Debt Dumpers - 2016

[gracie1]

I've had a loose outline of what we would do as a family in Paris for about six years now. Nailing down the particulars could be fairly easily planned within two to six weeks (which is how I define last minute).

The kids are seasoned travellers and would have a great time whether we go this year or whether we were to wait and go next year.

Basically, only the fact that we were going to be "responsible" with the tax refund hampers this trip. If we decide to use it all towards the vacation instead, we will have the money we need to do it. If we use only some (or none) I have a rather large shortfall to make up (essentially out of thin air). If I can't do it...the trip will happen next year as originally scheduled.

I spoke to DH about it last night. He can always tell when I am ruminating about something and he pulled it out of me. He was absolutely no help! He feels just as I do...that it's probably more prudent to go next year and put the tax refund into savings like we previously discussed, but if we didn't do that it wouldn't be a big deal. We are saving a nice chunk each month, so using the refund as mad money isn't irresponsible or anything. He sees the merit in taking the kids this summer but isn't sure if we should just pull the trigger.

He suggested we research a Paris-only trip to see if it's cheaper. I began looking into that last night. Flights are higher but we wouldn't have to take the train between London and Paris, so those factors may end up cancelling each other out. I need to put in more work before I know for certain.

We're pretty easy for the food. We'll rely heavily on the grocery store and the boulangerie patisseries and just have a couple of nice sit down meals.

Thanks for the credit card suggestion...I'll look into that.

@Eureka...I've been thinking about how fast it goes lately and that's why I want to try and make this happen for this year. If I can't do it, I can't do it. The worst thing that can happen is that we have to wait another year. That's not really a big deal and I don't see any harm in trying.

Basically, after talking to DH...we've decided to get a real plan going (for this year) and see if we can make it happen. If we can't, we shift the plan forward 12 months. We aren't going to tell the kids we are attempting to pull this off this year instead of next year, so they won't be disappointed if we fail.

I track my vacation earnings/savings on this thread http://www.disboards.com/threads/one-year-to-save-2016.3471971/ if anyone is interested. I'll be doing regular updates and stuff over there.

Thanks for all the input everyone and wish me luck...I might just need it!!

Is it that much more costly to add London to your trip? I'm just thinking if it was originally planned as a London/Paris trip it might make the most sense to keep it that way since their so close together. Have fun planning! Only you and dh can decide on whether to do the trip or not!

 

[Ava]

Is it that much more costly to add London to your trip? I'm just thinking if it was originally planned as a London/Paris trip it might make the most sense to keep it that way since their so close together. Have fun planning! Only you and dh can decide on whether to do the trip or not!

With London you also have to consider the exchange rate to the pound. I'm not sure what it is right now but it can really add to costs there. The Euro is usually closer to the dollar so the exchange doesn't eat into your budget as much.

@stayhomemom77 I went to England, Scotland, & Ireland with a tour group organized by one of my teachers the summer after I finished 7th grade, so I was 13. It was a great experience and I think is what gave me the travel bug. I went back to England for a month on an exchange program in my senior year of high school, and then spent 6 weeks traveling around Europe the summer after I graduated from college. One of my goals is to travel with my kids; I think seeing other places/people is some of the best education.

 

[stayhomemom77]

Is it that much more costly to add London to your trip? I'm just thinking if it was originally planned as a London/Paris trip it might make the most sense to keep it that way since their so close together. Have fun planning! Only you and dh can decide on whether to do the trip or not!

With London you also have to consider the exchange rate to the pound. I'm not sure what it is right now but it can really add to costs there. The Euro is usually closer to the dollar so the exchange doesn't eat into your budget as much.

@stayhomemom77 I went to England, Scotland, & Ireland with a tour group organized by one of my teachers the summer after I finished 7th grade, so I was 13. It was a great experience and I think is what gave me the travel bug. I went back to England for a month on an exchange program in my senior year of high school, and then spent 6 weeks traveling around Europe the summer after I graduated from college. One of my goals is to travel with my kids; I think seeing other places/people is some of the best education.

Well the Canadian dollar doesn't do so well against either the Euro or the Pound!!

But in DH's mind, it might be cheaper to just do Paris as opposed to both in part because we don't have to stay as long. I'm going to look into it and see what the most cost effective option is.

