Debt Dumpers 2021

[pblack]

Pros and cons of a second mortgage? We found out we don't have enough equity to take out cash for our roof replacement. We do have the option to wait another year on the roof and maybe we'll have enough saved by next year and/or will be able to pull out some from our equity. Our mortgage broker gave us the option of doing a second mortgage for the amount we'd need, I'm just not sure if I want to go that route since I'm not sure if its a good option. Hoping others may have some positive or negative input about a 2nd mortgage. **I feel like I need to put a disclaimer that I don't know if we're gonna go with this option or if we're just gonna wait. If we wait we may refinance again to lower our monthly payment.

 

[barkley]

Pros and cons of a second mortgage? We found out we don't have enough equity to take out cash for our roof replacement. We do have the option to wait another year on the roof and maybe we'll have enough saved by next year and/or will be able to pull out some from our equity. Our mortgage broker gave us the option of doing a second mortgage for the amount we'd need, I'm just not sure if I want to go that route since I'm not sure if its a good option. Hoping others may have some positive or negative input about a 2nd mortgage. **I feel like I need to put a disclaimer that I don't know if we're gonna go with this option or if we're just gonna wait. If we wait we may refinance again to lower our monthly payment.

when making a decision remember to factor in the costs associated with a 2nd mortgage. from what i understand they are not cheap (think of the closing costs on your original mortgage). depending on how much they run you could be adding a considerable amount to the cost of replacing that roof (like eating up anything you've already got save towards it or could save towards it over the next year).

 

[ajanderson84]

My mid Jan update is in Purple!

Alright everyone, first time I am going to share some goals. It's a little tricky for 2021 at the moment, as my husband is active duty military and we are waiting to hear our orders for summer 2021. Maybe we get to stay 4 more years, maybe we have to move... who knows just yet... with that in mind: We now know that we are staying where we are for four more years!

2021 Financial Goals:

• Continue building house fund to 9k or so (3 months worth of house payments) Currently at 4,500 Made it to 6,200... but used 1,000 to purchase a spin bike so back to 5,200. Still progress.
• Continue to build savings to 60k (6 months worth of savings) lllllooong way to go with this goal, currently about 3k Currently 6,100 thanks to Stimulus.
• Work on spending less, although we are in a high cost area (DC) I feel like our budget for Groceries and such is far too high This is still high. I should have said eat out less and actually eat the groceries we buy -.-
• Start an IRA (I am late to this retirement game). We have a long standing TSP for DH and I have a 401(k) but nothing else for retirement (I am 36, DH is 40) I haven't started this yet. Not even sure how to start this yet.
• Start saving for Vacations, I would like to take them more often... I think maybe 4-6k may be needed to be saved. Currently have a little over 1k in Disney gift cards I buy from Sam's Club
• Save for potential move, if no move, use to improve current house Although we have started smaller projects, have not yet done this
• Pay off 1 CC for Lowes: $600.00 - Complete by June 2021. I had to replace the dishwasher in Sept of 2020. The balance on the card is interest free for 12 months so I will just continue to pay $50/paycheck until it is paid off, roughly 6 more months. (Edited to add this, as I forgot about it earlier.) Current balance is 502

2021 Personal Goals:

• Continue college classes for Bachelor's Degree (Using DH's GI bill for this) I may have over done this one. Two classes starting Feb 1.
• Maintain PMP certification I have already finished this for this year
• Obtain additional IT related Certification (Perhaps Sec +) We'll see what COVID allows me to do
• Lose Weight (total needed to lose is 102lbs, but I'd be happy if I lost 40) I have lost 3 lbs! WW with my DH, we also started a YouTube channel together... for accountability
• Learn to cook better... I mean I can cook, its just not very exciting... and I like food so if I can learn to make healthy exciting meals, all the better. We tried new recipes this week, but lots of progress to go here.
• If staying, paint upstairs of house, replace upstairs carpet either way, and perhaps paint kitchen cabinets. If not staying, finish outstanding small repairs and deep clean all the things to list the house. I want to start a veggie garden in the spring (well I guess I will start seeds inside before spring). All of the unfinished projects we'll have to plan out over the next four years.
• New Goal: Both 17 year old boys are joining the United States Coast Guard this year. One leaves in April, One is graduating High School in June and then leaving in August. I have not prepared to send them off into the world and need to figure this out asap!

