Debt Dumpers - 2017

[Jen and Ashwin]

Hi everyone! I'm an avid YNAB user and I live for the net worth graphs. I just posted in the crushing debt challenge over on their old forums, but figured every bit of accountability helps right?

I have about $65k in students loans, and that is my only debt. I use a paid in full credit card for my groceries and my gas, which I'm looking to switch to a Disney Visa for, since I hardly get any cash back through the Discover card I'm currently using.

My goal is to pay off $15k of the student loans (including interest) and if I hit that by september i'm going to be upping it to $17,500. Right now I have really cheap living arrangements and expenses so I'm trying to put 1/3 of my income towards debt.

Then that income will go towards saving for a house and wedding and vacations etc.

When I first started working, I put about 1/3 of my income towards saving for a house down payment. I really wanted to put 20% down and avoid private mortgage insurance. Living frugal and saving up that money was such a great decision.

We now put about 1/3 of our income towards retirement, emergency savings and extra debt payments on our cars and mortgage. Living below your means is a very smart move for long-term financial security.

 

[Eureka]

I used to love when my husband and I were on opposite Fridays! I felt like we constantly had money coming in

Me too. DH gets paid every Friday and I get paid on the 15th and last day of the month. I make a list of all bills due each month and each week knock some out. Just easier for me to keep on top of it that way.

 

[Eureka]

I am battling one too. Except this is my 4th one since summer. I had sinus surgery back in 09 which keeps me breathing through my nose no matter what, but it doesn't cure my allergies which is usually what triggers my SIs. I have a f/u ENT appt in Feb because it's much worse than usual. I was just thinkin last summer I hadn't had one in over a year and thought that was pretty good. I think I jinxed myself.
Hope you feel better!

Thanks. After a snafu with the pharmacy about meds, I finally got them last night and am on my way to feeling better. And our weekend is not too hectic (unusual!) so I can rest too. Hope you are on the mend soon too.

 

[Miss Whimsy]

Hi everyone! I'm an avid YNAB user and I live for the net worth graphs.

I looooooove the graphs!!

 

[arlinar]

Had an apartment collection removed from Experian today and hoping its removed from Equifax as well. Sadly my score dropped a lot due to being unemployed and missing one payment. I'm considering investing in a credit rebuilder program like Lexington law firm (there is one in Phoenix that is much cheaper then them) to try to help clear my credit report once taxes come around and help with debt management.

Starting my Disney Certification as well a couple of days ago and can't wait to start earning income. Also got another Data Entry gig as well to make some money as well as an offer to do part time at amazon.

 

[StitchesGr8Fan]

I'm so happy to see a thread I started in 2013 continuing! Rejoining as we tackle a student loan that needs to go away. We are on financial lockdown as we pay off that loan AND have a second child in daycare.

 

[xCourxCorex]

Joining!
DH has 3 student loans left, we are actively paying off one, and then will snow ball that one's payment into the other two. Next is his car, because then I need a new one, so we'll roll what we have been paying for his, into my new payment.

-School Loan 1: 3,475 @ 7.6% (will be so glad to get this one done!)
-School Loan 2: 21,050 @ 4%
-School Loan 3: 25,100 @ 4 %

-Car Loan: 6,175 @ 5%

Right now it's looking like late March/early April to finish the school loan #1, then mid-summer for the car.

I have no idea what our tax returns will look like this year, but I'm hoping for $1,000 or more to put in our Emergency fund. We're also planning to put an extra 3-paycheck month money into Emergency fund this year as well to bump that up a bit.

 

[amalone1013]

We paid off loans this week - or I should say, we paid off DF's loan (about $1250) and paid most of mine (~$1800), but I miscalculated and still owe $375. Oops... guess that'll be next month...

 

[Dentam]

Decided I'll stop bringing my dog to doggy daycare once a week after I use up the final few days on my package. She came home sick after being boarded there for Christmas and I was sick at the same time which was not easy. So, I will have her stay at someone's home from now on (I'm in a meetup group for the breed that has a network for petsitting) and this will be cheaper. I'll save $100/month with no doggy daycare which I'll put toward debt dumping. I will just have to find other ways to get her energy out!

ETA: My goal is to dump 10k in cc debt this year which should be doable if I stay true to my spreadsheet!

 

[ADisneyFamilyof5]

I am joining! I loved reading everyone's posts, very inspiring! So here is ours:

Debts-
New Car: 32K @ 1.7%
Mortgage: A lot

I started calling 2017 "The Year of Saving" because due to purchasing the new car, paying off the old car (I only want one car payment), going on a 2 week vacation in November and DS7 actually making the traveling soccer team he tried out for (that we didn't think he was going to make until May of 2017), we dwindled our emergency fund down to just $3,500. That is too low for my comfort. My goal was to save up every extra penny to our emergency fund and retirement so in 2018 I can tackle the car debt and start saving for our next Disney trip. That was until.... My MIL told us she is taking us to Greece for a month this summer. And what kind of Disney fan would I be if we went all the way to Europe (possibly once in a lifetime) and we didn't go to Paris to visit Disneyland Paris? So with MIL covering flights and hotels, I have convinced DH we could probably swing 4 nights in Paris in addition to the spending money for Greece.

