Debt Dumpers - 2016

[DisneyMandC]

Well, Murphy came and showed his ugly face around here. My front two tires are almost done for and need to be replaced as soon as possible. One of them is cracking and the other is bald. Unfortunately, we just started using a budget, so we have almost no money set aside for car maintenance.

We've also been having issues with our water heater not heating up like it should. We only get warm water, not hot. We called our home warranty company and they sent out one plumber after another (luckily we only had to pay the one service fee), we found out we have old galvanized pipes that are rusting and causing a water pressure issue. Our heater is an electric tankless, so it needs water pressure to heat up properly. In order for us to get our water heater working like it should, we need to re-pipe the entire house and the home warranty company doesn't cover that. The plumber quoted us $3,000-$5,000 for the job, but I'm sure we can get a cheaper bid on it (even the home warranty company said so). DH wanted to take a loan out to get it done, but since we still get warm water, it's not something I want to get into more debt over. Plus, the plumber cleaned out the pipes as best he could, giving us slightly better water pressure. So we decided to live with it for now, put aside some money for it, and if it gets too bad before we have enough, then we'll consider some kind of financing for it.

On top of all that, our golden retriever's eyesight has gotten much worse. She has glaucoma, so we have to give her eyedrops everyday to help keep the pressure down and keep her vision in one eye (the other went before she was diagnosed), but it looks like the sight in her good eye is gone now. We don't know if we should call the eye doc now and make an appointment or if we should wait until her appointment already scheduled for March. I know an emergency appointment would cost a lot more and they're usually booked a month out...plus, it's not like there's really anything they can do at this point.

Let's hope Murphy leaves us alone for a while so we can catch up!

Aww so sorry to hear about your golden. I have a golden as well and they are just the sweetest dogs.

 

[LisaSunshine]

Oh no!! You should definitely bid out the work - does the company offer a payment plan? I know sometimes they do on big jobs like that. Sorry to hear about your fur baby - maybe call the vet and ask them if there's any need to move the appointment up. I know my vet will normally just let me know if it's worth moving an appointment up or just waiting till the regular one. This way you can be at ease. Hoping that Murphy leaves you alone!!!

Thanks for the advice! I didn't think about payment plans! We'll have to ask when we're getting bids. The home warranty company also suggested getting the pipes replaced one by one instead of doing the whole house all at once, so we'll have to look at that option, too.

I'll probably end up calling the vet. We kind of assumed her vision would go completely at some point, just didn't expect it to happen so quickly.

Aww so sorry to hear about your golden. I have a golden as well and they are just the sweetest dogs.

Goldens are the best! She's only 8 so it hurts to see her struggling with her vision already, but we hope she'll adjust well...we're counting on her living for many more years to come!

 

[dayvewc]

Ok. I am having to make a change on how I'm handling some payments.

I wound up with an unanticipated long term bill that is definitely a bit of a set-back, but not a complete destruction of my goal. (yes, I'm being vague; no I don't want to talk about it yet; and yes I am very frustrated with how it is turning out).

So, in an effort to at least pretend that I am making progress, I am adjusting the way I am paying bills. I looked at what I am paying each for the 0% interest accounts (currently calculated so each one is paid in equal installments for the length of the promotion) and switched it around to a true snowball - minimum payments on all the accounts except the smallest and all the excess there. I'm still paying the same amount (about $760/month), but instead of it being split to pay off one in July and the other 2 in December, I will be paying off one on Feb. 1st, the next in April, and the last in December.

I'm also doing the same thing with my interest charging accounts (CC and loan payments), moving all the little extra bits I've been paying across all the accounts to one payment on one account - in true snow-ball fashion. Lets see if I feel like I make more headway this way than the old way.

(and yeah, I know I should be making approximately the same debt reductions each month regardless, I just feel like I'll be gaining ground better this way - and that psychological boost may be what I need).

 

[DisneyMandC]

Goldens are the best! She's only 8 so it hurts to see her struggling with her vision already, but we hope she'll adjust well...we're counting on her living for many more years to come!

