Debt Dumpers - 2015

[DisneyLifer87]

The important thing to remember is that your dh is ok. Material things can be replaced. Budgets can be adjust. Good health is priceless and something $ can't buy. That is the biggest lesson I've learned working in a hospital/trauma center.

Yes, it could have been much worse! We did get fortunate, though. The car was a total loss, but due to our GAP insurance we did not even need to pay a thing (deductible was also covered). So, we used our $500 deductible from savings and instead put that down on a used vehicle which we were fortunately able to get with the help of the dealership making a few calls. The interest rate is even low, so in a way we are not out much. $500 from the rainy day fund and drama is over!

 

[gracie1]

Yes, it could have been much worse! We did get fortunate, though. The car was a total loss, but due to our GAP insurance we did not even need to pay a thing (deductible was also covered). So, we used our $500 deductible from savings and instead put that down on a used vehicle which we were fortunately able to get with the help of the dealership making a few calls. The interest rate is even low, so in a way we are not out much. $500 from the rainy day fund and drama is over!

That is great that everything was covered and you were able to get another vehicle. It always causes stress not knowing what to expect financially. Thank goodness your husband was ok!!

 

[PrincessKymm]

I'm back on board for 2015. With any luck and lots of hard work I can be debt free except for student loans by November. Great Christmas Present to myself!!!

I worked 77 hours last week, since I don't qualify for OT I received a very generous bonus in addition to my quarterly bonus so I will have my baby EF established by the end of January. I'm so excited!

I need to purchase some furniture this year as well but I want to pay cash. I have a huge problem keeping my clothing store credit cards in my pocket so I need to work on only paying cash for what I want. I think if I leave it at home I'll be ok.

I also need to learn to say no. Not really to myself (that part is easy!) but to other people, especially my mom. She's crazy and just getting worse...it's so much easier to just give her what she needs so I don't have to deal with her all the time.

 

[ruadisneyfan2]

I'm back on board for 2015. With any luck and lots of hard work I can be debt free except for student loans by November. Great Christmas Present to myself!!!

I worked 77 hours last week, since I don't qualify for OT I received a very generous bonus in addition to my quarterly bonus so I will have my baby EF established by the end of January. I'm so excited!

I need to purchase some furniture this year as well but I want to pay cash. I have a huge problem keeping my clothing store credit cards in my pocket so I need to work on only paying cash for what I want. I think if I leave it at home I'll be ok.

I also need to learn to say no. Not really to myself (that part is easy!) but to other people, especially my mom. She's crazy and just getting worse...it's so much easier to just give her what she needs so I don't have to deal with her all the time.

I keep my Kohls card and my ATM card at home. I'm really not a big shopper but I used to be. If I need cash I plan ahead and only tap what I need.
Good luck!

 

[gracie1]

I'm back on board for 2015. With any luck and lots of hard work I can be debt free except for student loans by November. Great Christmas Present to myself!!!

I worked 77 hours last week, since I don't qualify for OT I received a very generous bonus in addition to my quarterly bonus so I will have my baby EF established by the end of January. I'm so excited!

I need to purchase some furniture this year as well but I want to pay cash. I have a huge problem keeping my clothing store credit cards in my pocket so I need to work on only paying cash for what I want. I think if I leave it at home I'll be ok.

I also need to learn to say no. Not really to myself (that part is easy!) but to other people, especially my mom. She's crazy and just getting worse...it's so much easier to just give her what she needs so I don't have to deal with her all the time.

Is your mom a shopper as well? Mine is - and she really can't afford to be the way that she does!

 

[OhMari]

Completed another survey today so earned $3 extra to put towards debt. The kids had a snow day the other day so took advantage and went around the neighboorhood shoverling driveways for money. They each made around $30 each. I was so proud of them.

I collect up a bunch of change and put in change jar. The kids are going through their rooms today to set aside stuff for the spring garage sale. It is so cold here today so they don't have school.

We had a plumbing issue yesterday and tried to fix ourselves but no such luck. I was dreading calling a plumber as that was not in the budget, however my DH has a friend who does plumbing work and he came over and only charged us $25. I was very happy with that. DH already had some cash on hand to cover the cost so it won't mess up my budget for the month.

I hope everyone is staying warm and on budget!

I do survey's, what site do you use, (just don't link it).

I feel like I slipped in a hole and got knocked over the head this month.

My dh had to do his yearly clothes shopping at Kohls, and I earned $40. I got it on the 4th and I only had one week to use it, it expired on the 11th. I wish I would of looked in my purse and read the stupid coupon. I feel like writing a letter to Kohl's and telling them to shove it up their donkey butts. Get this, I was in the store on Sunday and never looked at the coupon, I thought I had more days to use it.

