Debt Dumpers - 2016

[dayvewc]

I remember you talking about your spreadsheet! I feel like it would be pretty tough to spend $400 million (the after tax payout) in my lifetime, but I'd give it my best shot, ha!

Yep, I agree it would be difficult, but my spreadsheet will help keep me in check so I couldn't.

Not that I would pass up the opportunity to try, though. ;-)

 

[Angeejoe]

Anyone playing the powerball for the Saturday drawing? Just heard that the jackpot is up to 800 million now! Wouldn't it be nice to wipe out all the debt in one swoop and have money left over to vacation for the rest of your life? Ah, one can dream...

DH bought 5 tickets last night, we normally don't play.

 

[momtosam]

We collectively bought tickets at work. There may be a need for a ton of substitute teachers in my building on Monday!

 

[Eureka]

1) I use Quicken and love it. Overall, it is fantastic (IMHO) though there are occasionally times when it gives me fits.

2) Short answer - maybe. Long answer - If Quicken can identify the transactions as being the same, it will not double enter them. But sometimes it will create a second entry because it thinks they are different - usually because the amounts are different. I run into that helping my parents with their Quicken. The bill might have been $48.53 and will get entered as $45.88. In cases like that, Quicken will enter the downloaded transaction as a new and different transaction. There are other instances where it will also attempt to create a second transaction - for some reason, it has great difficulty recognizing the interest payments I get from the bank in my checking and savings accounts, and it really doesn't like doing a transfer between the accounts. But for most all business transactions, the only duplications I find are where the amounts are mis-entered.

3) Yes. It will just register as an uncleared transaction. I actually have about 6 dummy accounts that I use that with. Insurance, Christmas, Vacation, Memberships, Taxes & Registration, and Repairs. I "transfer" money into those accounts each month - enough to cover the estimated bill when it comes due. Then each month, I update the "transfer" to the current total, and delete the old transfers, so I don't wind up with bundles and bundles of unreconciled transactions. For example, I transfer $50 each month for Christmas. So this month, I will show that I transferred the $50. But in February, I will change the transfer to $100 and delete the one from January.

Hope this helps, and if you have other questions feel free to ask.

Thanks so much. I did figure out the matching thing when I practiced scheduling a future bill. I haven't seen it work yet, but I read how it's supposed to. So hopefully it will.

The unreconciled transaction thing might have been what I did today when I made a transaction (dated 1/1/2000 so it would be at the very bottom) that says "save for xyz" and put the amount in. It did not change the balance at all, but I assume that's because the money didn't physically go anywhere, right? In the old quicken when we didn't link it up, it made it look like my balance was less, but this is kind of confusing me. I really just need to know this way how much all my "set aside" funds are (combined) so I can subtract from what quicken says my bank balance is so we don't spend it on other things, but I'd rather it do the math for me for a quick glance. But, the fact that I can put transactions in will help me stay on track. Did all that make sense?

 

[bababear_50]

So I can hardly keep up with this thread,,,lol
I have been thinking about what someone posted (and darned if I can find the post now) about maybe sewing bags for sale to earn extra money.
I justed wanted to say I think this is a great idea. I would check out Etsy to get some ideas and make up a small business plan.
I have a cloth bag that a friend made and I love,love,love it.
Try "Google" homemade disney hobo bags.
https://www.google.ca/search?q=homemade+disney+hobo+bags&espv=2&biw=1024&bih=643&source=lnms&tbm=isch&sa=X&ved=0ahUKEwiBjpmQrZvKAhVMnRoKHdYRCHwQ_AUIBigB#imgrc=rf1kFZo177i9ZM:

Hugs Mel
P.S
I bought only 1 coffee today.(baby steps)

 

[bcwife76]

So apparently Canadians CAN play the PowerBall Lottery (news to me), according to this article: http://globalnews.ca/news/2442643/w...ld-know-if-they-win-the-us-powerball-lottery/

And with our current exchange rate, $800million US is $1.13Billion CDN. Maybe I should get a ticket......

 

[gracie1]

So apparently Canadians CAN play the PowerBall Lottery (news to me), according to this article: http://globalnews.ca/news/2442643/w...ld-know-if-they-win-the-us-powerball-lottery/

And with our current exchange rate, $800million US is $1.13Billion CDN. Maybe I should get a ticket......

Wow!! You would be a billionaire!

