Debt Dumpers 2020

[dwonderz]

I'm joining in for 2020! I graduated from college in May 2018 and have been trying to get a grip on my finances the past year. Main goal is to work towards paying off my student loan debt and saving up enough for the security deposit/first month rent so I can move out this year !

2020 Goals:

• Pay off an additional $100/month toward Student Loans (~$20,000 balance).
• Max out Roth IRA.
• Replenish Travel Fund (taking a trip to WDW in February).
• Eat out less (pack my lunch, shop for snacks instead of buying out, etc.).
• Save up the security deposit, broker fee, and first month's rent for an apartment.

 

[RamblingMad]

I'm joining in for 2020! I graduated from college in May 2018 and have been trying to get a grip on my finances the past year. Main goal is to work towards paying off my student loan debt and saving up enough for the security deposit/first month rent so I can move out this year !

2020 Goals:

• Pay off an additional $100/month toward Student Loans (~$20,000 balance).
• Max out Roth IRA.
• Replenish Travel Fund (taking a trip to WDW in February).
• Eat out less (pack my lunch, shop for snacks instead of buying out, etc.).
• Save up the security deposit, broker fee, and first month's rent for an apartment.

Here's an idea. Live at home for a year or two, pay off your student loan, and then move out. I know that you want to get out, but not having a student loan hanging over your head will free up your monthly cash flow once you leave.

 

[3threebabies]

Here's an idea. Live at home for a year or two, pay off your student loan, and then move out. I know that you want to get out, but not having a student loan hanging over your head will free up your monthly cash flow once you leave.

I do not know pp situation, but their info suggests NYC. There aren’t too many places that require broker’s fees, security and 1st. In NYC it is a given. Some NYC apartments require all that plus last month‘s rent. Your idea would work fine in a lot of situations, but I am guessing moving into NYC could be as much necessity as preference. It is a lot easier to move up in a city job if you actually live there. Commuting from the suburbs may not be a viable long term solution. LIRR and Metro-North are expensive. As is train station parking in most towns (if it is even available). Plus, pp could be paying rent at current residence.

ETA. Some employers even discriminate to a degree if you are dependent upon commuter trains. They only want employees who use MTA buses and subways as mass transit options.

 

[needsomesun]

Longtime lurker, I think I posted my goals once last year around this time, then hid again. But I have been following you all. I think I hit most of my goals last year, paid off our two cars. Have been putting that money into a savings account to pay cash for the next car. Currently saved up about 4 months of an emergency fund and should be up to my 6 month goal by the end of next month. Had luck there. DH was laid off with a severance package, and had a written job offer the next day. We've been able to bank the severance pay as our emergency fund. Next goal is to put extra money towards kids future college (which is only a few years away) but the majority to our house. However, we are probably moving so my biggest goal will be to convince DH that we don't need to buy more house, just because we can afford the mortgage. I want to be able to pay it off within 10 yrs. I'm sure there will be some compromise involved.

 

[MamaBelleRN]

Hi friends! After a long hiatus, I am back to start fresh for the new year! And I definitely need a restart

@imbatman- I feel you 1000% We started 2019 off strong and by mid year had a good chunk in savings and zero credit card debt. Definitely not starting off 2020 with strong footing

We had an absolutely AMAZING trip to WDW in December. But (due to choices we consciously made) it was quite a pricey trip. Definitely WAY more than I had originally budgeted. This trip and year also reminded me why I swore off credit cards- the balances can climb quickly when you aren’t paying attention. I’m frustrated with myself that we now have about $5k in credit card debt. It’s definitely not insurmountable and with focus, we should be able to get it paid off pretty easily within the first quarter of the year. But ugh

YNAB has been an amazing tool for us, so now I just need to get back to it and make sure I connect all my cards so I don’t make the same mistakes. At this point, I once again plan to use my debit card only until our credit card debt is gone.

So...
My Financial Goals for 2020
*Pay off all credit card debt
*Once CC debt is gone, increase retirement contributions by 5% (only at 5% right now, but we do Max out our HSA)
*Max out Roth IRA
*Pay down auto loans
*Increase emergency fund to $10k

Personal Goals
*Exercise regularly
*Eat healthier and decrease frequency of fast food
*Loose 20 pounds
*Read more

Glad to be back with this awesome group and excited for a fruitful 2020!

 

[pblack]

Welcome back @MamaBelleRN !

 

[OhMari]

in our neck of the woods a 30 year fixed is going for 3.65% while a 15 year fixed is at 3.0%, refinancing could save someone a few hundred a month. we bought in 2007 at a 30 year rate then re-fi'd at 15 a few years later but we opted to continue paying at our previous payment rate-as a result we've been paid off for several years now (also helps to throw any little dibs and dabs at the loan-even if it's just a few buck a month b/c it all adds up).

