My

blog post about Wants Needs a couple of weeks ago really generated quite a response, and it has been interesting to receive all of your feedback on the steps that Jenn and I are taking to eliminate our home mortgage.

If you recall, we are considering eliminating/reducing our spending on:

* Cable TV
* Spending Money
* Babysitting Money
* Internet
* Entertainment Money
* Gasoline Money
* Christmas Money

Well, here is an update to our discussion.

* Cable/Internet I was spending $126/month on my stupid cable and internet bill. That is ridiculous!!! After forty minutes of phone conversation and talking to six representatives (yes I counted), I have been able to reduce to basic cable and basic internet for $34/month. That is a savings of $92/month! Annually, that is a savings of $1,104 and it will allow us to color in over 15 extra squares on the Sangl Family Home Pay-Off Spectacular PER YEAR!
* Gasoline Money We are starting to take our lunch to the crusade instead of going home. This allows us to save 12 miles of driving each day. This will save us around $36/month! Annually, that is a savings of $432 and it will allow us to color in nearly 6 extra squares on the Sangl Family Home Pay-Off Spectacular PER YEAR!
* Babysitting, Entertainment, Spending, and Christmas Money are all on the docket for this month's spending discussion. PRAY that this goes well!

As I have routinely said throughout my life - Thoughts and talk without action is mere babble!

We are taking ACTION to destroy this stupid mortgage!

I welcome any money saving tips you may have!

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As I have helped people prepare hundreds of budgets, I realize that debt is sometimes hidden from people.

Let me give you an example.

One of the first things I ask when helping a person prepare a written budget is "How much is your take-home pay?

They tell me a number, and we start applying the famous equation: INCOME - OUTGO = EXACTLY ZERO

Everything is proceeding smoothly until we get to the debt column. The "revealing" of the hidden debt happens here.

The statement is made, "I have a 401(k) loan, but it is taken out of my paycheck. Should we include it here?"

The 401(k) loan is taken from their paycheck before it ever gets to them. Ever hear the saying, "Out of sight. Out of mind."?

I usually adjust the "Take-Home Pay" by the loan payment amount and then include the payment in the debt column.

Here are some common "Hidden Debts" that I see:

* 401(k) loans
* Overdraft loans
* Car payments
* Company loans

These hidden loans are "Out of sight. Out of mind." Yet they are eroding one's ability to win financially.

Expose the debts to daylight and ATTACK them!

Oh, by the way, you ought to list out all of your paycheck deductions and see how much you are paying annually for each one. When you see how much you are paying in taxes, it will ensure that you vote every single time you have the opportunity!!!

You can start your written spending plan by using one of the FREE easy-to-use forms on the

TOOLS page.

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About eight weeks ago and after nearly two years of blogging, I finally established the ability to track the number of downloads for individual forms.

Sometime this week, the

Monthly Budget Form (Excel) will be downloaded for the 1,000th time during that eight week period!

That is ABSOLUTELY AMAZING!!! I put these tools on my web page for FREE because I wanted to help people start winning with money, and it is working!!!

How do I know that it is working? Read some of the success stories HERE.

Are you one of the many who have started using the budget forms to put together a spending plan that works? Share your success story HERE!

Maybe you have been on the fringe reading the writings of this lunatic named Joe Sangl. Is today the day that you will put together a spending plan that works? Click on TOOLS at the top of the page to start your journey to financial freedom!

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I remember the days that I used credit cards to pay for Christmas.

There were two key reasons that I used these fabulous credit cards:

1. I did not save money for Christmas during the year
2. I overspent on Christmas presents

I solved #1 by creating a Christmas escrow account.

Let's say that I wanted to spend $1,000 for Christmas. By saving $83.33 each month, I magically have $1,000 when Christmas arrives! This takes away a lot of stress, and I highly recommend it! You can read more about creating your own escrow account by clicking

HERE.

I solved #2 by putting together a written plan for my Christmas shopping. I pulled up a copy of the Mini-Budget Form (Excel)on the TOOLS page and entered the names of those I am shopping for this Christmas.

At the top of the form, I entered $1,000 for the "Cash Budgeted".

I then wrote in the amount of money that I plan to spend for each person on the list.

Applying my secret formula for financial success, INCOME - OUTGO = EXACTLY ZERO, I spend the $1,000 to EXACTLY ZERO.

