Debt Dumpers - 2015

[gracie1]

nothing like a blizzard day to catch up on this thread.

My goals haven't gotten too much closer, but January and February are historically tough months for us so it's way, way too in the year to give up.

Goals stay the same - $1,000 in savings and paying off the Jeep.

so:
Jeep balance at the beginning of 2015 was 5,375.36, is now 4,999.00 = $376.36 in progress
savings 21/1000 = 0.021% progress

We were all hit with a major case of Disneyitus and my teen was working magic on the Disney site to price out trips. It's so tempting, but I am determined not to cave until the Jeep is paid off.

Usually when it comes to paying for things like vacations, I get really excited about saving, cooking more at home and couponing and being creative with money (in a good way). But I don't usually feel that way when it comes to paying off debt. I am determined to find my savings mojo and apply that to paying off debt.

I need to visit this thread more often. Your energy, momentum and determination is catching!!

Oh, and I'm really considering adding a direct deposit to my savings account. Thank you to who ever suggested that. I'll probably start small, but after not putting anything in savings for over two years or so, I'm ok with starting small.

Look at it this way, your jeep is now under the $5,000 mark! soon it will be under the $4k mark!! You will get there - do not give up! We're just in the beginning of 2015, and you already know that the first two months of the year are the hardest. Have you put a budget together or have a goal as to when you want the jeep paid off?

 

[AquaDame]

I think (hope) I have finally gotten my husband on board to get rid of our debt. We've been treading water on what we have for years - its too darn high IMO, but we make enough money that there is no fear of it. Without fear my husband is still spending dollars to "save" pennies (for example he wanted to insulate the house better so we spend less on gas and put it on the card, effectively killing our payment for a month). I am tired of paying interest and we've had the conversation several times... oh how I hope it sticks now.

I was so happy and excited when we paid off his car in October, but then he rationalized trading his WRX in on a truck which I was ok with (we were going to get a truck that was worth less than what he sold his car for once the payments were through). Then he couldn't find one right away that didn't need a ton of work or have issues, so he rationalized his way into a 2009 Tacoma within a week. Now we have a new car loan (much smaller, but still!). It's a very nice truck though, so hopefully the same thing doesn't happen again in a few years. Eventually my '97 Impreza is going to bite the dust and I want to be able to get the car I want (yes within reason ) when the time comes. I went from a van my Dad gifted me to an "extra" car my husband had when we started dating (I bought it off him fair and square for 3K in 2007 when someone totaled the van by backing into it when it was parked). Being able to go and buy a car I CHOOSE would be so nice!

Our yearly windfalls of bonuses and tax refunds will now go straight to debt and he is OK with putting everything on the house off for now (with the exception of getting our dirt & plants for the four garden boxes we built last year). I have a really good feeling about 2015 financially!

 

[hmack]

Good news- I'm getting a raise.

Not so great news - I don't know how long it will last. I've been named to an interm position that could last a couple of weeks or a couple of months.

that makes it tricky to budget long-term. The goal is to use this bump to pay off debt, but not to become too dependent on it for day to day bills.

 

[gracie1]

Good news- I'm getting a raise.

Not so great news - I don't know how long it will last. I've been named to an interm position that could last a couple of weeks or a couple of months.

that makes it tricky to budget long-term. The goal is to use this bump to pay off debt, but not to become too dependent on it for day to day bills.

That is great on the raise!! You could always take the additional money and just put as extra towards your debt - and continue to budget with the old amount that you make since you don't know how long it will last. That way your not budgeting with an amount that isn't going to be permanent.

 

[dayvewc]

That is great on the raise!! You could always take the additional money and just put as extra towards your debt - and continue to budget with the old amount that you make since you don't know how long it will last. That way your not budgeting with an amount that isn't going to be permanent.

That sounds like the perfect plan. Continue your budget based on your base salary and use all of the extra to either pay off debts or increase savings (or both).

 

[OhMari]

I got my mother of the bride dressed paid off-A miracle I found a decent dress at Dillards. I ordered 3 of them and my credit card was over $600. I sent 2 back by Federal Express and I was slightly worried they would get lost, but got notification and my credit card got credited today. I been paying $25 dollars a week since I got the dresses and I made my last payment today.

Also paid off my Chase Disney and got the rest of my rewards to use. I used my Disney Chase on everything I could with building our new home. Plus I use it to pay Utilities, gas, groceries. We have $400. I am really tempted to save it for a down payment on a Cruise, but my husband refuses to go on a cruise. So good eating in Disney.

 

[jenny105]

Paid off my Chase Disney card today! It was a small balance but still...happy to be rid of one. Now on to tackling the other which is much, much higher!

 

[SirDuff]

Good news- I'm getting a raise.

Not so great news - I don't know how long it will last. I've been named to an interm position that could last a couple of weeks or a couple of months.

that makes it tricky to budget long-term. The goal is to use this bump to pay off debt, but not to become too dependent on it for day to day bills.

I'm in a sort of similar situation (though I do know when new position should end). Like you, I didn't want to make any day-to-day budgeting changes (since this will end and I don't want to get used to the extra spending), so my excess is going to more "one-off" kind of things like savings and vacations.

Of course, my big hope is that I can make this change permanent! Though that it very, very unlikely.

 

[gracie1]

Congrats everyone on paying off those cc! Sounds like chase is losing some money!!

 

[dayvewc]

Well, I've started filling in my taxes on turbotax. Still have another 3-5 documents to come in before I can finish, but I like getting an early start so I can get the early filer discounted rate.

