Debt Dumpers 2020

[StacyStrong]

I am still putting some thought into my goals, but here is what I have so far:

1. Reduce restaurant spending - This is a BIG goal for me this year. I spend a LOT dining out. I just enjoy it. I will never go to once a month like I know some people do because it's a big social thing for me, but I do need to cut back. I'm starting small. I want to cut $100 a month from my average spend AND buy coffee out only once a week (that's a big deal for me). From there, I'll try to cut more.
2. Increase emergency fund by $3000 - 2019's goal was to increase by $2000. I JUST barely hit it. Now that credit cards are all paid off, this theoretically should not be a problem. I'll reassess and see where I am at a couple months in. Maybe I'll increase this amount.
3. $100 per month toward a Christmas fund - Same as last year.
4. $110 a month + credit card rewards toward Vacation fund - Same as last year

What I'm really still debating is my 401k. I currently have it set to increase by 1% in April. I might cancel that. I am already over my employer match and I still have a lot of student loans and other goals/things I need to save toward. I might try to tackle those things first. I'm undecided. I'm also undecided on if I want to up my student loan payments. I'm on an income based repayment plan that should go up quite a bit in 2020 (because of a promotion), but I still will pay more than what I estimate those payments will increase to. I could up my payments, but it will delay other life goals. Decisions.

On the personal front:

1. Lose weight - 40lbs would be nice. Always a goal, never a success.
2. Run 650 miles
3. Join the library and stop buying books! Reading is great, folks, but I spend way too much on books that I can get digitally through the library!

Things have changed slightly. I am no longer putting $110 a month toward vacation. It’ll now be $70 a month + rewards.

I’ll be putting $33 a month in savings to go toward annual ARDC fees (law license) and $40 a month into a car repair fund. My car is in tip top shape, but it’s now 6 years old. My s/o owns a repair shop so all my work is done largely labor free, but I still want to have the funds available in the event something is needed (outside standard yearly maintenance).

It’s early in the month, but my budget is looking good so far.

 

[RamblingMad]

Things have changed slightly. I am no longer putting $110 a month toward vacation. It’ll now be $70 a month + rewards.

I’ll be putting $33 a month in savings to go toward annual ARDC fees (law license) and $40 a month into a car repair fund. My car is in tip top shape, but it’s now 6 years old. My s/o owns a repair shop so all my work is done largely labor free, but I still want to have the funds available in the event something is needed (outside standard yearly maintenance).

It’s early in the month, but my budget is looking good so far.

I just moved into a new home. My budget consists of fixing whatever randomly breaks. Should get through most of the major stuff this first year. I hate home ownership.

 

[shermanpar]

Hey All!

Long time lurker, first-time poster. With my wife and I expecting our first child in March 2020, I've become a bit more focused on paying-off debts so we can do all sorts of wonderful things when she's born (including a Disney trip in November 2020) and worry a bit less about those costs adding up. I figured posting about it here will make me more likely to stick to it.

With that said, here are the things I'd like to accomplish in 2020:

• Pay off the following by the time our daughter is born:
  • My student loans - $850
  • Wife's car - $600
  • Living room set (0% APR) - $1,000
  • Dining room table (0% APR) - $800
• Contribute $3,000 more in principal to wife's student loans throughout 2020
• Start a 529 for our daughter and contribute $50 monthly
• Build emergency fund to cover six months expenses (currently at three months)

 

[imbatman]

So I took the plunge and switched our WDW hotel to Pop Century instead of All Star Music after reading some other reviews and having a more dedicated bus line plus the skyliner. *snip*

I've also been perusing flights on American and we had been talking about taking the flight that leaves at 6 AM CA time and lands in Orlando around 4:30PM, but now we're considering taking the flight that leaves at 12:30AM and arrives at 10:00ish AM.

Having taken both flights from the same airport (wink, wink), I LOVE the one that leaves later. We use it to settle in and walk around. Plus losing the sleep is harsh (as you know from west to east).

How does everyone else feel about deluxe room stays? As a present for my wife we are staying at the Grand on our upcoming trip. And I'm excited about it, and I'll enjoy it, but part of me is quietly grumbling about how much money we are spending up over staying at a moderate
.
Thanks for understanding. Unfortunately, the resort is out of my hands! It's what my wife wants, and she has good reasons, and that's that. She doesn't want anything to happen to me, and us never have gotten to spend time together at her dream resort.

