Comments on: “I should have started tracking sooner…”

By: Kopi Buddy

Kopi Buddy — Fri, 08 Nov 2019 16:13:50 +0000

Wow, it is really inspiring to hear such stories! Great job!

By: Becky

Becky — Wed, 30 Oct 2019 16:51:58 +0000

Wow! That is awesome how you were able to go all the way back and track your debts from day one. Did you still have old credit card statements or were you able to pull the statements from online? Either way, that is really cool. I’ve never really thought about going back to the beginning like that!

I also think it is really cool how you broke it down so much that you knew exactly what date you paid off such small amounts like a Mickey D’s meal. That would be a lot of number crunching!

Way to go getting on track though, your future will be much brighter!

By: J. Money

J. Money — Wed, 30 Oct 2019 10:21:29 +0000

In reply to crunchylittlemama.

Awesome!!! Just the fact you convinced him to open up a Roth that early is a win! Haha… Most of us adults don’t even do that! :) I bet it’ll open up his eyes to the possibilities as he watches that balance rise… That’s what did it for me anyways (in my late 20s). Finally seeing money go up instead of down when you keep adding to something but *never withdraw* – what a concept! ;)

By: J. Money

J. Money — Wed, 30 Oct 2019 10:13:51 +0000

In reply to Debt Free in RVA. Haha, glad to hear it ;)

By: Debt Free in RVA

Debt Free in RVA — Tue, 29 Oct 2019 19:18:41 +0000

In reply to Eileen.

Well said Eileen!

And unfortunately a lot of people do not have a helping hand to bail them out…

I try to avoid politics but I wonder if our government will ever stop banks from charging such insane interest rates.

I like the quote “Like the $8.99 McDonald’s lunch from 8/2016 which I paid off in 10/2018.” Question: how much did that $ 8.99 lunch in 8/2016 end up costing in 10/2018? What is sick is that at a 25 % APR that $ 8.99 lunch actually ends up costing…… drumroll….. $ 107.

That is at a 25 % APR compounded monthly….. after 12 months that $ 8.99 is $26.7, and at 2 years it is $ 87.8. That is sick!

By: Debt Free in RVA

Debt Free in RVA — Tue, 29 Oct 2019 19:08:08 +0000

In reply to J. Money.

Gosh, LOVED the article and best wishes for Amy to pay off the rest of her debt. I think most of us J. Money followers are cringing reading this article, but if you don’t track your $$ then who knows where they go! I sympathize with Amy, and am happy she is getting back on the right track.

Amy and anyone else, one book that made a HUGE difference in my life was Debt Free Living by Larry Burkett. https://www.amazon.com/Debt-Free-Living/dp/B003F235AM/ref=sr_1_3?keywords=Debt+Free+Living&qid=1572375994&sr=8-3

I highly recommend this book and it truly offers timeless wisdom.

J. I wanted to just comment on your comment here. THANK YOU for stating that kids save $$ because they do. I loved the linked article. I get so many people telling me I am nuts for having multiple kids. I have a ton of friends who swear they will NEVER have kids. OK, I respect the choice that you make to not have kids, but don’t go calling me crazy for having multiple kids. All 7 points you make apply to my wife and me too.

By: crunchylittlemama

crunchylittlemama — Tue, 29 Oct 2019 15:30:32 +0000

True, really brings home the power of family. I am, personally, so grateful for the financial help my family has given me throughout life. With a freshman in college, I am now really paying attention to what financial lessons I may have missed. This article is great timing for me. I am realizing that I made sure to include the lessons I should have learned later…investing and the power of compounding (he opened a Roth with his 1st high school job and I matched him for full contribution…50% saving rate on his part), but things I take for granted, like tracking spending, might need to be revisited (as a struggling college student who was thrilled to get the $10 I handed him last time he was home, he doesn’t have much to track at the moment…but that will change soon enough.)

By: Joe

Joe — Tue, 29 Oct 2019 14:15:55 +0000

Great job turning it around. Just keep at it and that debt will be gone soon. The finish line is in sight.
I think it’s great that you learn how to use the spreadsheet. Quicken is nice, but you can use the spreadsheet in many other areas of life. It’s a lot more flexible.

By: Eileen

Eileen — Tue, 29 Oct 2019 14:14:28 +0000

In reply to Eileen. Ugh, the writer's "honesty"

By: Eileen

Eileen — Tue, 29 Oct 2019 14:11:07 +0000

I appreciate the writer’s honestly but here:

“I often wonder, if I had not stopped tracking my spending in college and had developed all of the tools I acquired in the past two years earlier, how much money would I have saved in interest and fees over the past 20 years vs. the $17,179.75 I ended up paying?”

What you SHOULD wonder is if your parents hadn’t been there multiple times to save your butt (and a lot of money) how terrible a spot you would be in. Truly — I would be curious to know what your debt would be today had you not had your CC and car loan paid, free housing, and the current interest free loan. That’s a significant part of the story because for others who make the same mistake, might not have that safety net.