Debt Dumpers - 2016

[n2dzny]

Keep in mind that the IRS will take prior debt, penalties and interest out of any anticipated refund. So, unless you and your husband file seperately, expect them to recover the debt and refund you the difference. Of course, I don't know enough of your details to provide tax advice, but in general I can say that filing jointly is usually better from a tax perspective.

There is a form that we fill out called "Injured spouse" (or something like that) that allows us to file jointly yet I receive my portion of the refund. I never "bank" on getting it but last year I received the most of the refund. Its not a guarantee that we will get it but if we don't, it goes toward the tax debt, so it's not a total loss.

 

[Eureka]

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?

Ok, I see what you're saying. No, I don't have dummy accounts set up, just transactions. That's fine, now I know how it works and can readjust my mindset. Today I updated and saw that one of the transactions I put in for gas that hadn't cleared yet, successfully matched, so yay. Thanks for all your help.

 

[reginaastralis]

I'm in this year.

Over the last year, we have racked up some debt. We are both in school, but nearing graduation, so I know the student loan debt is looming. My goal this year is to get us in a better place financially.

Goals:
- Save $1k for an emergency fund
- Get buffered on YNAB
- Pay off $5k in our debt

Interested to see how this year goes.

 

[gracie1]

I'm in this year.

Over the last year, we have racked up some debt. We are both in school, but nearing graduation, so I know the student loan debt is looming. My goal this year is to get us in a better place financially.

Goals:
- Save $1k for an emergency fund
- Get buffered on YNAB
- Pay off $5k in our debt

Interested to see how this year goes.

Glad that you have joined our thread! Looks like you have a good plan laid out for 2016!

 

[gracie1]

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!

That is a great savings!! Just think - your cc will be paid off soon!!! Hoping that your washer only needs that $12 part!

 

[gracie1]

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!

That is great! You'll have your emergency fund funded soon!

 

[BrerRabbit66]

There is a form that we fill out called "Injured spouse" (or something like that) that allows us to file jointly yet I receive my portion of the refund. I never "bank" on getting it but last year I received the most of the refund. Its not a guarantee that we will get it but if we don't, it goes toward the tax debt, so it's not a total loss.

Absolutely, Form 8379 for Injured Spouse can be a valuable tool in certain tax cases, and I'm glad you have been able to utilize it. I take this on a case by case basis...weighing the advantages of the form vs. using the refund to retire the debt sooner...ultimately paying less in penalties and interest. Each client and their circumstances are unique so it's helpful to have options to consider.

Best of luck to you and continued success with your snowball plan!

 

[momtosam]

Woo hoo! We do the budget plan for our propane heat. We got a letter today that our payment is going down $50 because it's been so crazy warm this year!

 

[Dentam]

I have a cc that has "thank you rewards" - I never really paid attention to the rewards balance since I just got the card for the 18 month 0% interest offer on balance transfers. Checked into it today and I had enough points on it to redeem for a $50 Target gift card! Woohoo!

 

[stayhomemom77]

I have a cc that has "thank you rewards" - I never really paid attention to the rewards balance since I just got the card for the 18 month 0% interest offer on balance transfers. Checked into it today and I had enough points on it to redeem for a $50 Target gift card! Woohoo!

 

[dayvewc]

I have a cc that has "thank you rewards" - I never really paid attention to the rewards balance since I just got the card for the 18 month 0% interest offer on balance transfers. Checked into it today and I had enough points on it to redeem for a $50 Target gift card! Woohoo!

And if you have a Target Redcard (credit or debit) you can use it to buy a Disney gift card and save 5%, but use the Target gift card to pay for it. Or so I've been told that you can do it that way, I haven't tried yet. I've been collecting shopkicks trying to get to a $50 Target gift card to try.

 

[Dentam]

And if you have a Target Redcard (credit or debit) you can use it to buy a Disney gift card and save 5%, but use the Target gift card to pay for it. Or so I've been told that you can do it that way, I haven't tried yet. I've been collecting shopkicks trying to get to a $50 Target gift card to try.

I don't have a red card but that's a great idea to use the gift card to get a Disney one considering I have a trip to DL coming up! I did check to see if a Disney gift card was one of the options using my reward points but it wasn't. I got two Disney gift cards already for Christmas so by the time the trip rolls around I should have enough to cover my park hopper tickets!

 

[Dentam]

Well, my dreams of debt dumping all in one swoop died tonight... didn't match one number in the powerball drawing. Oh well, it was fun to imagine the possibilities!

 

[Gena001]

Well, my dreams of debt dumping all in one swoop died tonight... didn't match one number in the powerball drawing. Oh well, it was fun to imagine the possibilities!

Me neither! But I just heard that no one won, so we get another chance!

 

[Dentam]

Me neither! But I just heard that no one won, so we get another chance!

I just read that too! I feel like the odds of no one winning when so many people bought tickets is even more slim than winning - how crazy! They're estimating it could reach 1.3 billion by Wednesday.

 

[Eureka]

Woo hoo! We do the budget plan for our propane heat. We got a letter today that our payment is going down $50 because it's been so crazy warm this year!

Yay! I am hoping the same will happen for our electric bill but our cycle doesn't get re-evaluated until April. But as of our December bill, we have a $500+ credit, so it's bound to happen.

 

[Eureka]

I have a cc that has "thank you rewards" - I never really paid attention to the rewards balance since I just got the card for the 18 month 0% interest offer on balance transfers. Checked into it today and I had enough points on it to redeem for a $50 Target gift card! Woohoo!

Love those reward points. Usually I just apply them back to the balance but once in awhile I order a "fun" GC.

 

[crazycatstacy]

Paid off one credit card- it was only $500 but at least it's a start. So far motivated and staying on track. Wishing for a powerball win- I don't even need to win all of it!0

 

[Angeejoe]

Paid off one credit card- it was only $500 but at least it's a start. So far motivated and staying on track. Wishing for a powerball win- I don't even need to win all of it!0

Only $500???? $500 is awesome!!! Congrats.

 

[Dentam]

Paid off one credit card- it was only $500 but at least it's a start. So far motivated and staying on track. Wishing for a powerball win- I don't even need to win all of it!0

Great job!! I hear you on the powerball win! Six people in CO won 50k to 150k (with the power play) but sadly I wasn't one of them.