Debt Dumpers - 2019

potterfanatic

Mouseketeer
Joined
Oct 28, 2011
Thanks everyone for the responses to my last post! I think I will definitely try to implement an allowance and see how that goes. I actually like the idea of saving money from the allowance for a larger purchase down the road. Quick question though...my income is variable so I don't receive the same amount every month (a HUGE pain!). From a psychological perspective, would you still set money aside for an allowance even if money is a bit tight that particular month or forego it until the next month when hopefully income is a little better?
I would say aim for some percentage of your monthly income, it's easy to say, "Well I couldn't afford it this month." And then next month maybe you can't afford it, but you go out to dinner instead and now you can't afford it again. But if you budget in a percentage then every month you're contributing something.

.
 

barkley

DIS Veteran<br><font color=orange>If I ever have a
Joined
Apr 6, 2004
read that zero balances for months on end is NOT necessarily good either.
we have multiple high limit cards and really only use one of them (and pay it off before the statement arrives) so they've literally had zero balances for years on end-it's never had a negative impact on our credit.

if you are looking at buying a home down the line and are concerned about protecting your credit score it costs nothing to consult with a bank or credit union lender. they can take a look at where you stand currently and make suggestions on what to do/avoid.
 
  • Shughart

    DIS Veteran
    Joined
    Apr 13, 2013
    we have multiple high limit cards and really only use one of them (and pay it off before the statement arrives) so they've literally had zero balances for years on end-it's never had a negative impact on our credit.

    if you are looking at buying a home down the line and are concerned about protecting your credit score it costs nothing to consult with a bank or credit union lender. they can take a look at where you stand currently and make suggestions on what to do/avoid.
    Oooh, really? I have heard that accounts are likely to get closed if purchases are not made. I don't plan to make heavy purchases on them. $50 a month max. Maybe actually $40. Just something to show I have not forgotten I have them. But I'm glad they have left yours alone!

    As for consulting a bank/credit union, do people typically go with where they are considering applying for a mortgage? We have no idea where to start and We like the CU we have my car loan with (great rate nice people), we also like our bank (they just gave me 2 high limit CCs, good APR). Do you make appts for that kind of thing? It would be nice if they could give us tips ahead of time, or give us an idea of our buying power.
     

    barkley

    DIS Veteran<br><font color=orange>If I ever have a
    Joined
    Apr 6, 2004
    Oooh, really? I have heard that accounts are likely to get closed if purchases are not made. I don't plan to make heavy purchases on them. $50 a month max. Maybe actually $40. Just something to show I have not forgotten I have them. But I'm glad they have left yours alone!

    As for consulting a bank/credit union, do people typically go with where they are considering applying for a mortgage? We have no idea where to start and We like the CU we have my car loan with (great rate nice people), we also like our bank (they just gave me 2 high limit CCs, good APR). Do you make appts for that kind of thing? It would be nice if they could give us tips ahead of time, or give us an idea of our buying power.

    the only one that got closed on us was the disney card we took out for a trip about 8 years ago and never used again (they just recently notified us-did'nt do anything to our credit rating).

    you can call your credit union and ask if you need an appointment but ours can do them as drop in's (it's good to call and ask if they need you to bring any information). they can run the numbers and see where you stand right now and make suggestions to improve your standing.
     

    belleelc77

    Mouseketeer
    Joined
    May 25, 2004
    Can I just say how much I hated 2018 for it's dastardly results on my 401K? Came out of the year with a LOWER balance than what I went into it with despite a 14% contribution and 6% company match. :crazy2: :mad: :sad:
    Same here, was thinking about stopping contributions. But this week has been pretty good and I have about 25% of it back.
     

    Aurora_Australis

    Mouseketeer
    Joined
    Dec 20, 2016
    And now for accountability on the financial front. I have totally slipped into bad habits these last few weeks. It seems like once I slip a little, I just throw caution to the wind with attitude of ‘Oh well! What’s a bit more now that I’ve already gone off track.’
    This is me too, with both money and also weight loss when I work on it. Don't start slipping, we can do this! I read somewhere that you wouldn't slash your other 3 tires if 1 went flat, so why would you do sabotage your diet/budget/whatever your goals are because you got a little off track? I scream this in my head often :rolleyes1
    Me too. That is a good mantra to have about it though.

    I (...we, mostly DH...) fell off a little after new years, we had 3 different groups of friends in town from our old town and took them out to dinner. All would be ok with splitting a bill but DH is the type who will just go pay for the whole meal while we're at the table. He'd never let anyone pay for him and would always pay our half if someone else was paying but has to be hospitable when we take people out. So a couple of hundred in the hole now with our trip to Melbourne coming up in a week. I'm off to Adelaide for 4 nights to visit family on Monday, that won't be super expensive. Hotel, flights and some tickets paid for for Melb the next week but still needed incidental money for food etc. so the extra money gone irritates me a little.
     