So my goals:
Save $4,500 for Paris & Greece
Save $6,500 for Emergency Fund
*Don't occur any new debt*

How are we are going to do this? Well like many others, we are cutting our dining out budget. I figure a take and bake pizza and a movie once a month will make the kids just as happy as going to burger joint and cost about 1/4 of the price. While I am a stay at home mom and have the time to prepare dinner, it becomes difficult when DS7 has a 2 hour soccer practice 30 mins away that starts at 5:30. So I really want to work on easy prepared meals on the go. Also, DH says he is going to cut his weekly $20 Starbucks habit. We will see if he sticks to it.

Another way I am going to save is by not buying a new clothes for anyone unless they need it. I am a constant sale shopper, and will get things for us just because it is a good deal. Thats why my boys seem to have a million t-shirts. I already do save their clothes for hand me downs (the great thing about having all boys), so this year I am going to be more strict about buying things only if someone really needs it.

 

[hmack]

so this weekend:
DH and I had our first honest conversation about finances in a really long time.
I placed money in our savings account for the first time in a really long time ($40 is $40)
and I figured out our total cc debt.

I'm actually a bit embarrassed to say how much it is, so I'm not, but I will track how much it goes down. Because it MUST go down.

 

[Dentam]

I'm actually a bit embarrassed to say how much it is, so I'm not, but I will track how much it goes down. Because it MUST go down.

I understand completely and have taken the same approach!


So, I was planning to replace my car's tires very soon. Turns out it will now be this Friday once my work week is over, ha ha. I hit something on the way home today (no idea what it was and can't see anything in the tire) and when I pulled into my garage the sound of air leaking out of my rear driver's side tire greeted me. Put the spare on it and am just grateful I live within walking distance of work (going to try not to drive on the spare too much this week) and that I got home before it went flat, which it did within about 20 minutes of me getting home.

 

[OneThree]

Jumping aboard the debt dumper train.

So far this year we cleaned out our storage unit (why were we saving all this stuff again?) saving $50 a month. Reallocating that money towards one of our credit cards. Once that is paid off in about two months we are going to double the payments on a $6000 home improvement loan we took out to finish our basement.

 

[potterfanatic]

I am also joining the thread. I tried last year but ended up having to do a lot of traveling and car repairs, and got totally derailed. This year I plan to pay off one of my small credit cards, and one of my big credit cards. I also plan to cut my grocery budget by $300 a month to put towards my debt so we'll see how that goes.

 

[Aurora_Australis]

Nearly got to the end of our first pay period on budget. $30 from emergency fund to cover a computer repair as we need it asap for work. Dog to vet tomorrow too, hopefully just needs some ABs but all up will be $100+. But we have the cash there for it, don't need to use the CC which has been excellent for showing DH the importance of budgeting!

 

[Dentam]

Taking my dog to the vet this afternoon. Sigh, this year has not started off ideally here.

 

[MrsTurnerLovesDisney]

whoohoo everyone so spending was a bit out of whack this pay period but we are finally getting it sorted out with where our money needs to go each pay period and also getting back into the cash flow thing.

so that being said we are right here at another pay period and have not had to touch any money in savings....that pretty much never happens. that's amazing! now to just to get it together every month.

about to get some new cash envelopes for groceries and eating out as that's where we over spend at the most.

 

[Deffenm]

Did really well with the grocery budget this week - stayed on budget! I had DH remove family from local rec center since he is only one that uses it so now will only pay $20 a month vs $60 so that savings will go right to debt. My truck ended up losing power steering this weekend but luckily it was a cheap fix of replacing clamps and adding more power steering fluid. Like many others it was time for annual visit to vet for the dog but that was budgeted.

 

[Eureka]

We took my new car to get an open recall fixed this weekend. We knew about this recall when we bought it and were not charged for it. They said it needed front brakes done, an air filter and new wiper blades. We had it done to the tune of $400. I trust the dealership and don't think they were trying to scam us. However, when we picked up the car, I drove right on up the road to Carmax since they said to let them know if anything goes wrong within the first 30 days and they'll take care of it. It had been 28 days and I think that's a lot of things to need after less than a month. Left a copy of my invoice with the business manager to give to the service department today. Emailed him and if I don't hear back by EOB, I'll call him tomorrow. Really hoping it gets approved for reimbursement. The whole point of buying a newer, more reliable care was to not be pouring money into it right now.

 

[Eureka]

Taking my dog to the vet this afternoon. Sigh, this year has not started off ideally here.

Ugh, when it rains, it pours.