Debt Dumpers 2020

[Jen and Ashwin]

I have gone ahead and started this new thread for 2020!

Feel free to post your year-end recaps on the 2019 thread and then come over here to post goals for 2020. Anyone new, please feel free to join in as this is a great and supportive group that has really helped me over the past few years.

Let the encouragement for another year of dumping debt commence!

 

[Jen and Ashwin]

2020 Financial goals:

• Save $6,000 towards our emergency fund.
• Max out my Roth IRA.
• Pay $1000 (or more) each month towards the HELOC.
• Save $2400 in DDs 529 account.
• Pay off DH's auto loan, currently at $5300.
• Pay down our DVC contract that is sitting on a 0% credit card until April 2021, currently at $9500.

2019 Personal goals:

• Set up my sewing space.
• Declutter the house and have a garage sale in the spring.
• Walk more and eat less junk.

 

[pblack]

Thanks for creating the new thread @Jen and Ashwin!

 

[pblack]

2020 Financial Goals:

• Pay off remaining $2000 credit card debt from new sectional
• Pay off remaining ~$1625 of DH's student loans
• Save $1000 towards emergency fund
• Increase retirement contributions for DH and myself
• Decrease my student loan of ~$12,100 by a couple grand.
• Pay off ~$2000 due on our Nov 2020 cruise
• Save up enough money to pay for WDW portion of Nov 2020 trip

2020 Personal Goals:

• Challenge myself to eat healthier and exercise more
• See my bff in Texas at least twice
• Declutter and re-organize the garage
• Learn something new and maybe create a new hobby
• Get a new car

 

[PhoenixStrength]

@pblack what cruise are you doing in Nov 2020?

2020 Financial Goals:

• Pay off at least $5000 of credit card debt
• Pay off remainder of DH's car loan (should be done in March)
• Save $1500 towards emergency savings account
• Contribute more to our retirement savings (still figuring out a realistic increase to aim for)
• Pay off remaining $3500 for November 2020 DCL cruise.
• Save enough to be able to add at least a few days at WDW before our November cruise.
• Start saving for our 2021 tentatively planned vacations. We know one will be to WDW with my SIL, BIL and DNephew for his first WDW trip for his 5th birthday in May 2021, still deciding if the other will be Hawaii or somewhere else.

2020 Personal Goals:

• Eat healthier, especially stop drinking so much soda.
• Exercise more.
• Try more new activities with DH. Aiming for one new thing each month.
• Find new activities/hobbies to help reduce my stress and enjoy my time that don't involve spending money!

 

[pblack]

@pblack what cruise are you doing in Nov 2020?

We are cruising on the new Carnival Mardi Gras out of Orlando. We go to Cozumel (been once, loved it!), Costa Maya, and Mahogany Bay. We havent been to the last 2 ports and it's our first time cruising out of Florida.

 

[PhoenixStrength]

We are cruising on the new Carnival Mardi Gras out of Orlando. We go to Cozumel (been once, loved it!), Costa Maya, and Mahogany Bay. We havent been to the last 2 ports and it's our first time cruising out of Florida.

Nice! Mardi Gras looks to be an amazing ship! We will be on the Fantasy for our first DCL cruise in November 2020, but we are doing an Eastern Caribbean so we will be stopping at Tortola, St Thomas and Castaway Cay.

 

[pblack]

Nice! Mardi Gras looks to be an amazing ship! We will be on the Fantasy for our first DCL cruise in November 2020, but we are doing an Eastern Caribbean so we will be stopping at Tortola, St Thomas and Castaway Cay.

That sounds amazing! DCL is on my bucket list. They are just soooooo expensive. But eventually I'll bite the bullet and pay the price. I hope you'll post some pics when you get back!

 

[PhoenixStrength]

That sounds amazing! DCL is on my bucket list. They are just soooooo expensive. But eventually I'll bite the bullet and pay the price. I hope you'll post some pics when you get back!