Aww, that stinks! But I'm sure she will live many more years! And to be honest, if there's a dog breed out there that could go blind and still manage to be the happiest dog in existence every day, goldens are definitely it!

 

[DisneyMandC]

Ok. I am having to make a change on how I'm handling some payments.

I wound up with an unanticipated long term bill that is definitely a bit of a set-back, but not a complete destruction of my goal. (yes, I'm being vague; no I don't want to talk about it yet; and yes I am very frustrated with how it is turning out).

So, in an effort to at least pretend that I am making progress, I am adjusting the way I am paying bills. I looked at what I am paying each for the 0% interest accounts (currently calculated so each one is paid in equal installments for the length of the promotion) and switched it around to a true snowball - minimum payments on all the accounts except the smallest and all the excess there. I'm still paying the same amount (about $760/month), but instead of it being split to pay off one in July and the other 2 in December, I will be paying off one on Feb. 1st, the next in April, and the last in December.

I'm also doing the same thing with my interest charging accounts (CC and loan payments), moving all the little extra bits I've been paying across all the accounts to one payment on one account - in true snow-ball fashion. Lets see if I feel like I make more headway this way than the old way.

(and yeah, I know I should be making approximately the same debt reductions each month regardless, I just feel like I'll be gaining ground better this way - and that psychological boost may be what I need).

Sorry about your bill that really stinks. Hope you're ok health-wise and whatnot since I know you were having a lot of trouble with your back before.

I agree that while it's the same debt reduction, that psychological boost may help a lot. Plus you can celebrate with us on here when it's paid!

 

[LisaSunshine]

Ok. I am having to make a change on how I'm handling some payments.

I wound up with an unanticipated long term bill that is definitely a bit of a set-back, but not a complete destruction of my goal. (yes, I'm being vague; no I don't want to talk about it yet; and yes I am very frustrated with how it is turning out).

So, in an effort to at least pretend that I am making progress, I am adjusting the way I am paying bills. I looked at what I am paying each for the 0% interest accounts (currently calculated so each one is paid in equal installments for the length of the promotion) and switched it around to a true snowball - minimum payments on all the accounts except the smallest and all the excess there. I'm still paying the same amount (about $760/month), but instead of it being split to pay off one in July and the other 2 in December, I will be paying off one on Feb. 1st, the next in April, and the last in December.

I'm also doing the same thing with my interest charging accounts (CC and loan payments), moving all the little extra bits I've been paying across all the accounts to one payment on one account - in true snow-ball fashion. Lets see if I feel like I make more headway this way than the old way.

(and yeah, I know I should be making approximately the same debt reductions each month regardless, I just feel like I'll be gaining ground better this way - and that psychological boost may be what I need).

Sorry to hear that! Even if it's not devastating, a set back is still frustrating. Snowballing that way should definitely give you that psychological boost!

 

[bcwife76]

Well, Murphy came and showed his ugly face around here. My front two tires are almost done for and need to be replaced as soon as possible. One of them is cracking and the other is bald. Unfortunately, we just started using a budget, so we have almost no money set aside for car maintenance.

We've also been having issues with our water heater not heating up like it should. We only get warm water, not hot. We called our home warranty company and they sent out one plumber after another (luckily we only had to pay the one service fee), we found out we have old galvanized pipes that are rusting and causing a water pressure issue. Our heater is an electric tankless, so it needs water pressure to heat up properly. In order for us to get our water heater working like it should, we need to re-pipe the entire house and the home warranty company doesn't cover that. The plumber quoted us $3,000-$5,000 for the job, but I'm sure we can get a cheaper bid on it (even the home warranty company said so). DH wanted to take a loan out to get it done, but since we still get warm water, it's not something I want to get into more debt over. Plus, the plumber cleaned out the pipes as best he could, giving us slightly better water pressure. So we decided to live with it for now, put aside some money for it, and if it gets too bad before we have enough, then we'll consider some kind of financing for it.