I think this is the best response. Not making your wife happy (which is always good), but spending the time together and getting something checked off of the bucket list.

Hi Everyone! I’m a long-time lurker to this thread and the boards in general, but I’ve got some debt to dump and figured I should bite the bullet and join y’all.

We love it when others hop on the train!

Things have changed slightly. I am no longer putting $110 a month toward vacation. It’ll now be $70 a month + rewards.

I’ll be putting $33 a month in savings to go toward annual ARDC fees (law license) and $40 a month into a car repair fund. My car is in tip top shape, but it’s now 6 years old. My s/o owns a repair shop so all my work is done largely labor free, but I still want to have the funds available in the event something is needed (outside standard yearly maintenance).

It’s early in the month, but my budget is looking good so far.

Hey All!

Long time lurker, first-time poster. With my wife and I expecting our first child in March 2020, I've become a bit more focused on paying-off debts so we can do all sorts of wonderful things when she's born (including a Disney trip in November 2020) and worry a bit less about those costs adding up. I figured posting about it here will make me more likely to stick to it.

Sounds like a good plan and congratulations on the wee one's impending arrival!

 

[pblack]

I've made $50 in the last few days by selling some things i've had lying around the house that I wanted to get rid of. But it's kind of a wash because I also bought some new travel accessory bags in anticipation of our Nov cruise (and whatever other travel we'll do between now and then). I'm hoping I can sell some more items and i'll put whatever I make towards my vacation fund.

 

[MantaRider]

I'm currently enjoying talking to someone in my workspace slack who is claiming that a single parent living below the poverty line can save 70% of their income by just following some blogging tips.

Like, I just need some more money, not internet guru nonsense

 

[dayvewc]

Completely post


Well, I had my physicals the other day for the VA finally. I don't have any results back yet.

Pretty sure I failed the hearing test.

The muscular/skeletal physical, the examiner seemed very sympathetic to all of my issues and how they have affected my quality of life, but before she finalizes everything and sends the results back to the VA, she wants me to go and get current x-rays.

So, back to the waiting game of seeing when I can get scheduled for the x-rays, and when who knows if I will need to go back or not. (I don't think so, but I don't know).



On the debt dumping front .... I have a couple of small bills paying off this month (YAY!!) So, beginning next month, I get to add about $100 / month to my snowball.

If I can just stay ahead the pile of medical bills. It always feels like one step forward, one or two steps back. I know I am, but it never feels like I'm making progress lately toward paying things down./off

I started working on my taxes. Hoping to get everything done and filed super early this year. No real reason, just to get it done.

 

[pblack]

Still have my fingers crossed for you @dayvewc that everything with the VA goes well!

 

[MantaRider]

I think I'm going to snowball my debts, starting with my phone bill. I only need to save up 600 to pay off my phone, and then I'll have an extra $30 per month to put towards my other debt

 

[jen7233]

I've made $50 in the last few days by selling some things i've had lying around the house that I wanted to get rid of. But it's kind of a wash because I also bought some new travel accessory bags in anticipation of our Nov cruise (and whatever other travel we'll do between now and then). I'm hoping I can sell some more items and i'll put whatever I make towards my vacation fund.

Another way to look at it is you got rid of things not being used! What sort of bags? I'm thinking of getting packing cubes.

Hey All!

Long time lurker, first-time poster. With my wife and I expecting our first child in March 2020, I've become a bit more focused on paying-off debts so we can do all sorts of wonderful things when she's born (including a Disney trip in November 2020) and worry a bit less about those costs adding up. I figured posting about it here will make me more likely to stick to it.

Welcome!

 

[imbatman]

I think I'm going to snowball my debts, starting with my phone bill. I only need to save up 600 to pay off my phone, and then I'll have an extra $30 per month to put towards my other debt

Snowballing is a solid plan. Do you have an Excel spreadsheet to use?

 

[pblack]

Another way to look at it is you got rid of things not being used! What sort of bags? I'm thinking of getting packing cubes.