 

[rnorwo1]

Well the Canadian dollar doesn't do so well against either the Euro or the Pound!!

But in DH's mind, it might be cheaper to just do Paris as opposed to both in part because we don't have to stay as long. I'm going to look into it and see what the most cost effective option is.

You are going to be paying so much for the flights, I would wait so you can do both in one trip, it'll be cheaper than two separate trips. And London is awesome. I agree with PP, we spend so much on vacations and it is totally worth it. Our vacations are primarily about exploring new places, my kids have learned so much from our travels. You won't regret going any time, I don't think, but don't let the "itch" to go now reduce your ideal trip. A year passes by so quickly!

 

[Kimberly1]

Taxes are filed. Now to wait on my refund so I can put it towards debt.

 

[DnA2010]

You are going to be paying so much for the flights, I would wait so you can do both in one trip, it'll be cheaper than two separate trips. And London is awesome. I agree with PP, we spend so much on vacations and it is totally worth it. Our vacations are primarily about exploring new places, my kids have learned so much from our travels. You won't regret going any time, I don't think, but don't let the "itch" to go now reduce your ideal trip. A year passes by so quickly!

I'm in this boat- I think because I love London and I think the year would go quickly, and you would be able to do fun things building up to the trip too.
Now that your kids are older, have you thought about maybe a part time job, or picking up some local work? Dog walking, gardening , house cleaning? My house cleaner is ironically saving up for the same thing (family Paris trip) and does a few houses a week- at $20/hour, adds up fast!

 

[hmwinter85]

I just found out that I'm not only getting my performance bonus, which ended up being more then I expected, I'm also getting a 4% raise starting March 1! I can't wait to see what my new take home pay will actually be and adjust my budget and snowball payments.

 

[Eureka]

Hi all...as I write this, I was supposed to be landing in Orlando but Mother Nature had other plans...snow! Rebooked for tomorrow and please think snow-melting thoughts so I can get out. My sister pushed our return back a day so we can have our playtime, so I now have a credit that I'm trying to see if the airline will refund bc of the weather (today's flight was cancelled but was more expensive than tomorrow). We may be able to do 2 days (more like 1.5 really) at Universal instead of just one, so that money could go towards the half-day tickets the hotel offers. We'd do that the first day and buy a full day ticket for the second day. I really need this break....I don't fly much...my stomach is in knots.


Bummer, they won't give me a refund, but I have the credit through next early Jan. Guess I better go somewhere!

 

[SirDuff]

Hi all...as I write this, I was supposed to be landing in Orlando but Mother Nature had other plans...snow! Rebooked for tomorrow and please think snow-melting thoughts so I can get out. My sister pushed our return back a day so we can have our playtime, so I now have a credit that I'm trying to see if the airline will refund bc of the weather (today's flight was cancelled but was more expensive than tomorrow). We may be able to do 2 days (more like 1.5 really) at Universal instead of just one, so that money could go towards the half-day tickets the hotel offers. We'd do that the first day and buy a full day ticket for the second day. I really need this break....I don't fly much...my stomach is in knots.

I've never heard of an airline giving a refund due to a price difference between the cancelled flight and the one you end up taking (which, if I understand, is what you are hoping to get). I'd say that it is even more unlikely when the issue was weather (where they get out of giving you any compensation at all). It cannot hurt to try, but I wouldn't get your hopes up.

Good luck getting out tomorrow! Are you on stand-by or do you have a confirmed seat?

 

[Eureka]

I've never heard of an airline giving a refund due to a price difference between the cancelled flight and the one you end up taking (which, if I understand, is what you are hoping to get). I'd say that it is even more unlikely when the issue was weather (where they get out of giving you any compensation at all). It cannot hurt to try, but I wouldn't get your hopes up.

Good luck getting out tomorrow! Are you on stand-by or do you have a confirmed seat?

If I had bought a more expensive flight, it would have been refundable, but oh well. Hopefully I can use the credit in the next 11 months. If not, well, at this point the credit is a bonus since I agreed to the price of my original flight.

I have a confirmed seat, so just hoping it goes tomorrow morning. It's stopped precipitating for now but they are calling for rain tonight (but supposedly higher temps so maybe melting and not freezing).

