Debt Dumpers 2021

[CaleCakes]

September check in-

° AMEX balance $8125 in January- Current Balance $925.75 almost there!

° Start a Roth IRA for myself. I've check a few times and the account is growing slightly. I made a $50 contribution.

°Keep money in savings! Haven't touched since last month but I feel like I am about to.

°Purge the garage- work in progress.

° Disney- We had an amazing time. I used gift cards and the reward card I had for the kids souvenirs and Food & Wine booths. I spent an extra $1658 for the whole 8 days which I didn't think was that bad. It was mostly table service restaurants. I didn't get any souvenirs for myself or anyone but the kids. DHs mother was very helpful and she ended up staying an extra day. The kids were so surprised to see her, and definitely enjoyed having her with us.

°Landscaping- Wall is done thank goodness. I bought the stain to paint the boards, then we will decide how to fill them. My husband priced out the dirt and it was something ridiculous like $5k. Not doing that. I think we are going to use those metal stock tanks spaced out. I don't want the whole are filled with plants anyways and from a distance no one will see them. I also think this will be easier to get in there and weed with space to move around.

Other things on my mind:
- I am upset with myself because on the plane back from Disney I said to myself "no extras for a little bit" but then 2 days into being home I booked a condo at the beach for next weekend. Ugh I'm upset and I sort of want to cancel but I already told the kids and they're excited. I don't know though. It's an extra $950 that I could use elsewhere.

I have enjoyed reading everyone's progress- keep up the good work!

 

[ruadisneyfan2]

Checking in peeps. We are 4 weeks away from paying off our mortgage!
*(Insert salivating smiley here)

I so can't wait.

I was trying to resist booking a Disney cruise once they started sailing again. Then I had an idea. The Christmas before covid hit, we bought $2000 in Disney gift cards at a discount from BJs and applied it to our Feb 2021 Panama Canal sailing. This was in addition to our regular deposit. Once that sailing was cancelled, we moved it to March 2022.
Due to my dad's recent health problems, it's unlikely we'd be able to sail for 14+ nights in March, so I moved a different cruise reservation from Nov 2021 to last weekend. I pulled the $2000 in gift card funds from our PC cruise and applied it to completely cover an Aug 27 cruise, and still get a $500+ refund from the Nov cruise deposit. So $0 out of pocket to book the cruise. $20 in taxes on free flights on SWA. We had the sweetest, most heavenly cruise ever last weekend. Out of a capacity of 4000 passengers on the Dream, we had 1600. No crowds. No searching for available chairs or tables. Plenty of everything everywhere. 4 kids in the pool.
It had limited entertainment but just standing on deck and looking at the ocean and feeling the warm breeze was so so refreshing. We got an extra deep balcony that had reclining chairs so we could relax out there and watch the stars, sip some bubbly, and just take it all in. They had 2 rounds of fireworks to avoid crowds on the upper decks but we were able to see them both from our balcony. The 2nd round in pajamas.
It completely recharged my batteries.

Too bad the day after we returned, the stress all came back with my dad becoming more forgetful, now my sister wants to force him into an assisted living facility against his will. He loves his home. It's my childhood home that he built half of, and is very emotionally attached to it. I don't mind giving him extra supports at home with his meds, bill paying, shopping etc. I realize this isn't a long term plan but if it gives him a few more years at home, I don't mind. He has already lived more than 15 years longer than any male in his family ever has, including his dad, brother & uncles. Ugh the stress is already killing me. I'm not against AL but I am against forcing him to go to one. He is not so forgetful that he doesn't know the date, our names etc. When I visit, he is showered, dressed, etc.

I have seriously considered quitting my job to take care of him but then dh is 63 and I'd only have health insurance through his job for a few more years. I currently have really good insurance with low out of pocket costs with my employer. I don't want to jeopardize my own future security over this.

 

[ruadisneyfan2]

I have about 8 years on my house. (3%).

We had 8 years left on our mortgage last August when I had all debts paid off with no possibility for travel. So I started hammering on the mortgage and now, if all goes according to plan, should be done by Oct 1, +/- a few days.
I would never have believed this would be possible. The more you see it drop, the more motivating it is.
The original payoff date is May 2028.

