Debt Dumpers 2021

[imbatman]

For example, our Ally & Vanguard accounts and my retirement accounts all list dh as beneficiary with our kids as secondary bens, split 50/50.

Each business is a bit different. My pension fund: for my funds to pass to someone other than my spouse, he has to sign the beneficiary form. Or maybe it's my state. I am calling to set up an appointment today with the attorney and am grateful to at least talk through it to make sure that is in our best interest. If not, we'll have him update the will and estate plan.

 

[tinkerbelletreasure]

I’ll join in this year. My husband and I got married in April and he has been paying $1115 /month in alimony, but thank the lord, that is ending at the beginning of March!
We have about $15,000 in credit card debt and $1000 emergency fund. We also bought my mother’s house from her last year and it’s in need of some major renovations.
Financial goals:
1. Start paying off credit cards and rolling the payments up to the next card. We want to get at least $10,000 paid off by the end of the year. We already have a Disney trip planned so actual debt reduction won’t start until June. But our tax refund (if we get one) and additional stimulus payments, and a vehicle we are planning on selling will all go towards debt.
2. up our Emergency fund to $2500
3. Get a HELOC in the fall after debt is under control and our credit scores are better to start addressing needed repairs and renovations
4. Vacation without adding to credit card debt

Personal goals:
1. Exercise more to increase stamina and lose some weight for a cruise we are planning in 2022.
2. Avoid getting Covid before I can get vaccinated.

 

[ruadisneyfan2]

Sure, I'll try. I can't say too much as the situation as it's painful. The Executrix is actually a relative of ours that was taken in way back when and continued to reside there. Has nothing to do with my mom as they were already divorced, but my mother absolutely despised the relative and kept talking about it all the way until her dementia got worse. Anyway, it's a good idea just to know your state's rules on how things pass upon death with a will or not. If there had not been a will, everything would have passed intestate. I have heard what you mentioned about on documents such as a beneficiary, POD, etc. There were just not any done on any accounts.

For our accounts, where possible I do plan to have beneficiary forms with accounts, or PODs if you will. I do have it set with our Vanguard and IRAs, so I feel relatively comfortable with those. It currently matches the will we have. The banking does not, I have to look at that a little closer I think it involves calling and asking, as it's not online with our banks, the forms to complete, I mean.

I’m so sorry for all you’re going through and I truly didn’t intend to press you for details. I should have made that more clear. I think I was confused and you using the word “intestate” just reminded me. For some reason I thought probate meant that there was no will. I always assumed that as long as there’s a will then things move along relatively smooth. With dh’s family it was one sibling who was Executrix and just happened to be the least emotionally/mentally capable of handling the job. She dragged her feet for a year and it wasn’t until another sibling (with 2 kids in college) said “Yo, either get the house sold or I’m calling a lawyer.” That got things moving again.
I had no idea with a valid will it can still take years but please, no need to elaborate. I was only asking in general terms, not your own situation.
Hugs to to and your family.

 

[EilonwyWanderer]

We had a whirlwind year in 2020--sold out condo and bought a house! We were able to pay off my student loans with the extra from the sale which was amazing, but the house we bought needed a lot of repairs so we sort of decimated the rest of what we had leftover and most of our savings. At this point I THINK that we have all the major repairs out of the way (plumbing, electrical), we upgraded the appliances except for the fridge (please don't die), and while there's definitely stuff I want to do with the house it's mostly cosmetic. We just got a quote for gutter installation and that'll be the last really big thing I think we need right now, knock on wood. And we've got all the furniture we need (we better!) so those big costs should now be settled.

So financial goals:

1. Get the credit card down to only 1-2k, hopefully to the point where we can pay it off every month from the recurring payments on there. Right now it's at 9k and I feel like I throw money at it every month to keep it at that level, so not great.
2. Start up some kind of college fund for my kids. Thoughts welcome--I don't know if it would be better to do some special plan or just savings accounts for them!
3. Have enough saved to be able to take a nice Disney vacation once everyone is vaccinated!

