Debt Dumpers - 2013

[BernardandMissBianca]

CrazyCatStacy
First try and get that second quote, this may not be an option but it may. I'm not sure what kind of foundation your home has but when I was a teenager we had a broken pipe under my parents home, it was built on a concrete slab.

To fix the problem the plumbers needed to reroute the pipes around the house instead of under the house, my Dad got the specifications for the new trench and he and I dug this trench all the way around our home. While it took us about a week (After his work and my school) it saved them a lot with the repair cost. So don't be afraid to ask what you or your DH can do to defer some of the cost, it's called sweat equity. You never know with friends you may not even need a contractor to repair the problem.

So sorry this has happened,
Good Luck

I agree with doing as much prep work as you can.
We had to have the septic tank pumped last year and saved $150 by digging to the lid ourselves. We opted to take that money that we saved and put it towards the new cover so we don't have to dig again.
The lid was 350, but we really only spent 200 because we dug the hole ourselves.

 

[BernardandMissBianca]

So we had an interesting week. We didn't pay anything off but we saved a ton of future money.
The DOT cut down a 100 year old maple tree in our front yard and DH, the kids, and I spent last weekend cutting it up. We figure at $180 for a cord of wood, we now have $1000 worth of wood in our back yard.
I will need to get 2 cords that is seasoned for this year, but we should be set for 4-5 years after that. We have one large tree in the back yard that we still need to cut down and that will be anther years worth of wood.

So every weekend it's nice, we will be out there cutting wood. Added bonus? If we are cutting wood, we aren't out spending money shopping!

 

[pjlla]

So we had an interesting week. We didn't pay anything off but we saved a ton of future money.
The DOT cut down a 100 year old maple tree in our front yard and DH, the kids, and I spent last weekend cutting it up. We figure at $180 for a cord of wood, we now have $1000 worth of wood in our back yard.
I will need to get 2 cords that is seasoned for this year, but we should be set for 4-5 years after that. We have one large tree in the back yard that we still need to cut down and that will be anther years worth of wood.

So every weekend it's nice, we will be out there cutting wood. Added bonus? If we are cutting wood, we aren't out spending money shopping!

And cutting and stacking wood counts as EXERCISE too!! ......P

 

[archdandy]

Hey guys! Just wanted to join in for support and to give support. DH and I are working on paying off some major debt over the next couple of years. I just want it gone, I hate it hanging over our heads all the time. I'm sure you guys know the feeling Anyways, good luck to everyone!

 

[SpaceGirl]

So every weekend it's nice, we will be out there cutting wood. Added bonus? If we are cutting wood, we aren't out spending money shopping!

GREAT JOB...and like pjlla said Great Exercise.

My family was worried about me back when I was paying down all my debt, complained I never went anywhere...I would just say "It seems every time I go anywhere I end up spending several hundred dollars." I stayed home and did great until I found on-line shopping.

 

[SpaceGirl]

Hey guys! Just wanted to join in for support and to give support. DH and I are working on paying off some major debt over the next couple of years. I just want it gone, I hate it hanging over our heads all the time. I'm sure you guys know the feeling Anyways, good luck to everyone!

Archdandy

Welcome...Yes we all know what it feels like having debt, just join right in. There are NO small accomplishments here large or small they are all good.

 

[trainsrus]

I am new to this board, my husband and I are looking to cut our debt too. We have 2 children one in college and one in grade school. We are paying for as much of our sons college, he did get some scholarships. My husband makes a good living and my income is not that great. But he travels alot so I cant get another job or change jobs, my job is perfect for our schedule. We were doing very good until this year. Several things happened and now we have a lot of credit card debit.. no medical bills or student loans.. We seem to be stretched so thin lately... any help would be appreciated. He gets a bonus and we get a large tax return each year, which we will use to pay off the credit cards or most of them.. I just feel like Im drowning...

 

[PrincessKymm]

I am new to this board, my husband and I are looking to cut our debt too. We have 2 children one in college and one in grade school. We are paying for as much of our sons college, he did get some scholarships. My husband makes a good living and my income is not that great. But he travels alot so I cant get another job or change jobs, my job is perfect for our schedule. We were doing very good until this year. Several things happened and now we have a lot of credit card debit.. no medical bills or student loans.. We seem to be stretched so thin lately... any help would be appreciated. He gets a bonus and we get a large tax return each year, which we will use to pay off the credit cards or most of them.. I just feel like Im drowning...

Do you have a budget? You can't dig out if you don't know where your money is going.

Also if you do have a budget do you count his bonus as income? If you do can you rework the budget to count the bonus for only debt reduction? If you have credit cards with available balances do everything possible to not use them anymore. Only pay them off. It's extremely hard but everyone on this thread is very supportive so ask away.

Good luck!!!!

 

[trainsrus]

Do you have a budget? You can't dig out if you don't know where your money is going.

Also if you do have a budget do you count his bonus as income? If you do can you rework the budget to count the bonus for only debt reduction? If you have credit cards with available balances do everything possible to not use them anymore. Only pay them off. It's extremely hard but everyone on this thread is very supportive so ask away.

Good luck!!!!

No we dont add his bonus as income, we always use it to pay off credit card or any other debt we get through out the year.
You say budget so we see where our money is going, I have a budget that I use to pay the bills each month.. Not where the money is going.. suggestions?