Yeah, they are expensive but we have been wanting to try a DCL cruise since we took our first cruise, on Carnival, a couple of years ago and discovered we love cruising. I will definitely post pictures when we get back!

 

[Deffenm]

2020 Financial Goals:
Pay off Car: $9,735
Savings: $10k
Pay off cruise (due March 20): $2,305
Pay for Disney trip in Nov. to complete Wine and Dine Challenge: $3,000

2020 Personal Goals:
Complete 1/2 marathon in April for proof of time for Wine and Dine
Lose 15 pounds
Complete Wine and Dine Challenge (10k and Half Marathon)
Complete riding the GAP with hubby

 

[fifthdimensiondweller]

Hey Guys,

2019 was a disaster and I'm more that happy to put it to bed. We are living with my mom this year so that we can kick the debt quickly. DH has faced some unexpected mental health issues this year (he's doing a lot better now) but it lead to serious problems for us and we accumulated about $10,000 in debt (a good portion of this is medical and moving related). In the long run, living here for the next year will make this debt disappear easy as we will have very few expenses, but it's hard. We were so on track before all of this happened with very little debt, but no sense looking backwards! On to 2020!

We did pay our car off this year so that will really help our payments be easier to manage. And I'm able to work full time now that we have family around for childcare help, and after my mother retires next year she said she can help watch our son, so childcare costs will be cut.

After we get this all taken care of, we are planning to move to Florida, which was always our end goal. My mother wants to retire next year and is seriously considering becoming a snowbird, and we also have some other family down there. So That's our other finanical goal. I want $6,000 in savings by next summer so we have steady emergency fund, and DH is going to use his paycheck to get rid of the debt.

Finally, we want one more child, probably in 2021. So I'd like to start a savings account for that child towards the end of 2020.

I can't even begin to tell you guys what kind of year it's been. Thank goodness mental health has become such an open topic in our society, or we might have never gotten the help DH needed. This year has taught me the importance of emergency funds and good financial habits always, even when things look good. We never could have seen this year coming and if we hadn't had savings and great credit I don't know what we would have done. Thanks goodness we didn't still have the consumer debt i had when I first found these threads five years ago.

BRING ON 2020

EDIT: I forgot to mention, but we ended up cancelling our cruise for December with everything that happened obviously, but my mom is going to chip in and help us take a really nice trip to WDW at the end of summer 2020 instead. We'd never be able to do it without her help, but I'm looking really forward to it. By then our debt should be mostly taken care of, so we will actually be able to enjoy and afford it. the last thing I want to do is prolong having to live in my mom's mother in law suite any longer than I need to.

 

[WeatherLights]

I've been reading this thread for ages but never post. I anticipate needing support in the coming year(s) and you all provide each other so much of that and always so kindly!

My finances are pretty decent right now. Only debt is a house mortgage. But we learned last month, after an incredibly scary series of events, that my step-daughter (in her early twenties) has a significant and chronic mental illness. The prognosis for her maintaining long term full time employment is not good. It's too early to know what we can realistically expect ,or to know how to adjust our lives to best support her, but I'm sure my husband and I will need to reassess our long term financial plans and goals.

So on to my 2020 goals! Right now I'm really just looking to maintain our status quo, so these are pretty boring:
Money in...
1) Continue current rate of retirement savings.
2) Continue current rate of HSA savings.
3) Keep emergency savings at present level (replenish it if need to use, but no plan to grow it).
And money out...
4) Keep paying extra on the mortgage for final payoff in 2022 (this is when my husband was planning to retire, but not sure if that is a good idea now.)
5) Buy new car (our current car--my DH and I only have the one between us-- has over 150,000 miles and we've paid approx $4000 in the last two years for repairs. Will likely use cash savings to buy a nearly new car in the next few months.)
6) Buy a new sofa (I inherited the one we have. It's super uncomfortable and has developed a tear in one of the cushions, so finally time to get something I really like!)