 

[jen7233]

We had a whirlwind year in 2020--sold out condo and bought a house! We were able to pay off my student loans with the extra from the sale which was amazing, but the house we bought needed a lot of repairs so we sort of decimated the rest of what we had leftover and most of our savings. At this point I THINK that we have all the major repairs out of the way (plumbing, electrical), we upgraded the appliances except for the fridge (please don't die), and while there's definitely stuff I want to do with the house it's mostly cosmetic. We just got a quote for gutter installation and that'll be the last really big thing I think we need right now, knock on wood. And we've got all the furniture we need (we better!) so those big costs should now be settled.

So financial goals:

1. Get the credit card down to only 1-2k, hopefully to the point where we can pay it off every month from the recurring payments on there. Right now it's at 9k and I feel like I throw money at it every month to keep it at that level, so not great.
2. Start up some kind of college fund for my kids. Thoughts welcome--I don't know if it would be better to do some special plan or just savings accounts for them!
3. Have enough saved to be able to take a nice Disney vacation once everyone is vaccinated!

Congratulations on a new home! As for college funds, we have ESAs with Vanguard for two. We started with VIBAX and I moved it over to VIGAX a few years ago. We capped it at 30k each we funded over time, had the accounts since they were babies and completed the investments we wanted to get to in the ESAs fairly recently. Will see what the funds grow to by the time they are done with high school. That's what worked for our financial situation, they were not gifted anything or left to them so it's all our own funding. We want to shift focus now to our own retirement funding at this point. My oldest did a trade school and I never had anything set aside for college for them, but I paid for the trade school tuition. Worked out, as college wasn't their path. Had it been, I would have helped with that anyway best we could.

I'm house hunting or I'll say browsing. I'm having issues with Zillow website this week. House browsing and hardly any listings showing up, and mostly new constructions, it's not my search parameters. Strange! It wasn't like that last week.

 

[jen7233]

I’ll join in this year.

welcome! I like your cruise thought!

 

[crazycatstacy]

Each business is a bit different. My pension fund: for my funds to pass to someone other than my spouse, he has to sign the beneficiary form. Or maybe it's my state. I am calling to set up an appointment today with the attorney and am grateful to at least talk through it to make sure that is in our best interest. If not, we'll have him update the will and estate plan.

My state is the same way. My husband would have to sign for him not to receive my retirement.

Got my electric bill today and it has gone up AGAIN. I thought our electric bill was high to begin with for two adults in a 1300 square foot 3rd floor apartment. Our neighbors across the hall are in their late 80's and theirs is $50 less than ours and they have every light on and the heat set to what feels like 100 degrees. I don't know if the appliances we have are just not energy efficient or what. I emailed the power company to see if they can do any kind of audit or anything to see what is using the power.

Flights will be out for our December vacation this weekend I believe. I think I'm going to book them right away while they are still cheap. We went to Disney in December 2019 and our tickets were 700 each. Currently (the dates are out until 12/12 I think now and we need 12/14) it $315 a ticket so amazing savings!

 

[M:SpilotISTC12]

Today I listed my largest DVC contract on DVC Resale Market. It was one of my goals this year. I've been paying down debt like a mad man. Whatever profit I make from it will go towards my debt. Hopefully it gets sold soon!

 

[barkley]

Got my electric bill today and it has gone up AGAIN. I thought our electric bill was high to begin with for two adults in a 1300 square foot 3rd floor apartment. Our neighbors across the hall are in their late 80's and theirs is $50 less than ours and they have every light on and the heat set to what feels like 100 degrees

do you have your heat (or a/c during the summer) being set to go up or down during the day if your gone? if so that could be why the neighbors have a lower bill. it's less expensive to maintain a temperature vs. dropping it down in the winter when your at work and then turning it up to warm up the house when you get home (or cool it down in the summer). when we retired and started maintain a consistent temp our rates dropped as well. another factor you might check with your local utility on is if they charge different power rates for different times of day/days of the week. one power company we had established 'peak use periods' during which the rates were higher (it was the time of evening when pretty much everyone who worked ran their laundry and dishwasher-so to beat it you had to set everything to run while you were asleep and then throw the wet clothes in the dryer as soon as you got up, there was a big chunk of hours on saturdays as well).

 

[spiders]

I refinanced last year from a 30 year at 4.25% to a 30 year at 3.25%. We've been making extra principal payments anyway which makes it almost a 15 year rate. We're now refinancing again to a 15 year at 2.25%. Ultimately, it will cost us about $2,500 in taxes and fees. The interest savings is astronomical. I will hit mandatory retirement age in 20 years so going to a 15 seems like a good decision.