Anyway ... I know the regulations aren't quite finalized, but I sure wish they were. Currently, I'm estimated to get a state refund of $176,299!!!! That's more than 3 1/2 years salaries!!!

Would be nice, though. I could be debt free, fully funded retirement, and a hefty hefty chunk in savings.

 

[hmack]

I'm in a sort of similar situation (though I do know when new position should end). Like you, I didn't want to make any day-to-day budgeting changes (since this will end and I don't want to get used to the extra spending), so my excess is going to more "one-off" kind of things like savings and vacations.

Of course, my big hope is that I can make this change permanent! Though that it very, very unlikely.

SirDuff - I hear you. For me, it would be a 10K annual raise if it was permanent. But alas, I don't think it's meant to be.

Here's to being disciplined in our spending, not becoming too reliant on our extra $ and being wise in what we pay off.

congrats to those who are paying off those credit cards!

 

[gracie1]

Well, I've started filling in my taxes on turbotax. Still have another 3-5 documents to come in before I can finish, but I like getting an early start so I can get the early filer discounted rate.

Anyway ... I know the regulations aren't quite finalized, but I sure wish they were. Currently, I'm estimated to get a state refund of $176,299!!!! That's more than 3 1/2 years salaries!!!

Would be nice, though. I could be debt free, fully funded retirement, and a hefty hefty chunk in savings.

Lol!! I would love to have that! Would pay off my mortgage!!!! And still have some left. I get my taxes done Thursday. I have a cpa do mine because I get confused with deductions and all. Fingers crossed I get a nice refund because I think I may be needing a root canal. Seems like when money comes in it must go back out

 

[tikitorie]

Got my taxes filed, just enough to pay off the remainder of my 3 kids tuition for the year with nothing to spare. Good news is it frees up extra each month for debt repayment!!!!!

 

[jenny105]

Be careful with Turbo Tax. I imported my W2s and my return got rejected twice due to an internal error on their part. So I went over to TaxSlayer and that worked no problem.

 

[gracie1]

Got my taxes filed, just enough to pay off the remainder of my 3 kids tuition for the year with nothing to spare. Good news is it frees up extra each month for debt repayment!!!!!

That is great that it will free up money each month!!

I remember the days when the tax refund was fun money to blow!!!! Not be responsible and pay bills and put away for unexpected expenses

 

[BernardandMissBianca]

Good news- I'm getting a raise.

Not so great news - I don't know how long it will last. I've been named to an interm position that could last a couple of weeks or a couple of months.

that makes it tricky to budget long-term. The goal is to use this bump to pay off debt, but not to become too dependent on it for day to day bills.

budget using your old pay. Bank the rest or put it towards debt.

 

[BrerRabbit66]

I have spent the last month obsessing over our cc debt and I have honestly never felt better.

• $3,800 applied to 4 cc
• Paid off one card today
• Transferred 10k to a 0% card offer for 21mo from 13.99%. YAY
• DH is on board with the plan. YAY

We spend $1,500-$2,000 a month on Amex for everyday purchases, gas, groceries, and restaurants. Although we pay this in full every month, it is outrageous. January bill....only $980! That hasn't happened in a long time. New goal: keep it under $1,000 month and hopefully no more than $750.

Don't mean to sound like I'm boasting, but I'm very happy with the progress so far. I don't post often, but lurk nightly to keep me on track as I'm a long way from debt free.

 

[ruadisneyfan2]

I have spent the last month obsessing over our cc debt and I have honestly never felt better.

• $3,800 applied to 4 cc
• Paid off one card today
• Transferred 10k to a 0% card offer for 21mo from 13.99%. YAY
• DH is on board with the plan. YAY

We spend $1,500-$2,000 a month on Amex for everyday purchases, gas, groceries, and restaurants. Although we pay this in full every month, it is outrageous. January bill....only $980! That hasn't happened in a long time. New goal: keep it under $1,000 month and hopefully no more than $750.

Don't mean to sound like I'm boasting, but I'm very happy with the progress so far. I don't post often, but lurk nightly to keep me on track as I'm a long way from debt free.

Great job! We transferred 2 cards to 0% offers and it's amazing how much faster the balance drops without paying interest.
Keep up the good work!

We've made a lot of progress too. Our one 0% card was $5800 in early December and now it's only $2100. (No new debt for holidays either.)
It should be paid off by the end of March, long before the 0% expires in July.
Seriously, every spare $5 I send to Discover. It's so easy when paying online.

 

[Miss Whimsy]

I've put about $400 towards debt so far this year.

My primary goal right now is to readjust my life so I am living within my means, so that I stop acquiring new debt. I did pretty well with January. Once I've become settled into the new routine, then I will be more aggressive with paying off debt.

 

[gracie1]

I have spent the last month obsessing over our cc debt and I have honestly never felt better.

• $3,800 applied to 4 cc
• Paid off one card today
• Transferred 10k to a 0% card offer for 21mo from 13.99%. YAY
• DH is on board with the plan. YAY

We spend $1,500-$2,000 a month on Amex for everyday purchases, gas, groceries, and restaurants. Although we pay this in full every month, it is outrageous. January bill....only $980! That hasn't happened in a long time. New goal: keep it under $1,000 month and hopefully no more than $750.

Don't mean to sound like I'm boasting, but I'm very happy with the progress so far. I don't post often, but lurk nightly to keep me on track as I'm a long way from debt free.

That is great!!! You will really see the balances start to go down without that interest charge!