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Chapter 1: How can I start tackling my overwhelming debt?
Live from the headquarters of Ramsey Solutions, broadcasting from the pods, moving in storage studio. It's the Ramsey Show, where America hangs out to have a conversation about your life, your money. I am your host, Jay Voreshaw, joined by George Camel, the illustrious. Give us a call. The number is 888-825-5255. There it is. It's a real tongue twister. It really kind of is. Actually, it's not.
I just messed it up. Thanks for being real, Jade. You're such a real one. You know, I try to just keep it real with the people. Give us a call. We'll take your call.
Chapter 2: What is 'Girl Dinner' and how does it relate to budgeting?
Talk about your life and money. And we're going to do that with Jeffrey. He's in Charleston, West Virginia. What's going on, Jeffrey?
Hi, guys. Thanks for taking my call.
No problem. What's going on?
I guess just kind of feeling overwhelmed. I recently started listening to you guys and just looking at our debt and honestly just probably scared. I'm a pastor and then I'm also a chaplain, so I work two jobs there and then I also have another job. And I have... My wife and I, we have around $12,000 in credit cards. And I have just under $80,000 in student loans.
And then, of course, we have our house as well.
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Chapter 3: What should I do if my medical debt has gone to collections?
But I guess I'm just trying to figure out where to get started.
Is it the student loans coming back that's got you feeling some type of way?
Yeah. And so maybe I'm crazy too, but I'm, I'm currently finishing my master's degree right now, which I've cash flowed, um, a whole time. So all of those loans are from my bachelor's degree, which was crazy. And I wish somebody would have told me that to begin with. Um, but, um, but I should have that finished up next year.
Um, but yeah, I'm starting to look at it saying I will have to pay these back and, um, and just realizing we're like one catastrophe away from not knowing what to do. Hmm. Well, what do you have in savings? About $1,200. Okay.
And is your wife working outside the home?
No. And she has a lot of health issues.
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Chapter 4: How can I manage my debt while facing job loss?
And so like we can pretty well bank on after our insurance.
we will pay you know six thousand dollars up front to meet our catastrophic cap every year so she's not actually able to work oh my goodness that's we just know that's coming up again in january as well and um you guys have kids too okay and is there are they older are they in school their child care they're getting ready to be teenagers and my wife homeschools them okay um
But I'm also looking ahead to them going to college and realizing we don't have a whole lot of time. And I do not want them to take out student loans. Yeah.
Can I ask, this might sound strong, but it's just a question. I've got two kids, they're three and five and they're a handful. I used to stay at home with them and I also used to work from home. I wonder, you said your wife's got health issues, but she's homeschooling kids and taking care of them. That's such a big job and it requires so much energy and so much work.
It makes me wonder if there is something that she could do To earn money that might honestly be a little bit less work on her physically. Does that make sense?
Yes.
Am I way off base by even suggesting that?
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Chapter 5: What strategies can help with paying off credit card debt?
She definitely could not work a typical job just with. Literally appointments almost every day. There's a lot of chronic health issues. I will chip into the homeschooling as well as my in-laws will help out with the homeschooling. It's kind of a team effort.
I just wanted to check and float that out there in the most respectful way possible.
We're just digging to find some options for you to help you climb out of this thing. What is the household income?
After taxes and insurance, everything, I bring home Right around $5,200 a month.
Okay, good. That's good. And we've got $92,000 of debt staring us down. So have you started following the Ramsey Baby Steps and looking at the debt snowball and listing them out and seeing kind of what your timeline looks like to get rid of this debt?
I've started listing some of this out.
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Chapter 6: How can I effectively budget to improve my financial situation?
I haven't really... Honestly, when I started listing it out, it just...
It's overwhelming. It became overwhelming. Overwhelming. I feel that. Years back before my husband and I got out of debt, I'm just going to tell you a quick little story time. I went to, I had remembered hearing about Dave Ramsey and I went to pick up the book, The Total Money Makeover, because I thought this will help us.
And of course, in the book, they tell you to start listing your debt, listing your income. And I was so excited getting the book. But by the time I'd actually done all of the things, listing our income, listing our debt, I felt just like, I'm never gonna get out of this.
Because you see that reality staring you in the face, but I promise you, if you keep going and keep doing the things that the plan says, that will start to turn around because you're gonna see something that you can do today, no matter how small, and then you're gonna see something that you can do tomorrow, no matter how small.
And those little things that you do are gonna start to add up to a big impact. And you are going to look back on this and this debt is going to be gone. It might take three years.
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Chapter 7: What are the consequences of ignoring my financial problems?
It might take five years. It took my husband and I seven and a half years, Jeffrey, to make this happen. And so I know that the same can happen for you. And you'll probably do it much quicker because we had four hundred and sixty thousand dollars of debt. So I hope that gives you a little bit of hope in this moment. If I'm you, my my A1 is I'm getting on a budget. Are you using a budget yet?
I just came up with a budget in Excel spreadsheets the other day.
Okay, good. And when you do that budget, how much margin is left to throw at debt?
Above the minimum payments.
I'm not looking at it right now, but probably at least... I would say at least a thousand, but I think I could probably squeeze more out of that.
Okay. Awesome.
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Chapter 8: How can I prevent falling back into debt after bankruptcy?
That's very, that's good. Now what's your mortgage payment every month?
$1,020. All right, so you're good there.
That's reasonable comparatively to your income. I'm trying to figure out if there's anything that's just crushing the budget right now, but the fact that you've got $1,000 to throw extra gives me some hope here because that's at least $12,000 a year, right? So we start just doing the math. We're like, all right, that's going to take a while. The credit cards are gone a year.
Yeah, credit cards are gone a year. Are you going to get an increase in income from this master's?
Maybe at my chaplain job. What was the purpose of getting it? Um, I just kind of always wanted to have that and was trying to set myself up for the future. Um, and then I ended up a few years into it and realized I only have a couple of classes left and yeah, so I'm just, I don't want to not finish it at this point.
Yeah.
Yeah.
I think this is going to, I'm only going to keep it real with you. This is going to require a deep level of sacrifice. And this is probably going to require working like you've never worked before. And that's all I can tell you. You are going to pay this debt off and it is not going to be without sacrifice. And that's kind of that mindset that you have to have going through this.
You're going to sacrifice to win. You're going to work more hours than you've ever wanted to work. You're going to cut your budget leaner than you've ever wanted to do it. But you can do that. And it will be so worth it when you're on the other side of this. In the meantime, I want you to go to RamseySolutions.com slash student loans.
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