Debt Dumpers - 2014

[1andrea]

Okay, now I know what belvita is! I just had to see the box. I've never tried them....hmm something to add to my shopping list! I have a bag of the Parmesan and Herb pita chips in the cabinet, like those too

Try them they're fab.

I finished my last packet today on NYE!

I brought home with me about 40 boxes of 5 packets when I visited in August. I ave them for breakfast each day at my desk in work and sometimes a packet before bed!

I love them!!

X

 

[1andrea]

Student loan repayment question ...
I currently have 4 different loans (groups) ranging from $1800 to $6000 The interest rates are 3.4% to 6%. What would be the best way to pay these off?

Should I go for the lowest loan (it has a 4.5% interest rate)? Or should I go for the highest interest rate?

I am on a income based repayment plan and being single mom with only my income makes my payment zero. I just can't sit and watch the interest stack up. When I called today they told me I have to pay off the interest on the loan I wanted to make payments on before it would start applying to principal.

I was thinking I would go with the lowest loan amount first because I have a better chance of paying off that interest and making regular payments. Like realistically I could start doing that by the 15th of Jan. However, if it is wiser to go with the higher interest rate one to pay down the loans quicker I can look over my budget again and see if that is doable.


I have a little in savings right now and no emergency fund (yet).

Thank you in advance.

I'd pay off the highest rate of interest first as this is the one that will rack up the most interest regardless of anything else. The others will still be accruing interest but at a lower rate :0)

It's hard but stay committed, I live in England so things are a little different for me regarding healthcare and taxes etc.

I've manages to cut my grocery budget by 40%. Put a set amount in a separate grocery account each month then transfer 40% of it out into the Florida fund.

I used to use all of my grocery money each month but started shopping clever. I shop a lot in the food that's at it's use by date so is reduced and freeze if needed and I buy in bulk when things are on offer.

I make soup quite a lot too, carrot and coriander is really cheap to make.

I'd live to have a veggie patch one day to have free vegetables!!

 

[mnewcomer]

I have been watching this tread ever since my husband had 2 emergency surgeries in October & will now have to start Chemo in the New year, we know have $130,000 in medical debit because he could not get medical insurance due to a previous condition. We have an about $20,000 in cc debit too. We own our own business but because of this we have to close our shop to part time so income is cut back I am at a lose right now and don't want to fill bankrupt. So any helpful tips would be great. It is myself, husband and a 9 year old that I home school. Thank you for any advice.

 

[Sew into Disney]

Sew into Disney

In almost every case I would say pay the Highest Interest Loan first yet in your case (Each case is always different) because you are a single Mother, only work 9 months of the year, and haven't been paying anything on your loans, I would start small see how that goes then snowball to the next loan. This will get the loans into your monthly budget then you can go from there. If you don't have a problem meeting the payments you can move to the Higher Interest Loan next.

You could also try to pay as much of the one credit card you have the balance on which you are planning on using your tax return on down, so the tax return could go toward your student loan.

Good Luck keep us in the loop.

Thank you Space Girl for taking the time to look at my previous post and take my full picture into account. I think I am going to find a loan repayment calculator and do some number crunching.
I think I can pull off paying the highest interest rate first. So the CC debt I have will be paid off by March (with the tax return). I could easily take that payment I was using and apply it to the student loan.
The goal is to not use the tax return for anything besides the CC debt. The remainder will go into savings for the months I don't work, saving/emergency fund and for vacation fund.

Oh I am excited I think I can do this! Going to look up calculators ... Man I am a ball of fun on NYE

Shannon

 

[SpaceGirl]

I have been watching this tread ever since my husband had 2 emergency surgeries in October & will now have to start Chemo in the New year, we know have $130,000 in medical debit because he could not get medical insurance due to a previous condition. We have an about $20,000 in cc debit too. We own our own business but because of this we have to close our shop to part time so income is cut back I am at a lose right now and don't want to fill bankrupt. So any helpful tips would be great. It is myself, husband and a 9 year old that I home school. Thank you for any advice.

Michelle

Remember "People First," you have your Husband and Son to get through this catastrophic event. What you and your family are going through is life altering.

Your family always comes first before any bills. Just try and keep things going for right now.

Later you will have quite a few options, medical bills can be adjusted, credit card bills can be paid back at lesser rates. If all else fails then bankruptcy can be a blessing, we have these laws for the above reasons.

Stay positive and strong, my thoughts are with you and your family, someone is always here if you need to talk, vent or rejoice with good news.

Beckie

 

[SpaceGirl]

Oh I am excited I think I can do this! Going to look up calculators ... Man I am a ball of fun on NYE

Shannon

OH YEAH you can do this, and now you have a plan, keep going this is a Great New Year 2014 is the year you are getting rid of your debt.