  • MamaBelleRN

    Mouseketeer
    Joined
    Jan 9, 2017
    This is me too, with both money and also weight loss when I work on it. Don't start slipping, we can do this! I read somewhere that you wouldn't slash your other 3 tires if 1 went flat, so why would you do sabotage your diet/budget/whatever your goals are because you got a little off track? I scream this in my head often :rolleyes1

    I just paid off two cards to zero and opened up ANOTHER high limit card (really hoping to up our number of active accounts and lower utilization ahead of wanting to buy a house in a year or two) and read that zero balances for months on end is NOT necessarily good either. So instead of leaving them at zero, what I did was move Netflix to one, and Hulu to the other. I used one today to get gas. Later I will use one to get dinner for my kids and I (planned expense, my husband is out of town for work for 2 days). Sorry tangent rolled off one way....

    So look at it this way, the CC card company and credit reporting agencies will see you spending and that's good and as long as you pay it off with your van fund, you'll have it back paid off again. I'm no expert but that sounds like playing the game, right? I hope you at least scored yourself some points/rewards! ALSO YAY for good news from the orthopedic surgeon! I will keep my fingers crossed for more good news in a week that it has not shifted!
    This is great and I definitely need to remember it!
     

    DisneyMandC

    DIS Veteran
    Joined
    Feb 18, 2015
    I'm really happy with how we've done on spending this month so far. We've only eaten out twice, both for birthday meals for others. One more birthday meal this month. It's a birthday-heavy month! I did get invited to a baby shower yesterday which I ordered $40 in gifts for that my mom will split with me since she's coming as well. We're supposed to get a snowstorm this weekend so definitely won't be going out and spending any money.
     

    Tygerlilly

    DIS Veteran
    Joined
    Jun 30, 2009
    Planned date night that we saved up for. We very very rarely get to go out since we had the girls. We each saved our fun money the last few months and each took $200 to the big casino (we used to be avid casino people pre-kids). After 4.5 hours, we walked out with $401.40. Spent $20 on the buffet because we had a buy one, get one free voucher. All in all, we had a great time and came home relatively even. We discussed and decided to each keep $100 and the other $200 will go towards the wedding fund.
     
  • jackers

    Earning My Ears
    Joined
    May 7, 2011
    Oooh, really? I have heard that accounts are likely to get closed if purchases are not made. I don't plan to make heavy purchases on them. $50 a month max. Maybe actually $40. Just something to show I have not forgotten I have them. But I'm glad they have left yours alone!

    As for consulting a bank/credit union, do people typically go with where they are considering applying for a mortgage? We have no idea where to start and We like the CU we have my car loan with (great rate nice people), we also like our bank (they just gave me 2 high limit CCs, good APR). Do you make appts for that kind of thing? It would be nice if they could give us tips ahead of time, or give us an idea of our buying power.
    In my experience, they will eventually close unused accounts but it can take years (like 4-5+ years) before they do so.

    When I bought my first house, I just went through my local bank I used (small rural area). I don’t know if this happens a lot, but it was sold out twice til it got with a large national chain (Wells Fargo) and I have stayed with them, even through a second house purchase and there not being a local branch here. Just did everything via phone and email.

    But, being your first time, definitely at least go and talk to someone to understand the process, and they can preapprove you for a loan amount which will help when you start actually searching. Doesn’t mean you have to use them, but it will get you a a starting point. However, don’t just take that number and run with it. Decide what that monthly payment is and if it works with your overall budget. Both times I was approved for more than twice what I would actually want to spend on my mortgage. I think that’s how people end up “house poor.”
     

    ruadisneyfan2

    DIS Veteran
    Joined
    May 20, 2006
    Planned date night that we saved up for. We very very rarely get to go out since we had the girls. We each saved our fun money the last few months and each took $200 to the big casino (we used to be avid casino people pre-kids). After 4.5 hours, we walked out with $401.40. Spent $20 on the buffet because we had a buy one, get one free voucher. All in all, we had a great time and came home relatively even. We discussed and decided to each keep $100 and the other $200 will go towards the wedding fund.
    Wow! You're lucky!
    In the few times I've gambled, I just lose, lose and lose some more. It quickly becomes not fun for me. Good to hear there's some people who come out with more than they walk in with.
     

    Jen and Ashwin

    DIS Veteran
    Joined
    May 28, 2015
    Wow! You're lucky!
    In the few times I've gambled, I just lose, lose and lose some more. It quickly becomes not fun for me. Good to hear there's some people who come out with more than they walk in with.
    The one time that I actually gambled while I was in Vegas, I went and played blackjack. I spent about 2 hours at the table. I went down, down, down, but eventually came back up. Once I was even with where I started, I cashed out. Gambling just isn't my thing.
     

