Debt Dumpers - 2016

[DnA2010]

I've just never been able to bring myself to spend $5 on coffee unless I have a GC or am meeting someone and it's a social thing. Drinks out (pop/soda at restaurants, Starbucks etc) is just something I've never gotten into and I'm glad- doing the math is scary!

Although I don't track our actual spends super detailed, I do forcast where we will be at the end of the month, so far it looks like May will be bang on

 

[bababear_50]

Paid off a store card today!

Yeah!
bet it feels great!
I am trying to spend cash only right now and I'm finding it hard.
Congrats to you.
Hugs Mel

 

[bababear_50]

Starbucks is a weakness of mine that I have significantly cut down on, but once again the craziness of work is getting me. I used to go almost every day, then I cut myself back to once every couple of weeks (brewing my own iced coffee at home), but I'm super backsliding. Everything is just so hectic that I'm like, whatever, $4.50 is worth the five minutes of sanity this drink will bring me. My willpower to resist is just nonexistent right now.

I have the same type of "good self talk" I call it,,,,well I deserve it,,just one treat etc etc.
LOL till I check my debit card balance at the end of the week. Sometimes I'm better to buy myself a $20.00 card and when it's gone it's gone.
McDonald's coffee is my weakness.
I am sending super calm hugs your way that the work crazies calm down.~~~~~~~~~~~Calm Hugs~~~~~~!
Hugs Mel

 

[bababear_50]

Getting a handle on my debt has been a challenge this past 6 months.
I am overspending in all areas and relying on my Visa to off set it.
I've spent hours going over where and when I am spending.
I am going to take a loan to pay out my Visa through work (Credit Union) and return to using the Visa for emergencies only. This keeps me honest and not just making small minimum credit card balances--it will be paid out in 10 months.
I used to use cash for everything and think it's time to go back to that method.
I have been thinking alot about gift giving,Christmas,Birthdays,Anniversaries,wedding/baby showers etc.
I have to come up with a plan to still be able to be part of these celebrations but cut the costs way down.
Work has been super busy and crazy,,,I did get an opportunity through work to go to a presentation on "So you want to retire in 10 years"...
lots of good information was shared which got me really thinking that the next 10 years is going to go fast,
so I am also thinking about what the future holds for me. Some options are early retirement,,,,nope not enough money saved.,,,work 1/2 time days......not sure..........work 3 full days.........maybe.................win the lottery
well I can always dream.
Hugs to everyone
Hugs Mel

 

[ruadisneyfan2]

I've been away from the board for 2 or 3 weeks. I came back and had to read thru nearly 200 posts! So much going on with everyone!

@dayvewc I'm sorry to hear about your old car. I saw an Entourage today and immediately thought of you. Nice car! I know you gave that decision lots of thought before committing. I'm driving a 1994 Toyota van with 220k miles and it just keeps going. I like to think it's beyond "old" now and into "vintage!"

@Jen and Ashwin I was honestly thinking about you the other day and wondered how you were doing. Sounds like you have a nice plan for that curve ball.

So, our DD had last day of 10th grade today. (And our other DD finished 1st grade.) DD16 got a job this summer working at the pool: snack bar and front desk. $8 per hour. She's had training and orientation this past week and goes live on Sunday. We bought a 1990 Miata for her that had been in a fender bender with the original owner. Hubby fixed it up for her and she's been practicing driving it (manual transmission ). She's been riding with dad or he's followed her. Her first stick solo trip was last night to Walgreens. Our insurance only went up $103 over 6 months for adding a car. (It's titled in our name. ) Now she can pay her own gas!

I need to find a decent bank for a teenager. She wants to do the exchange trip to Germany next summer. We told her she needs to pay half. The cost isn't set in stone yet, but somewhere between $2k - $2,600. It needs to be paid by March 2017 so I figured if we each saved $130 a month, we'd be ok. Plus if we sign up and make the deposit by mid June, they discount the trip by $200. It will be hard for her to work when the autumn comes back due to her classes. So she better save that portion as well. I think she's asking for cash for her birthday and Christmas.