By pulling out cash for the Christmas Shopping, I can ensure that I will not overspend!

I am FIRED UP by all of the success stories that readers are sharing via the "Success Stories" link! Have you shared your successes - both large and small? You can do so by clicking on SUCCESS STORIES on the sidebar or by clicking

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"I saved $3,000 when I bought this new car!"

"I saved $250 when I bought this new TV!"

"I saved $200 when I bought this new computer!"

I am sure that you have heard people say this. You have probably said this. I know that I used to say this a lot!

The FACT is that - I have never seen anyone save money by spending money!

I have seen them spend less money, but I have never seen them save money.

People want to believe that they are getting a great deal, AND they know that they should be saving money. Marketers are genius to use the phrase "Save money by buying today!"

I will probably use this phrase when my book is released. I will say … "Save $3 by purchasing today!"

I guess there is one way to kill my statement. That is to take the money that you did not spend and actually save it!!! Like physically putting the money into a savings account where it can gain interest. That would certainly put a hole in my rant!

I really like saving my emergency fund money in my

ING Direct account and receiving 4.2% interest (it's current interest rate)!

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Today, I proudly introduce a new feature - Success Stories!

Beginning today, there will be a link on the sidebar that links to this post. Why? Because this is THE SPOT where you can tell the entire world about your financial successes - both great and small!

Did you save money on car insurance? We want to hear about it!

Did you try out cash envelopes and save money at the grocery store? We want to hear about it!

Did you put together your first-ever monthly budget and actually follow it? We want to hear about it!

I want to hear your stories! We all want to hear your stories! Let's see if we can get 1,000 success stories by the end of the year!

I am going to list one of my recent success stories first! Who's next?

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It seems my

post on eliminating expenses out of my life has generated some really strong feedback.

I have gotten comments on the blog, e-mails sent directly to me, and pretty strong feedback from individuals I see weekly.

I have gotten statements like …

* Joe, you have to live a little!
* Way to go!
* Why are you doing this?
* You should also considering cutting …
* This seems extreme
* You should invest all of this extra money instead of paying down the mortgage.
* You're crazy!

Why is it that all of the people who are suggesting that I am a little off of my rocker for doing this all have house payments?

Folks, I am not doing this to be normal. If I wanted to be normal, I would still have car payments, student loan payments, credit card payments, furniture payments, and dog payments. That is what normal is in America - I've lived that way (except for the financed puppy), and TRUST ME I like the debt free life better!

I CHOOSE to NOT be normal!!! As I like to say when teaching my class - you can call me crazy, weird, a nerd, or anything else - just don't call me broke anymore!

Who's with me?

Jenn are going through a season where we are SICK of paying mortgage payments. We have been debt-free except for the house for nearly four years, but this stupid house mortgage makes us angry!

If we paid the regular monthly payment for a thirty year mortgage at a fixed rate of 6% interest, only 17% of the principal & interest payments made in the first year go to principal! Where does the other 83% go? To the mortgage lender!!!

No wonder people aren't winning financially!

So, Jenn and I are attacking the mortgage. This translates to the fact that we are boosting income and cutting spending.

As part of the "cutting spending', Jenn and I are having to have the Wants vs. Needs discussion.

I have got to tell you, it is BRUTAL!

Here is what is up for cutting or eliminating in our budget:

* Cable TV
* Spending Money
* Babysitting Money
* Internet
* Entertainment Money
* Gasoline Money
* Christmas Money

Here is NOT what is up for cutting or eliminating in our budget:

* Vacation Money (we save for it monthly)
* Retirement Savings
* College Savings

I need some great ideas for saving a boatload of cash. Anyone have any great ideas?

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I remember back when I had an average bank balance of $4.13. I had a savings account that paid a whopping 0.25% interest.

I would be paid something like $0.02 in interest per year, but get charged $5 per month for being under the "minimum balance" they had established.

What a lousy deal! It was a lousy deal when I had $4.13 in the bank, and it was a HORRIBLE deal when I had way more than $4.13 in the bank.

That is why I am such a big fan of on-line savings accounts - especially my ING Direct on-line savings account.

ING has no minimum balance requirement, charges no fees, has outstanding customer service, is FDIC-insured, and is currently paying 4.2% interest on their

savings accounts! They even pay 3.25% interest on their checking accounts!

