Debt Dumpers - 2017

[Ngwira]

Yes! So I am still thankful. We don't know what he will be making in that position yet though. His company does promotions sort of uniquely in that once you're put up for a promotion, such as to manager, you interview to be a manager and are then told afterwards if you qualify for the manager position or not. However, you may not actually assume the manager role for months until there's a manager position open in your area. So he qualified in December and begins his new role in March. Yeah, I know- it's weird.

I don't really understand why his company isn't giving bonuses. I don't think they had a ton of growth over the last year, but they are certainly a stable, nationally-known company that is not seeing a decline in business.

Well fingers crossed that the promotion pay MORE than makes up for the lack of bonus.

 

[mrsabbott]

Just found out DH's company will not be giving out annual bonuses this year We don't rely on the bonus, but it certainly would have been nice to have for some things. I know we should be lucky for him to have a job somewhere that even gives bonuses, but when the company doesn't give any holiday bonuses because they give an annual spring bonus, and then they don't give you a spring bonus... kind of a bummer.

I feel you there. When my Hubs got promoted to Assistant Manager, he got monthly bonuses based on profit margins or something like that. All management got them. They restructured how they paid the manager's salaries, so they got raises but lost their bonuses. Hubs, who is hourly and not salary, got no raise but still lost his bonus. That extra $100-200 a month was nice..
Right now, we don't know if he will still even have a job. Everything is up in the air and we have no clue what is going to happen. The old manager they put in the store was removed to go to another store and they found out that he had messed up some things and tried to blame my Hubs. The other employees made sure the higher ups knew that my Hubs was innocent. So Hubs is temporarily filling in as the manager but whether they promote him or send someone else or hire someone else.. we don't know. And they are talking about doing away with Assistant manager positions.. so, there is some stress and worry. Trying not to worry too much though. What will be, will be but being in limbo isn't much fun!

 

[DnA2010]

Just found out DH's company will not be giving out annual bonuses this year We don't rely on the bonus, but it certainly would have been nice to have for some things. I know we should be lucky for him to have a job somewhere that even gives bonuses, but when the company doesn't give any holiday bonuses because they give an annual spring bonus, and then they don't give you a spring bonus... kind of a bummer.

The company I work for gives staff (management) which I am nice bonuses- I put mine straight into RRSPs (Canada's version of 401s) and that is a big chunk of my retirement savings done...there is talk of us not getting our bonuses..I really hope that isn't the case, as although I don't take the cash (as I'd have to pay tax on) it was nice having most of my retirement savings done, and that savings is good for my overall tax return of course...

 

[Dentam]

There is an awesome deal out for "Beauty and the Beast" through atom tickets. If you google it on slickdeals you will find an awesome offer. I paid $5.62 for 4 tickets, 2 adult, 2 children at an AMC theater with reserved recliner seats. We are seeing it on Sunday, March 19, 2017.

Wow, that's a great deal! My birthday is on the 16th and I have Fridays off so I'm looking forward to seeing it as soon as it comes out on the 17th!


As far as bonuses, I have gotten a Christmas bonus each year that I've worked here, but it depends on how the company does as a whole and everyone gets the same amount. This year was $200 less than last year, but still about $300 more than my first year.

 

[Ngwira]

Taxes done but not filed yet. $1800 ish federal refund. It's better than nothing but I'm so jealous of the people that get back 4 or 5 thousand.

 

[Jen and Ashwin]

Taxes done but not filed yet. $1800 ish federal refund. It's better than nothing but I'm so jealous of the people that get back 4 or 5 thousand.

Those people getting 4 or 5 back paid way too much in taxes during the year. I would be really upset if I got a return that large because it would mean that I was financially starving myself each month by $333 - $416. That is huge and could really make a big dent on some debt payments, thus lowering overall interest throughout the year.

 

[Ngwira]

Those people getting 4 or 5 back paid way too much in taxes during the year. I would be really upset if I got a return that large because it would mean that I was financially starving myself each month by $333 - $416. That is huge and could really make a big dent on some debt payments, thus lowering overall interest throughout the year.

That's true. I should be happy we don't owe. Looks like we'll be getting back $600 from the state.

 

[DLgal]

Those people getting 4 or 5 back paid way too much in taxes during the year. I would be really upset if I got a return that large because it would mean that I was financially starving myself each month by $333 - $416. That is huge and could really make a big dent on some debt payments, thus lowering overall interest throughout the year.

Unless they are getting the EITC. We qualified for that one year when DH was deployed for 10 months. Got back $8k. That was almost $7k more than we paid in AND we got back what we paid in as well.

 

[dayvewc]

Those people getting 4 or 5 back paid way too much in taxes during the year. I would be really upset if I got a return that large because it would mean that I was financially starving myself each month by $333 - $416. That is huge and could really make a big dent on some debt payments, thus lowering overall interest throughout the year.

