Debt Dumpers - 2016

[Kimberly1]

--Paid off my 429$ target collections account.
--Paid off my 530$ best buy collections account (though I'm still waiting for my electronic check to actually process.)
--Paid off a 426 Dell bill finally which frees up 50$ to snowball.
--Put 500 into a secured savings account to build credit. I already budget 80$ a month to go into that account, so the 43.06 payment will not be out of the budget elsewhere.
--set up a payment plan of 25$ a month for a 2167$ apartment bill that is in 4 people's name. They would not let me pay just my fourth. Oh well. I just need it to start having positive payments on my credit.
-- I have the money earmarked out of taxes to pay off my student loan of 1055$ that will free up 50$ a month, our physical cell phone part of our bill which is around 1k that will free up 53$ a month, and a personal loan with about a 2k balance that will free up 140$ a month as soon as my lending broker pulls my credit on 4/6ish to see if my credit has bumped enough to take on the debt of a house haha! (She said all those were doing too much good to pay off quite yet.)

One all of this is done, I will have that apartment bill and a mortgage as the only current debt to my name! Oh it feels so amazing.

What is a secured savings account that builds credit? More information? I'd love to be slowly doing something to help out my credit.

 

[Shmily1]

I've printed off copies of the visa. Highlighted the unnecessary expenses and totalled it. He usually says "wow, that's bad. I need to be careful" Then he carries on. Admittedly, he's not as bad as he used to be but we need to be really serious about this. We have 2 in university already and 1 starting in the fall.

I knew we were wasting money too but when I saw that big number over $1000, it was on then. It is totally different when you see it $7 or $10 here and there as opposed to seeing it as a lump sum and it being something you could have bought something really nice with. Kind of like slapping yourself with it.

 

[dayvewc]

So, judging by everyone else's experience, we filed last Friday, 2/12....I'm still waiting for the IRS to accept (just checked)...when would I receive our refund?

The website that I found basically listed that if you filed by 11 am on Friday, then you should have the refund by the next Friday. So, if you filed early morning on 2/12 you might get your refund as early as 2/19, otherwise plan on it being 2/26. Although, everything says that the IRS does not guarantee a timeline, just that they "try" to get "most" refunds processed and returned within 21 days. (All assuming that you did efile and direct deposit, paper returns and paper checks add weeks to the process.)

 

[gracie1]

The website that I found basically listed that if you filed by 11 am on Friday, then you should have the refund by the next Friday. So, if you filed early morning on 2/12 you might get your refund as early as 2/19, otherwise plan on it being 2/26. Although, everything says that the IRS does not guarantee a timeline, just that they "try" to get "most" refunds processed and returned within 21 days. (All assuming that you did efile and direct deposit, paper returns and paper checks add weeks to the process.)

Did you look on the irs website also? They have the where's my refund and it will give you the date also. My state refund still doesn't show on their website so I called them today and they said it would be deposited on Friday. Don't know what is wrong with their website. Glad I called before I emailed my cpa though!

 

[dayvewc]

Did you look on the irs website also? They have the where's my refund and it will give you the date also. My state refund still doesn't show on their website so I called them today and they said it would be deposited on Friday. Don't know what is wrong with their website. Glad I called before I emailed my cpa though!

I've been checking the IRS site daily, especially the "where's my refund" page. But, they won't give a date until the return has been approved. That's where my return is hanging out currently - the limbo land between received and accepted. I just use the refund cycle deposit schedule as a guideline. If I get it back before the 26th, I'll be really happy, but not expecting it until then.

 

[gracie1]

I've been checking the IRS site daily, especially the "where's my refund" page. But, they won't give a date until the return has been approved. That's where my return is hanging out currently - the limbo land between received and accepted. I just use the refund cycle deposit schedule as a guideline. If I get it back before the 26th, I'll be really happy, but not expecting it until then.

Mine hung out there too for about 9 days and then moved over to approved.

 

[stayhomemom77]

I've printed off copies of the visa. Highlighted the unnecessary expenses and totalled it. He usually says "wow, that's bad. I need to be careful" Then he carries on. Admittedly, he's not as bad as he used to be but we need to be really serious about this. We have 2 in university already and 1 starting in the fall.

CASH, CASH, CASH!! Decide what would be a reasonable amount to spend (for each of you) and take it out in cash on payday. If you run out of money...you can't buy anything. I had to train myself AND DH on this about six years ago. We decided we'd get $100 each in fun money for the month and that's all we'd have as discretionary spending. We used to plow right through it but now we hardly spend it at all.

He has to agree NOT to use the cards for any purchases or to take out any more money but it makes things a whole lot easier to budget and track.