 

[DiannaVM]

I am going to read all 54 pages, since now that we are seriously thinking about purchasing our home and extending the family within a year, I desperately need some tips on budget management.

We have been pre-qualified, but its so overwhelming to think how much (or how little) will end up in your pocket at the end of the month, especially since the bank/lending institution only takes into account things such as big time debt like car loans and credit cards. I hope this is the right thread for this :S

I for one, my credit card is almost completely paid off and my car is paid for. My DH doesn't owe much on his credit card either, but still is paying on his car loan. I am not in the States or Canada, so I know things work differently here but any tips would be nice. I tried to look into Dave Ramsay budgeting for a new home and that just made me feel so discouraged, because the difference between what we are projected in spending and what we are leftover with is quite small

 

[gracie1]

I am going to read all 54 pages, since now that we are seriously thinking about purchasing our home and extending the family within a year, I desperately need some tips on budget management.

We have been pre-qualified, but its so overwhelming to think how much (or how little) will end up in your pocket at the end of the month, especially since the bank/lending institution only takes into account things such as big time debt like car loans and credit cards. I hope this is the right thread for this :S

I for one, my credit card is almost completely paid off and my car is paid for. My DH doesn't owe much on his credit card either, but still is paying on his car loan. I am not in the States or Canada, so I know things work differently here but any tips would be nice. I tried to look into Dave Ramsay budgeting for a new home and that just made me feel so discouraged, because the difference between what we are projected in spending and what we are leftover with is quite small

Welcome!! It sounds like your on the right track!! It seems like the only debt you will have is just your dh car loan and mortgage - right? If this is your first home then I would recommend setting up an emergency fund - because once your a homeowner everything costs money!! And if your purchasing an older home there may be some extra unexpected items where appliances or things give out and need replacing. But really it sounds like your on track and I just wouldn't extend yourself to where your house broke and every single cent goes to your mortgage with nothing left over each month.

 

[DisneyMandC]

Well, DH and I have talked and I think we've decided to file our taxes jointly. We were going to file separately because of what my student loan payments would be if we filed jointly, but we've decided to bite the bullet and confront my student loans- ALL of them- head on. Plus, I have not heard from the job I interviewed for that would give me student loan forgiveness, but I applied to another private sector job today that I think I would really enjoy. The new student loan payment, when I file the paperwork for it, should be manageable, just very high. It will be better once we have DH's car paid off. We doubled the payment last month, we'll double it again this month, and both of our tax returns (about $4800 total) will go to that. DH also gets a bonus from work in May, so that will go towards it as well. That, plus the monthly payments, should knock it out, freeing up that monthly payment to go towards the student loans. So, here's hoping this all pans out and we don't have any Murphy visits in the coming months while we get DH's car paid off!

 

[gracie1]

Well, DH and I have talked and I think we've decided to file our taxes jointly. We were going to file separately because of what my student loan payments would be if we filed jointly, but we've decided to bite the bullet and confront my student loans- ALL of them- head on. Plus, I have not heard from the job I interviewed for that would give me student loan forgiveness, but I applied to another private sector job today that I think I would really enjoy. The new student loan payment, when I file the paperwork for it, should be manageable, just very high. It will be better once we have DH's car paid off. We doubled the payment last month, we'll double it again this month, and both of our tax returns (about $4800 total) will go to that. DH also gets a bonus from work in May, so that will go towards it as well. That, plus the monthly payments, should knock it out, freeing up that monthly payment to go towards the student loans. So, here's hoping this all pans out and we don't have any Murphy visits in the coming months while we get DH's car paid off!

By filing jointly does it increase the monthly payments by a lot? I'm sure your return is more than filing separately but just wondering if you spread out that increased refund does it make sense by the increase of the payment?

 

[DisneyMandC]

By filing jointly does it increase the monthly payments by a lot? I'm sure your return is more than filing separately but just wondering if you spread out that increased refund does it make sense by the increase of the payment?

The refund will be just under what the total would be with my monthly increase. That's why we originally were planning to file separately. Also, we were going to file separately because I wanted to continue paying the lowest amount possible if I was going to get loan forgiveness, and then have the maximum forgiven. However, it's looking like that's less and less of a possibility. Even if I wasn't going for loan forgiveness, and we were just filing separately so I'd continue having the loan payment, I'd pay that for 25 years and still have a six figure taxable income bill at the end of it.