2nd-I am working on paying off my dd's wedding and I had an interest charge on my credit card. It stinks paying interest, when I have not done so in a very long time.

3rd-Our furnace is slowly dying, it will only heat to 65. Luckily when we put our house on the market last July, we were approved for a Home Warranty Insurance Policy. Our out of pocket will be $650-not $3,200.

4th-The Home Inspector came through our house last week and said our 125 year old house, electrical system is outdated and needs to be brought up to code. An electrician gets $100 an hour. He said it will take 2 days, so that is $1600, plus the cost of materials. Get this, 2 guys, each get $100 an hour, so we were thinking this would cost around $3,000, nope more like $8,000.

Ok, sorry for venting-I am really beginning to hate the phrase-"Up to Code".

 

[Docmom]

I do survey's, what site do you use, (just don't link it). I feel like I slipped in a hole and got knocked over the head this month. My dh had to do his yearly clothes shopping at Kohls, and I earned $40. I got it on the 4th and I only had one week to use it, it expired on the 11th. I wish I would of looked in my purse and read the stupid coupon. I feel like writing a letter to Kohl's and telling them to shove it up their donkey butts. Get this, I was in the store on Sunday and never looked at the coupon, I thought I had more days to use it. 2nd-I am working on paying off my dd's wedding and I had an interest charge on my credit card. It stinks paying interest, when I have not done so in a very long time. 3rd-Our furnace is slowly dying, it will only heat to 65. Luckily when we put our house on the market last July, we were approved for a Home Warranty Insurance Policy. Our out of pocket will be $650-not $3,200. 4th-The Home Inspector came through our house last week and said our 125 year old house, electrical system is outdated and needs to be brought up to code. An electrician gets $100 an hour. He said it will take 2 days, so that is $1600, plus the cost of materials. Get this, 2 guys, each get $100 an hour, so we were thinking this would cost around $3,000, nope more like $8,000. Ok, sorry for venting-I am really beginning to hate the phrase-"Up to Code".

Ack! Don't know if it's an issue in your area but we bought an older (mid 1960's) home in central Florida this past summer. Getting insurance was a pain because it's an older home. Some companies wanted both the electric and plumbing redone to insure...even though home inspector said everything was ok. All wouldn't insure without a new roof since the roof was over 15 years old. Just an FYI.

 

[OhMari]

Ack! Don't know if it's an issue in your area but we bought an older (mid 1960's) home in central Florida this past summer. Getting insurance was a pain because it's an older home. Some companies wanted both the electric and plumbing redone to insure...even though home inspector said everything was ok. All wouldn't insure without a new roof since the roof was over 15 years old. Just an FYI.

This is why we are trying to sell the home as is. But we were countered offer to look into the furnace which we did because it wasn't working, but now they want us to update the electrical, which is going to cost us $8,000.

We lowered the price of our home $15,000, now minus another $10,000. I want to break our contract with the buyers, we know these repairs need to be done, but it is at our expense and the buyers are getting a huge bargain house now.

 

[Deffenm]

I do survey's, what site do you use, (just don't link it).

I complete survey's through pinecone. I usually get about 1 week. I know $3 isn't a lot but it only takes 5-10 min to complete survey.

So far things are going well this month. We are sticking to our budget and savings plan. I just hope murphy stays away. He visited us way too much last year.

 

[emh23]

I would love to join in on this thread! 2015 is a year of saving and a vacation for us. We have never taken a family vacation so we are saving not only for that but for 2016 to start our home renovation projects.

My car will be paid off in March so that is our first big payoff! I am also doing the money savings challenge on top of regular savings but since I get paid every 2 weeks I am just putting in $53 every paycheck to equal about $1350 at the end of the year. Anyone else doing that challenge?

 

[tikitorie]

I would love to join in on this thread! 2015 is a year of saving and a vacation for us. We have never taken a family vacation so we are saving not only for that but for 2016 to start our home renovation projects.

My car will be paid off in March so that is our first big payoff! I am also doing the money savings challenge on top of regular savings but since I get paid every 2 weeks I am just putting in $53 every paycheck to equal about $1350 at the end of the year. Anyone else doing that challenge?

Also doing the savings challenge since I find that Christmas time is when it is especially hard not to use credit cards. My goal this year is to have money from the savings challenge to use for Christmas and to pay off 4 credit cards ( not huge balances but boy do they add up). More importantly we're doing this as a family, I want the kids to see how difficult it is to get credit cards paid off. Just got Dave Ramseys game for Christmas to reinforce what I've been trying to do

 

[maybebecca]

Update from me, with good news.