I understand both sides of this issue. I intentionally pay extra in taxes to get a lump sum back. I usually get about $3k every year, and I time my tax filing so that it comes in right before spring break, so I can take my spring break trip. This way, I don't have to worry about saving up for the trip - not something I do well.

Unless they are getting the EITC. We qualified for that one year when DH was deployed for 10 months. Got back $8k. That was almost $7k more than we paid in AND we got back what we paid in as well.

I almost qualified for the EITC one year. I lost my job right after I started back to college. Went from making $25k a year to $9k. Would have qualified for almost $7k in the EITC, except I had sold some stocks to pay college tuition, and was just over the limit to have to declare capital gains. So, the $0.64 over the limit wound up costing me the entire EITC. I guess I could have just not claimed the stock sale on my taxes, but that is cheating on my taxes and I just couldn't do it.

 

[momtosam]

I understand both sides of this issue. I intentionally pay extra in taxes to get a lump sum back. I usually get about $3k every year, and I time my tax filing so that it comes in right before spring break, so I can take my spring break trip. This way, I don't have to worry about saving up for the trip - not something I do well.



I almost qualified for the EITC one year. I lost my job right after I started back to college. Went from making $25k a year to $9k. Would have qualified for almost $7k in the EITC, except I had sold some stocks to pay college tuition, and was just over the limit to have to declare capital gains. So, the $0.64 over the limit wound up costing me the entire EITC. I guess I could have just not claimed the stock sale on my taxes, but that is cheating on my taxes and I just couldn't do it.

Same here. I understand the theory of not wanting a big return, but if it comes in my paycheck I will spend it.

 

[Ngwira]

My low income client was telling me that she won't get her refund until March due to her claiming the eitc. That sucks for a lot of people who need it. But I understand the fraud concerns of the government.Still, those refundable credits are a boon to people who normally live paycheck to paycheck.

I looked at the amount of taxes we pay and can't believe we only get a paltry 1.8k back. We paid almost 20k in federal taxes alone...not counting social security taxes, Medicare taxes or state income taxes. Then there is family leave taxes, property and sales tax, 401k, FSA witholdings. We own a house and have 2 kids so childcare, camp etc also came out of our net pay through FSA.

2016 was a spendy year as we made upgrades to the house including new front and storm doors not to mention the windows. I also paid in full my 2010 Camry which was about 12,000 when all was said and done. No wonder I feel broke and don't know where my paycheck went.
Thanks for listening to me rant, guys. I do know I'm incredibly blessed and things could be far worse. It's just nice to have a large chunk of change each year at tax time to play with. That's why I'm so bitter..lol

 

[s3058]

I looked at the amount of taxes we pay and can't believe we only get a paltry 1.8k back. We paid almost 20k in federal taxes alone...not counting social security taxes, Medicaid taxes or state income taxes. Then there is family leave taxes, property and sales tax, 401k, FSA witholdings.

Sorry of its OT but US taxes confuse me so much I don't know how you guys deal with it. It seems like a headache and a half! All we do here, in Eire, is give our employer our PPSN (like a social security number) and they do everything else. When its the end of the year we check online, see if the dates and wage match up and if so they do the rest. All I do is click a button. It seems crazy to me that you guys have to do all your tax stuff yourselves.

 

[momof2gr8kids]

My 15 yr old has informed me she's quitting her super expensive sport. Torn because I'm sad to see her leave it and worry she's not thinking this through, but thinking the money we won't have to spend on the fees and her travel could go into more savings or their education funds. We shall see how this pans out!

 

[PrincessKymm]

I filed my federal taxes using Turbo Tax this year and received my refund today. Yay! I also adjusted my withholdings and put a reminder on my calendar to check it each month. My goal is to get back money but less than $1,000 next year. I want to use the extra money this year to pay off debt so I pay less in interest. I still need to file my state taxes and will use that as a cushion for DS's expenses this year.

I paid off the small credit cards I racked up last year and paid off my Target card which has been hanging around far too long. I still have a ways to go with my credit cards and my student loans but my habits are changing which is my ultimate goal.

I am taking some of my refund to Universal for my girls trip this month. I leave in 10 days!!!! I really need this trip. DS is being a normal teenager but I just can't take it anymore. He's driving me insane!

I'm also debating about taking a Disney vacation next year or not. The first question is to take one or not for my birthday. DS's school schedule has changed so he is now released May 30th of next year and my birthday is less than a week later. IF we took one, we could fly for a long weekend or drive and take a week to spend at Disney. If I don't take one, I can pay off a whole credit card. It's the same price. I know the correct answer is to pay off debt and wait to take one, perhaps after I buy a condo but that could be a while, but I REALLY want to go again.