 

[bcwife76]

Wow!! You would be a billionaire!

haha, yes I could BUY Justin Trudeau or at least have him on speed dial

 

[bababear_50]

haha, yes I could BUY Justin Trudeau or at least have him on speed dial

I'm in I'm in
J.T. and being a billionaire!

 

[Dentam]

Recently, a man from the middle east won the Oregon lottery. It seems odd that this is legal but apparently it is. Seems like false advertising on the part of the lottery though.

 

[Colleen27]

Oh Boy!
My oldest son just emailed me to ask if he can move back home until he gets back on his feet.

I plan to let him know that he must contribute financially and around the house.

Good luck! It is a tough spot to be in... You want to help him, but you need to look out for yourself too. I hope you're able to figure out something that works for everyone.

Let ne know when the carburetor freezes up from the water conensation in the fuel system this winter so I can laugh so loudly you will hear me from Chatham.

Most cars don't even have carburetors any more. This was solid advice before the era of fuel injectors but is terribly outdated now unless you're driving an antique/classic car.

 

[Colleen27]

Turns out the cheap airfare was offered by Frontier, an airline that adds fees for everything including an actual seat on the plane (not included in the advertised rate apparently) - no thanks!

So, this got me thinking. I think it'll be helpful if I make a list of everything I'm looking forward to about being out of debt. I'll include mine here - others can feel free to post their own lists!

For future reference, Frontier isn't that bad. We flew them for the first time last month and had no problems. Even with paying for bags it was cheaper than any other alternative. We didn't pay for seats but had no problem all sitting together based on the seats we were assigned when we checked in (online, 24hrs in advance, same as Spirit or Southwest). I'd happily fly with them again.

As far as a list goes, mine is mostly of plans we already have.

DS starts college in the fall of 2017 and DD in 2019. We're hoping to cash flow most of our share of the costs for both. Being out of debt will make that much easier.

We plan on taking big trips for the kids' graduations - the UK summer of 2017 and Japan summer of 2019. Again, things that will be much easier to pay for if we're not making credit card or student loan payments.

And somewhere in the next few years we've got some crazy college visit trips coming up - DD is looking at schools in New York, Indiana, and now California.

My credit score took a hit when I sold my house. The reason I was given was that I didn't have a good mix of debt anymore. No car loan, no mortgage, just cc debt left to pay off. Yeah, I got dinged for reducing my debt, go figure.

The worst thing that ever happened to our credit scores was the five years spent paying cash for everything - that dropped both my score and DH's to the point of paying penalty rates on our car insurance because of our "bad" credit. It was worse for our scores than falling behind on the mortgage on our old house! And conversely, mine went up significantly when my student loans started hitting my report... Even though I owe more, it is a better "mix", I guess, than just the one credit card I had opened before.

 

[Dentam]

For future reference, Frontier isn't that bad. We flew them for the first time last month and had no problems. Even with paying for bags it was cheaper than any other alternative. We didn't pay for seats but had no problem all sitting together based on the seats we were assigned when we checked in (online, 24hrs in advance, same as Spirit or Southwest). I'd happily fly with them again.

Glad you had a good experience with them. I avoid them based solely on their marketing techniques. I don't like companies that mislead their customers and that is what I feel Frontier does with their advertised rates. I much prefer Southwest - no extra charge for a carry on bag and no change fees, etc. Also, when I've compared the fares of Southwest vs. the fares of Frontier including all of their fees they've always been almost equal.

The worst thing that ever happened to our credit scores was the five years spent paying cash for everything - that dropped both my score and DH's to the point of paying penalty rates on our car insurance because of our "bad" credit. It was worse for our scores than falling behind on the mortgage on our old house! And conversely, mine went up significantly when my student loans started hitting my report... Even though I owe more, it is a better "mix", I guess, than just the one credit card I had opened before.

Yeah, it is really annoying that you basically have to know how to "play the game". My sister doesn't have a cc and uses only cash. She is great at saving money and very frugal. When it comes time for her to get a new vehicle I worry that she'll be in for a surprise trying to get a car loan.

 

[Gena001]

Recently, a man from the middle east won the Oregon lottery. It seems odd that this is legal but apparently it is. Seems like false advertising on the part of the lottery though.

I was going to point out this story, too! Play away!

