Debt Dumpers - 2018

Discussion in 'Budget Board' started by Dentam, Dec 22, 2017.

  1. Dentam

    Dentam Dreaming of Disney

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    I thought I'd go ahead and start the thread for 2018! Everyone can post their year end wrap ups if you'd like to on the 2017 thread. Feel free to post your goals for 2018 here and we can cheer each other on for another year of dumping debt!
     
    Tygerlilly, dayvewc, Ngwira and 4 others like this.
  2. Aurora_Australis

    Aurora_Australis Mouseketeer

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    Goals for 2018 are
    • Get ahead on car payments. We will need to replace our second car in the next couple of years and I'd like to have this one paid out first. Goal is in 18mths.
    • Get one pay cycle (fortnight) ahead in all immediate/true expenses categories. I've had enough to budget into the next month a couple of times now but starting YNAB coming into the $$$ time of the year has been a challenge!
    • Have cc debt paid in full by end of Feb
    • Work out if I will owe tax for a second job I took marking test papers and out it aside over the next 6mths
     
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  4. EpiStitch

    EpiStitch Mouseketeer

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    I haven't done a great job of being active on the DIS for the last year or so, but I love coming back to read everyone's progress when I can!

    I've been very fortunate in 2017, especially when compared to 2016 and I'd like to build on that in 2018 (fingers crossed for no disasters and not too high of a tax increase, ugh).

    1. I have ~$55k in loans. One of them is the car I bought to replace the one I totalled in 2016 and I have ~$4900 left on it. I'd like to get that paid off by May.
    2. I'd also like to pay off an additional $10k of the other loans.
    3. Once the car is paid off, I plan to take the extra $250 I was paying each month and save it.
    4. I finally have about 3 months of savings and plan to start working toward having 6 months by the end of 2019 (I have high expenses since I live in the city).
    5. Set aside a wedding fund (not engaged) that can be used for other people's weddings and maybe eventually my own if my partner and I were to have a wedding. My brother and his fiance are getting married in 2018 and I am one of the bridesmaids, so I will potentially be travelling for events as well as the actual wedding weekend.
    6. Save toward a Disney trip in fall 2018/2019. I'm not sure yet when we'll go, but I need to set a budget anyway.
     
  5. fifthdimensiondweller

    fifthdimensiondweller DIS Veteran

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    We did very well in 2017, especially considering we had a baby. We paid off all of our credit cards at the end of 2016, and did not accumulate a single cent of cc debt in 2017, so we've created new habits! In 2018 my plan is to:

    1) Get DH's car paid off or close to it. My car is limping along and I know I'm going to need to replace it soon, and I don't want to have two car payments.
    2) Continue our good habits with our credit cards. Keep charging everything and paying it off every month to earn rewards.
    3) Get the remainder of our cruise in September paid for with some of our income tax return, and put the rest in savings.
    4) Begin contributing to our house savings account (amount TBD) and get up to 7% in DH's retirement fund.
    5) Me- get a part time job in the spring. Take half of these checks for emergency savings account and half for yearly vacation fund.
    6) Pay off DH's phone by summer. Then we may trade in our phones for cheaper smartphones since neither of us use ours anywhere close to their potential.
    7) As always, shop for Christmas/ Birthdays throughout the year with sales, coupons, and clearance. A huge portion of my family has December and January birthdays (including DS now!) so I really need to do this to be able to financially survive the holidays!
    8) Get a deposit saved if we decide to book a bounce back offer on another cruise when we go in September. I want to make sure we have the cash in hand for the deposit ahead of time so we can make a decision without worrying about cost!
     
  6. Retroecho

    Retroecho circle skirts & pixie dust

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    Dec 22, 2017
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    Hi I'm pretty new here but excited!

    1. Pay off credit card in complete making us credit card debt free ($4900)
    2. Pay off fall vacation, we are doing a less expensive Disney trip this year than normal.
    3. Pay down dh's car by $2000.
    4. Save toward emergency fund.
     
  7. mommy2mrb

    mommy2mrb Mama to a Princess - But I'm A Scrap Princess!

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    Joining in for 2018!

    Goals:
    Pay off CC #1 by February
    Pay off CC #2 by December

    Pay remaining $1,000 towards thanksgiving WDW trip and save additional $600 for food etc. ($400 already saved) using points for plane tickets.

    Continue saving towards Christmas trip to Haiti ($3,900 includes plane tickets) $700 saved to date.
     