 

[DisneyMandC]

Pros and cons of a second mortgage? We found out we don't have enough equity to take out cash for our roof replacement. We do have the option to wait another year on the roof and maybe we'll have enough saved by next year and/or will be able to pull out some from our equity. Our mortgage broker gave us the option of doing a second mortgage for the amount we'd need, I'm just not sure if I want to go that route since I'm not sure if its a good option. Hoping others may have some positive or negative input about a 2nd mortgage. **I feel like I need to put a disclaimer that I don't know if we're gonna go with this option or if we're just gonna wait. If we wait we may refinance again to lower our monthly payment.

I don't really know anything about second mortgages, but will a roofing company not give you an option to finance through them? I thought some of them did that.

 

[pblack]

I don't really know anything about second mortgages, but will a roofing company not give you an option to finance through them? I thought some of them did that.

The company offers financing through 3rd party companies. They basically tack on the cost/ payments to your property taxes. Im trying to avoid this if possible. Currently I'm leaning towards just holding off on the roof for another year or 2, since the inspector we had out said it wasn't in terrible shape. We do have a small leak in the garage we need to get patched though.

 

[ciaoaloha31]

New to this thread (well lurking for the better part of a month ) Here are my 2021 goals:

2021 Financial Goals

13% Complete Payoff PayPal Credit Balance by end of July (0% interest through July)
4.9% Complete Payoff Balance of Amex Card by end of August (with 0% interest through August)
0/11 Make additional $100 monthly payment towards principal of SSR DVC Loan starting in February
0/11 Make additional $100 monthly payment towards principal of CCV DVC Loan starting in February
0/11 Save $200/month towards down payment of a new vehicle starting in February (current vehicle is fully paid off as of Dec 2020 and expect 2-3 more years out of it before needing a new one)

2021 Reach Financial Goals (Goals that are a bit of a stretch but trying for them anyway )

November 2027 Current Projected Payoff Date Payoff SSR DVC Loan by end of December
$7001.78/$10,000 Grow Emergency Savings to $10,000

 

[jen7233]

My mid Jan update is in Purple!

Alright everyone, first time I am going to share some goals. It's a little tricky for 2021 at the moment, as my husband is active duty military and we are waiting to hear our orders for summer 2021. Maybe we get to stay 4 more years, maybe we have to move... who knows just yet... with that in mind: We now know that we are staying where we are for four more years!

2021 Financial Goals:

• Continue building house fund to 9k or so (3 months worth of house payments) Currently at 4,500 Made it to 6,200... but used 1,000 to purchase a spin bike so back to 5,200. Still progress.
• Continue to build savings to 60k (6 months worth of savings) lllllooong way to go with this goal, currently about 3k Currently 6,100 thanks to Stimulus.
• Work on spending less, although we are in a high cost area (DC) I feel like our budget for Groceries and such is far too high This is still high. I should have said eat out less and actually eat the groceries we buy -.-
• Start an IRA (I am late to this retirement game). We have a long standing TSP for DH and I have a 401(k) but nothing else for retirement (I am 36, DH is 40) I haven't started this yet. Not even sure how to start this yet.
• Start saving for Vacations, I would like to take them more often... I think maybe 4-6k may be needed to be saved. Currently have a little over 1k in Disney gift cards I buy from Sam's Club
• Save for potential move, if no move, use to improve current house Although we have started smaller projects, have not yet done this
• Pay off 1 CC for Lowes: $600.00 - Complete by June 2021. I had to replace the dishwasher in Sept of 2020. The balance on the card is interest free for 12 months so I will just continue to pay $50/paycheck until it is paid off, roughly 6 more months. (Edited to add this, as I forgot about it earlier.) Current balance is 502

2021 Personal Goals:

• Continue college classes for Bachelor's Degree (Using DH's GI bill for this) I may have over done this one. Two classes starting Feb 1.
• Maintain PMP certification I have already finished this for this year
• Obtain additional IT related Certification (Perhaps Sec +) We'll see what COVID allows me to do
• Lose Weight (total needed to lose is 102lbs, but I'd be happy if I lost 40) I have lost 3 lbs! WW with my DH, we also started a YouTube channel together... for accountability
• Learn to cook better... I mean I can cook, its just not very exciting... and I like food so if I can learn to make healthy exciting meals, all the better. We tried new recipes this week, but lots of progress to go here.
• If staying, paint upstairs of house, replace upstairs carpet either way, and perhaps paint kitchen cabinets. If not staying, finish outstanding small repairs and deep clean all the things to list the house. I want to start a veggie garden in the spring (well I guess I will start seeds inside before spring). All of the unfinished projects we'll have to plan out over the next four years.
• New Goal: Both 17 year old boys are joining the United States Coast Guard this year. One leaves in April, One is graduating High School in June and then leaving in August. I have not prepared to send them off into the world and need to figure this out asap!