 

[Gena001]

So I can hardly keep up with this thread,,,lol
I have been thinking about what someone posted (and darned if I can find the post now) about maybe sewing bags for sale to earn extra money.
I justed wanted to say I think this is a great idea. I would check out Etsy to get some ideas and make up a small business plan.
I have a cloth bag that a friend made and I love,love,love it.
Try "Google" homemade disney hobo bags.
https://www.google.ca/search?q=homemade+disney+hobo+bags&espv=2&biw=1024&bih=643&source=lnms&tbm=isch&sa=X&ved=0ahUKEwiBjpmQrZvKAhVMnRoKHdYRCHwQ_AUIBigB#imgrc=rf1kFZo177i9ZM:

Hugs Mel
P.S
I bought only 1 coffee today.(baby steps)

I like that bag! On FB I follow the Disney Dooney and Harvey pages. I just don't buy because of the costs. But if you make this, I think it would be fantastic!

 

[dayvewc]

Thanks so much. I did figure out the matching thing when I practiced scheduling a future bill. I haven't seen it work yet, but I read how it's supposed to. So hopefully it will.

The unreconciled transaction thing might have been what I did today when I made a transaction (dated 1/1/2000 so it would be at the very bottom) that says "save for xyz" and put the amount in. It did not change the balance at all, but I assume that's because the money didn't physically go anywhere, right? In the old quicken when we didn't link it up, it made it look like my balance was less, but this is kind of confusing me. I really just need to know this way how much all my "set aside" funds are (combined) so I can subtract from what quicken says my bank balance is so we don't spend it on other things, but I'd rather it do the math for me for a quick glance. But, the fact that I can put transactions in will help me stay on track. Did all that make sense?

Honestly, I'm not sure. lol. I have my Quicken set so that the newest transaction dates are at the bottom, but I think I could change it so that the oldest ones are there instead.

When I make a transfer to one of the other accounts, it shows a reduction in my checking account, and a corresponding increase in the other account.

Do you actually have the dummy accounts set up as accounts? They have to "exist" in Quicken in order for it to keep a running total. Mine were created as cash accounts, and the category reason for the transfer is listed as that account. That way, the transaction shows up in both, once as a debit and once as a credit.

Does this make sense?

 

[Colleen27]

We're making progress! So far, this year is going pretty well...

First, my school expenses came in below expectations. It isn't a major savings, but somehow I have NO required textbooks this semester! I haven't had a single course without a required text since I went back to school (I'm one semester from finished), so imagine my surprise to have FOUR classes and no books this term. I expected I wouldn't have one for my internship "class" but I'd budgeted $400 for books for the other three courses. Now that's extra to throw at my Visa, which brings the balance down to $227.

I also closed one of DH's cards today. We paid it off last month but I hadn't gone through and reviewed the terms of each account until this week. It is one we opened to start rebuilding a credit score after paying cash for everything for too long, and it has an annual fee. He has two other cards now, one with no fee and one with a smaller fee but cash back and a better interest rate, so there was no need for that "rebuilding" account any more. It'll be a short term ding on his credit score because the average age of his accounts just dropped considerably but it wasn't worth paying $5/mo just to keep it open.

Murphy stopped by in the form of an error code on my new-to-me (hand-me-down from a relative) front loading washer, but I have my fingers crossed that it won't be a major setback. It seems the code has two possible causes and the more common of them is a $12 part from Amazon that I'm sure I can handle replacing on my own (I'm pretty good with these things, especially in the YouTube era). The other possibility is a major repair that'll set us back ~$250 but even if that does happen I'm not complaining - it is a 5 year old, $1100, Energy Star washer and my old one was built in the mid-90s so the utility savings alone should recoup the repair cost before too long!

 

[Jen and Ashwin]

Well I had a great day today. I listed lots of wedding decor items on Craigslist about a week ago. Well tonight someone came and bought $560 worth of stuff! It is almost half of the items that I have up for sale. It has freed up space in our basement and I will use the money towards our emergency fund that got wiped out from wedding expenses. I also sold a bag on Tradesy for another $50, so that puts me up by $610 for today. I am hoping that the other wedding items will sell soon too because it will really help with the emergency fund!

 

[hollybearsmom]

Is there a good link on how to decipher my credit report? I just got one today, and its Greek to me.

 

[DisneyMandC]

Most cars don't even have carburetors any more. This was solid advice before the era of fuel injectors but is terribly outdated now unless you're driving an antique/classic car.

This is a really good point I had completely forgotten about!