I save anything extra and pay it towards our mortgage. In October the amount was just double to the regular mortgage payment. My bank made the payment for Oct. and one for November, so interest was takin out twice instead of the full $1200 towards the principal. I went to the bank to straighten it out. I sat down with a banking officer and he asked for me why I just did not call, because he had to get on the phone and fix it. In the end, he took the paper work to the teller and she made the correct payment, so the full extra $1200 went to principal.



if you have any used book or thrift stores near you check them out for jenny craig cookbooks. they usually have a wealth of them. easy, tasty recipes that are just as effective as their prepackaged stuff (but i think using their food to kick start weight loss works well-at least for me it did, and it helped get my mind used to what an appropriate serving portion should be).

 

[RamblingMad]

We had an absolutely AMAZING trip to WDW in December. But (due to choices we consciously made) it was quite a pricey trip. Definitely WAY more than I had originally budgeted. This trip and year also reminded me why I swore off credit cards- the balances can climb quickly when you aren’t paying attention. I’m frustrated with myself that we now have about $5k in credit card debt. It’s definitely not insurmountable and with focus, we should be able to get it paid off pretty easily within the first quarter of the year. But ugh

Good write up in the NYTimes about paying off credit card debt accumulated over the holiday season. It's in the business section.

 

[barkley]

speaking of credit cards-if you have an amex card it might be a good idea to look at all the changes they have enacted as of this new year-many eliminations for those w/no fee cards but trip insurance has been added to several of the fee'd cards.

 

[crazycatstacy]

We have discussed getting rid of all credit cards just to prevent any issues again but we can’t seem to pull the trigger yet. We have shredded the majority of them and last night we froze the ones we think we will keep so that we can’t just use them because we want something or are too lazy to cook

 

[barkley]

we can’t just use them because we want something or are too lazy to cook

on the too lazy to cook front-we had allot of this when both of us were commuting long distances daily for work and the kiddos were little. the only thing that helped break the habit was to look at what food we always defaulted to and setting up our freezer/pantry so that it was as fast if not faster (and MUCH cheaper) to easily do it on our own. here are some things that worked for us (YMMV)-

pizza-we had frozen pizzas with the basics we knew we wouldn't always have on hand (for ds-cheese/pepperoni/olive, for the rest of us cheese and maybe sausage). we would top these with stuff that could be on the shelf or in the freezer at the ready-water packed artichoke hearts (like $2.49 a can and we would use the rest up in salads over the next couple of days), shredded bbq chicken (if i made chicken i shredded some and mixed it w/bbq sauce and froze in small containers), we always had onions on hand as well as other veg-easy enough to chop while the oven pre-heats.

Mexican-i would premake ground beef with seasoning, shredded beef with enchilada sauce (actualy did this yesterday). it went into small containers that could quickly microwave defrost. with tortillas at the ready (freezer) or taco shells on the shelf it was microwave defrost/heat and then either make the tacos or roll the enchiladas (top w/second premade container of sauce and whatever shredded cheese was in the freezer) and we were good to go.

food in general-ground beef can be browned, drained and frozen easily. put it in measured bags to pull out to make a quick batch of sloppy joes, season and add to pasta sauce. chicken and beef (pork as well) shred easily and can be frozen after cooking. pull out and add to sauces for bbq sandwiches, pasta alfredo w/chicken....

i'm a big fan of scratch made stuff but i've only been able to do more of it since i no longer have long work commutes/hours and more time to myself-it's just a simple reality of life so there's no sin in using premade store bought or homemade b/c both will save a ton over pickup or delivery food.

 

[MamaBelleRN]

Good write up in the NYTimes about paying off credit card debt accumulated over the holiday season. It's in the business section.

Thanks! I’ll have to look it up. Still so frustrated we are here again. But, grateful it’s an easy amount to get ahead of and another lesson learned *relatively* painlessly. Namely, I have to track everything as I spend it with YNAB and not get lazy about it!

on the too lazy to cook front-we had allot of this when both of us were commuting long distances daily for work and the kiddos were little. the only thing that helped break the habit was to look at what food we always defaulted to and setting up our freezer/pantry so that it was as fast if not faster (and MUCH cheaper) to easily do it on our own. here are some things that worked for us (YMMV)-

pizza-we had frozen pizzas with the basics we knew we wouldn't always have on hand (for ds-cheese/pepperoni/olive, for the rest of us cheese and maybe sausage). we would top these with stuff that could be on the shelf or in the freezer at the ready-water packed artichoke hearts (like $2.49 a can and we would use the rest up in salads over the next couple of days), shredded bbq chicken (if i made chicken i shredded some and mixed it w/bbq sauce and froze in small containers), we always had onions on hand as well as other veg-easy enough to chop while the oven pre-heats.