On top of all that, our golden retriever's eyesight has gotten much worse. She has glaucoma, so we have to give her eyedrops everyday to help keep the pressure down and keep her vision in one eye (the other went before she was diagnosed), but it looks like the sight in her good eye is gone now. We don't know if we should call the eye doc now and make an appointment or if we should wait until her appointment already scheduled for March. I know an emergency appointment would cost a lot more and they're usually booked a month out...plus, it's not like there's really anything they can do at this point.

Let's hope Murphy leaves us alone for a while so we can catch up!

Ugh, Murphy didn't just visit you, sounds like he set up house! Boo

Hopefully you can get a lower bid for the plumbing.

Sorry to hear about your dog, Goldies are so sweet! Our dog is a shepherd mix and she's getting older (nearly 13); her eye sight is now going and she's incontinent. Right now she's on pills to control it and it's about $30/month so not too bad. It's so hard to watch them get older

 

[bcwife76]

So I met with the lawyer handling my late fathers' estate today. He had two insurance policies totally $140,000. They will be split 3 ways (between myself, horrible half brother and evil step mother) so I'm looking at approx $45,000 and will get a cheque in just a few weeks. Tax free, too. So this will clear off our entire HELOC and any other small balances we might have on credit cards at the time the cheque comes in. The remaining will be used to pay off our January 2017 cruise and any incidentals for our upcoming Maui trip (which is car rental which my DH now wants to upgrade lol, any food and attractions and the remaining $475 we have left to pay on the condo we are renting). The rest will either go into savings or half savings/half prepayment to our mortgage.

Then there's the rest of the estate. And yes, it will all be divided up between the same 3 of us. My stepmother does NOT have a claim to their house unless she wants to buy it from the estate (which she can't afford and apparently she wants to bugger off back to the UK once this is all settled anyway). That means either myself or my half brother can buy the house. Well I'm not buying it; my brother *has* the money to buy it but I don't see him wanting it either. So most likely it's all going to be part of the estate. This will not be settled any time soon (thinking not until early 2017).

Quite frankly it's a LOT to take in....especially the fact that my husband and I might actually be mortgage free next year when this estate is settled.....

BUT I don't have ANY money yet so right now it's just planning.

 

[gracie1]

So I met with the lawyer handling my late fathers' estate today. He had two insurance policies totally $140,000. They will be split 3 ways (between myself, horrible half brother and evil step mother) so I'm looking at approx $45,000 and will get a cheque in just a few weeks. Tax free, too. So this will clear off our entire HELOC and any other small balances we might have on credit cards at the time the cheque comes in. The remaining will be used to pay off our January 2017 cruise and any incidentals for our upcoming Maui trip (which is car rental which my DH now wants to upgrade lol, any food and attractions and the remaining $475 we have left to pay on the condo we are renting). The rest will either go into savings or half savings/half prepayment to our mortgage.

Then there's the rest of the estate. And yes, it will all be divided up between the same 3 of us. My stepmother does NOT have a claim to their house unless she wants to buy it from the estate (which she can't afford and apparently she wants to bugger off back to the UK once this is all settled anyway). That means either myself or my half brother can buy the house. Well I'm not buying it; my brother *has* the money to buy it but I don't see him wanting it either. So most likely it's all going to be part of the estate. This will not be settled any time soon (thinking not until early 2017).

Quite frankly it's a LOT to take in....especially the fact that my husband and I might actually be mortgage free next year when this estate is settled.....

BUT I don't have ANY money yet so right now it's just planning.

Wow! I bet you were in awe listening to all this from the attorney!

 

[PrincessKymm]

Ok. I am having to make a change on how I'm handling some payments.

I wound up with an unanticipated long term bill that is definitely a bit of a set-back, but not a complete destruction of my goal. (yes, I'm being vague; no I don't want to talk about it yet; and yes I am very frustrated with how it is turning out).