For money that I am not going to need for at least five years, I invest in mutual funds.

For money that I will need in the next five years, I carry in an interest-bearing savings account that pays great interest!

Let me ask you the question again. How much interest are you getting paid?

As a teacher, counselor, and speaker, I am able to teach personal finances to thousands of people each year.

One of the hardest things for me to see is those "who fall off the wagon."

These are the people who get PUMPED UP to start winning with their money. They put together a written spending plan, calculate their Debt Freedom Date, and tell everyone they know that they are getting out of debt.

Flash forward three months. The written spending plan has been trashed and is not updated. The Debt Freedom Date has been stored away. They hang their heads saying, "I guess we won't be able to win with money."

That hurts my heart! It makes me want to cry! Why? Because I KNOW that the tools I teach WORK! I am living proof! I was able to break free of debt. You can do it too!

I don't know all of the reasons that cause a person to fall off of the wagon, but I am here to tell you that YOU CAN WIN WITH YOUR MONEY!!! You CAN do this!

Pull out the WAGON STAPLERS - your monthly spending plan and debt freedom date calculation!

Go to the FREE TOOLS page and put together a spending plan for the rest of this month. Update that Debt Freedom Date Calculation! Print it out and put it on the refrigerator!

You CAN do this!

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Ever had an experience with customer service that really puts the CUSS in Customer Service?

I have had some seriously frustrating experiences with my cable over the past year.

I will list some of them.

* Cable goes out during nearly every rain storm
* When cable goes out, my INTERNET goes out (it's amazing how tied to the internet I have become!)
* My cable has went out for periods ranging from 1 hour to 17 days
* I can shake a wire outside and the cable service MIGHT come back on, but the company can't figure out why
* I have had no less than four different issues/outages.
* Cable went out during a Purdue Boilermaker football game. That is bad news for the cable company.

When I talk to Cusstomer Service, they have yet to say, "I am so sorry for your problems. You are a very important customer to us, and we are committed to fixing this right away to your complete satisfaction."

In fact, when I do call Cusstomer Disservice they attempt to sell me something! Every. Single. Time. "Sir, would you like to try out our VOIP phone service?" "Sir, would you like to upgrade your entertainment package?" NO! I just want my stinking cable and internet back!!!

So recently I read

my friend's blog post about blazing fast internet service without having to have a home phone AND he saved a ton of money. You can bet that I have contacted him to figure out how I can do the same deal.

I KNOW that companies have issues. ALL companies have issues from time to time. That is when Customer Service is most important!

So cable company, the next time I call with an issue I want to provide you with a written checklist for your customer service agents to follow.

* "I am so sorry that you are having issues today. We strive for excellence, and we are sorry you are having this issue."
* "You are a very important customer to us, and we will not be happy until we have restored your service to its full capability."
* Upon verification of the issue, call and tell me, "I am placing a credit for one month's service on your account. We are so sorry for the inconvenience."
* If you really want to knock it out of the park, you can send me a written repair statement telling me exactly what the problem was, how it was repaired, and what has been changed to prevent this problem from occurring again in the future.

Perhaps you could really go out on a limb and benchmark some companies that are highly regarded for their great customer service. A company that comes to my mind is ING Direct. They have GREAT customer service AND they have a GREAT product!

But it may be too little too late for the Sangl family. Four strikes add up to an out with a mulligan.

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So Robert and Helena have joined the ranks of those marching toward debt freedom!

Today, Robert and Helena brought me this picture of their credit cards.



They SHREDDED their credit cards to spell the words "NO NEW DEBT!!!"

And guess what? For over two months now, they have incurred NO NEW DEBT!

I guess they have had their

IHHE Moment!

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I am starting to invest in a mutual fund for my non-retirement dreams.

I thought I would share some of my non-retirement dreams.

* A LONG trip to Australia and New Zealand
* A LONG trip to Europe - starting in England, including Denmark, Germany, Austria, and ending in Poland.
* A LONG trip to Israel
* My daughter's wedding (whether I like it or not, she will probably get married some day)
* A really nice ski boat
* A really nice fishing boat
* A 100 acre farm
* A LONG trip around the United States

What are some of your dreams?

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Note: This situation has occurred MULTIPLE times in multiple venues and does not reflect any one situation.