 

[DLgal]

I'm in! 2019 was so so for us, financially. We are ending at sort of a net neutral state, and by this time next year, these are my goals for us:

Savings: Save $2500/month into "emergency savings"
Current: $7500
Goal: $37,500

Payoff CC Balance transfer at 0% until 1/2021
Current: $7500
Goal: $625/monthly payments for 12 months

Payoff DH's Auto Loan
Current: $12,600
Goal: Additional $585/monthly payment will get this paid off by 12/15

Pay for Disneyland Annual Passes outright at renewal in August
Goal: $4000 (taking into account potential price increase this year). I plan to fund this with "found money" and my part time scoring job.

DH put in for military retirement for 12/1/2020. It hasn't yet been approved, but should be. Our savings goal is meant to provide 6-9 months of cushion for living expenses (supplemented by his pension) in the event that DH doesn't find a job right away. This is my single largest stressor right now, as transitioning out of the military from overseas is challenging. He will return in July and begin outproceesing, but the timeline stresses me out.

The emergency savings goal is non negotiable. That $2500 will go into savings every month regardless. The car being paid off would be nice, but it's the furthest down on the list of priorities, so if I need extra money, it's coming from there. The loan is at 0.9%. Paying it off early just eliminates a $430 monthly payment, which will be helpful in lowering our expenses overall.

I am planning a trip to Japan in the spring to visit DH. It shouldn't be too expensive, though. My mom offered to pay for my airfare and a friend of ours is coming along, so we can split the hotel costs with her, which helps. Tokyo Disneyland is our main destination and it is shocking how cheap those tickets are! We plan to stay in one of the good neighbor hotels in Tokyo Bay, so that shouldn't be a significant expense. My husband has been to Tokyo and Osaka so far and has found food to be very affordable, compared to here. So, budgeting maybe $2500 for that trip for DH and I.

Good luck everyone!

 

[Jen and Ashwin]

Thank goodness mental health has become such an open topic in our society, or we might have never gotten the help DH needed.

I had pretty serious postpartum anxiety after DD was both. It was really to the point where I felt completely non-functional. I remember going with DD and spending the day sitting in DH's office the last few days before the December holiday break because I couldn't stay home alone. I was frantic and scared. I feel so thankful that DH's coworkers let me show up and didn't judge. At the moment, it felt like I would never feel like my "normal" self again. But slowly, I got help. I saw a psychiatrist, went to group therapy for postpartum moms and started seeing a social worker on a weekly basis. It took about a month for me to stabilize and then several more months before I felt like my normal self again. I still see the social worker once per month as I find it helpful to keep my anxiety in check.

I feel really blessed to have had a good support system as well as good insurance which made the financial impact really minimal. It is really hard and still not a great system for many people, but I do think it is better than it once was. I am really glad your DH got the help he needed.

 

[Jen and Ashwin]

I've been reading this thread for ages but never post. I anticipate needing support in the coming year(s) and you all provide each other so much of that and always so kindly!

My finances are pretty decent right now. Only debt is a house mortgage. But we learned last month, after an incredibly scary series of events, that my step-daughter (in her early twenties) has a significant and chronic mental illness. The prognosis for her maintaining long term full time employment is not good. It's too early to know what we can realistically expect ,or to know how to adjust our lives to best support her, but I'm sure my husband and I will need to reassess our long term financial plans and goals.

So on to my 2020 goals! Right now I'm really just looking to maintain our status quo, so these are pretty boring:
Money in...
1) Continue current rate of retirement savings.
2) Continue current rate of HSA savings.
3) Keep emergency savings at present level (replenish it if need to use, but no plan to grow it).
And money out...
4) Keep paying extra on the mortgage for final payoff in 2022 (this is when my husband was planning to retire, but not sure if that is a good idea now.)
5) Buy new car (our current car--my DH and I only have the one between us-- has over 150,000 miles and we've paid approx $4000 in the last two years for repairs. Will likely use cash savings to buy a nearly new car in the next few months.)
6) Buy a new sofa (I inherited the one we have. It's super uncomfortable and has developed a tear in one of the cushions, so finally time to get something I really like!)

