Comments on: Unexpected Expenses Derail The Debt Reduction Train http://www.thehappyrock.com/2008/06/26/unexpected-expenses-derail-the-debt-reduction-train/ Getting out of Debt, Getting off the Couch, and Getting into Life Sun, 29 Jan 2012 16:23:20 +0000 hourly 1 http://wordpress.org/?v=3.1 By: Annie @ Credit Dispute http://www.thehappyrock.com/2008/06/26/unexpected-expenses-derail-the-debt-reduction-train/comment-page-1/#comment-10749 Annie @ Credit Dispute Thu, 16 Jul 2009 02:27:12 +0000 http://www.thehappyrock.com/2008/06/26/unexpected-expenses-derail-the-debt-reduction-train/#comment-10749 If you really want to reduce your debt, there is no better way than by tracking every single penny you spend and sticking to a realistic budget. By budgeting, you can easily find where your extra money is going and oftentimes, realize how you can save hundreds of dollars that can apply directly to your debts. If you really want to reduce your debt, there is no better way than by tracking every single penny you spend and sticking to a realistic budget. By budgeting, you can easily find where your extra money is going and oftentimes, realize how you can save hundreds of dollars that can apply directly to your debts.

]]> By: Buddy http://www.thehappyrock.com/2008/06/26/unexpected-expenses-derail-the-debt-reduction-train/comment-page-1/#comment-8623 Buddy Sat, 28 Feb 2009 22:10:53 +0000 http://www.thehappyrock.com/2008/06/26/unexpected-expenses-derail-the-debt-reduction-train/#comment-8623 It seems that no matter how much you plan and save you can't predict future occurrences. You can put money aside for your car insurance, your birthdays, Christmas, and all the holidays that go along with it, but in todays economy in truth we don't even know that we will have a job the next day. Me for example, I just recently bought a house and was cruising along making all of my payments on time and paying the rest of my bills faithfully. The next instant I get laid off over the Christmas period. Then I have to go in for a hernia surgery. Needless to say right now I am going into a debt settlement and looking to do a loan remodification for my home. Good credit one minute and the next in a matter of a few months it is shot. I am grateful for the programs that are available to help people get out of debt and the counseling programs that go along with them. This is far better than the debtors prisons from the old days. So on the these points about budgeting and saving for unplanned events I agree whole heartedly. It is not always easy though. But my advice if you are able. Put a little more than what is necessary to meet your desired goal aside for those "extra" unexpected events. It could save your credit and your nerves. It seems that no matter how much you plan and save you can’t predict future occurrences. You can put money aside for your car insurance, your birthdays, Christmas, and all the holidays that go along with it, but in todays economy in truth we don’t even know that we will have a job the next day. Me for example, I just recently bought a house and was cruising along making all of my payments on time and paying the rest of my bills faithfully. The next instant I get laid off over the Christmas period. Then I have to go in for a hernia surgery. Needless to say right now I am going into a debt settlement and looking to do a loan remodification for my home. Good credit one minute and the next in a matter of a few months it is shot.

I am grateful for the programs that are available to help people get out of debt and the counseling programs that go along with them. This is far better than the debtors prisons from the old days. So on the these points about budgeting and saving for unplanned events I agree whole heartedly. It is not always easy though. But my advice if you are able. Put a little more than what is necessary to meet your desired goal aside for those “extra” unexpected events. It could save your credit and your nerves.

]]> By: friday round up #1 | we like money http://www.thehappyrock.com/2008/06/26/unexpected-expenses-derail-the-debt-reduction-train/comment-page-1/#comment-5363 friday round up #1 | we like money Fri, 25 Jul 2008 04:11:29 +0000 http://www.thehappyrock.com/2008/06/26/unexpected-expenses-derail-the-debt-reduction-train/#comment-5363 [...] The Happy Rock talks about how to plan for unexpected expenses so that it doesn’t “derail” the plan you have laid out for yourself! [...] [...] The Happy Rock talks about how to plan for unexpected expenses so that it doesn’t “derail” the plan you have laid out for yourself! [...]

]]> By: Drew "The Solution" http://www.thehappyrock.com/2008/06/26/unexpected-expenses-derail-the-debt-reduction-train/comment-page-1/#comment-5212 Drew "The Solution" Fri, 11 Jul 2008 00:45:54 +0000 http://www.thehappyrock.com/2008/06/26/unexpected-expenses-derail-the-debt-reduction-train/#comment-5212 You hit the nail on the head! People make budgets, but they always seem to forget birthdays in their budgeting equations and birthdays can be expensive. Most of us have 4-5 birthdays each year that we have to cough up a pretty decent present for, but then there is also friends and acquaintances that we have to fork out for. Throw in a wedding invite and a few kids birthday parties if you have children and it can add up....and up..and UP. Money needs to be set aside for these things, of course it all depends on how much you spend on presents, but you'll be lucky to spend less than $1000 per year. You hit the nail on the head!

People make budgets, but they always seem to forget birthdays in their budgeting equations and birthdays can be expensive.

Most of us have 4-5 birthdays each year that we have to cough up a pretty decent present for, but then there is also friends and acquaintances that we have to fork out for.

Throw in a wedding invite and a few kids birthday parties if you have children and it can add up….and up..and UP.