As a financial counselor and teacher, I have encountered many horrible financial situations.

There are times that I leave the conversation thinking, "I don't think they get it!"

I have had people approach me for advice. Their situation? They are three months behind on the house payment and cars have been/are in the process of being repossessed. Their car payments are 40% of their take-home pay. The amount owed on cars is equal to two year's salary! The list of horrible, depressing situations could go on …

When I ask them how many hours they are working and how many jobs they have, the answer is forty hours and one job!

How is that possible?!!! If being three house payments behind does not motivate one to go get more hours and income, at what point does the fire alarm start ringing?

If I were even close to being behind on a house payment I would have five jobs by the end of the day! I would work eighty or ninety hours each week to get out of the situation!!!!!!

I feel like I am having to sell the concept of earning more money to pay the house payment.

I hear excuses like, "I'm not going to work at McDonald's. They only pay $7/hour."

I understand that they don't want to work at McDonald's, but desperate times call for desperate measures! By working 20 hours per week at McDonald's, they will bring home an extra $400 take-home pay to address the past due situation payments!

Don't get me wrong. I want them to earn as much per hour as possible, but when McDonald's is the option available - take it!

There are times when the world seems all wrong, the bills are stacking up, and life is just not fun. There are two choices available - stand around and watch it all be taken away OR take matters into one's own hands and generate enough income to recover!

You can AVOID falling behind on your payments by spending your money on paper BEFORE the month begins! Click

HERE for free budgeting tools.

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I am the youngest of six boys in my family. There are no sisters.

You can imagine the state of chaos that our family was in most times. Six boys smashing, pounding, beating, trashing, yelling, and generally misbehaving at all times.

When times got particularly out of control, my mother would have an IHHE Moment. She would announce (to no one in particular) in a LOUD voice - "I Have Had Enough!!!" She had an IHHE Moment.

I can tell you this from experience - when mom had an IHHE Moment, things were changing! Life as we knew it was OVER!

I wonder today if you have had an IHHE Moment with your financial situation. Have you had enough? Are you sick and tired of never having enough money to pay all of the bills on time? Are you sick and tired of falling behind on the house payment? Maybe you are not able to invest money because of the amount of debt you have.

My IHHE moment was in December 2002. My first ever

blog post relates some of the story.

Here are some characteristics of IHHE Moments:

* Change happens
* It is an emotional event
* Everyone around that person KNOWS that an IHHE Moment has occurred

If you have had your IHHE Moment - tell everyone about it by writing a comment or e-mailing it to me.

I love to hear stories of life change!

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Introduction

This couple has announced to their debt that they are breaking up with it. Their friendship with debt has waned and frankly, it's time for them to cut debt out of the picture.

It has now been three months since Couple #2 began their March Toward Debt Freedom! This PUMPS me up! Why? Because I know that the third monthly spending plan is when financial plans really begin to take off!

On to the update.

Here is their updated

Debt Freedom Date calculation.



What went well this month …

Great news!! We paid off two credit cards; Belk and Home Depot!!! This will free up $125 to put toward paying off the Providian. We are so excited!! We did not accumulate any new debt this month either. The cash envelopes have really helped us to “live within our means.” We never thought of ourselves as “living above our means” before, but that is exactly what we were doing over the last several months. Thank God for Joe and his plan to help us become debt free. We have a ways to go, but I feel like a different person…like I have more control over our future.

Challenges and struggles for this month …

We had to practice saying NO this month. Both of our envelopes ran out of cash pretty fast, so we had to "just say no." In a way it was nice, but still tough. Sometimes we think we need to do everything just because we are asked, but now we have realized if it is not budgeted, we don't do it. Our family and friends were very understanding. I simply explained to them what we were doing and they were very respectful of our decisions. The cash envelopes take time to get used to, but in the long run we know if we say no today we can say yes in the future. Next month we are going to work on making the cash envelopes last longer.

One more thing…in the beginning, we estimated on how much we owe on our Student Loans and Vehicle One. However, we realized that we estimated a little high on Student Loan Two & Vehicle One and low on Student Loan One. We owe about $900 less on Student Loan 2, $500 less on Vehicle 1 and $400 more on Student Loan 1. Lesson learned…double check everything, even if you think you are correct. Luckily, we owe less than we thought, but it would not have been encouraging to learn we had more debt. This was irresponsible on our part, but I want to tell everyone just in case someone else out there did the same thing.