I should have added that if we do file separately, I'll get about $90 back and DH will OWE $3500... YIKES.

 

[bcwife76]

So I received the death benefit cheques from my dad's insurance policies. Yes, cheques. Plural. The lawyer (man now I really think he's a bit dopey) was wrong about the amount of the policies. I ended up getting TWICE as much as he said I would. When I got the cheques today I was in shock opening the envelope.
So yeah....taking them to the bank tomorrow, kissing our line of credit goodbye and paying off any cards that have balances from the last couple of weeks.
We haven't filed our taxes yet (dh is still waiting on his T4 from work and I'm waiting on one more receipt as well) - the deadline to contribute to RRSP (retirement accounts in Canada) is February 29th (for it to make a difference on our 2015 taxes) so I think we'll stick some more in there to maximize our refund.

We were going to wait until the bigger payout comes next year to pay down (or off) our mortgage but now I'm thinking we should also take a chunk and pay that down now too. Honestly my head is spinning a bit at the moment!

 

[Angeejoe]

So I received the death benefit cheques from my dad's insurance policies. Yes, cheques. Plural. The lawyer (man now I really think he's a bit dopey) was wrong about the amount of the policies. I ended up getting TWICE as much as he said I would. When I got the cheques today I was in shock opening the envelope.
So yeah....taking them to the bank tomorrow, kissing our line of credit goodbye and paying off any cards that have balances from the last couple of weeks.
We haven't filed our taxes yet (dh is still waiting on his T4 from work and I'm waiting on one more receipt as well) - the deadline to contribute to RRSP (retirement accounts in Canada) is February 29th (for it to make a difference on our 2015 taxes) so I think we'll stick some more in there to maximize our refund.

We were going to wait until the bigger payout comes next year to pay down (or off) our mortgage but now I'm thinking we should also take a chunk and pay that down now too. Honestly my head is spinning a bit at the moment!

What awesome news!

 

[momtosam]

So I received the death benefit cheques from my dad's insurance policies. Yes, cheques. Plural. The lawyer (man now I really think he's a bit dopey) was wrong about the amount of the policies. I ended up getting TWICE as much as he said I would. When I got the cheques today I was in shock opening the envelope.
So yeah....taking them to the bank tomorrow, kissing our line of credit goodbye and paying off any cards that have balances from the last couple of weeks.
We haven't filed our taxes yet (dh is still waiting on his T4 from work and I'm waiting on one more receipt as well) - the deadline to contribute to RRSP (retirement accounts in Canada) is February 29th (for it to make a difference on our 2015 taxes) so I think we'll stick some more in there to maximize our refund.

We were going to wait until the bigger payout comes next year to pay down (or off) our mortgage but now I'm thinking we should also take a chunk and pay that down now too. Honestly my head is spinning a bit at the moment!

Amazing!! I realize the circumstance is a sad one, but what a burden relief for you!

 

[gracie1]

So I received the death benefit cheques from my dad's insurance policies. Yes, cheques. Plural. The lawyer (man now I really think he's a bit dopey) was wrong about the amount of the policies. I ended up getting TWICE as much as he said I would. When I got the cheques today I was in shock opening the envelope.
So yeah....taking them to the bank tomorrow, kissing our line of credit goodbye and paying off any cards that have balances from the last couple of weeks.
We haven't filed our taxes yet (dh is still waiting on his T4 from work and I'm waiting on one more receipt as well) - the deadline to contribute to RRSP (retirement accounts in Canada) is February 29th (for it to make a difference on our 2015 taxes) so I think we'll stick some more in there to maximize our refund.

We were going to wait until the bigger payout comes next year to pay down (or off) our mortgage but now I'm thinking we should also take a chunk and pay that down now too. Honestly my head is spinning a bit at the moment!

That is awesome! I bet your head is spinning!! Some attorneys are a bit dopey. Not all of them but when I went to my refi settlement the attorney had to check with her assistant to see what the form meant!! Lol!! And she was my attorney 10 years ago. She then said they've changed everything up but I was like it's your job - you should learn this stuff! Lol.
It's awesome that your going to be out of debt!! Just your mortgage!!

 

[PrincessKymm]

Sounds like everyone is making progress!!! I can't believe all the good news!