I think that's it for now. Not really dumping much right now, but swimming ok.

I've been banking online with Capital One 360 since the old days when they were ING. I started with just one savings account which has now grown to around 12 savings accounts. You can have up to 30 I think. This is my cashless "envelope" system. I have separate accounts for vacation, quarterly sewer bill, mortgage escrow for taxes & HO ins, emergency fund, Christmas, car ins., etc. You link your online account to your local bank and can do free transfers which usually occur by the next day. When they offered a $50 bonus to open a checking account, I did one for me and one for dh just for the bonus $. I thought I'd never use it but have found it handy many times. There are no minimum balances and no fees unless you become overdrawn. Their website is simple and user-friendly.

They also have free ATM which I did use in Europe with no foreign transaction fees. I did not shop with it as a debit card but did take Euros out at ATMs.
This was one of the times I found it handy to have a free, spare checking account. Before we left home I put our vacation spending money in the Cap One checking. Doubting that their ATM would display my account balance like it does here, I didn't want to accidentally tap into bill/mortgage money from our regular checking account. Also after reading how frequently tourists are pick-pocketed, I didn't want someone to be able to empty our bill-paying account back home.

Anyway, they also offer Teen Money accounts which are similar to adult accounts except it allows me to see his transactions and IIRC set limits. Ds19 has had both checking & savings for years with the ability to transfer back and forth. He is not a big spender at all so I trust him. OTOH now that our younger ds has turned 16, he will soon have a checking account with ATM but I will have to cancel his savings account in both of our names, and open one in my name so he can't access his savings account. Knowing him he'd have that sucker emptied in a day and be treating his friends to dinner, buying crazy expensive sneakers, expensive clothes.

 

[Ngwira]

If you have USAA, that is a great bank to get her an account. Also, we just opened a new checking account at Chase because there was a $300 bonus. I saw that they offer student bank accounts with 0 monthly fees, so that could be an option.

I received $450.00 from Chase for both checking and savings last year. However wasn't so happy when I got the 1099.

 

[ruadisneyfan2]

I received $450.00 from Chase for both checking and savings last year. However wasn't so happy when I got the 1099.

Do they still offer this?
Does it affect one's credit score to keep opening checking accounts and closing them? I could probably pull $100 from my snowball and keep using it to open new accounts for bonus money.
Dh and I both have Discover cards and they offered $50 each to open a Discover checking account. That was another $100 toward debt and we got our initial deposit money back.

 

[Dentam]

Do they still offer this?
Does it affect one's credit score to keep opening checking accounts and closing them? I could probably pull $100 from my snowball and keep using it to open new accounts for bonus money.
Dh and I both have Discover cards and they offered $50 each to open a Discover checking account. That was another $100 toward debt and we got our initial deposit money back.

You have to set up direct deposit to get the $300 checking bonus. You also have to keep the account for at least 6 months I think. If too many people take advantage of offers like this they won't be offered anymore unfortunately.

 

[Ngwira]

Do they still offer this?
Does it affect one's credit score to keep opening checking accounts and closing them? I could probably pull $100 from my snowball and keep using it to open new accounts for bonus money.
Dh and I both have Discover cards and they offered $50 each to open a Discover checking account. That was another $100 toward debt and we got our initial deposit money back.

I believe they do. I got $300 for the checking and $150 for depositing $10,000 in savings. However I've just moved the bulk of my savings into Amex bank. Chase offers a paltry.01 interest rate. Discover gave me $300.00 last year for opening a checking account. It was around December. I believe checking accounts are considered soft pulls so won't affect credit score like opening up a new credit card which requires a hard pull.

 

[Ngwira]

Do they still offer this?
Does it affect one's credit score to keep opening checking accounts and closing them? I could probably pull $100 from my snowball and keep using it to open new accounts for bonus money.
Dh and I both have Discover cards and they offered $50 each to open a Discover checking account. That was another $100 toward debt and we got our initial deposit money back.