Congratulations on your kids joining the USCG!

 

[slightly_obsessed]

Pros and cons of a second mortgage? We found out we don't have enough equity to take out cash for our roof replacement. We do have the option to wait another year on the roof and maybe we'll have enough saved by next year and/or will be able to pull out some from our equity. Our mortgage broker gave us the option of doing a second mortgage for the amount we'd need, I'm just not sure if I want to go that route since I'm not sure if its a good option. Hoping others may have some positive or negative input about a 2nd mortgage. **I feel like I need to put a disclaimer that I don't know if we're gonna go with this option or if we're just gonna wait. If we wait we may refinance again to lower our monthly payment.

I do not know a lot about them, but I admit I am personally leery of second mortgages/helocs, mainly because I wouldn't want to use my home as collateral. I knew an attorney who helped people in danger of foreclosure and I heard a number of sad stories from her. Usually it was people who were losing their home because they defaulted on the 2nd mortgage or defaulted on their first mortgage but paid the second mortgage thinking it would help. This was back in 2008-2010 though, so maybe different times/regulations and probably a different state than you live in. I am by no means an expert and I know probably the majority of people don't have any of these kind of problems. It's just something I probably wouldn't do if I had any other options, but I can absolutely understand getting one for something necessary like a roof. That probably wasn't the least bit helpful. Good luck on your decision, that's definitely a tough one.

 

[slightly_obsessed]

• Work on spending less, although we are in a high cost area (DC) I feel like our budget for Groceries and such is far too high This is still high. I should have said eat out less and actually eat the groceries we buy -.-
• 
  
• New Goal: Both 17 year old boys are joining the United States Coast Guard this year. One leaves in April, One is graduating High School in June and then leaving in August. I have not prepared to send them off into the world and need to figure this out asap!

I hear you on the food thing. I am appalled at how much we let go bad/expire sometimes.

Congrats to your boys and good luck!

 

[imbatman]

• New Goal: Both 17 year old boys are joining the United States Coast Guard this year. One leaves in April, One is graduating High School in June and then leaving in August. I have not prepared to send them off into the world and need to figure this out asap!

My oldest is meeting with an Air Force ROTC this week. She'll probably be signing papers. So this is totally from me to you (with all the tears in my eyes as we mamas figure this out):

Wiggle room in the budget: buying a flight and a hotel for two nights to help my oldest pack and come home for the summer. Well worth the points and money. My heart is happy.

 

[imbatman]

End of January 2021 update

Financial

• CC 1 - $2198.01 (balance 12/9/20
• CC 2 - $6567.84 (balance 12/9/20 and 0%). - I'm coming for you, CC2! Starting in Feb.
• Start deposits back into Roth no later than June.
• Savings to stay above $1000 at all times. Work to be at $3000 by the end of the year (minimum). - Still at $1000. Took the extra above that to pay off the braces.
• Start a vacation fund for 2023 WDW trip ONLY after the credit cards are paid off
• Pay off DD2's braces - last payment to the credit card to pay this off is 1/28/21
• Save cash for Christmas out of town vacation - Reservations made and deposit paid

Personal

• Finish the second book manuscript
• Second bathroom painting update with leftover paint and create "frames" for the mirror
• Replace flooring in living room and hallway (already purchased and delayed by surgeries)
• Learn to be okay with my scars - give myself more grace
• Continue to purge unused household items - Local centers have started opening for donations. This'll go slowly, but progress is progress.

 

[Eureka]

I hear you on the food thing. I am appalled at how much we let go bad/expire sometimes.

That‘s one thing that the pandemic has made better for us. We always cooked pretty much every day before, but now that we are all home every day, all day, we’re eating a lot more of our leftovers up and not tossing as much food. DH has gone back to getting lunch a couple days a week from Chipotle or a sub place, but DS17 and I eat mainly leftovers for lunch. (We don’t like Chipotle but will occasionally have him get us a sandwich too). We’re also cooking better for us meals since we have no commute.

