We have several savings funds, which helps us see our goals better. Neither of us want to cut fun money because we know that we'd "binge" and ruin the budget for the rest of the month.
*I'd say unnecessary, but that's not really the case. We don't include our savings as a necessary expense because if (when) we are in such a bind, we don't contribute to savings.
There are some great calculators online that help with getting out of debt. They can show you the difference between paying x debt before y debt and how much it would save you in interest. We haven't have significant enough debt to use the calculators (just our cars, which are now paid), but do keep in mind your personality. If you know that paying off some of the smaller (easier) debts first will help motivate you to keep paying off the bigger (harder) debts, do that rather than just follow the calculator. Ask over on MM if you can't find the calculators; there is one they recommend all the time, but I can't think of it.
Dave Ramesy's Total Money Makeover is a great book too. We didn't really have enough debt for it to be as good of a book for us as some others, but my 4 cousins all swear by it (and I think they are all down to the final step!). I know the library has a copy of this so no need to buy a copy.
We are using a financial planner and we LOVE her. We paid her a fee and she has us getting out of debt in a year (thank you student loans!), reinvesting some of our prior accounts, and opening a few new ones. We had to write down our dreams for the future (building a house, travelling, adding to our wine cellar etc) and she is going to help us attain those goals.
If you're interested in something like that I would use a financial planner vs a debt consolidations service. At least while we are going to be debt free in almost a year (gotta get my state boards taken first) as well as still contributing to savings each month, as well as contributing to new accounts I think it's the most bang for your buck. If you want the name of our lady I'd be happy to send you a PM.
I would also suggest looking at a FP versus a debt management plan. Those often damage your credit almost as much as bankruptcy.
If you're really struggling with debt, it can be hard to even make a budget - a lot of people have looked at Dave Ramsey, that can be a good starting point.
Also, ditto the MM board - lots of helpful suggestions there, especially if you ask. Sometimes it's a little tough love, but it comes from a good place.
We are Lutheran and have used a Thrivant financial advisor to help us set up a budget and reach our goals for saving and paying off debt. I'm not sure if you have to be a member of a Lutheran church to use the services or not.
I have not heard good things about debt management companies, they may be able to settle your debt for less but it will be at the expense of your credit.
Ditto PP on making an AE and posting a budget, many of the ladies are extremely good at working numbers and highlighting areas to cut. With that being said, I do not listen to everything they suggest simply because I don't want to have a $25 entertainment budget. Although, if I was in serious debt I probably would have to.
agree with pp regarding lurking on MM and checking with a financial advisor first.
the reason that debt management and consumer credit counseling services can adversely impact your credit is because often times you don't pay the account in full as contracted to. (ie. a reduced interest amount, not making minimum payment)
also, those companies often tell you that you should only work with them and no longer speak to your creditors. this is not the case! creditors are not required to accept any sort of proposal from a cccs/dm service and if they are willing to even look at something, it has to meet certain requirements. often times, you are better off speaking to your creditors before speaking to one of these companies. ask about any financial hardship programs they may offer. a lot more companies have developed these plans for customers in reaction to the economy.
before you agree to anything, make sure you do as much research as possible. having an account that you settle for less than the balance in full results in the remaining portion of the balance being "charged off" as bad debt. both of these have very adverse impacts on your credit.
pp was correct that these companies can make your credit almost as bad as a bankruptcy.
sorry for the novel, just wanted to make sure you had this info. try to go for a true financial planner, or non-profit organization as mentioned in the post about the church based organization. (despite what tom coates says, cccs of des moines is NOT a non-profit)
Your turn
Neena Mae. 1/7/10
"A baby nursing at a mother's breast is an undeniable affirmation of our rootedness in nature." - David Suzuki
YGM
Butting in . . .would you mind PMing me the info for your financial planner? Thanks
Same! thanks
For those that had FP recommendations, would you mind PMing me the recs (or posting here)? We've been looking for someone to work with on investing/savings goals, but weren't sure where to start. FIL suggested his guy at Charles Schwab, but he won't talk to us because we aren't millionaires...
I wanted to tell him, "But we could be with your help!" No dice. We need someone for regular folk.
Back 'atcha!