First, paid off our Kirby vacuum, so that's one payment out of the way. And we're putting that amount toward our highest interest loan, which is a car payment, and will be paid off by September. Then the payment that was going there will be redirected in avalanche style. Based on unbury.us, well be able to be out of debt, if no future impediments, by 2026. It's a long road but we're young and that's actually a great deal. Of course we are also saving money as well, so if there are issues they should hopefully be able to be resolved. Everything is going well on the debt dumping front and hope everyone else is having a good go of it.

 

[ksh1111]

My dh had to do his yearly clothes shopping at Kohls, and I earned $40. I got it on the 4th and I only had one week to use it, it expired on the 11th. I wish I would of looked in my purse and read the stupid coupon. I feel like writing a letter to Kohl's and telling them to shove it up their donkey butts. Get this, I was in the store on Sunday and never looked at the coupon, I thought I had more days to use it.

Did you ask Kohls if they will extend the date of your Kohls cash? My store has extended mine before, when I ask nicely or explain I was out of town. Worst they can say is no!

 

[OhMari]

Did you ask Kohls if they will extend the date of your Kohls cash? My store has extended mine before, when I ask nicely or explain I was out of town. Worst they can say is no!

The closest store to be in Fond du Lac WI, absolutely refuses to let you use our Kohl's Cash past it's expiration date. Me and my dd's are going shopping this weekend and we are going to try a Kohl's store in a different area about an hour away.

 

[BernardandMissBianca]

We moved a higher interest rate card to another card I had paid off, they were having a 0% interest deal until July 2016.
I will be taking the interest we are saving and putting that extra towards the balance. Should have it paid off before Christmas.

 

[lilia78]

I'm new to disboards and would like to join the Debt Dumpers!
I have a $20,000 line of credit. It is the only debt I have. Our home and vehicles are paid off. My credit card debt has all been taken care of, etc.
My husband has an awesome job and he pays the bills including my credit cards, but the LOC is mine alone. I have about $5000 is savings and presently am on short term disability from work. I make just under $300 a week and will probably be going on long term shortly.
What is the best way to tackle this? I'm thinking trying to keep my savings and continue to have DH pay the other bills and make payments of $200 weekly on the LOC with the exception of once a month when the $200 is directly transferred to RESP and RRSP.
Thoughts?

 

[bcwife76]

I'm new to disboards and would like to join the Debt Dumpers!
I have a $20,000 line of credit. It is the only debt I have. Our home and vehicles are paid off. My credit card debt has all been taken care of, etc.
My husband has an awesome job and he pays the bills including my credit cards, but the LOC is mine alone. I have about $5000 is savings and presently am on short term disability from work. I make just under $300 a week and will probably be going on long term shortly.
What is the best way to tackle this? I'm thinking trying to keep my savings and continue to have DH pay the other bills and make payments of $200 weekly on the LOC with the exception of once a month when the $200 is directly transferred to RESP and RRSP.
Thoughts?

Welcome! Nice to see another Canadian here, too

What is the interest rate you are earning on your Savings account? If the interest rate is lower than the interest rate you are paying on your LOC you might be better off taking that $5K and sticking it down on your LOC. However, since you are currently on disability do you require the savings as a nest egg as it were?
While contributing to an RESP for your kid(s) is a great thing, you might want to funnel the money that you are putting to your RRSP to your LOC as well. Since you are not currently working there are no tax advantages for you to have your RRSP. When I became a SAHM I stopped contributing to my RRSP and my DH just started upping his monthly contributions instead since my contributions gave no advantage on our income tax.

 

[lilia78]

That makes sense. While I dont think I "need" a savings I feel better having it there. I'll see about stopping my RRSP contributions for the time being and that can be another $100 a month to the LOC, so $700 to LOC and $100 to RESP. As I get closer to having paid down maybe I can use my savings then to pay it off sooner. I also plan on putting any extra money to it such as income tax refund.
Thanks
I'm also doing the weekly savings plan with the plan that the money I save there can go towards my LOC as well. I love the DisBoards

 

[superme80]

We are paying off our credit card and DH's dental bill. I REALLY want to go to Disneyland this Christmas so tons to do. I know our credit card will paid off with taxes, but I am trying to knock out an extra I can. So I just made an extra payment and moved a little extra over to savings.

 

[roadtripper]

Argh! We have been so good for years, but legal bills from a lawsuit are killing us. Moved them to a 0% interest card, which buys us about 14 months before we pay them or move them to another card. Toyed with cutting back on retirement contributions just because I hate debt (we're trying to max out and maybe even put in catch up contributions), but I know that's not the right answer. Signing up to cheer people on and stay on track to pay down the debt. Let's do this!