Beckie

 

[BernardandMissBianca]

WHEW! Finally caught up with this thread.

The end of 2013 has not been the greatest budget wise. In the span of a month I've had to buy a new fridge, dishwasher and my washing machine died this morning. My microwave is also on it's last legs. I was able to pay cash for the dishwasher and fridge, but I think I will have to charge my washing machine. Not, 100% sure yet. But I can't complain to much. We have lived in this house 12 years and we came in with older appliances so it was bound to happen eventually.

DH's lease on his car ran out at the end of Dec, so we bought that out, good news is the payment only went up $3 a month. I can live with that.

My main goal for 2014 is to pay my car off by the end of the year. It's going to be a stretch but I think I can do it. That will free up a lot of money. I also have 2 cards that have less than $500, I want those paid off by April.

I really want to start off the year right and keep up the momentum. I usually start out well but then peter out as things get crazy. This year I want to see it through to the end.

 

[mrsbornkuntry]

WHEW! Finally caught up with this thread.

The end of 2013 has not been the greatest budget wise. In the span of a month I've had to buy a new fridge, dishwasher and my washing machine died this morning. My microwave is also on it's last legs. I was able to pay cash for the dishwasher and fridge, but I think I will have to charge my washing machine. Not, 100% sure yet. But I can't complain to much. We have lived in this house 12 years and we came in with older appliances so it was bound to happen eventually.

DH's lease on his car ran out at the end of Dec, so we bought that out, good news is the payment only went up $3 a month. I can live with that.

My main goal for 2014 is to pay my car off by the end of the year. It's going to be a stretch but I think I can do it. That will free up a lot of money. I also have 2 cards that have less than $500, I want those paid off by April.

I really want to start off the year right and keep up the momentum. I usually start out well but them peter out as things get crazy. This year I want to see it through to the end.

I suggest checking craigslist for a microwave. When mine died I found that many people moving into places that have a built in above the stove sell theirs, I got a really nice one for $30.

Also, can you or your spouse look up a tutorial online to see if you can fix the washer, at least temporarily while you save up for a new one?

 

[gracie1]

WHEW! Finally caught up with this thread.

The end of 2013 has not been the greatest budget wise. In the span of a month I've had to buy a new fridge, dishwasher and my washing machine died this morning. My microwave is also on it's last legs. I was able to pay cash for the dishwasher and fridge, but I think I will have to charge my washing machine. Not, 100% sure yet. But I can't complain to much. We have lived in this house 12 years and we came in with older appliances so it was bound to happen eventually.

DH's lease on his car ran out at the end of Dec, so we bought that out, good news is the payment only went up $3 a month. I can live with that.

My main goal for 2014 is to pay my car off by the end of the year. It's going to be a stretch but I think I can do it. That will free up a lot of money. I also have 2 cards that have less than $500, I want those paid off by April.

I really want to start off the year right and keep up the momentum. I usually start out well but then peter out as things get crazy. This year I want to see it through to the end.

You could also check some local thrift shops near you (if you have any) for microwaves. Luckily, microwaves are pretty cheap nowadays, unless you have the built in over the range kind. Hoping for a better 2014 for you!

 

[BernardandMissBianca]

I suggest checking craigslist for a microwave. When mine died I found that many people moving into places that have a built in above the stove sell theirs, I got a really nice one for $30.

Also, can you or your spouse look up a tutorial online to see if you can fix the washer, at least temporarily while you save up for a new one?

We pulled the washer apart this afternoon and the pump is dead and it won't spin, we think it's a 2 part problem. Which will probably not be worth a repair bill. And with 4 kids we get backed up on laundry fast. I can do some at mom's house but I will probably just bite the bullet and buy new.
I'm trying to decide if I should use my 52 week challenge money again or put it on the Home Depot card. I had planned on using my 52 week challenge money to pay for our hotel for the Princess 1/2. I need to talk to DH tonight and see what to do.

My microwave is the above the stove kind. Right now it's ok, it just takes longer to heat stuff up and if we use it to much it shuts off for a few hours. I will probably go price new ones when we are looking for a washer and I'll just make that a priority to bank that money.

 

[BernardandMissBianca]

You could also check some local thrift shops near you (if you have any) for microwaves. Luckily, microwaves are pretty cheap nowadays, unless you have the built in over the range kind. Hoping for a better 2014 for you!

It's the over the range kind. I'd get a counter top but we have a small Sears catalog house with a galley kitchen. Zero counter space.

