Debt Dumpers - 2015

Why don't you ask your brother, Brandan, about different types of loans available? He is a banker, after all.

dtr_angel said:
Hey guys, I'm mostly a lurker but wanted to pop in and get some opinions on something.

DH and I bought our house in 2009. The mortgage/taxes/insurance is super low but the house is small and old so we never planned on being here very long. We've been putting off some upgrades/repairs because of that. Last year we decided we actually were content with our house and decided to start putting some money into it to make it more 'ours'. We have a list of things we really want to do to the house to feel more settled. Most things are not needs but wants. We've done a few projects as we could cash flow them but at this rate it's going to take 10 years to have it all done and by then we might have moved!

We obviously don't have the ~$10k we need to just pay cash for it. I'm wondering if we should take on more debt and if we do, what is the best kind of loan to get for this type of project? I don't know that much about different types of loans. Looks like a personal loan is out as the interest rate is $$$.

We owe just over $6k on a car loan. It still has 2 years left on it but I'm ahead and it will be paid off this year. We also have DH's student loans. To be honest I'm not in a hot hurry to pay them off. The interest & payment is really low. We live on less than what DH makes and when I work it usually goes towards vacations (just one Disney trip for us in July this year so we can put extra towards home improvements) DH is going to engine school this year and will be making more money in the near future (but never be home whomp whomp whomp)

I know the best answer is to probably just do what we are doing - one set of windows/small project at a time, etc and not take on debt but I would just really love to have it all done.
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Angeejoe said:
Welcome aboard! I find reading this thread keeps me motivated. Everyone here's doing such a great job, it inspires me.

Speaking of a little extra, last month my boss sent me to a day conference, it was 291 miles round trip. I asked my boss after & I was entitled to mileage. I got a $167 check in the mail today!
Click to expand...

Woo hoo! It's great that most businesses will reimburse us for the travel! Plus that gives you a little wiggle room in your budget!
 
dtr_angel said:
Hey guys, I'm mostly a lurker but wanted to pop in and get some opinions on something.

DH and I bought our house in 2009. The mortgage/taxes/insurance is super low but the house is small and old so we never planned on being here very long. We've been putting off some upgrades/repairs because of that. Last year we decided we actually were content with our house and decided to start putting some money into it to make it more 'ours'. We have a list of things we really want to do to the house to feel more settled. Most things are not needs but wants. We've done a few projects as we could cash flow them but at this rate it's going to take 10 years to have it all done and by then we might have moved!

We obviously don't have the ~$10k we need to just pay cash for it. I'm wondering if we should take on more debt and if we do, what is the best kind of loan to get for this type of project? I don't know that much about different types of loans. Looks like a personal loan is out as the interest rate is $$$.

We owe just over $6k on a car loan. It still has 2 years left on it but I'm ahead and it will be paid off this year. We also have DH's student loans. To be honest I'm not in a hot hurry to pay them off. The interest & payment is really low. We live on less than what DH makes and when I work it usually goes towards vacations (just one Disney trip for us in July this year so we can put extra towards home improvements) DH is going to engine school this year and will be making more money in the near future (but never be home whomp whomp whomp)

I know the best answer is to probably just do what we are doing - one set of windows/small project at a time, etc and not take on debt but I would just really love to have it all done.
Click to expand...

I would also recommend a home equity loan if you definitely want a loan.
We bought our house 18+ years ago as a fixer upper (with no intention of moving soon at all). It was built in the early 60s and very few upgrades had been done. When we first moved it we made a list of everything we wanted. Some things needed to be done before we could move in and other things would be later down the road. Some things we thought of as a dreamy wish list and not likely to ever be able to do in reality, like a new kitchen. Well, we've been through that list and things that were done in the early years need redoing now, like carpets.

So my point is, it's never-ending when you own a home. Sure you can take out a loan for immediate gratification but by the time you pay it off, you will be needing something else to be done to your house. We usually use our tax refund for larger projects like replacing all the windows or driveway. The roof took a long time to save for but finally got that done too.
 
ruadisneyfan2 said:
I would also recommend a home equity loan if you definitely want a loan.
We bought our house 18+ years ago as a fixer upper (with no intention of moving soon at all). It was built in the early 60s and very few upgrades had been done. When we first moved it we made a list of everything we wanted. Some things needed to be done before we could move in and other things would be later down the road. Some things we thought of as a dreamy wish list and not likely to ever be able to do in reality, like a new kitchen. Well, we've been through that list and things that were done in the early years need redoing now, like carpets.

So my point is, it's never-ending when you own a home. Sure you can take out a loan for immediate gratification but by the time you pay it off, you will be needing something else to be done to your house. We usually use our tax refund for larger projects like replacing all the windows or driveway. The roof took a long time to save for but finally got that done too.
Click to expand...