So, in an effort to at least pretend that I am making progress, I am adjusting the way I am paying bills. I looked at what I am paying each for the 0% interest accounts (currently calculated so each one is paid in equal installments for the length of the promotion) and switched it around to a true snowball - minimum payments on all the accounts except the smallest and all the excess there. I'm still paying the same amount (about $760/month), but instead of it being split to pay off one in July and the other 2 in December, I will be paying off one on Feb. 1st, the next in April, and the last in December.

I'm also doing the same thing with my interest charging accounts (CC and loan payments), moving all the little extra bits I've been paying across all the accounts to one payment on one account - in true snow-ball fashion. Lets see if I feel like I make more headway this way than the old way.

(and yeah, I know I should be making approximately the same debt reductions each month regardless, I just feel like I'll be gaining ground better this way - and that psychological boost may be what I need).

Sorry about the setback but it sounds like a good plan!!!!

 

[PrincessKymm]

So I met with the lawyer handling my late fathers' estate today. He had two insurance policies totally $140,000. They will be split 3 ways (between myself, horrible half brother and evil step mother) so I'm looking at approx $45,000 and will get a cheque in just a few weeks. Tax free, too. So this will clear off our entire HELOC and any other small balances we might have on credit cards at the time the cheque comes in. The remaining will be used to pay off our January 2017 cruise and any incidentals for our upcoming Maui trip (which is car rental which my DH now wants to upgrade lol, any food and attractions and the remaining $475 we have left to pay on the condo we are renting). The rest will either go into savings or half savings/half prepayment to our mortgage.

Then there's the rest of the estate. And yes, it will all be divided up between the same 3 of us. My stepmother does NOT have a claim to their house unless she wants to buy it from the estate (which she can't afford and apparently she wants to bugger off back to the UK once this is all settled anyway). That means either myself or my half brother can buy the house. Well I'm not buying it; my brother *has* the money to buy it but I don't see him wanting it either. So most likely it's all going to be part of the estate. This will not be settled any time soon (thinking not until early 2017).

Quite frankly it's a LOT to take in....especially the fact that my husband and I might actually be mortgage free next year when this estate is settled.....

BUT I don't have ANY money yet so right now it's just planning.

Wow! good plans!!!!!

I am sorry about your dad.

Fingers crossed all goes well!

 

[lisatx04]

I just came across this thread and have been reading with interest. I decided back in December that 2016 was all about me! I am a divorced mom of 2 kids, one in college and one in high school. I will be having a milestone birthday, and have cc debt. I got rid of my cc in December and only have 1 for emergencies. Its an AMEX, which has a large balance, so I need to get that down. Paid off 2 minor cc bills and took another and transferred to a no interest for 12 months cc. So I have definitely made progress there.
I applied for a new job yesterday, and was offered the job today, which will be giving me about $700 a month extra! I will be using that to really knock down some debt. I also have started all those money challenges as well as using different apps when I grocery shop.
The results in just 1 month are minor, but over a year, its going to be huge!

So excited about 2016!!

 

[Colleen27]

Just did our taxes and this year we have to pay in again. Not a lot and I should be grateful for that, but it ticks me off! I would love a huge refund!!! Good news is my husband has been trying ot sell one of his hunting things and someone contacted him today about buying it. That would pay our tax bill so it wouldn't have to come out of our budget or our snowball.

Ugh, owing is never any fun. At least it won't be a blow to the budget if you DH can sell his hunting stuff.

On top of all that, our golden retriever's eyesight has gotten much worse. She has glaucoma, so we have to give her eyedrops everyday to help keep the pressure down and keep her vision in one eye (the other went before she was diagnosed), but it looks like the sight in her good eye is gone now. We don't know if we should call the eye doc now and make an appointment or if we should wait until her appointment already scheduled for March. I know an emergency appointment would cost a lot more and they're usually booked a month out...plus, it's not like there's really anything they can do at this point.

So sorry to hear about your golden. It is so hard when our pets are sick and we want to do everything we can for them, regardless of the cost.

I hope Murphy gives you a nice long break after all of this!

 

[LisaSunshine]

Ugh, Murphy didn't just visit you, sounds like he set up house! Boo

Hopefully you can get a lower bid for the plumbing.