 

[MrsTurnerLovesDisney]

Ok everyone I need prayers, pixie dust, good voodoo whatever ya got out there for my DH and the job he sent a resume in today for. It's a job in his career field he went to college for and while not his dream job it is def a great job and nothing to sneeze at. The hours would be fantastic M-F (right now he is working a lot of Saturdays to get overtime) and we are breaking even or slightly over even.

This job would provide a decent pay raise (about $200 a month) that would be free and in the clear money! Additionally after a year he should be able to earn a bonus pay bringing the total to close to $500 more a month than his current job. With that kind of money we could really get to nailing down our only true debt (outside of mortage and his new truck note) and that is student loans.

He's worked his butt off in college and has worked sooo hard

 

[Dentam]

So, judging by everyone else's experience, we filed last Friday, 2/12....I'm still waiting for the IRS to accept (just checked)...when would I receive our refund?

Mine was deposited two days after it was approved which was a few days earlier than the date the IRS gave me as an estimate. I am still waiting on my state return to be deposited though. It says that it has but it hasn't appeared in my account yet.

 

[Marlyn]

CASH, CASH, CASH!! Decide what would be a reasonable amount to spend (for each of you) and take it out in cash on payday. If you run out of money...you can't buy anything. I had to train myself AND DH on this about six years ago. We decided we'd get $100 each in fun money for the month and that's all we'd have as discretionary spending. We used to plow right through it but now we hardly spend it at all.

He has to agree NOT to use the cards for any purchases or to take out any more money but it makes things a whole lot easier to budget and track.

I would love to do this! We have a company visa. Can't run a company on cash....that's the one he tends to put incidental stuff on. The personal visa is in my name and I keep that under control it's the other one that's the issue. No matter how many times I say "don't use company credit for personal use....he still does it"

It's a daily battle.

 

[Ava]

I would love to do this! We have a company visa. Can't run a company on cash....that's the one he tends to put incidental stuff on. The personal visa is in my name and I keep that under control it's the other one that's the issue. No matter how many times I say "don't use company credit for personal use....he still does it"

It's a daily battle.

Do you gets points or cash back on the company Visa? I know I like to use credit cards for the rewards, so that could be his motivation.

I like using apps for Starbucks & Dunkin Donuts to give myself a spending limit. Of course you have to discipline yourself to only load your "allowed" amount onto the app and not reload if you run out of money before the end of the week or month.

 

[Marlyn]

Do you gets points or cash back on the company Visa? I know I like to use credit cards for the rewards, so that could be his motivation.

I like using apps for Starbucks & Dunkin Donuts to give myself a spending limit. Of course you have to discipline yourself to only load your "allowed" amount onto the app and not reload if you run out of money before the end of the week or month.

We get huge travel rewards. I have not paid for a flight in years. I am usually able to book 5-6 free international flight tickets a year, sometimes more. That is just with company spending. I have no problem using it for company spending. It's the other stuff...

 

[lilpixiebabe101]

What is a secured savings account that builds credit? More information? I'd love to be slowly doing something to help out my credit.

Its called a secured savings account/loan. We put 500$ from our tax return into a savings account with our credit union. For the next 12 months we will pay 43.06 into said savings account as "payment" so essentially we are building up more savings but it is a loan minus the 16$ total in interest for doing it. We can either leave that original 500 in the account and it will show a balance of 1000 with avaliable 500 + whatever we have "paid" on it. Or we can take that 500 out and it will show a balance of 500 but avaliable of 0 (+anything we've "paid" at that point). I'm not sure if that makes a whole lot of sense. Essentially it's a safe way to build credit. You aren't taking on any new money as a loan and you are building a savings up. I'm already putting X away each month to savings so for me it won't be an additional payment unless I wish to make it so. And it's not like a secured credit card where you don't get your deposit back unless you close out the card. It's all your savings account, you just can't get that additional money until you "save/pay" it.

Ok everyone I need prayers, pixie dust, good voodoo whatever ya got out there for my DH and the job he sent a resume in today for. It's a job in his career field he went to college for and while not his dream job it is def a great job and nothing to sneeze at. The hours would be fantastic M-F (right now he is working a lot of Saturdays to get overtime) and we are breaking even or slightly over even

Definitely sending some! I'm in the same boat. I'm on a temp job that wasn't suppose to end quite yet. My contract company put my name forward for a job that just came up that could turn into a full time position with a raise of around 300$ at least each month! So will definitely send you pixie dust for him!

 

[MrsTurnerLovesDisney]

Definitely sending some! I'm in the same boat. I'm on a temp job that wasn't suppose to end quite yet. My contract company put my name forward for a job that just came up that could turn into a full time position with a raise of around 300$ at least each month! So will definitely send you pixie dust for him![/QUOTE]

Yes I will send some your way as well!!!