 

[imbatman]

one power company we had established 'peak use periods' during which the rates were higher.

This is PG&E. And their rates just went up this year, too. We're switching our routines to get a load of laundry or dishes started every morning. Laundry alternates with washing one morning, drying the other. If solar weren't so expensive...

 

[pblack]

This is PG&E. And their rates just went up this year, too. We're switching our routines to get a load of laundry or dishes started every morning. Laundry alternates with washing one morning, drying the other. If solar weren't so expensive...

SMUD (what we use in the Sacramento area instead of PGE) also does peak hours, but its usually just during the week with weekends being the "normal" rate. We've got in the habit of running the dishwasher before going to bed (after their peak hours end) and we usually don't do laundry till the weekend anyway so that doesn't affect us so much. My DH wants to get solar, but I just don't know if its worth the cost.

 

[DLgal]

What a crazy year so far, budget wise.

We had to do fairly extensive maintenance on both cars this week and spent $1200. I put it on a card that just sent me a 1.9% promo APR until end of August. I have zero balance on that card BUT last year I purchased 4 concert tickets to a concert that was rescheduled to this summer. I am 99% sure it will get canceled and then I will have a $1400 credit placed on that card. I never use the card for anything else. It's my "balance transfer card." So, I figured I will just pay the minimum due until the concert gets cancelled which will wipe out the remainder and leave me with a couple hundred dollar credit.

THEN the Disneyland AP program cancelation was announced. We are due a refund of around $3150 for that. I'll just put that straight into savings and earmark it for whatever way we will have to get into Disneyland once they reopen, be it day tickets or a new pass program.

THEN we just heard about a new stimulus program and new $1400 checks, which will be x4 for us. Score on more money to savings.

I've decided if we do get that additional stimulus, I'm buying myself a new road bike. Mine is 11 years old and starting to sound as creaky as my joints. Time for an upgrade and that way I can feel good about stimulating a small business nearby.

 

[sandam1]

If solar weren't so expensive...

My DH wants to get solar, but I just don't know if its worth the cost.

I live in New York so the financials (particularly in regards to the tax credits) may work out differently for you, but we got solar panels last year and the total cost of the system was $15,000. Our net cost (after federal and state tax credits) was around $8,000 if I recall correctly. We have a 25-year whole system warrantee that covers virtually everything so after 8-9 years, our power is completely free. So if you plan on staying in your house long-term, it is completely worth it. Plus, personally, I like to know that we are helping the planet.

 

[pblack]

I live in New York so the financials (particularly in regards to the tax credits) may work out differently for you, but we got solar panels last year and the total cost of the system was $15,000. Our net cost (after federal and state tax credits) was around $8,000 if I recall correctly. We have a 25-year whole system warrantee that covers virtually everything so after 8-9 years, our power is completely free. So if you plan on staying in your house long-term, it is completely worth it. Plus, personally, I like to know that we are helping the planet.

I'm not sure what the tax credits are for our area regarding solar, but we don't plan on being in this house long term which is one reason I'm hesitant to do it. Plus since we need to shell out $20k for a new roof this year, solar is just out of the question right now. ☹

 

[imbatman]

There is no California solar tax credit. Yet another thing about this state that is backwards.

 

[sandam1]

I'm not sure what the tax credits are for our area regarding solar, but we don't plan on being in this house long term which is one reason I'm hesitant to do it. Plus since we need to shell out $20k for a new roof this year, solar is just out of the question right now.

We got our system put on the year after we got a new roof so the roof and system have about the same life-span - and we didn't have to worry too much about the proposed cost to take the panels off and on for a roof install. But the thought about those two bills at once makes me cringe.

 

[sandam1]

There is no California solar tax credit. Yet another thing about this state that is backwards.

That makes absolutely NO sense. I would expect California to be all about solar.

 

[pblack]

That makes absolutely NO sense. I would expect California to be all about solar.

A lot of things about California make no sense lol.

 

[crazycatstacy]

@barkley we usually leave the heat at 67 and the air at 72 in the summer. 95% of the time it just stays on those temps. I emailed the power company so we will see what they say There’s only 2 of us and I don’t feel like we use a lot of electricity but I could be surprised!