    DnA2010

    Rope Drop!
    Joined
    Oct 5, 2010
    Our basement Reno starts Monday so we are too busy packing to spend money out here’s hoping we can keep th3 costs down and stay on budget (we already have the $ from sale of a pony)
    I’m trying to find either aeroplan or cheap flights for a WDW trip...with DD being 2, there are only so many vacations suitable, Disney being one..we can do it cheap with an off-site rental (I know but onsite is just so pricey and we’d be bringing my mom so would be 5 ppl and the space of a condo will be so much bette4 with a toddler...my stepdaughter is 14 and has only been to MK before our Fantasy cruise so would really like to take her- there is a Canadian ticket discount currently and DD2 not needing a ticket yet..
     

    Jen and Ashwin

    DIS Veteran
    Joined
    May 28, 2015
    Our basement Reno starts Monday so we are too busy packing to spend money out here’s hoping we can keep th3 costs down and stay on budget (we already have the $ from sale of a pony)
    I’m trying to find either aeroplan or cheap flights for a WDW trip...with DD being 2, there are only so many vacations suitable, Disney being one..we can do it cheap with an off-site rental (I know but onsite is just so pricey and we’d be bringing my mom so would be 5 ppl and the space of a condo will be so much bette4 with a toddler...my stepdaughter is 14 and has only been to MK before our Fantasy cruise so would really like to take her- there is a Canadian ticket discount currently and DD2 not needing a ticket yet..
    Good luck with the basement! Ours has been moving along quickly. Framing, plumbing and HVAC is complete. Electrician is doing work this week and then we should be ready for inspection. Once that is approved, they will be starting the drywall! It is exciting to go down each evening and see what has been completed. DH and I are both really happy with how things are looking so far.
     

    Jaime4004

    DIS Veteran
    Joined
    Feb 15, 2010
    In my experience, they will eventually close unused accounts but it can take years (like 4-5+ years) before they do so.

    When I bought my first house, I just went through my local bank I used (small rural area). I don’t know if this happens a lot, but it was sold out twice til it got with a large national chain (Wells Fargo) and I have stayed with them, even through a second house purchase and there not being a local branch here. Just did everything via phone and email.

    But, being your first time, definitely at least go and talk to someone to understand the process, and they can preapprove you for a loan amount which will help when you start actually searching. Doesn’t mean you have to use them, but it will get you a a starting point. However, don’t just take that number and run with it. Decide what that monthly payment is and if it works with your overall budget. Both times I was approved for more than twice what I would actually want to spend on my mortgage. I think that’s how people end up “house poor.”
    I was going to say the exact same thing. We would get "pre-approved" through somewhere local, but then shop around for the best interest rate/closing fees. And definitely know how much house you can afford in your budget vs working off the numbers the bank gives. They also approved us for way more money than we could/should pay.

    My life update: I start a part-time job Monday. I haven't had regular hours in 10 years, I've been working per diem sporadically. The first two weeks will be full time for orientation so looking forward to putting that money towards one car loan. It should pay off 2/3 of it so within a few months it'll be gone and I can work on car #2. Woo-hoo! :yay:
     

    fifthdimensiondweller

    DIS Veteran
    Joined
    Jun 21, 2016
    Only a little bit to update here! My got fast food tonight unexpectedly (DH didn't realize some eggs were set aside for dinner and made DS and himself omlettes for lunch) but that only cost $8 for the three of us since I had a coupon and DS mostly still shares with us, so not too bad.

    I finally have a job interview Monday! It is part time, retail, exactly what I wanted. I hope I get it!
     

    TashK

    Mouseketeer
    Joined
    Jul 24, 2016
    Only a little bit to update here! My got fast food tonight unexpectedly (DH didn't realize some eggs were set aside for dinner and made DS and himself omlettes for lunch) but that only cost $8 for the three of us since I had a coupon and DS mostly still shares with us, so not too bad.

    I finally have a job interview Monday! It is part time, retail, exactly what I wanted. I hope I get it!
    Fingers tightly crossed for you
     

    DnA2010

    Rope Drop!
    Joined
    Oct 5, 2010
    Good luck with the basement! Ours has been moving along quickly. Framing, plumbing and HVAC is complete. Electrician is doing work this week and then we should be ready for inspection. Once that is approved, they will be starting the drywall! It is exciting to go down each evening and see what has been completed. DH and I are both really happy with how things are looking so far.
    Super excited! We are just finishing the packing (we’ve basically used the space as a dumping ground) I’ve even managed to get some things posted in 24 bidding fb groups so even made a few $ along the way!

    Ours isn’t a completely raw space so hopefully won’t be too costly we are going to do the painting and baseboards ourself, maybe the flooring- haven’t decided yet
     

    Connect

    Disney News and Updates

    Get Daily Email Updates

    DIS INSTAGRAM

    Top