Debt Dumpers - 2016

[LinderInWonderland]

DH just had a phone interview. He let them know that he would be on vacation next week (we will be at WDW!) and so they want him to come in for an in person interview on Friday rather than wait until we return! I am really hoping that this one works out. It is for an academic medical journal and is located close to where I work too, so we could carpool on the days that I go into the office. I am willing all of my good thoughts towards this right now. He seems really excited and liked the interviewer, so I really hope he gets an offer.

Best of luck to your DH! I am putting out all kinds of positive vibes in the universe for you both.

 

[Ava]

This! In your 30s you can of your retirement account as monopoly money. It's not real yet. Just go with the flow and know that the market has ups and downs but in the long run, it goes up. And buying low is the way to go! If you put $20 in a paycheck, that $20 is able to afford to buy you more shares right now

Yes, this! Unless money is so tight that contributing will affect your ability to pay your essential bills, you should always contribute something to your 401K. Especially if your employer matches contributions; not contributing enough to get the full match is literally throwing away free money. This is possibly the only financial advice my father ever gave me, but it's good advice.

 

[thiabelle]

Swimming along here... Our tax return was deposited on Friday!! I kept a couple hundred to pay for the tax software and my time (if I'm gonna do the taxes then I'm gonna get paid!!). I was also able to pay off our summer Disneypalooza trip. DD and I will be in the World for almost two weeks and then we are going on a four night cruise on the Dream. I'm calling it Disneypalooza because we are taking some time off after this trip so I want to do it up right! I don't think we will be back for three or four years- some of the construction has got to get done and I am a firm believer in "absence makes the heart grow fonder".
I moved the rest of the tax return to our Rainy Day fund (what we call our emergency fund). I'm excited because now it is fully funded for six months of living expenses. Probably could go for nine to ten months if we cut all fat from the budget. I remember when we were just starting out (years ago) and thinking that we would never be able to save that kind of money. It's pretty cool to check out the CapOne360 account and see the balance.
My next area to attack is the HELOC. I'm tired of paying the minimum and would like to get it off the books. Looking ahead I think I can realistically be done with it in about a year. I'm going to take the money that I am throwing towards our Disneypalooza (it's for all of the "stuff" not covered by paying for the rooms and the cruise like food, gas, hotels down and back, dog boarding, etc) and concentrate on that loan. We don't have any other consumer debt except for my DH's car loan but that's his to pay so I don't worry about it. When I am done with the HELOC I'm not sure where I will put the money. I guess I could start saving for Disney in a few years- by then I might be able to afford the GF- but then again prices will continue to go up so who knows... I might be back at a value
I also want to throw out there that I really love this thread. I tune in every day and always send pixie dust and good thoughts to whoever is in need. Thank you all for being so supportive!!

 

[Dentam]

You're not throwing money away, you are basically getting to buy your shares "on sale." You are essentially getting more shares for your money now and when the marketbgoes back up, you will make a much higher return. The BEST time to invest money is in a down market. That's how you make more money in the long run. Stopping your contributions now could cost you tens of thousands of dollars in 20-30 years.

The absolute BEST way to invest is to contribute monthly and never look at your balance. In the end, you will likely come out way ahead but the ups and downs can make you go crazy thinking you "lost" money. Look at your investment rate of return from when you started your contributions. Is it a + rate of return? If so, you haven't "lost" anything.

It is showing a negative rate of return at this point. I will definitely get back to contributing once I get this debt down a bit more. It also helps that my employer is contributing. Thanks for the tips!

 

[Dentam]

Yes, this! Unless money is so tight that contributing will affect your ability to pay your essential bills, you should always contribute something to your 401K. Especially if your employer matches contributions; not contributing enough to get the full match is literally throwing away free money. This is possibly the only financial advice my father ever gave me, but it's good advice.

My employer contributes regardless of whether I do or not. No matching. I've made my decision for now and will go back to contributing once I feel I have a bit more breathing room with my debt. Thanks!

 

[Gena001]

DH just had a phone interview. He let them know that he would be on vacation next week (we will be at WDW!) and so they want him to come in for an in person interview on Friday rather than wait until we return! I am really hoping that this one works out. It is for an academic medical journal and is located close to where I work too, so we could carpool on the days that I go into the office. I am willing all of my good thoughts towards this right now. He seems really excited and liked the interviewer, so I really hope he gets an offer.

BEST WISHES!
**Fingers crossed **

 

[Gena001]

State refund received today! Federal is due on Wednesday!

I did find a $78 one way airfare to MCO....DH said he didn't care if I took DD16 & DD6. DD16 and I already have tickets. The bad part was the flight was for a Tuesday flight and I was thinking a Wednesday flight out.

Then I slapped myself in the head and said maybe next year! Paying down 'da debt! Woot woot!

 

[dayvewc]

Just checked my bank online, and both state and federal refunds came in today. Woohoo!