Mexican-i would premake ground beef with seasoning, shredded beef with enchilada sauce (actualy did this yesterday). it went into small containers that could quickly microwave defrost. with tortillas at the ready (freezer) or taco shells on the shelf it was microwave defrost/heat and then either make the tacos or roll the enchiladas (top w/second premade container of sauce and whatever shredded cheese was in the freezer) and we were good to go.

food in general-ground beef can be browned, drained and frozen easily. put it in measured bags to pull out to make a quick batch of sloppy joes, season and add to pasta sauce. chicken and beef (pork as well) shred easily and can be frozen after cooking. pull out and add to sauces for bbq sandwiches, pasta alfredo w/chicken....

i'm a big fan of scratch made stuff but i've only been able to do more of it since i no longer have long work commutes/hours and more time to myself-it's just a simple reality of life so there's no sin in using premade store bought or homemade b/c both will save a ton over pickup or delivery food.

Great ideas! We’ve been better about having some quick go-to foods on hand, but still working on stepping it up a notch. I definitely have to meal plan in order not to default to fast food and I’m ready for this week! Hoping to keep the momentum going!

 

[imbatman]

@imbatman- I feel you 1000% We started 2019 off strong and by mid year had a good chunk in savings and zero credit card debt. Definitely not starting off 2020 with strong footing

YOU'RE BACK!!! We can march forward with our CC debt until we are once again in the free!

Good write up in the NYTimes about paying off credit card debt accumulated over the holiday season. It's in the business section.

Here is the link. In short, the summary is: "Make the monthly payments high enough that it hurts." This board is already a big proponent of that train of thought!

We have discussed getting rid of all credit cards just to prevent any issues again but we can’t seem to pull the trigger yet. We have shredded the majority of them and last night we froze the ones we think we will keep so that we can’t just use them because we want something or are too lazy to cook

I have freezer meals. I love winter because my crockpot cooks for me while I'm at work. I've just starting learning to use the Instant Pot (which isn't so "instant") and have cooked up some tasty meals and leftovers in under an hour.

it's just a simple reality of life so there's no sin in using premade store bought or homemade b/c both will save a ton over pickup or delivery food.

Hear, hear!!! The old Batman used to make her own taco seasoning. The new Batman ain't got time for that.

Changed the bedsheets over the weekend and my favorite set is torn. Oddly enough, two holes in random middle places of the fitted. Used an Amazon gift card to purchase a new set! Going to toss the old fitted and use the flat for the dog kennel.

 

[imbatman]

Looking at Pinterest on my free time for no-cost/low-cost office decor to start this weekend. I've had 2 requests for video interviews and probably shouldn't have the messy trundle bed in the background.

 

[pblack]

Looking at Pinterest on my free time for no-cost/low-cost office decor to start this weekend. I've had 2 requests for video interviews and probably shouldn't have the messy trundle bed in the background.

If you have art work in other parts of your home, you could move it behind you for the video interviews.

 

[DLgal]

Looking at Pinterest on my free time for no-cost/low-cost office decor to start this weekend. I've had 2 requests for video interviews and probably shouldn't have the messy trundle bed in the background.

Just get a room divider screen.

 

[stindall]

So proud of myself. I sold some shoes I’d only worn a few times (including when I saw the OBC cast of Hamilton on Broadway ) on Poshmark and instead of spending the profit on something else on Poshmark it went straight to savings! We depleted savings last year when one of our dogs was mysteriously ill.

 

[stindall]

Small win for me: some of you know that I'm a PT author. (sorry, won't release my details here...yet) Well, an opportunity came up last month for me to work with filmmakers and be paid. Just heard back this morning that I passed the first step! Hoping that I hear back sooner rather than later on this.

that’s so neat! Congrats!

 

[crazycatstacy]

My mini fridge in my office died a while ago- it just froze everything rather than keeping it cool. I bought one off Facebook marketplace yesterday for $40. Plug it in today at my office and it doesn't cool!! UGH!!!!

 

[imbatman]

My mini fridge in my office died a while ago- it just froze everything rather than keeping it cool. I bought one off Facebook marketplace yesterday for $40. Plug it in today at my office and it doesn't cool!! UGH!!!!

Have you tried troubleshooting it yet? I only ask because my dryer died last year. I put in my model on YouTube and found 3 repairs--the first one fixed it! We used to have a fridge that wouldn't cool unless it was perfectly level.