Debt Dumpers - 2015

[bcwife76]

He can usually view his paycheque online each Wednesday night (he gets paid every Friday), occasionally it's not up there until Thursday evening. But it definitely helps knowing in advance. About half of our bills come out automatically already - but the other half must be paid by us, there is no automatic option. I have an eraseable whiteboard that I fill in each month with all the due dates and it's been working quite well; I pay the bills (that aren't automatically deducted) every Friday making sure it's several days before the due date.

 

[crazycatstacy]

That's where I'm at now. I have a number which is larger than $1,000 but I'm wondering if it's overkill while I still have all this debt. It's equivalent to three months rent and 3 months of basic utilities, so survival.

I'm paying the minimums on everything and paying each of my utilities completely but I've also cut spending. I canceled cable, I instituted no spend days and I started mystery shopping to earn extra money that I can just stick in my EF when it arrives. I have talked a lot of this over with my aunt and she reminded me that I'm a survivor and even if I left this awful employer I would land on my feet.

Has anyone ever cashed out a 401l to pay off debt? I feel like this is dumb to do now but it's not earning a lot (I REALLY need to roll it over) and it could wipe out a LOT of my debt. However, I'm hesitant because I started that when I was 21 so I feel like if I left it alone or rolled it over I would be grateful I did so in 20-30 years. Thoughts? This little nest egg is also my second EF if I were to lose my job for a longer period of time or fall seriously ill without the coverage I currently have.

I'm ashamed to admit it, but my husband and I cashed mine out about 9 years ago when I switched jobs. We paid off debt and unfortunately then accumulated the debt again.

 

[ruadisneyfan2]

I'm ashamed to admit it, but my husband and I cashed mine out about 9 years ago when I switched jobs. We paid off debt and unfortunately then accumulated the debt again.

You live and learn, right?
We could pay off all our debt including mortgage with our retirement accounts but then we'd be poor in retirement. I try not to even think about that money except when my statement comes. I've vowed to never touch that money prematurely unless I'm really downright poor. Maybe even homeless and living in a cardboard box. I have no faith in our stupid government to provide any SS or Medicare by the time we retire. I have made many dumb spending choices in my life but that's one area I did ok with. I started it when I got my first FT job at 23 and have only added to it.

 

[Eureka]

Angeejoe, I watched a documentary called Twinsters tonight on Netflix. It's fantastic, and so emotional (in a good way). I'm not a twin, and I'm not adopted but I was choked up through most of it. You must check it out!

 

[PrincessKymm]

You live and learn, right?
We could pay off all our debt including mortgage with our retirement accounts but then we'd be poor in retirement. I try not to even think about that money except when my statement comes. I've vowed to never touch that money prematurely unless I'm really downright poor. Maybe even homeless and living in a cardboard box. I have no faith in our stupid government to provide any SS or Medicare by the time we retire. I have made many dumb spending choices in my life but that's one area I did ok with. I started it when I got my first FT job at 23 and have only added to it.

This is where I'm afraid I'm headed so I don't want to cash it out just yet, at least until I'm on solid footing employment wise. I do have a second 401k that I'm doing much better on. I contribute 4% which I just restarted (I feel like 1 year off helped but I know I need to keep contributing) but my boss contributes 3% whether I contribute or not and I'm already 100% vested so it's my money if I leave.

Even with both retirement accounts I'm still behind where I need to be according to the online calculators so I really don't want to cash it out but I'm also facing uncertainty which is terrifying.

Thanks to those that answered my question. I think I'm going to put my cash in savings and live off my income like I have been and I will contribute more to savings but still make a double payment on the lowest balance card, minimums everything else. Once I'm more solid I can always take that money out of savings and pay off debt.

 

[Angeejoe]

Angeejoe, I watched a documentary called Twinsters tonight on Netflix. It's fantastic, and so emotional (in a good way). I'm not a twin, and I'm not adopted but I was choked up through most of it. You must check it out!

Thanks Eureka! I will check into it!

 

[AquaDame]

Very special payday today - paid off another card to $0! Always feels good to edit the spreadsheet and put that $ elsewhere. I think I will treat myself to a beer from the fridge when I get home to celebrate!