You are so right - when you own a home it is never ending! I also have a couple storage sheds behind my house and one now has a leaky roof. It's an old building but has electricity in it as well as my water pump. then there are some drywall replacement I need from where my lovely dog chewed it as a puppy..... But I like your idea of making a list of things I would like to do to the house and pick a project each year
 


gracie1 said:
You are so right - when you own a home it is never ending! I also have a couple storage sheds behind my house and one now has a leaky roof. It's an old building but has electricity in it as well as my water pump. then there are some drywall replacement I need from where my lovely dog chewed it as a puppy..... But I like your idea of making a list of things I would like to do to the house and pick a project each year
Click to expand...

I've done something similar. I have my list of things I'd like to get done on the house and storage shed (new garage door, replace French door for sliding door, replace the deck, replace most if not all of the windows, replace the other doors, build back patio, upgrade kitchen and install dishwasher, replace central heat & air, etc.).

I just never thought to tackle one thing per year. I just look at my list and think "one day". I may just prioritize it and start saving/working on the list. With a goal of getting one item crossed off every 12 months. Hmmmm.

Now, do I prioritize based on personal desire, or realistic expectation of success, or by cost (cheapest to most expensive). Because I would truly truly really absolutely positively without a doubt love to replace the central heat & air, but the estimate I got last fall was $16k (requires 2 separate units and major duct repair), and working to pay down/off some of my other debts means I'm not saving very much each month. But I can see in another year or two having a much better cash flow with those debts paid off, and I think I'd be able to save enough to do some of the other things in the meantime.

Hmmmm, earmark my "savings" as 'Emergency/Home Repair', and knock out some of the cheaper fixes as funds become available ....
 
We've rearranged our list out of neccessity. Some things are more "invisible" and easier to put off such as adding more insulation in our attic. Sure, it's a smart choice and will help us save money down the road but as we drag our hose all over the yard each evening in summer to water our flowers, I can't help but be a tad jealous over our neighbors with a sprinkler system.

Still, it can wait till the debt is paid off. Our cc's should be gone by Chiristmas and dh's truck paid off by St Patty's day.

If your furnace/ac is in frequent need of repairs I would put that at the top of your list. I'd also get several estimates. We got 2 for our driveway. One was 5k, the other was 8k.
With the roof, one was 9500, the other 7300.
Big differences for the same thing.

HVAC systems vary widely so make sure you're comparing apples to apples when getting prices.
This year's home improvements (with tax refund) was a new gas grill, new pull-down attic stairs, and termite treatment.
All 3 were in dire need and could not be put off any longer.
 
Lol. My furnace/act was cannibalized by the people who rented the house before I bought it to cook meth. :crazy2: It doesn't work at all. I'm using space heaters and window units since I moved in 4 years ago.

The plus side is I can close off areas of the house that don't get much use; the down side is its not an efficient method.

I haven't even looked at the attic insulation. It probably could be improved. I noticed this winter that my roof was the first one frost free, so probably an indication of something.

I did get 2 estimates. One was for "at least $10k, depending on how much duct repair has to be done" while the other was for $16k and was guaranteed to cover everything. I kind of had the feeling that the cheaper one might have been more expensive based on how he kept hedging his estimate, but I wasn't in a position last fall to start. I'll get new estimates before I ever get it done, but I was a bit shocked at the rate.

I think my biggest problem going forward is that I always use my tax return for spring break vacation. Guess I'll have to stop doing that.
 


dayvewc said:
Lol. My furnace/act was cannibalized by the people who rented the house before I bought it to cook meth. :crazy2: It doesn't work at all. I'm using space heaters and window units since I moved in 4 years ago.

The plus side is I can close off areas of the house that don't get much use; the down side is its not an efficient method.

I haven't even looked at the attic insulation. It probably could be improved. I noticed this winter that my roof was the first one frost free, so probably an indication of something.

I did get 2 estimates. One was for "at least $10k, depending on how much duct repair has to be done" while the other was for $16k and was guaranteed to cover everything. I kind of had the feeling that the cheaper one might have been more expensive based on how he kept hedging his estimate, but I wasn't in a position last fall to start. I'll get new estimates before I ever get it done, but I was a bit shocked at the rate.

I think my biggest problem going forward is that I always use my tax return for spring break vacation. Guess I'll have to stop doing that.
Click to expand...