 

[ruadisneyfan2]

when making a decision remember to factor in the costs associated with a 2nd mortgage. from what i understand they are not cheap (think of the closing costs on your original mortgage). depending on how much they run you could be adding a considerable amount to the cost of replacing that roof (like eating up anything you've already got save towards it or could save towards it over the next year).

We took out a home equity loan (is that the same as a 2nd mortgage?) not a HELOC, for a minor addition on our home. We converted a screened-in back porch into a home office. We put it off for sooooo many years and I finally caved in 2016. I compared rates at several large national chain banks and just for the heck of it looked at our small, local bank where our primary checking account is located and they had the best interest rate and $0 closing costs. I think all we had to pay was some filing fee with our township for records.
It was one of the bills I was targeting to pay down but then my FIL died suddenly and we used dh's share of the proceeds from the sale of his parents' home to repay it in 2018. Sometimes I call the little office the "Jack and Henny Wing".

 

[disneycat321]

I realized that in addition to paying off my student loans in Sept, if all continues to go well we should be able to pay off my car loan by Dec. That's our only other debt since we finished DH's student loans and car in the spring of 2020. That means we could be DEBT FREE by the end of 2021. I can't even imagine it. It's been many hard years under this debt. Now that we can see the light at the end of the tunnel, I am feeling VERY motivated!

We're hoping to return to Disney (hopefully both WDW and DLR!) in 2022 to celebrate!

 

[slightly_obsessed]

That‘s one thing that the pandemic has made better for us. We always cooked pretty much every day before, but now that we are all home every day, all day, we’re eating a lot more of our leftovers up and not tossing as much food. DH has gone back to getting lunch a couple days a week from Chipotle or a sub place, but DS17 and I eat mainly leftovers for lunch. (We don’t like Chipotle but will occasionally have him get us a sandwich too). We’re also cooking better for us meals since we have no commute.

It comes and go in phases for us, depending how well I am doing with meal planning. Often it’s the produce that ends up going bad because I don’t plan well enough until it turns. I must admit, though, I have to force myself to think about or want to eat leftovers. I am one of six kids, so we rarely had leftovers and if we did, it wasn’t something anyone wanted to eat.

 

[pblack]

I cooked a lot before the pandemic and I probably cook about the same now if not a little more. I feel like veggies are the first to go in my house because I need veggies with every dinner lol. My DH doesn't always partake in them though. I think I like veggies more than he does.

 

[disneycat321]

We're not great about wasting produce, especially fruit. I tend to buy way too much fruit and then realize there is no way we can eat it all in time! I hate throwing it away.

 

[FQLover]

I hate it, too, but I DO waste veggies a lot. I buy too much, thinking of all the lovely roasting I am going to do, but then I get lazy and don't get around to it. Or the dining room table is crowded with clutter and there is no room for my cutting and prepping operation, and I don't want to take the time to de-clutter. I am frugal but my wasting food is a problem (financial and moral) that I have to solve. We do eat leftovers, always. It is the stuff that never ends up being cooked that I waste.

 

[Eureka]

We're not great about wasting produce, especially fruit. I tend to buy way too much fruit and then realize there is no way we can eat it all in time! I hate throwing it away.

I saw this somewhere and it's worked for me really well. Get glass mason jars and store some of your fruit and veggies in there in the fridge. They keep way longer (and it looks pretty too). I use them for grapes, carrot sticks that I've peeled and cut, celery (which only DH and DS20 who's away at school eat) cherries, cauliflower, etc. I haven't done washed berries because I think they'd still get moldy after being washed, but maybe unwashed would work.

 

[barkley]

i have gotten to the point where for the most part the veggies i use are canned or frozen esp. during the winter months. i have my staple veggies i always have on hand-onions, potatoes, celery and carrots that will last a long time (and tomatoes b/c i consume them long before they go bad) but even buying the non organic stuff-everything goes bad within days despite every method i've tried to keep them usable. during the summer months we do eat more fresh stuff but that's b/c dh bbq's most nights so we are always having grilled mushrooms, bell peppers, eggplant or zucchini. it kills me to throw away food so i've just stopped buying produce unless i know we will immediately be using it (for fresh herbs during the summer months i've taken to planting them in what used to hold flowers on our deck-not as colorful but scents the air nicely and one plant costs a fraction of what a small bunch runs at our local stores).