 

[Gr8t Fan]

Very special payday today - paid off another card to $0! Always feels good to edit the spreadsheet and put that $ elsewhere. I think I will treat myself to a beer from the fridge when I get home to celebrate!

Yay!!!! WTG!

 

[Dentam]

Chugging along over here. My dog has an expensive vet appointment coming up in three weeks and I have my annual eye doctor appointment this weekend in which I get another year's worth of contact lenses. So... some bigger expenses coming up. One of my cc's just doubled my limit and is offering 0% for balance transfers through 2017 so I'll probably put my dog's expenses on my Disney cc to get the rewards and then transfer it to the other card. Someday I will get ahead and not have to play the cc musical chairs game but for now I am really trying to take advantage of these 0% offers. I have managed to pay off over 5k in debt this year, so I'm doing okay I think!

On an unrelated note: @dayvewc - didn't you just go on a trip and stay at the AKL? Curious to hear how you liked it!

 

[ruadisneyfan2]

Very special payday today - paid off another card to $0! Always feels good to edit the spreadsheet and put that $ elsewhere. I think I will treat myself to a beer from the fridge when I get home to celebrate!

Yay!

 

[DisneyMandC]

Chugging along over here. My dog has an expensive vet appointment coming up in three weeks and I have my annual eye doctor appointment this weekend in which I get another year's worth of contact lenses. So... some bigger expenses coming up. One of my cc's just doubled my limit and is offering 0% for balance transfers through 2017 so I'll probably put my dog's expenses on my Disney cc to get the rewards and then transfer it to the other card. Someday I will get ahead and not have to play the cc musical chairs game but for now I am really trying to take advantage of these 0% offers. I have managed to pay off over 5k in debt this year, so I'm doing okay I think!

On an unrelated note: @dayvewc - didn't you just go on a trip and stay at the AKL? Curious to hear how you liked it!

Great job on paying off the 5k! And I second that, I want to hear about the AKL stay @dayvewc ! Stayed there in April and would love to hear your thoughts on it.

 

[LilSweetPeaPhoto]

When you say you squeaked by last year on your salary - was your husband unemployed? If so - and now you have two salaries you could try just using half of his salary and throwing the other half towards the debt.

No. Last school year, I got out of a highly toxic work environment after 11 years of hell. I moved to a new school district but to do it, I had to take a $20k paycut. (OUCH). I switched districts again this year, to be much closer to home. In taking this job I was able to negotiate a $15k raise. We managed last year to BARELY make it month to month with my paycut. So with the raise, we should be able to pay down some of our debt I would hope.

The even better news is my next teaching step is another $15k raise! So I'll actually be $10k over what I made 2 years ago!

We've ALWAYS been two salaries.

 

[gracie1]

Very special payday today - paid off another card to $0! Always feels good to edit the spreadsheet and put that $ elsewhere. I think I will treat myself to a beer from the fridge when I get home to celebrate!

That is awesome!! You deserve that nice cold beer! Congrats!!!

 

[gracie1]

Chugging along over here. My dog has an expensive vet appointment coming up in three weeks and I have my annual eye doctor appointment this weekend in which I get another year's worth of contact lenses. So... some bigger expenses coming up. One of my cc's just doubled my limit and is offering 0% for balance transfers through 2017 so I'll probably put my dog's expenses on my Disney cc to get the rewards and then transfer it to the other card. Someday I will get ahead and not have to play the cc musical chairs game but for now I am really trying to take advantage of these 0% offers. I have managed to pay off over 5k in debt this year, so I'm doing okay I think!

On an unrelated note: @dayvewc - didn't you just go on a trip and stay at the AKL? Curious to hear how you liked it!

That is a HUGE accomplishment getting $5k in debt paid off this year!! You should be extremely proud of yourself. The vet bills can be a killer!! I just took both of my dogs for their exams a few weeks ago and my one dog has a lump near her abdomen - which I am really concerned about. The vet said to keep an eye on it but I'm no dr and have no idea if it's normal so I'm thinking that I will have to make another appointment just to get an updated opinion if it's still ok or if I should have surgery on her to remove it. She's my baby . But boy what a budget buster that will be.....

