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Friday, August 17, 2007

The "BIG" News...

Well, the big news is, I am stopping all but my very minimum debt payment efforts.





I guess we are in what you would call “crisis” mode.






We have 9 months to save for a baby and all the necessary accessories. Hmmm, maybe now it is becoming a little clearer why I have not been as active on Pic of Wealth lately? Yes, we got the surprising news at the end of July. While it is quite unexpected, we are very excited and I am DETERMINED not to go into debt having or raising another child.

So, what is the plan now? Believe it or not, I am still following Dave Ramsey’s plan. I am just doing so in crisis mode, which means that instead of paying off debt in a big hurry I will be loading up the emergency fund to the maximum possible. Another thing I am doing is saving about $50 a month for other uncommon expenses, like car maintenance, and in this case, maternity clothes and baby furniture.

We already have many of the basics. Our nearly 3 year old daughter still sleeps in her crib, my parents have a twin size bed they want to get rid of, we have a stroller, changing table, bouncer, highchair and swing. As long as it isn’t a boy we have plenty of clothes too. Of course with two girls already my husband is really hoping for a boy. Personally, it doesn’t matter to me. It is already decided anyway, and we should know around Christmas… ugh, Christmas… that ought to be a doozy now!!!

So, now you know the big news. I will be getting much bigger in the next few months. My posts may become a little more tailored to saving for the time being, but I am still paying “slightly” more than the minimums on my credit cards and I am not going to change the amount as the minimums go down. I just won’t be paying off the huge chunks anymore. My tax return which I had planned on really paying it down with will be going straight into savings as well…. Hmmm I should probably start preparing hubby for that.

9 comments:

Shelby T said...

Oh my! I don't know how I would handle that kind of news. Unfortunatly I would instantly think about how much extra day-care would be...as I am sure you did too. Are you going to go right back to work after the baby comes? Three kids in daycare, yikes! I hope the best for you. Selfishly, I also hope you still have time for your blog. I really look forward to it!!! Congratulations!

Jen said...

No, we will only have two in day care. And, I will probably only have to go to work for two weeks before we have summer break. So it won't be so bad. Compared to most mothers in the US I will get a lot of "time off".

Shelby T said...

That is so great that you get summers off to spend with the kids...and save money! How do you only have two in daycare? I thought you had two already. That is impressive that you still have your mind on savings with the news. But, I suppose now is the best time. I made mac & cheese sauce from scratch. I used real cheese, so I don't know if I saved money...but it was healthier. I am looking through my cookbook to see what else I buy that I could make at home. I think it would be great to save money and give the kids something healthier. Shelby T.

Jen said...

My oldest is nine so she isn't in daycare anymore. I was SO not thinking healthy when I went to the store the other day. I just wanted to get out of that place. I guess I need to add another tip to grocery shopping- don't shop if you are sick, lol.

Shelby T said...

That is so funny, and true! I hope you are feeling better!

Shelby T said...

My bad. I was meaning during the summer having three in daycare. When you have changes in budgets (Christmas, summer), do you budget a bit more each month, or just deal with it when the time comes? I'm sure it helps if your ex takes his kid(s) for the summer, especially if you still get child support. Is that the way it works? I'm not quite there yet, mine are still too young for lengthy (out of state) visits. Shelby T.

Shelby T said...

I'm sorry you are having "night sickness". That was the worst! I'm happy you are still making time for this blog. It really helps me, and I enjoying reading it. If you get time, could you reply to my last comment from the 21st? Much appreciated! Hope you are doing okay! Shelby T.

LeeAnna said...

Congrats to you!!! Babies are expensive and they can really put a kink in your budget, but they are worth every penny!! Have a great pregnancy!

Jen said...

Yeah, it actually doesn't matter if they go to see the other parent or not. unless it is specifically in the divorce that way they have to pay child support every month whether you have them or not. Child support is not just for buying things for the child it is to help support the environment they live in so it can be used for gas, groceries or even the electric bill. As long as it is something for the child it doesn't really matter.

But no, we really don't change our budget for summer or Christmas which usually causes more spending but then we get our tax return. However I am not worried about it this Christmas. If we have to spread the money thin that is what we will do. I won't be doing any charges. Actually I will have a post about that soon!