  8. knkmom

    knkmom Mouseketeer

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    I'd love to join for 2018!

    Our goals~
    Pay off RV by the end of the year
    Pay off only CC by June

    I know there will be more but we are currently trying to decide all the details and set them in stone so to speak before January 1st!! :)
     
  9. dayvewc

    dayvewc DIS Veteran

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    I'm in again this year.

    Big goals are to
    • Pay 3 years of principle on my house.
    • End with $2k + in savings/ emergency fund
    • Net cc reduction of at least $3k
    • Lose 50lbs
    More may be added by Jan 1
     
  10. tarheel618

    tarheel618 DIS Veteran

    Joined:
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    Pay down cc debt
    build an emergency savings
    Save 1200 for Christmas
    eat at home
    Lose weight (insurance offering free year of WW membership, so I'm joining)
     
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  11. Dentam

    Dentam Dreaming of Disney

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    My goals for 2018 are pretty straightforward - only one really pertains to this thread, lol:

    -Pay off 3 cc's (7k in cc debt)
    -Exercise regularly at the new rec center I joined that will be opening the second week of January
    -Lose weight and increase strength and endurance
    -Eat less sugar!
     
  12. dayvewc

    dayvewc DIS Veteran

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    Merry Christmas to everyone!
     
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  13. jen7233

    jen7233 Mouseketeer

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    Debt payment goal:
    *Finish paying DDs trade school tuition and all that goes with it hopefully by April. She needs to launch finally and hopefully.

    Savings goals:
    *Fully fund ROTH IRAs this year.
    *Pay off a buy back program if the numbers work.
    *Save 10-15% income in taxable account for future home purchase in five years.
    *Save 5k towards new car.
     
  14. Dentam

    Dentam Dreaming of Disney

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    Merry Christmas to you too, @dayvewc!
     
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  15. Tygerlilly

    Tygerlilly Mouseketeer

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    2017 ends with a whole new reason to dump the debt. I'm getting married! So now I get to add a wedding into my expenses!

    2018 financial goals:
    Pay off truck ($3,999)
    Pay of the new furniture ($2300)
    Get rid of both loans ($2000 combined)
    Possibly pay the last 7 months of insurance off ($600)
    Save for vacations to Gatlinburg in May and Disney/Universal in October
    Save for wedding in May 2019

    2018 other goals:
    Lose 50lbs
    Organize the house
    Redecorate the girls bedroom and our master bedroom
     

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  16. Ngwira

    Ngwira DIS Veteran

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    Congrats!!!
     
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  17. Ngwira

    Ngwira DIS Veteran

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    I’m here. Goal is to pay off DH’s car and our solar loan.
     
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  18. DnA2010

    DnA2010 Rope Drop!

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    Goals for 2018:

    -Car Fund: both of our cars are paid for, however I want to start saving for the next ones
    -shave off 2 years of mortgage when our mortgage comes up for renewal in Sept (renew for 15 year term, not that 17 years that would be left
    -potentially a DL trip while the Canadian ticket discount is present and DD is still free (would love to go to WDW but just too far to fly with a crazy 1.5 yo)
    -finish our basement (we have 7k saved so far for it)
     
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  19. dayvewc

    dayvewc DIS Veteran

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    I'm just wondering if it will be worth the inspections and paperwork to actually file to renew the mortgage for only 2 years less. I guess if the interest rate is significantly lower than what you have now, maybe, but I'd think just paying about 15% extra each month on the principal would accomplish the same thing.
     
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  20. chewysmom

    chewysmom Mouseketeer

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    I’m joining in! :)

    My goals:
    -pay off all credit cards again (balance is ~$1100 so it won’t take long. I just *hate* having any kind of CC balance.)
    -cash flow as much of dd’s college as possible
    -pray dd gets a lot of financial aid :rolleyes1
    -buy a second car bc once dd goes off to college we’ll be down to just one car and that won’t work.
    -keep an EF!
    -lose more weight, continue to keep diabetes (type 2) under control

    As you can see, most of 2018 is going to be all about dd going off to college. She’s already been accepted at her first choice, but it’s $50,000/year, :crazy2: which is ridiculous.:scared: She’ll hear back from choice #2 this week.
     
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  21. 4Mickeys

    4Mickeys DIS Veteran

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    Hello all,

    I am in. I did badly this year and went backwards not forwards - but hopefully onto a better 2018.

    First priority will be to pay down credit card debt! That will be my main goal I am in spiral of paying and reusing at the moment.
     
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