Yep, that's right. My very first time handling a household's finances, and we're starting out at the bottom of the barrel. At least the bottom doesn't appear to be falling out of this barrel, so I don't think we'll be crashing through into depths unknown...
I've set up a budget in Excel that includes saving for a new (used) minivan, to be purchased no later than six months from now. I don't fancy the idea of biking around during the dead of winter in Chicago. Especially not with two li'l uns! We turned in our car to the financing company, opting for that instead of trying to keep it and not saving a dime toward a bigger vehicle. After all, our credit can't exactly be any more ruined, can it?
As soon as we've purchased the minivan, we'll start saving for the future. Like for kids' educations, retirement, our next vehicle, etc... A whole new world is opening up to me, and I'm getting a little excited. Bankruptcy sucks, but it isn't the end of life. Just the end of life as we knew it...
Beginning in Bankruptcy
June 18th, 2007 at 07:52 pm
June 18th, 2007 at 08:22 pm
June 18th, 2007 at 09:07 pm
June 18th, 2007 at 09:33 pm
June 19th, 2007 at 12:58 am
June 19th, 2007 at 04:13 am
June 19th, 2007 at 05:14 am
June 19th, 2007 at 05:56 am
June 19th, 2007 at 10:23 am
June 20th, 2007 at 03:06 am
An Emergency Fund is an absolute must - with small kids you never know when you will need it. Even a couple of $$ a week will get it started.
Don't worry about the kids education there is still lots of time - think about saving 3 - 6 mths EMF after the car.
BTW welcome and try to blog daily especially in the beginning when you are needing support & encouragement