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Old 01-25-2013, 12:24 AM   #211
CloveLeaf
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Originally Posted by Cinderelly5507 View Post
Had to share some GOOD news (for once) hopefully. My insurance raised the copay on my two meds. I since have had my new dr. write new Rx (that not technically generic are generics lol). My total before increase was $80/ month then $140/month after increase. Now, both should be $20-40/month depending on how the insurance actually processes them. I'm not exactly sure yet. Either way, a good savings per month to put into my snowball.

My husband is also calling to cancel Comcast cable and phone. We've been unhappy with their shadiness anyways. We will keep them for Internet though. So, at least another $55/mo savings (even when I add in Netflix).

Our total savings should be at least $95-$115. And as per DR, DH dropped his 12% 401k contribution. It hurt him to do so because his company matches up to 12%. I reminded him that it was only temporary. I know Dave says to do it, but was it the right thing to drop it completely???

Goo luck everyone! I'm enjoying feeling in control of the finances and seeing a light at the end of (a long) tunnel. I hope to get my coupons and shopping list ready today to shop the Kroger Mega sale tomorrow!

ETA: Most of our cc and medical debts are 0% interest. They also have the smallest balances. Should I still follow DR's baby steps and pay them off even though they are interest free?
Dropping that 12% 401K is absolutely a BAD BAD BAD idea. You are leaving a 100% return on the table to save some other interest. Even if your other debts have 50% interest rates, your husband should still contribute 12% to get the match.
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Old 01-25-2013, 12:30 AM   #212
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Completely agree. That is money you don't pay taxes on nor will it be taxable when you take it out many years down the road. Fully maxing my 401, roths, education iras, are not negoicable here. I would eat beans and cereal before I let away of this not get funded. ESPECIALLY a company match. That is money being thrown out the window......
You have to pay income tax when you start withdrawing money from 401K.
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Old 01-25-2013, 05:05 AM   #213
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I think this thread could be helpful for encouraging each other.

I do not think we will be completely out of debt this year, but there are some goals we are hoping to achieve.

1. Pay off Gutter Guard - 800.00 left, hopefully paid off by March 2013
2. Pay off credit card - 2500.00 left, hopefully paid off by May 2013
3. Pay off windows - 5000.00 left, hopefully by May 2014
4. Pay off student loans - 10,000.00 left, hopefully by December 2014
5. Pay off car - I believe the payments are until 2018 at this point, but if the above all gets paid off, this can also be paid off sooner
6. Pay off mortgage - Currently scheduled to paid in full 2026

Thanks for letting me write this out and good luck to everyone in this thread for paying their debts off!
We cut our first bill, gutter guard, in half today!

Only 400.00 left and that one will be gone!
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Old 01-25-2013, 07:02 AM   #214
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That makes much more sense - hope the meds and the savings work out well for you!
Thank you! Me too! Good luck to you as well!
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Old 01-25-2013, 07:05 AM   #215
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Dropping that 12% 401K is absolutely a BAD BAD BAD idea. You are leaving a 100% return on the table to save some other interest. Even if your other debts have 50% interest rates, your husband should still contribute 12% to get the match.
I understand what you are saying. A 12% match is exceptional, which is why we had a hard time deciding what to do. It takes a good amount out of each check. I am a SAHM so Dh's wages are our only income (well, I make some for babysitting twice a week). Anyways, contributions will be reinstated a soon as I can get DH to sit down to look at finances a bit more. He's been working a lot of OT! Yay!
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Old 01-25-2013, 07:15 AM   #216
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We cut our first bill, gutter guard, in half today!

Only 400.00 left and that one will be gone!
Yay!!!
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Old 01-25-2013, 07:56 AM   #217
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We cut our first bill, gutter guard, in half today!

Only 400.00 left and that one will be gone!
Yay!! Your halfway there!
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Old 01-25-2013, 07:57 AM   #218
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Thanks! All the accolades goes to him, he keeps me on the straight and narrow, except when I veer off that path. LOL

He started having the pain around 2000 and went to the doctor. They ran all sorts of tests on him and really didn't do anything. He got disgusted with them and wouldn't go back to any doctor because they didn't do him any good except give him pain meds and tell him to take off a week. Finally, 8 years later in 2008 he had enough of the pain and went to the doctor. They did an MRI and X-rays and showed him that his spinal cord was almost pinched in half! They told him that he would be in a wheelchair if something wasn't done about it. They did surgery and relieved some of his pain but the nerve damage is permanent. He keeps such a positive attitude about it. Never misses a day of work and never touches a pain pill. I don't know how he does it.



I'm actually hoping for about 6 or 7 months...if I can stand it. No Disney vacay for us this year.