 

[xCourxCorex]

No we dont add his bonus as income, we always use it to pay off credit card or any other debt we get through out the year. You say budget so we see where our money is going, I have a budget that I use to pay the bills each month.. Not where the money is going.. suggestions?

Try mint.com for a month .. It's an online site that you plug all your credit card, bank account, mortgage, loan etc into and everytime you login to mint it updates .. Then categorizes your spending and you can set a certain amount for each category. It lets you sign up for email alerts if you want, when you're getting close to overspending on any given area. You can also make goals for debt reduction and it will predict when you'll finish based on what you pay off. I like it because it's very customizable this would be a perfect time to start too, since it resets each month. For October just watch and see where every transaction goes (food, entertainment etc) then you can plan for the future months!

 

[SpaceGirl]

Trainsrus

In your post you said "We were doing very good until this year." So without knowing what the new expenses were...like is this ongoing or a one time thing that made you to have to start using the credit cards.

What you need is more money...either make more or spend less.

Having a monthly list of your expenses tells you what you have to have to make mortgage, auto, lights and water. It's the other expenses that can be redirected to help pay off debt. How much do you spend on food, eating out, cell phones, cable? By making a budget or writing down what you spend it will help you see where you can cut back.

You said you don't make much at your job but the hours are good for your schedule, you may have to change your schedule to bring more money in, with your husband traveling is there anyway to cut back on his expenses ?

You wont know until you write everything down and hopefully you can adjust some things to get rid of your debt.

 

[trainsrus]

I am going to sit down when he gets home, his traveling is all paid by his company.

Thank you for the info!

 

[SpaceGirl]

I am going to sit down when he gets home, his traveling is all paid by his company.

Thank you for the info!

Great...now you have started, taking that first step is very important. Remember $5.00 here and there over the month can add up when that bill comes due.

 

[trainsrus]

Yes I agree!! I need to learn to stick to the budget

 

[minnie1928]

we get a large tax return each year, which we will use to pay off the credit cards or most of them.. I just feel like Im drowning...

this sentence shouldn't be overlooked. If you are getting large refunds every year and using them to pay off credit cards that indicates two problems. One - you're withholding rate is too high and you need to adjust it. This will help your cash flow right away. Two - if you're racking up credit card debt every year then you are consistently living beyond your means.

You mention that you are paying for some of your child's college. You need to reevaluate that decision. Are you currently funding your retirement? After paying off your debts and living within your means, retirement should be your next priority. College can be financed, retirement can not.

Mint is a great suggestion. You need to see where your money is going.

 

[minnie1928]

I misread your post, sorry. I thought you had recurring credit card debt.

I would still change your withholding and make sure you devise a plant to track your spending. Those 2 things could make an immediate impact.

 

[ruadisneyfan2]

Girl...All I can do is remind you of your post a few days ago.

All right! I'm back & staying strong. I resisted temptation & I'm keeping focused.
I re read my list and once our debt is all gone, we'll be saving a lot more and trips will still be there. This isn't forever; just temporary!

 

[ruadisneyfan2]

I'm thinking with all the crap they teach in HS, budgeting & managing money should be one of the things. Most people learn how to manage money from their parents which doesn't necessarily make them good at it.

A lot is common sense but if it were so simple, why are so many people so bad at managing their money?

 

[SpaceGirl]

I'm thinking with all the crap they teach in HS, budgeting & managing money should be one of the things. Most people learn how to manage money from their parents which doesn't necessarily make them good at it.

A lot is common sense but if it were so simple, why are so many people so bad at managing their money?

I know this makes me angry I make it a point of teaching my nieces and nephews as much as I can...I'm still trying to make my sisters understand...I can be quite blunt at times.

Glad you rethought the cruise I know it's hard to walk away from a good deal. When all your debt is history then you can plan a Great Trip paid in full before you go.

 

[pryncess527]

ruadisneyfan2 -- - Be strong! If the "good deal" is detracting from more important goals, it's not really a good deal for you! Edit - I see you've already re-thought it. Good for you for staying strong!!!

Hey guys! Just wanted to join in for support and to give support. DH and I are working on paying off some major debt over the next couple of years. I just want it gone, I hate it hanging over our heads all the time. I'm sure you guys know the feeling Anyways, good luck to everyone!

Good luck!

I am new to this board, my husband and I are looking to cut our debt too. We have 2 children one in college and one in grade school. We are paying for as much of our sons college, he did get some scholarships. My husband makes a good living and my income is not that great. But he travels alot so I cant get another job or change jobs, my job is perfect for our schedule. We were doing very good until this year. Several things happened and now we have a lot of credit card debit.. no medical bills or student loans.. We seem to be stretched so thin lately... any help would be appreciated. He gets a bonus and we get a large tax return each year, which we will use to pay off the credit cards or most of them.. I just feel like Im drowning...

I think you should check out You Need a Budget (youneedabudget.com) there is a 34 day free trial so you can try it out and see if it works for you. Most budget programs show you where your money has gone. YNAB teaches you to make spending decisions based on your budget and take active control of what you need your money to do for you. I can't overstate what a transformative impact it has had on our lives.

We finished the month strong! I managed to end the month with an extra $90 in our grocery budget, which was a huge personal victory for me. DH and I went through our September budget yesterday re-adjusting categories to match reality and we were able to make an extra $430 credit card payment! If we can have similar progress in October, our CC will be paid off well before the mental deadline I had set of December