Now I'm thinking go back to my different accounts and move those payments up. Remove temptation, so to speak.

 

[Dentam]

Then I slapped myself in the head and said maybe next year! Paying down 'da debt! Woot woot!

I know how you feel! My goal right now is to pay down so much debt that I'll be able to book a birthday trip for next spring to enjoy the Flower and Garden Festival at EPCOT! Until then - must buckle down!

*My DL trip for this April is already paid for thank goodness!

 

[Gena001]

Just checked my bank online, and both state and federal refunds came in today. Woohoo!

Now I'm thinking go back to my different accounts and move those payments up. Remove temptation, so to speak.

Good idea! Don't allow temptation to enter the picture! Kick him (and Murphy) to the curb!

 

[Ava]

My employer contributes regardless of whether I do or not. No matching. I've made my decision for now and will go back to contributing once I feel I have a bit more breathing room with my debt. Thanks!

Oh that's great that your employer contributes independent of your contributions! That would definitely change the ballgame for me. Mine matches up to 5% but I have to contribute in order to get that.

 

[Dentam]

Oh that's great that your employer contributes independent of your contributions! That would definitely change the ballgame for me. Mine matches up to 5% but I have to contribute in order to get that.

Yeah, I am very lucky! I am going to try to get back to contributing as soon as possible too.

 

[dayvewc]

Good idea! Don't allow temptation to enter the picture! Kick him (and Murphy) to the curb!

I did it. Went just now and moved the payment date on the CareCredit account to today from 3/1, and also moved the $2000 payment on the 0% CC to today from 3/9. I changed the $2k payment, so that today's payment is just the extra, and on 3/9 it should draft the normal payment.

 

[Jen and Ashwin]

I did it. Went just now and moved the payment date on the CareCredit account to today from 3/1, and also moved the $2000 payment on the 0% CC to today from 3/9. I changed the $2k payment, so that today's payment is just the extra, and on 3/9 it should draft the normal payment.

When our tax refund came, I moved it right into the emergency fund so I wouldn't be tempted either. I feel really good looking at the emergency fund balance now knowing that we are that much closer to our goals.

 

[DnA2010]

So jealous of you folks that already have your returns! We still haven't gotten my or DH's tax forms yet!

 

[Stacy's a freak]

Hooray for tax returns! (Sorry to those who are still waiting!). We have our Federal back and it ALL went to pay down CCs. Sad, but we spent it and have to pay it back. I think DH was most sad that we couldn't do something fun with it. He felt a lot better when I explained that in about a year we will have all CC debt gone and can actually do something fun with next years tax refund

 

[gracie1]

Seems like everyone is doing an awesome job at dumping debt! Even though Murphy has been visiting everyone your still making progress! That is awesome!!

 

[bcwife76]

So jealous of you folks that already have your returns! We still haven't gotten my or DH's tax forms yet!

We are never able to file until mid March either. While I have all the paper work/receipts for my return, we are ALWAYS waiting for Dh's T4 as his company sends it on the last possible day (which, this year, is February 29th). I mean, what are they waiting for? At my last job I always had my T4 by the middle of January.

 

[stayhomemom77]

We are never able to file until mid March either. While I have all the paper work/receipts for my return, we are ALWAYS waiting for Dh's T4 as his company sends it on the last possible day (which, this year, is February 29th). I mean, what are they waiting for? At my last job I always had my T4 by the middle of January.

Oh, the joys of being Canadian! Personally, I think that legislation is ridiculous...why do they need nine weeks to get T4's out to their employees? I think it's just so that the government gets to keep our money (for those of us getting a refund) a little bit longer. I keep trying to get DH to go to HR and get his deductions adjusted (we've been getting a refund for 15 years now) but he's too lazy to do it.

DH's old job used to wait to the last possible day to mail out their T4's but here they're in his mailbox at the university by mid February. I bought Turbo Tax on Saturday and entered all the info I had. I just have to double check that we have all the statements we need (I think we are still waiting on one more RRSP receipt) and then we can file.

It's basically exactly what I expected we'd get back and we don't need it to pay anything off...so I guess I shouldn't complain but it's annoying that we have to wait until mid to late March to get our own money back!

I know, I know...first world problems. I'm grateful DH has a good job and that I am able to be a stay at home mom. Also, there are a lot of amazing things about being Canadian.

But, I'll be even more grateful when that money is in OUR bank account where it belongs!

 

[DnA2010]

We are never able to file until mid March either. While I have all the paper work/receipts for my return, we are ALWAYS waiting for Dh's T4 as his company sends it on the last possible day (which, this year, is February 29th). I mean, what are they waiting for? At my last job I always had my T4 by the middle of January.

Yup, mine becomes available on our system that has our paystubs- generally on the last day possible I asked DH to check with HR on the status of his- it could be sitting in his box