Money needs to be set aside for these things, of course it all depends on how much you spend on presents, but you’ll be lucky to spend less than $1000 per year.

]]> By: tiffanie http://www.thehappyrock.com/2008/06/26/unexpected-expenses-derail-the-debt-reduction-train/comment-page-1/#comment-5180 tiffanie Mon, 07 Jul 2008 17:45:34 +0000 http://www.thehappyrock.com/2008/06/26/unexpected-expenses-derail-the-debt-reduction-train/#comment-5180 @ubonline: i only set aside $50/month for the auto maintenance fund, and since we have a newer car (2006 Pontiac G6 GTP), I have never had to dip into it. I will, however, be using it for license renewals this year and probably oil changes, where I hadn't been in the past. @ubonline: i only set aside $50/month for the auto maintenance fund, and since we have a newer car (2006 Pontiac G6 GTP), I have never had to dip into it. I will, however, be using it for license renewals this year and probably oil changes, where I hadn’t been in the past.

]]> By: we like money » Blog Archive » friday round up #1 http://www.thehappyrock.com/2008/06/26/unexpected-expenses-derail-the-debt-reduction-train/comment-page-1/#comment-5150 we like money » Blog Archive » friday round up #1 Sat, 05 Jul 2008 01:22:40 +0000 http://www.thehappyrock.com/2008/06/26/unexpected-expenses-derail-the-debt-reduction-train/#comment-5150 [...] The Happy Rock talks about how to plan for unexpected expenses so that it doesn’t “derail” the plan you have laid out for yourself! [...] [...] The Happy Rock talks about how to plan for unexpected expenses so that it doesn’t “derail” the plan you have laid out for yourself! [...]

]]> By: ubonline http://www.thehappyrock.com/2008/06/26/unexpected-expenses-derail-the-debt-reduction-train/comment-page-1/#comment-5149 ubonline Sat, 05 Jul 2008 00:30:34 +0000 http://www.thehappyrock.com/2008/06/26/unexpected-expenses-derail-the-debt-reduction-train/#comment-5149 Yep, the dreaded car repair bill. Always happens at the wrong time. If you can set up a car repair savings account, good for you. Most people struggling with debt can't do it. Yep, the dreaded car repair bill. Always happens at the wrong time. If you can set up a car repair savings account, good for you. Most people struggling with debt can’t do it.

]]> By: Tiffanie http://www.thehappyrock.com/2008/06/26/unexpected-expenses-derail-the-debt-reduction-train/comment-page-1/#comment-5145 Tiffanie Fri, 04 Jul 2008 02:13:22 +0000 http://www.thehappyrock.com/2008/06/26/unexpected-expenses-derail-the-debt-reduction-train/#comment-5145 You bring about such a good point! I get a discount if I pay my car insurance in 6 month increments rather than monthly, so I save $160/month so that when it's time to renew (October and April), I have the money! In the meantime I have it sitting in my HSBC savings account online earning 3.5% interest :) The same goes for my "auto maintenance fund". I need to set aside a vacation fund, gift fund, and christmas fund, though. You bring about such a good point! I get a discount if I pay my car insurance in 6 month increments rather than monthly, so I save $160/month so that when it’s time to renew (October and April), I have the money! In the meantime I have it sitting in my HSBC savings account online earning 3.5% interest :) The same goes for my “auto maintenance fund”. I need to set aside a vacation fund, gift fund, and christmas fund, though.

]]> By: NtJS http://www.thehappyrock.com/2008/06/26/unexpected-expenses-derail-the-debt-reduction-train/comment-page-1/#comment-5108 NtJS Mon, 30 Jun 2008 17:30:23 +0000 http://www.thehappyrock.com/2008/06/26/unexpected-expenses-derail-the-debt-reduction-train/#comment-5108 Wow! That brings back memories.... "oh yeah, property taxes..." Those irregular bills will really screw your budget up. Our trash company used to bill quarterly. Quarterly! They probably saved a ton over monthly billing, but seriously! As you note, the best thing you can do is save monthly for them, but FIRST get that baby emergency fund going because you will need it. Wow! That brings back memories…. “oh yeah, property taxes…” Those irregular bills will really screw your budget up. Our trash company used to bill quarterly. Quarterly! They probably saved a ton over monthly billing, but seriously!

As you note, the best thing you can do is save monthly for them, but FIRST get that baby emergency fund going because you will need it.

]]> By: Will http://www.thehappyrock.com/2008/06/26/unexpected-expenses-derail-the-debt-reduction-train/comment-page-1/#comment-5069 Will Fri, 27 Jun 2008 22:23:33 +0000 http://www.thehappyrock.com/2008/06/26/unexpected-expenses-derail-the-debt-reduction-train/#comment-5069 I think that budgetting in fun rewards is a very large and important part of the reduction process. If you live in a cave and don't do anything fun you will reduce your debt faster but are probably much more likely to give up. If you are smart and change your habits then there is no reason you can't have a budgeted movie, dinner out, or yes even a vacation. I think that budgetting in fun rewards is a very large and important part of the reduction process. If you live in a cave and don’t do anything fun you will reduce your debt faster but are probably much more likely to give up. If you are smart and change your habits then there is no reason you can’t have a budgeted movie, dinner out, or yes even a vacation.

]]>