Hvac systems are so expensive!! But in the long run will probably save you money if your using space heaters and all. Last year I replaced the roof on one of the sheds and my dad and I scrubbed and painted it. Oy what a job! I just had my house and the roof of my shed power washed by a professional and he does a great job so I think I am going to find out what he will charge to Powerwashing the buildings and then I can paint them one by one. It will take a few weeks since I work 6 days a week night shift but even if I can knock out one a week that will be good. I forgot to add - I have 3 storage sheds on my property. And davey- I have sliding glass doors that go out to my deck but would love French doors!! I just think their so beautiful. I also really want a new front entrance door - with the pretty oval glass in the middle instead of the all steel white door that came on the house. Hmm... I have to get my list together and see what can be done! I'm thinking this year it will just be the sheds and shed roof. Depending on costs.
 
dayvewc said:
Lol. My furnace/act was cannibalized by the people who rented the house before I bought it to cook meth. :crazy2: It doesn't work at all. I'm using space heaters and window units since I moved in 4 years ago.

The plus side is I can close off areas of the house that don't get much use; the down side is its not an efficient method.

I haven't even looked at the attic insulation. It probably could be improved. I noticed this winter that my roof was the first one frost free, so probably an indication of something.

I did get 2 estimates. One was for "at least $10k, depending on how much duct repair has to be done" while the other was for $16k and was guaranteed to cover everything. I kind of had the feeling that the cheaper one might have been more expensive based on how he kept hedging his estimate, but I wasn't in a position last fall to start. I'll get new estimates before I ever get it done, but I was a bit shocked at the rate.

I think my biggest problem going forward is that I always use my tax return for spring break vacation. Guess I'll have to stop doing that.
Click to expand...

It's hard to find a balance between the 2.
For our first few years here literally every penny went toward some home improvement. There was just so much that needed to be done, we had to. After a while I had to remind dh that children don't stay children for long and this house will be here long after we're all dead & buried. There's more to life than our house, right? So once the kids were both out of day care, I went a little crazy on the vacations but still using some tax return $ toward smaller house projects. The last few years we did a lot of major projects and some big trips so now we need to just chill out on both ends.
Dh has been bugging since day 1 to close in our screened porch and turn it into a real room but that's a huge project and with ds starting college in the fall I just can't see it happening.

For me, the space heaters would drive me crazy but I guess it depends where you live. We're in the Northeast so we would probably freeze to death with only space heaters. I think if it's your house and you're paying your bills there's no reason you can't live like you choose. OTOH, if you're not happy with it, then start saving. Do you have to get a furnace and AC unit at the same time? Why not just get the furnace first, then start saving for the AC?
 
Thanks for all the input! You are right, when you have a home it is never ending!! We've just been doing things a little bit at a time. Part of my fear is if we did take out a loan we would keep adding things that we really didn't need to do (i.e. I am not a fan of the white cabinets in our kitchen but they were brand new before we bought our house just over 6 years ago so seems silly to replace them. And if we are going to replace the cabinets, we might as well get new counter tops, a new sink and on and on until we re-do the whole kitchen!)

So far in April we've done 2 new windows and a wall repair upstairs and fencing in our yard. The goal is to have all the windows replaced by fall. 2 down 13 to go! We also have some interior doors to replace, flooring in our kitchen & bathroom, and one exterior door. The biggest expense is on the exterior of the house. We got a quote to just have the paint touched up vs painting the whole thing. In the long run vinyl siding is going to be the better option since it's less maintenance.

The good news is after talking about everything and balancing all our accounts we will be able to cash flow all of the above! We have what I think you call a windfall piling up. We had a savings account with a nice balance that I forgot to add on YNAB! I think this is the money we had been saving to buy land when we were looking to build a house. We still have our federal refund sitting in our checking account that we hadn't decided what to do with yet. Plus this week was my 10 year anniversary with my employer and I got a bonus. I had forgotten that was even coming! I also got en email from HR that on my next paycheck I'm getting the rest of my sign on bonus for completing my 3 year contract. I do need to make sure that I am still entitled to that as I've been per diem for most of those 3 years. DH hits his 5 year anniversary next month so his bonus should be on the last paycheck in May.

Since July vacation is already paid for including all the extras and extra people we keep adding, lol I think all of that is going to home improvement projects and savings. Although I could pay off the car and some of the student loan....
 
ruadisneyfan2 said:
It's hard to find a balance between the 2.
For our first few years here literally every penny went toward some home improvement. There was just so much that needed to be done, we had to. After a while I had to remind dh that children don't stay children for long and this house will be here long after we're all dead & buried. There's more to life than our house, right? So once the kids were both out of day care, I went a little crazy on the vacations but still using some tax return $ toward smaller house projects. The last few years we did a lot of major projects and some big trips so now we need to just chill out on both ends.
Dh has been bugging since day 1 to close in our screened porch and turn it into a real room but that's a huge project and with ds starting college in the fall I just can't see it happening.

For me, the space heaters would drive me crazy but I guess it depends where you live. We're in the Northeast so we would probably freeze to death with only space heaters. I think if it's your house and you're paying your bills there's no reason you can't live like you choose. OTOH, if you're not happy with it, then start saving. Do you have to get a furnace and AC unit at the same time? Why not just get the furnace first, then start saving for the AC?
Click to expand...