No vaca for me this year either. Although once my debt is paid off (which I am so determined to have done in May!) then I plan on taking a weekend away in the fall to celebrate
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Old 01-25-2013, 08:50 AM   #219
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so just balanced the budget and started paying end of month bills. i was very good this month even with my mini-vaca. i avoided most after holiday sales and will be sending in an extra payment towards my student loans this month. only $200 but i also just got all the papers i need for my taxes so i hope to file those early to get a refund early. the ironic thing is my only deduction is the interest on my student loans which drops every year.

i was also given a laptop for christmas with windows 8 on it. i found a debt tracker app. it's awesome because it tracks actual interest vs real interest when you put extra towards debt. it also shows how long it would have taken you to pay it off. i think i will pay the 1.99 after the trail is over as its great motivation (im a visual person ).
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Old 01-25-2013, 10:29 AM   #220
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so just balanced the budget and started paying end of month bills. i was very good this month even with my mini-vaca. i avoided most after holiday sales and will be sending in an extra payment towards my student loans this month. only $200 but i also just got all the papers i need for my taxes so i hope to file those early to get a refund early. the ironic thing is my only deduction is the interest on my student loans which drops every year.

i was also given a laptop for christmas with windows 8 on it. i found a debt tracker app. it's awesome because it tracks actual interest vs real interest when you put extra towards debt. it also shows how long it would have taken you to pay it off. i think i will pay the 1.99 after the trail is over as its great motivation (im a visual person ).

What is that app? I was telling my brother about snowballing (he and his GF have been in debt FOR FOREVERRRRRRR) and told him about Dave Ramsey. He has a debt snowball trial on his website, but then you either buy a year or buy a month at 10 bucks each month. I told him I would ask you guys about FREE snowballing websites that you can actually log into and stay on track with. He would really like one he doesn't have to pay for. He mentioned a couple that you actually input your bank info and cc info...like LOG IN information for whatever cc/banks you use.. He is leary about using that. Any suggestions I can pass along. TIA
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Old 01-25-2013, 10:48 AM   #221
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Some advice please.... I'm looking to cut costs, and I'm considering dropping cable. Right now we have the Xfinity triple through Comcast for $155/month. Our contract (and promotional discounts) are up in August. It would be a $45 termination fee to cancel the contract. To keep just internet would be $71.95/mo plus taxes. I would also get (at least one) of Netflix, Hulu plus or Amazon prime, which would be $7.99/mo plus tax. Thoughts? any other suggestions? Thanks!
Just getting back to this thread and saw this.

We cut cable TV in October (Comcast) but kept the phone and internet.

We picked up Netflix, Hulu Plus, and Amazon Prime. I will probably dump the Amazon because we don't use it often enough because we have a huge DVD library and we have Apple TV with iTunes.
Netflix is great for older shows and seasons, Hulu is great for current TV.

Our cable bill was $245 a month, now it's $95 a month.

I have found that we don't watch as much TV now and we are more selective about what we watch. The kids used to just have it on for background noise, now they listen to Pandora though the TV or DS16's phone if they want noise.

I doubt we will ever go back to cable.
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Old 01-25-2013, 10:56 AM   #222
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Not sure where I left off. We just got back from DC and seeing my dad in the inaugural parade.
Managed to pay for the whole trip without using credit cards, with the exception of the hotel. Mom is paying for 1/2 of that and DH's expenses will cover the other 1/2.

Things paid off or down 2013:
Car taxes $1600
1/2 the Apple card balance - $530
1/2 remaining balance kids tuition - $2811
heating oil bill - $652

This were the big things hanging over my head since Dec. Now that those are out of the way, I feel like I can get ahead instead of treading water. I have a few more things to catch up on, but they are smaller one time bills.
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Old 01-25-2013, 11:07 AM   #223
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This is a great thread.. Our goal for 2013 is to pay off 4 CC (all maxed out) and the rest of Hubs student loan.. that will leave us with one CC, one personal loan and Hubs truck to pay off in early 2014.. we had a vacation slated for the end of Oct for the Food and Wine festival (there is always 2014) but our 2013 had a rocky start with car troubles for both of us and our pipes freezing (thankful not bursting though) but rather then derail the payment plans I made the choice to nix the vacation.. we will keep our summer plans though as those include the kids. keep up the good work friends!
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Old 01-25-2013, 11:25 AM   #224
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Dropping that 12% 401K is absolutely a BAD BAD BAD idea. You are leaving a 100% return on the table to save some other interest. Even if your other debts have 50% interest rates, your husband should still contribute 12% to get the match.

And remember that cutting your 401K contribution may not raise your take home pay all that much. Since 401K contributions are pretax, what you'll see in your check will be quite a bit less once taxes are taken out. It's not like you're going to get that full 12% to pay down debt. Depending on your tax bracket, etc. you might not see much difference at all, or at least not the kind of difference that warrants giving up 12% in "free" money. Oh, and depending on your tax situation, the lack of that contribution may cause you to own on your taxes next year, or get a substantailly smaller refund, which would, again, sort of negate the point.
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Old 01-25-2013, 12:44 PM   #225
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Woo Hoo for everybody on the debt dumping!!!! I was afraid that January was not very good for me due to a bad work schedule. I paid one of the last bills of the month and I am only $9 behind on my schedule to be out of debt in 24 months. As long as I make that by Thursday (the 31st) I should be on schedule. I am doing my own rendition of the snowball method along with the debt worksheet on www.gailvazoxlade.com, I had a bad month at work and still stayed on track, very proud of myself! Also thought I might have to put a dentist bill on my cc ( obviously don't want to do that at all) but I didn't have to, they are giving me 6o days to pay it off at the office, no interest!
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