Great to have you join us!

 

[jen7233]

2019 was a disaster and I'm more that happy to put it to bed. We are living with my mom this year so that we can kick the debt quickly. DH has faced some unexpected mental health issues this year (he's doing a lot better now) but it lead to serious problems for us and we accumulated about $10,000 in debt (a good portion of this is medical and moving related). In the long run, living here for the next year will make this debt disappear easy as we will have very few expenses, but it's hard. We were so on track before all of this happened with very little debt, but no sense looking backwards! On to 2020!

It's so hard when you're on track, and then get derailed. That's the thing, is that for many of us it's what you don't expect that derails you. Glad you DH is doing better now.

I'm in! 2019 was so so for us, financially. We are ending at sort of a net neutral state, and by this time next year, these are my goals for us:

Savings: Save $2500/month into "emergency savings"
Current: $7500
Goal: $37,500

Payoff CC Balance transfer at 0% until 1/2021
Current: $7500
Goal: $625/monthly payments for 12 months

Payoff DH's Auto Loan
Current: $12,600
Goal: Additional $585/monthly payment will get this paid off by 12/15

Pay for Disneyland Annual Passes outright at renewal in August
Goal: $4000 (taking into account potential price increase this year). I plan to fund this with "found money" and my part time scoring job.

DH put in for military retirement for 12/1/2020. It hasn't yet been approved, but should be. Our savings goal is meant to provide 6-9 months of cushion for living expenses (supplemented by his pension) in the event that DH doesn't find a job right away. This is my single largest stressor right now, as transitioning out of the military from overseas is challenging. He will return in July and begin outproceesing, but the timeline stresses me out.

Hope your year for DH to come back goes by quickly! Perhaps an early retirement congratulations that it's approved? Will he get to come home for Christmas?

I've been reading this thread for ages but never post. I anticipate needing support in the coming year(s) and you all provide each other so much of that and always so kindly!

Welcome!

 

[jen7233]

I'm still thinking about goals for 2020 so not ready yet. We decided one thing for sure was no longer funding the ESAs. They sit at 21k currently in the Vanguard Growth Index each, and will leave them there to grow. Plus each have 18 months portion of a GI Bill. And, pay as we go if we can, and see what they can do themselves. So, we'll see where these plans take us.

Will need a new couch set at some point, our dog scratched holes in the couches. They have covers right now, but will see how long that lasts and she keeps scratching off the covers. She sleeps in the living room now by herself rather than in our room, so apparently has been making herself comfortable nesting.

 

[EilonwyWanderer]

For 2020 I want to:

-As much as we can pay down the $145,000 second mortgage we took out to basically cover my student loans. The worst. All our extra money will go to this.
-Pay off the $6,900 left on our car loan
-See how things go halfway through the year and re-evaluate to see if we can start saving for an actual house.

 

[aleh021]

Love reading everyones 2020 financial & personal goals!
2019 wasn’t the best year for me but I hope to do better next year.

I’m not posting my goals yet as I am still working on my list but I will say this...I am on my way to Barnes & Noble to purchase my 2020 planner

 

[DLgal]

Hope your year for DH to come back goes by quickly! Perhaps an early retirement congratulations that it's approved? Will he get to come home for Christmas?

Yes, he will be home next Monday for 2 weeks for Christmas. Has to fly back NYE.

The retirement date itself hasn't yet been approved, but that's basically administrative. He will be retiring next year. So, thanks!

He wants to throw a BIG party. I told him the size of the party will be determined by whether or not he has a job lined up already for afterwards. LOL. I'm not taking $5000 from our emergency fund for a party.