Sangl says …

I am so PROUD of Couple #2! They have made it through the three most difficult months of developing good spending plans. They are well on their way to Debt Freedom! I think it is awesome to see that the Debt Freedom Date has moved up 1.6 months from last month!

Couple #2 - Make sure that you are preparing for Christmas in your spending plan. You want to make sure that you can pay cash for Christmas and continue your awesome progress!

I am so appreciative that you are willing to share your journey with thousands of others!

Readers …

How has Couple #2 inspired you to take control of your finances? Would you leave a word of encouragement in the comments?

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Introduction

Couple #1 has HAD IT with debt! They have been married for many years and have two children.

It has now been two full months since they embarked on their Debt Freedom March!

Here's the update for this month!

What went well this month …

The budget is in effect and being cursed daily. Smile. The debt is being taken out 1 by 1. Two Cards are ZERO and a 3rd will fall this month The emergency fund is funded.

Challenges and struggles for this month …

It is hard because Christmas is coming ,and I have obviously not looked at a calendar. I am going to do the best I can to go without in other areas and cut back on total Chistmas spending. This time next year I will have Christmas already funded.

Here is what their updated Debt Freedom Date calculation looks like.



You can calculate your own Debt Freedom Date by clicking

HERE!

Sangl says …
The first three months of budgeting are the most difficult. You are changing your spending behavior and that takes a lot of effort! I am proud of Couple #1 for sticking to the plan! The plan will work if Couple #1 works the plan!

Couple #1 gained 0.20 months toward their debt freedom over the past month, but don't miss the HUGE accomplishments! Two of their credit cards have left AND they now have an emergency fund! Take a lesson from Couple #1 - BEFORE you go attack debt, make sure that you save up at least $1,000 in a beginner emergency fund. If you have kids or a house, I recommend at least $2,500!

A note to Couple #1 - You don't have to incur debt for Christmas! This is THE YEAR and THE TIME that you are changing your spending behavior! The best Christmas in the world is the one that is a blessing to you and your family. Avoiding debt will bless your family!

Way to go Couple #1, you are on your way!

Readers …
Would you write Couple #1 a note of encouragement - especially as to how you have avoided Christmas debt?


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Jenn and I had the awesome opportunity to carry the crusade for financial freedom to Revolution Church in Canton, Georgia where

Gary Lamb is the pastor.

It was a fantastic weekend!!! Here is why it was AWESOME!

* On Saturday afternoon, I was able to meet up with Executive Pastor Malcolm Young and a couple from the church who have a passion for helping others become debt free! I was able to walk them through the financial counseling process that I have used to counsel hundreds of people. I LOVE being able to meet and teach others who are on the crusade!

* After the counseling training, we went out to dinner with Malcolm and his wife Amy and Chris and Carlene (sp?). I love meeting people who are fully bought in to a ministry!

* On Sunday morning, I had the opportunity to see a portable church in action (setting up in a movie theater). It reminds me of the old days at NewSpring Church.

* I was able to share my story with the church on Sunday morning during both services. I love sharing what has happened in our life financially. It is why I went on a crusade!

* After the second service, we raced over to the church offices to teach the Financial Learning Experience. Get this - I had to teach the FLE twice!!!! The first one sold out, so I had to teach it again!

* I taught the class two times - one at 1PM and the other at 4PM. LIVES WERE CHANGED - No doubt about it! That FIRES ME UP!!!!

Why did the Financial Learning Experience sell out? Because Revolution Church had the absolute best series on finances that I have ever followed with a FLE. Gary and Malcolm taught practical how-to type finance topics that were taught via take-home-and-do-this type teaching. You can hear the message series by clicking HERE. The message series is called Pirates - Reclaiming Your Lost Treasure.

Gary, Malcolm, Amy, and all of the awesome staff and volunteers of Revolution Church - you made this Financial Learning Experience AWESOME!!! Thank you!

Interested in having Joe teach the Financial Learning Experience at your church or business? Contact Joe

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HERE.

Here is what has been taking place in the Sangl household from a financial standpoint.