 

[gracie1]

I have been watching this tread ever since my husband had 2 emergency surgeries in October & will now have to start Chemo in the New year, we know have $130,000 in medical debit because he could not get medical insurance due to a previous condition. We have an about $20,000 in cc debit too. We own our own business but because of this we have to close our shop to part time so income is cut back I am at a lose right now and don't want to fill bankrupt. So any helpful tips would be great. It is myself, husband and a 9 year old that I home school. Thank you for any advice.

Another thing to do - talk to the hospital about the medical bills you currently owe. I know where I live, when I called to go on a payment plan there is also a plan where I could fill out the paperwork, submit my income taxes for the previous year filed, and fill out my expenses (mortgage, etc.) to see about getting the bills reduced as well. You should definitely look into this. I understand that you do not want to file bankruptcy, but remember that right now your family is most important. Maybe call the cc companies to see about reducing the interest rate as well. Hoping for the best for you and your family And remember that were always here for support, even if you just feel like venting

 

[gracie1]

Thank you Space Girl for taking the time to look at my previous post and take my full picture into account. I think I am going to find a loan repayment calculator and do some number crunching.
I think I can pull off paying the highest interest rate first. So the CC debt I have will be paid off by March (with the tax return). I could easily take that payment I was using and apply it to the student loan.
The goal is to not use the tax return for anything besides the CC debt. The remainder will go into savings for the months I don't work, saving/emergency fund and for vacation fund.

Oh I am excited I think I can do this! Going to look up calculators ... Man I am a ball of fun on NYE

Shannon

I know that you can do this I must be the same ball of fun on NYE - sitting here on the budget board As long as I am on here I am not spending any money

 

[BernardandMissBianca]

I know that you can do this I must be the same ball of fun on NYE - sitting here on the budget board As long as I am on here I am not spending any money

LOL think about all those people charging their drinks just to heave it all up later tonight. Money down the drain, literally.

I'd rather sit at home on amateur night!

 

[gracie1]

LOL think about all those people charging their drinks just to heave it all up later tonight. Money down the drain, literally. I'd rather sit at home on amateur night!

And the bill will add up! After so many drinks I would start buying drinks for others!! Lol! Heck - I am actually sitting in bed already! Although I was up at 6:30 this morning and cleaned and took down decorations. Have been on the move and didn't stop until 6 tonight. I am exhausted!

 

[BernardandMissBianca]

And the bill will add up! After so many drinks I would start buying drinks for others!! Lol! Heck - I am actually sitting in bed already! Although I was up at 6:30 this morning and cleaned and took down decorations. Have been on the move and didn't stop until 6 tonight. I am exhausted!

We're sitting here watching the Bruins game. I'm working on my goals for 2014.
The kids want to stay up til 12 but I said no. We might have school on Thursday if the snow comes later in the day, they need to get back on a school schedule.

 

[gracie1]

We're sitting here watching the Bruins game. I'm working on my goals for 2014. The kids want to stay up til 12 but I said no. We might have school on Thursday if the snow comes later in the day, they need to get back on a school schedule.

I think our schools are out all week. Good luck on your 2014 goal planning! I need to start getting all my documents on a spreadsheet for taxes!

 

[BernardandMissBianca]

Oh thanks for the reminder! I got the documents from my tax advisor yesterday. I need to start getting all that put together. I want to make my appt before we leave for FL.

I wish we were out all week, although we might be with this storm coming. We have a full day Thurs and a 1/2 day Friday.

 

[dayvewc]

I'd like to join in as well.

I've done budget after budget after budget. And have discovered that I can follow them pretty well. My significant other, not so much. I understand why SO wants to spend money when there is some, but getting SO to realize that spending $20 today is costing us more tomorrow just isn't registering for some reason.

My goal for the year is to get rid of my credit card debts (4 cards about $7000 total), build up my savings and retirement accounts, make a significant dent (2+ years or more) on my mortgages (house and timeshares), and cut back from 4 jobs (1 full time and 3 part time) to 1 and 1 (maybe).

I've never heard of the YNAB, I need to go look at it. I've been using combinations of Quicken and excel spreadsheets.

Thanks for having me. And here's to hoping the new year is better than last year!! (which caused ALL of the cc debt when SO was unemployed for 6 months ).

 

[yupikgal]

I'm back in again, it seems like I just joined the 2013 thread! Recap; 5 credit cards totaling the $39k range, paying off the smallest by February) the next one is going to take a bit longer since it's a lot higher balance, but goal is Nov 2014..I'm hoping we can sell our house by late summer/early fall, that will free up about $1800-$2000 more a month, which will help pay down everything a lot faster! We moved for our jobs, and are renting & paying a mortgage which isn't working! Anyway, I wanted to do this to make myself accountable, so here I am! Thanks for your support!