I agree it's hard to find the balance sometimes! Less vacations and more house projects or more house projects and less vacations.
 
dtr_angel said:
Thanks for all the input! You are right, when you have a home it is never ending!! We've just been doing things a little bit at a time. Part of my fear is if we did take out a loan we would keep adding things that we really didn't need to do (i.e. I am not a fan of the white cabinets in our kitchen but they were brand new before we bought our house just over 6 years ago so seems silly to replace them. And if we are going to replace the cabinets, we might as well get new counter tops, a new sink and on and on until we re-do the whole kitchen!)

So far in April we've done 2 new windows and a wall repair upstairs and fencing in our yard. The goal is to have all the windows replaced by fall. 2 down 13 to go! We also have some interior doors to replace, flooring in our kitchen & bathroom, and one exterior door. The biggest expense is on the exterior of the house. We got a quote to just have the paint touched up vs painting the whole thing. In the long run vinyl siding is going to be the better option since it's less maintenance.

The good news is after talking about everything and balancing all our accounts we will be able to cash flow all of the above! We have what I think you call a windfall piling up. We had a savings account with a nice balance that I forgot to add on YNAB! I think this is the money we had been saving to buy land when we were looking to build a house. We still have our federal refund sitting in our checking account that we hadn't decided what to do with yet. Plus this week was my 10 year anniversary with my employer and I got a bonus. I had forgotten that was even coming! I also got en email from HR that on my next paycheck I'm getting the rest of my sign on bonus for completing my 3 year contract. I do need to make sure that I am still entitled to that as I've been per diem for most of those 3 years. DH hits his 5 year anniversary next month so his bonus should be on the last paycheck in May.

Since July vacation is already paid for including all the extras and extra people we keep adding, lol I think all of that is going to home improvement projects and savings. Although I could pay off the car and some of the student loan....
Click to expand...


You have the windfall of money coming in and I have it going out!!! Lol. I'm like you - if I started with the cabinets I would want to do everything! I am glad I have vinyl siding and only have to have it power washed once a year! So today I made the decision to go ahead and replace the roof on one of my sheds. It's not in the absolute greatest shape but I figure the roof could get me another 4 years so I can save up for the water pump and all. I would really love to just get rid of the shed but it would be more costly to do that right now- I would have to have electricians and plumbers and then the cost of tear down and haul away. So fingers crossed that I get a good bid this week from a contractor!! After I had the current roof powerwashed a couple weeks ago water came in and filled up the light fixture so it freaked me out - don't want to mix water and electricity
 
Wanted to update yall on the status of everything!

Credit card debt:
Store card one: paid off
Store card 2: 0 balance
Store card 3:0 balance
Southwest visa: down to 2400
Discover: down to 3490
Dis trip is in May is PAID
DIS TRIP oct: 860 left on reservation
We're making progress!
 
Princesspolly0110 said:
Wanted to update yall on the status of everything!

Credit card debt:
Store card one: paid off
Store card 2: 0 balance
Store card 3:0 balance
Southwest visa: down to 2400
Discover: down to 3490
Dis trip is in May is PAID
DIS TRIP oct: 860 left on reservation
We're making progress!
Click to expand...

Nice progress! Keep up the great work! I can't wait to see some zeros on my cc balances!
 
Princesspolly0110 said:
Wanted to update yall on the status of everything!

Credit card debt:
Store card one: paid off
Store card 2: 0 balance
Store card 3:0 balance
Southwest visa: down to 2400
Discover: down to 3490
Dis trip is in May is PAID
DIS TRIP oct: 860 left on reservation
We're making progress!
Click to expand...

That is great! Your doing a fantastic job!!!!
 
Princesspolly0110 said:
Wanted to update yall on the status of everything!

Credit card debt:
Store card one: paid off
Store card 2: 0 balance
Store card 3:0 balance
Southwest visa: down to 2400
Discover: down to 3490
Dis trip is in May is PAID
DIS TRIP oct: 860 left on reservation
We're making progress!
Click to expand...

Good for you!!! It's amazing what a boost it is seeing all those 0 balances!!
 
Murphy came for a visit this week but thankfully only to the tune of $194!!! That was for a new battery, air filter and testing on my car. I had that money in my EF so now I will be working on saving a bit more instead of debt. It felt good to say give me a minute to transfer that out of my savings and into my checking! Instead of, crap I can't afford that! It felt really good. Hope everyone is still doing good! I just love reading this thread!!! Everyone is so great here.

Does anyone else talk to their car? I did last night after it got fixed and my son looked at me like I needed to be committed! I just told it to behave now that I had it in the repair shop twice this week! I reminded it I was being nice and paying for nice things but I'm not made of money so quit asking for things.
 
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