 

[gracie1]

Ok everyone I need prayers, pixie dust, good voodoo whatever ya got out there for my DH and the job he sent a resume in today for. It's a job in his career field he went to college for and while not his dream job it is def a great job and nothing to sneeze at. The hours would be fantastic M-F (right now he is working a lot of Saturdays to get overtime) and we are breaking even or slightly over even.

This job would provide a decent pay raise (about $200 a month) that would be free and in the clear money! Additionally after a year he should be able to earn a bonus pay bringing the total to close to $500 more a month than his current job. With that kind of money we could really get to nailing down our only true debt (outside of mortage and his new truck note) and that is student loans.

He's worked his butt off in college and has worked sooo hard

Sending a boat load of pixie dust your way!!!!! I hope your dh gets the job! That would be awesome!

 

[gracie1]

Its called a secured savings account/loan. We put 500$ from our tax return into a savings account with our credit union. For the next 12 months we will pay 43.06 into said savings account as "payment" so essentially we are building up more savings but it is a loan minus the 16$ total in interest for doing it. We can either leave that original 500 in the account and it will show a balance of 1000 with avaliable 500 + whatever we have "paid" on it. Or we can take that 500 out and it will show a balance of 500 but avaliable of 0 (+anything we've "paid" at that point). I'm not sure if that makes a whole lot of sense. Essentially it's a safe way to build credit. You aren't taking on any new money as a loan and you are building a savings up. I'm already putting X away each month to savings so for me it won't be an additional payment unless I wish to make it so. And it's not like a secured credit card where you don't get your deposit back unless you close out the card. It's all your savings account, you just can't get that additional money until you "save/pay" it.



Definitely sending some! I'm in the same boat. I'm on a temp job that wasn't suppose to end quite yet. My contract company put my name forward for a job that just came up that could turn into a full time position with a raise of around 300$ at least each month! So will definitely send you pixie dust for him!

So the money that you pay in each month - the $43 is that your money or is that their money? You put in $500 of your money and if you took it out it shows a 0 balance even though you've paid in $500? Or do you have to keep that $500 in there to keep it open? If you closed it out completely do you get the money back?

 

[Gena001]

Joining in now. I have been following since the first of the year but finally created an account.
The husband and I are committed to paying down the debt. He's helping with the budget and that alone will make things easier. Previously, I was solely in charge of the finances and I had to be the one constantly saying "No" to everything.

I can relate!

Sometimes I feel like the Lone Rangerand it wears on me. Other times I don't tell him all the details because he'd flip out. Happily married 26 years this year!

 

[Gena001]

Mine hung out there too for about 9 days and then moved over to approved.

The CPA filed last Friday, I believe in the morning. I'm still in IRS limbo, too. I haven't looked to the the status for state. Guess I'll take a peek.

 

[PrincessKymm]

Ok everyone I need prayers, pixie dust, good voodoo whatever ya got out there for my DH and the job he sent a resume in today for. It's a job in his career field he went to college for and while not his dream job it is def a great job and nothing to sneeze at. The hours would be fantastic M-F (right now he is working a lot of Saturdays to get overtime) and we are breaking even or slightly over even.

This job would provide a decent pay raise (about $200 a month) that would be free and in the clear money! Additionally after a year he should be able to earn a bonus pay bringing the total to close to $500 more a month than his current job. With that kind of money we could really get to nailing down our only true debt (outside of mortage and his new truck note) and that is student loans.

He's worked his butt off in college and has worked sooo hard

Pixies sent!

 

[lilpixiebabe101]

So the money that you pay in each month - the $43 is that your money or is that their money? You put in $500 of your money and if you took it out it shows a 0 balance even though you've paid in $500? Or do you have to keep that $500 in there to keep it open? If you closed it out completely do you get the money back?

I can pull the 500 out at any time it's just like a normal savings account. (Well a credit union so theres always the 5$ deposit ill only ever get bsck if i closed the account. But its been open 8 years so no intent to do that.) It just showe a higher balance I can't get to till I make payments. So in a year I'll have a savings account with 1000 in it if I leave the original 500 and pay the monthly 43$. Only difference from just saving the money is that the bank has made 16$ in interest and has reported to my credit bureaus the same way they would if I had taken a 500$ loan out. But no money exchanged hands, it's all still my money in my savings account.

Sorry if im not explaining well.

Think of it like your checking account.
Your avaliable balance is 2000
But your actual balance is 2500
There's a check that hasn't cleared yet for 500$ hence the difference.

Savings account:
Avaliable balance - 500
Actual balance 1000
Make a 43$ payment.
Avaliable balance 543
Actual balance 1000
Make another payment
Available balance 586
Actual balance 1000
Etc

Hopefully that makes more sense ^