Sorry to hear about your dog, Goldies are so sweet! Our dog is a shepherd mix and she's getting older (nearly 13); her eye sight is now going and she's incontinent. Right now she's on pills to control it and it's about $30/month so not too bad. It's so hard to watch them get older

It's heartbreaking when things like that happen and there's nothing you can do about it. We get her medications from the Target pharmacy and I usually have a Swagbucks gift card or two to help us pay, so I think it might average out to maybe $30 a month. Some of those eye drops can be quite costly!

Ugh, owing is never any fun. At least it won't be a blow to the budget if you DH can sell his hunting stuff.



So sorry to hear about your golden. It is so hard when our pets are sick and we want to do everything we can for them, regardless of the cost.

I hope Murphy gives you a nice long break after all of this!

We need the break! For Christmas, my parents gave us some DVC points for a stay at the Grand Californian for a few days next month and a bunch of gift cards for food, so all we have to pay for are the tickets, which is becoming harder to justify at this point. I'm so determined to make it work, though...we need a break from reality!

 

[dayvewc]

So, got some good news. I got an updated bill from my doctor. They have adjusted what I owe by about $435!! Instead, I now owe them a little less than $100!! This is great news, in a round about-ish way.

I pay all my medical bills from my HSA account, so being reduced like that will let me pay it off that much sooner, and thus pay off the other medical related expenses that much sooner, which will let me build enough of a reserve that I can request reimbursement for the medical bills I had to pay cash for last year, that much sooner. And that reimbursement will absolutely help me get some of the other stuff paid off/down. It'll just be another 6-8 months at the earliest before I'll be able to file for it.

 

[bcwife76]

@dayvewc that is great news!!

 

[gracie1]

I just came across this thread and have been reading with interest. I decided back in December that 2016 was all about me! I am a divorced mom of 2 kids, one in college and one in high school. I will be having a milestone birthday, and have cc debt. I got rid of my cc in December and only have 1 for emergencies. Its an AMEX, which has a large balance, so I need to get that down. Paid off 2 minor cc bills and took another and transferred to a no interest for 12 months cc. So I have definitely made progress there.
I applied for a new job yesterday, and was offered the job today, which will be giving me about $700 a month extra! I will be using that to really knock down some debt. I also have started all those money challenges as well as using different apps when I grocery shop.
The results in just 1 month are minor, but over a year, its going to be huge!

So excited about 2016!!

That is awesome on the new job!! Congrats!! $700 a month more is a huge increase - and what you've accomplished in just one month is great! Remember that paying off any debt is major - no matter how small the balances were!!

 

[Dentam]

Well, it looks like I'll be getting my first smart phone, along with my first phone bill. I was told today that I can no longer use my work phone for anything personal. My job prior to this one we were able to use our work cells and had unlimited minutes. Up until now, at this job, I was told we had 400 minutes per month and was never told that we couldn't use them for personal calls. Today I was told we only have 200 minutes per month and I was over that already and shouldn't be using it for personal calls. I am not a rule breaker and am fact usually a stickler for following the rules, so it's a bit annoying to be treated like I was trying to milk the system. Lack of clear communication is pretty much my all time biggest pet peeve so I'm a little irked.

Anyway, I've been feeling behind the times anyway since now even Target has an app where you can save more money (called cartwheel I think) using your smart phone, they scan coupons using your smart phone, etc. Guess I'll just break down and buy one along with a plan. I never use more than 400 minutes a month and won't need much data either - please let me know if you have any good recommendations for me!!

 

[momtosam]

Does anyone here do the 1/2 payment method? I've been reading about it on Pinterest and wondering if it is really a benefit.

I also found a blog/Facebook page I'm really enjoying. It is The Budget Mama.

 

[gracie1]

Does anyone here do the 1/2 payment method? I've been reading about it on Pinterest and wondering if it is really a benefit.

I also found a blog/Facebook page I'm really enjoying. It is The Budget Mama.

What is the 1/2 payment method? Are you talking about mortgage where you pay biweekly?