Watch out for 1099s...some of them came late and held up my filing. One year I forgot about bonus I received in February of the previous tax year and had to amend. I won't do an account bonus unless I intend to bank with them long term. Not worth the hassle.

 

[ruadisneyfan2]

I don't have $10,000 to put into a savings account.

Incentives are offered to encourage people to give them a try. It's similar to the 50,000 bonus points for signing up for the SW visa. A lot of people sign up for the bonus then cancel. I keep it because I continue earn SW points. You wouldnt get that ongoing incentive from a checking account.

 

[Eureka]

I like Starbucks and so does DH. But we go as a treat and usually just 1-3 times a month. But I when I was interning in DC during law school, there were literally 5 Starbucks stores within view from the building's front door. I went every single day over my lunch break with the other interns. I can see how this could easily become a daily habit if it was so convenient.

Yeah, DC has a ton of Starbucks. My office is just north of Dupont Circle and I pass three on the way in.

 

[Jen and Ashwin]

Yeah, DC has a ton of Starbucks. My office is just north of Dupont Circle and I pass three on the way in.

This is where I used to work. There are 6 stores within 1-2 blocks. So crazy!

https://www.google.com/maps/search/...9026,+-77.0328!4m2!1d-77.0327515!2d38.9026308

 

[Ngwira]

I don't have $10,000 to put into a savings account.

Incentives are offered to encourage people to give them a try. It's similar to the 50,000 bonus points for signing up for the SW visa. A lot of people sign up for the bonus then cancel. I keep it because I continue earn SW points. You wouldnt get that ongoing incentive from a checking account.

I agree but at least with the credit card awards/cash back/miles and points, it's not a taxable event. I wouldn't hesitate to apply for a credit card reward at all because of this. The checking/savings account bonuses trigger a tax consequence. I guess if you're super organized, it would work. I am not.

I don't have $10,000 to put into a savings account.

 

[Jen and Ashwin]

I agree but at least with the credit card awards/cash back/miles and points, it's not a taxable event. I wouldn't hesitate to apply for a credit card reward at all because of this. The checking/savings account bonuses trigger a tax consequence. I guess if you're super organized, it would work. I am not.

Yeah, I don't really see the big deal of the 1099. I might have to wait a little longer to file taxes next year, but I don't expect it to make a huge difference in the overall tax return.

 

[Miss Whimsy]

OK, I get paid on Friday and need to go on a spending freeze until then.

I am proud of myself, though, one of my favorite stores is having a memorial day store and I've spent two days updating my shopping cart and have finally decided to close out and not buy anything.

 

[Ngwira]

Yeah, I don't really see the big deal of the 1099. I might have to wait a little longer to file taxes next year, but I don't expect it to make a huge difference in the overall tax return.

Well yeah, but if you do several bonuses a year and you are already on the brink of a different tax bracket and or owe/ barely get a refund each year, it can make a difference. It reduced our refund and pushed us into the next tax bracket.

 

[dayvewc]

Yeah, I don't really see the big deal of the 1099. I might have to wait a little longer to file taxes next year, but I don't expect it to make a huge difference in the overall tax return.

The only place it would affect me is that I intentionally have excess held out on taxes to pay for my spring break trips. I generally have to file by the first of March to get my refund in time.

On a different note, just got checked in to Disney Grand California Resort. Aaaahhhh my 4 days of Disney Land 60th celebration have begun! (And I have Disney GC I've been collecting through Target to pay for everything, so should not cost me a penny from here out. The San Diego portion of this trip was a different story)

 

[Dentam]

@dayvewc - Have a great time!! I love DGC - just wish I'd had some time to relax next to one of their beautiful pools!

 

[Ngwira]

The only place it would affect me is that I intentionally have excess held out on taxes to pay for my sorting break trips. I generally have to file by the first of March to get my refund in time.

On a different note, just got checked in to Disney Grand California Resort. Aaaahhhh my 4 days of Disney Land 60th celebration have begun! (And I have Disney GC I've been collecting through Target to pay for everything, so should not cost me a penny from here out. The San Diego portion of this trip was a different story)

Awesome, Dave. So jelly. Have a great time!!!