That is true! I got a set of Travel bags from Amy's Small World. I have a similar bag that someone I work with made me and I love it for my toiletries and stuff when I travel. I can not travel with travel-size products of certain things (mainly conditioner because i'd have to bring like 7 of them.) So this helps me keep all my big items together and in one place. I also have a set of packing cubes that I got from Amazon and I love them! They definitely help to organize everything in your suitcase and when your suitcase gets thrown around all of your stuff doesn't get all jumbled. Highly recommend!

 

[DisneyMandC]

I’m so ready to file our taxes so we can pay DH’s student loan off with our refunds. Unfortunately, my work always waits until the last minute to send out our forms.

On the budget front, we’re doing ok. I had to have some work done on my car recently that was $300, but it needed to be done. DH will be traveling every week for the next several weeks so grocery/food costs will be low here. I have a pretty well stocked fridge right now and am going to try to eat that down to the bare bones while he’s gone.

 

[RamblingMad]

I’m so ready to file our taxes so we can pay DH’s student loan off with our refunds. Unfortunately, my work always waits until the last minute to send out our forms.

On the budget front, we’re doing ok. I had to have some work done on my car recently that was $300, but it needed to be done. DH will be traveling every week for the next several weeks so grocery/food costs will be low here. I have a pretty well stocked fridge right now and am going to try to eat that down to the bare bones while he’s gone.

I won’t be doing my taxes until almost April. My K1s take forever to show up. Better to get zero refund, so you can spend it as you receive it.

 

[pblack]

My work also always waits until the last minute @DisneyMandC so I know your frustrations!

 

[afan]

I won’t be doing my taxes until almost April. My K1s take forever to show up. Better to get zero refund, so you can spend it as you receive it.

Always depends on the situation. I claim 0 because I'm single and own a rental house that I need to pay taxes from. Whether others agree, it's far easier to have more withheld than to pay taxes. Plus my rental is in a state with state income tax so I always owe a small amount and that comes out of the refund. Until I can sell.the house someday I find this works for me over the small % of interest I'd gain and the hassle of trying to figure out how much to save when no year is the same for forecasting.

 

[DisneyMandC]

I won’t be doing my taxes until almost April. My K1s take forever to show up. Better to get zero refund, so you can spend it as you receive it.

Always depends on the situation. I claim 0 because I'm single and own a rental house that I need to pay taxes from. Whether others agree, it's far easier to have more withheld than to pay taxes. Plus my rental is in a state with state income tax so I always owe a small amount and that comes out of the refund. Until I can sell.the house someday I find this works for me over the small % of interest I'd gain and the hassle of trying to figure out how much to save when no year is the same for forecasting.

Yup, we both claim zero. We don't know what our income will be year to year based on how much we win with horses/whether we sell a horse. It's easier for us to file zero and either just get a little bit back/owe a little bit if we do well with our horses, or just get a big refund.

My work also always waits until the last minute @DisneyMandC so I know your frustrations!

It's so irritating! I don't understand why they do that.

 

[imbatman]

I’m so ready to file our taxes so we can pay DH’s student loan off with our refunds. Unfortunately, my work always waits until the last minute to send out our forms.

On the budget front, we’re doing ok. I had to have some work done on my car recently that was $300, but it needed to be done. DH will be traveling every week for the next several weeks so grocery/food costs will be low here. I have a pretty well stocked fridge right now and am going to try to eat that down to the bare bones while he’s gone.

Ours should be issued next week. Then we have to wait for DH's, which usually come out the week after.

I won’t be doing my taxes until almost April. My K1s take forever to show up. Better to get zero refund, so you can spend it as you receive it.

Also a zero claim filer. Each person has their own reasons for filing. This year, ours is going toward fixing the tie rods in DH's truck, rather than using a CC.

 

[RamblingMad]

Yup, we both claim zero. We don't know what our income will be year to year based on how much we win with horses/whether we sell a horse. It's easier for us to file zero and either just get a little bit back/owe a little bit if we do well with our horses, or just get a big refund.

It's so irritating! I don't understand why they do that.

Have you seen the new W4? There is no such thing as zero anymore.

 

[imbatman]

Have you seen the new W4? There is no such thing as zero anymore.

There is a zero status, as long as you do not change from your 2019 filing status. Anything filed in 2020 or after must use the new form, but the old form is still legitimate.