 

[gracie1]

No. Last school year, I got out of a highly toxic work environment after 11 years of hell. I moved to a new school district but to do it, I had to take a $20k paycut. (OUCH). I switched districts again this year, to be much closer to home. In taking this job I was able to negotiate a $15k raise. We managed last year to BARELY make it month to month with my paycut. So with the raise, we should be able to pay down some of our debt I would hope.

The even better news is my next teaching step is another $15k raise! So I'll actually be $10k over what I made 2 years ago!

We've ALWAYS been two salaries.

Gotcha. I know exactly what you mean of getting out of a toxic job that makes you miserable - did the same thing last year with a pay cut as well. I was just thinking if you were on one salary and now had two then you could try to manage on half of the "extra" salary - but I see that's not the case. Congrats on negotiating the $15k raise!! And just think - once you go up the next step you will be able to really sink some extra into your debt dumping.

 

[Dentam]

That is a HUGE accomplishment getting $5k in debt paid off this year!! You should be extremely proud of yourself. The vet bills can be a killer!! I just took both of my dogs for their exams a few weeks ago and my one dog has a lump near her abdomen - which I am really concerned about. The vet said to keep an eye on it but I'm no dr and have no idea if it's normal so I'm thinking that I will have to make another appointment just to get an updated opinion if it's still ok or if I should have surgery on her to remove it. She's my baby . But boy what a budget buster that will be.....

Thanks! Most of it was from the sale of my house in June. Since then I've just been kind of staying even but not really making much progress it feels like.

I have pet insurance for my dog but it doesn't cover the routine stuff. She's getting a laparoscopic spay and a gastropexy at the same time since she's a large breed that is more prone to bloat. They're also going to check her elbows since joint issues are also common. The insurance would cover any emergencies, cancer treatments, etc but I don't think it'll cover anything from this appointment. I'll probably check just to make sure though!

I hope your pup is okay! Often the lumps can be nothing serious like fat deposits but I would probably get it removed just in case and then they can test it to determine what it was. Or maybe they can even biopsy it, not sure. Good luck!

 

[gracie1]

Thanks! Most of it was from the sale of my house in June. Since then I've just been kind of staying even but not really making much progress it feels like.

I have pet insurance for my dog but it doesn't cover the routine stuff. She's getting a laparoscopic spay and a gastropexy at the same time since she's a large breed that is more prone to bloat. They're also going to check her elbows since joint issues are also common. The insurance would cover any emergencies, cancer treatments, etc but I don't think it'll cover anything from this appointment. I'll probably check just to make sure though!

I hope your pup is okay! Often the lumps can be nothing serious like fat deposits but I would probably get it removed just in case and then they can test it to determine what it was. Or maybe they can even biopsy it, not sure. Good luck!

What kind of dog do you have? Mine has had fat deposits before but I just worry that the one time I don't take it serious is the time it wouldn't be a fat deposit. I hate having surgery on her but I also hate not knowing if something major is going on!

 

[DisneyMandC]

What kind of dog do you have? Mine has had fat deposits before but I just worry that the one time I don't take it serious is the time it wouldn't be a fat deposit. I hate having surgery on her but I also hate not knowing if something major is going on!

My mom has a miniature dachshund who recently had several fat deposits develop on his chest and stomach area. She had them checked at the vet and they confirmed they are fat deposits. They actually recommend you do not have them removed since they can often come back bigger when you remove one.

 

[Dentam]

What kind of dog do you have? Mine has had fat deposits before but I just worry that the one time I don't take it serious is the time it wouldn't be a fat deposit. I hate having surgery on her but I also hate not knowing if something major is going on!

I have a Bernese Mtn. dog (she's in my weight loss tracker below and is my walking buddy)! I think your idea to take her in to have it looked at again is a good one. Then you can take it from there after getting the vet's thoughts on it.

 

[oopsiDAISY]

Hi Everyone! I have been a Diser for many years, but dropped off the Disboards about a year ago. Our family had taken Disney vacations every year since 2011, until this year. DH and I took the Dave Ramsey Financial Peace University class and decided to start dumping debt this past summer. So far, so good. We have paid off our first credit card, will pay off one car this January, and then start making double payments on the second. We have a total of 55K in debt. :-( We have one credit card with major debt on it, then we have about 30K in student loans. Those are the biggies.

So, how does this thread work? What types of things do you say or do to help and motivate each other? I would love to join the conversation.