I am redoing my budget today/tonight and happy to add to my snowball since I paid off these credit cards today.

 

[Ngwira]

Sorry of its OT but US taxes confuse me so much I don't know how you guys deal with it. It seems like a headache and a half! All we do here, in Eire, is give our employer our PPSN (like a social security number) and they do everything else. When its the end of the year we check online, see if the dates and wage match up and if so they do the rest. All I do is click a button. It seems crazy to me that you guys have to do all your tax stuff yourselves.

You don't have to do it yourself. You can hire an accountant or tax preparer to prepare your taxes (for a fee). I choose to use turbotax. But pressing a button does sound super easy.

 

[Ngwira]

I filed my federal taxes using Turbo Tax this year and received my refund today. Yay! I also adjusted my withholdings and put a reminder on my calendar to check it each month. My goal is to get back money but less than $1,000 next year. I want to use the extra money this year to pay off debt so I pay less in interest. I still need to file my state taxes and will use that as a cushion for DS's expenses this year.

I paid off the small credit cards I racked up last year and paid off my Target card which has been hanging around far too long. I still have a ways to go with my credit cards and my student loans but my habits are changing which is my ultimate goal.

I am taking some of my refund to Universal for my girls trip this month. I leave in 10 days!!!! I really need this trip. DS is being a normal teenager but I just can't take it anymore. He's driving me insane!

I'm also debating about taking a Disney vacation next year or not. The first question is to take one or not for my birthday. DS's school schedule has changed so he is now released May 30th of next year and my birthday is less than a week later. IF we took one, we could fly for a long weekend or drive and take a week to spend at Disney. If I don't take one, I can pay off a whole credit card. It's the same price. I know the correct answer is to pay off debt and wait to take one, perhaps after I buy a condo but that could be a while, but I REALLY want to go again.

I am redoing my budget today/tonight and happy to add to my snowball since I paid off these credit cards today.

Yay! So glad you got your refund so fast and you paid off debt.

 

[disneyduonj]

Got daughter's passport filed last night and just dropped off tax stuff to my accountant. He should be done in a week. Expecting about $1500 back. I have a weekend event in May that should be around $500 and the rest is going towards my emergency fund which will probably end up being used for tuition in the fall.
This is my first full month trying to live on less to see how it will be when I actually have to pay tuition in the fall.

 

[s3058]

You don't have to do it yourself. You can hire an accountant or tax preparer to prepare your taxes (for a fee). I choose to use turbotax. But pressing a button does sound super easy.

Ah, I suppose thats not too bad then! Its very nice. A lot of you guys seem to get pretty big refunds too, I don't think thats generally what happens here, at least not in my experience. I suppose the advantage of doing your own taxes is knowing exactly how much your paying and why your paying it, it takes a lot of trust to leave it to the government.

 

[MrsTurnerLovesDisney]

So I've started working on my side hustle which I've been thinking on for some time to help generate some extra fun money/vacation money. I might have talked about this last year but didn't follow thru with it.

Selling items at children's consignment sales. I've actually been selling my daughter's stuff for 2 years now and have volunteered with the setup and breakdown so I see what sells and what doesn't and price points etc. I generally make profit wise $200 per sale just selling her stuff. I'd love to get up to $500 or so a sale. (side note one girl I know routinely makes like $1000 a sale but she also has like 5 kids so selling all their stuff probably helps lol) There are sells twice a year in my area one in my town and 1 in a neighboring city about 30 minutes away.

At $200 a sale I would make about $800 profit a year. I will be sourcing items from clearance sales at stores and garage sales and thrift stores.

I just found some deep discounted items at walmart for 50cents to $1 each bought $15 worth of stuff. (taking 50$ to start and see what I can turn that into) I figure I can turn all of the items into about a $30.00 profit after recouping my $15.

Anyways I'm really excited and wanted to share that excitement

 

[mrsabbott]

So, they apparently gave Hubs a bonus for January?? He was told that, starting 2017, he would no longer receive a bonus. His last one would be the December bonus, which he got. Bonuses for that month are given at the first of the following month. So, his December bonus came at the beginning of January. He just got a January bonus deposited into our account. I don't know if they changed their minds or maybe it was a mistake? I just transferred it to savings and will let it sit for awhile, just in case they realize it was a mistake and demand it back. It sure does make our Emergency Fund that I am trying to build look a whole lot better!! Let's hope that we get to keep that money and that they changed their minds about Hubs' bonuses. The communication within this company is lackluster, at best. But, it pays decent and is close to home..

I spent way too much at the grocery today. However, I bought several fun "treats" for the family to take with us to GWL this weekend. Eating there is ridiculously expensive and I am trying to save $$ in the long run.