* We have finally received the final bill from the hospital from my hernia repair surgery in June. If I had not had medical insurance, I would have been on the hook for over $23,000 - WITH DISCOUNTS. Since I did have medical insurance, I am obligated to pay the full deductible which was $3,000. If you don't have medical insurance, GET IT NOW! At least acquire major medical/catastrophic health insurance with a super-large deductible!
* My health insurance qualifies for a Health Savings Account (HSA). That means that I don't have to pay taxes on the $3,000 in health insurance costs! If my tax rate is 25%, I would have had to use $4,000 of my income to get $3,000 in take-home pay! I love tax-advantages!
* I recently paid my annual health club membership fee. By paying this annually instead of monthly, I only have to pay for eleven months! Every month I save 1/12 of the annual membership fee and PRESTO! the money is there when the bill comes due! I call it the

Known Upcoming Expenses Escrow Account - and you can put together your own escrow account by visiting the TOOLS page.
* My annual life insurance premium and Christmas shopping are also going to happen next month. I am GLAD that I have the escrow account! It makes it SO MUCH EASIER to save for these larger, non-monthly expenses.
* I noticed that ING Direct lowered their interest rate by another 0.10% when the Fed dropped rates this week. Oh well, they are still paying 4.20%! If you have not opened an on-line savings account with ING Direct, you can still get $25 FREE if you open the account with at least $250. I still have a few of those links left. You can click HERE to open your account and get $25 FREE!
* My daughter turns eight in a couple of weeks! Where did all of the time go? I think it is high-time that I review her 529 college savings and make sure we are on the right track!

What financial activities did you embark on over the past week?

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Why is it that I have five different places to spend each dollar that I earn?

My wife and I put together monthly budgets (get yours FREE by clicking

HERE) and that means I get my spending money once per month.

By the end of the month, it is extremely rare for me to have money left! Why? Because, I am the spender of the family. Take for an example this month. I had $3 left on Monday. It left me by Tuesday. On Wednesday and Thursday, it was $0 expenditure days! It was impossible to overspend because we use cash envelopes! When the money is gone - it is GONE!

Some might say, "Joe, you are dad-blamed crazy! You have no debt except the mortgage and could easily increase your spending money. Why do you insist on living this way?!"

The reason? Jenn and I have some big huge dreams. Some of those dreams include paying cash for Melea's college, paying cash for her wedding, funding our retirement well, giving Melea a paid-for house to start life out with, and giving to some worthy causes that we really believe in!

Sure, I can bump up the spending money, but I will just be robbing myself of some of my future dreams!

I hate robbery and theft, and I REALLY HATE IT when I rob from myself!

So yesterday started a new month. I have money to spend again. Trust me, I am confident that I will spend 90% of it during this next week.

With all of that said, here is how I have planned to spend the money this month. By the way, I used the Mini-Budget to plan my Spending Money. You can get your FREE copy HERE.



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I am so excited to be teaching the Financial Learning Experience in Canton, Georgia on Sunday! The first session has sold out, so I will be teaching the FLE twice! There are a few tickets remaining for the 1:00PM - 3:00PM session. You can obtain more information by clicking HERE.

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Every month there will be an update of Joe & Jenn's Home Pay-Off Spectacular! The second monthly update is TODAY!

I have had ENOUGH of the stupid house payments!

While I could pull money out of my investments and pay off the mortgage, the penalties are too great (vast majority of investments are in tax-advantaged retirement accounts).

So Jenn and I have shook hands and made an agreement that the house payments will be gone within four years. You guys will all get to watch the mortgage leave by watching the "Sangl Family Home Pay-Off Spectacular" turn green!

With that, here is the update!

Total Squares: 2,426

Paid-For Squares: WAS: 658 NOW: 674

Squares Remaining: WAS: 1,768 NOW: 1754

% of House Owned By The Sangl's: 27.8%

% of House Owned By Wells Fargo: 72.2%



Here is the fact that is making me hate the house mortgage this particular month. We sent in MORE than TWO monthly payments this month. That is a LOT of money!!! BUT, it only paid off 0.6% of the stupid mortgage. ARGH!!!! I HATE house payments! Maybe next month, I will send in 50 house payments … Anybody want to donate to the Joe & Jenn Mortgage Early Pay-Off Charity?

By the way, 50 house payments would only pay off 15% of the stupid mortgage. Proverbs 22:7 sure rings true! I am so OVER house payments!

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