 

[jen7233]

We had 8 years left on our mortgage last August when I had all debts paid off with no possibility for travel. So I started hammering on the mortgage and now, if all goes according to plan, should be done by Oct 1, +/- a few days.
I would never have believed this would be possible. The more you see it drop, the more motivating it is.
The original payoff date is May 2028.

Amazing! Quite an accomplishment just around the corner!

I just ran some numbers, if I used the right formula, our net worth increased 49% since last May 2020. That seems crazy to me but the numbers support it. I've been tracking balances since early 2020 in Excel, inspired again to start back up tracking after watching some personal finance channels. Increase is a combination of dividend reinvestment etc., ROTH IRA contributions this year at 13k, and putting more in savings. I wish I had done a full Roth contribution on Jan 1 in this year's case, if the market stays on course through December this year it seems maybe I should have done that. *And forgot to mention market increase*

Not sure when Tron at WDW plans to open, so looking out at DL next year. Used AA miles to get tickets in 2022 for a DL visit for one way, still need to look at return flight. Return flights on AA had awful value, so waiting to see how other flights and points look for return booking. Last time out at DL was when we were moving from up north and in CA a week, in 2010. Have yet to buy DL park tickets, but I know which ones we would get 4 day park hopper. Once I buy those, it's committed though, no refunds. So, have yet to do that. I think for us, best value would be buying the tickets separately from a package with room. If we go, not renting a car. Researching how to use the genie, when it comes out, and what best hotels for DL with closest walk that are good places to stay.

 

[slightly_obsessed]

Ecstatic to say that I paid off our DVC loan this weekend!!! Almost 6.5 years early! I wasn't sure we'd hit my goal of paying off at least $5000 extra on this loan this year; my husband just had major surgery after this last Christmas. As he's the one with the paycheck, how quickly he recovered and how busy he is at work was going very much determines how much extra we have a month. But that loan is gone and I am so excited!

New goal is to continue to attack one of my husband's student loans with the avalanche method. He has two loans left, plus we have a car loan. I was tempted to go after the car loan first, because it's a higher monthly payment, but the student loan is slightly higher in balance and interest so we'd save a bit more money tackling that one first. Plus... I'd love to pay them off before my husband turns 45. I am hoping to pay at least $1300/month towards this loan, which includes the current monthly payment. I'm still planning on splitting extra from the month between debt and the home improvement budget. We need new windows and a paint job and may go ahead and replace the Masonite on our house with something different.

 

[jen7233]

Ecstatic to say that I paid off our DVC loan this weekend!!! Almost 6.5 years early! I wasn't sure we'd hit my goal of paying off at least $5000 extra on this loan this year; my husband just had major surgery after this last Christmas. As he's the one with the paycheck, how quickly he recovered and how busy he is at work was going very much determines how much extra we have a month. But that loan is gone and I am so excited!

New goal is to continue to attack one of my husband's student loans with the avalanche method. He has two loans left, plus we have a car loan. I was tempted to go after the car loan first, because it's a higher monthly payment, but the student loan is slightly higher in balance and interest so we'd save a bit more money tackling that one first. Plus... I'd love to pay them off before my husband turns 45. I am hoping to pay at least $1300/month towards this loan, which includes the current monthly payment. I'm still planning on splitting extra from the month between debt and the home improvement budget. We need new windows and a paint job and may go ahead and replace the Masonite on our house with something different.

That's great! A lot of DVC owners. On the loans some will go with the highest interest, or lowest balance, or some just the one they want to see gone first.

 

[RamblingMad]

Ecstatic to say that I paid off our DVC loan this weekend!!! Almost 6.5 years early! I wasn't sure we'd hit my goal of paying off at least $5000 extra on this loan this year; my husband just had major surgery after this last Christmas. As he's the one with the paycheck, how quickly he recovered and how busy he is at work was going very much determines how much extra we have a month. But that loan is gone and I am so excited!

New goal is to continue to attack one of my husband's student loans with the avalanche method. He has two loans left, plus we have a car loan. I was tempted to go after the car loan first, because it's a higher monthly payment, but the student loan is slightly higher in balance and interest so we'd save a bit more money tackling that one first. Plus... I'd love to pay them off before my husband turns 45. I am hoping to pay at least $1300/month towards this loan, which includes the current monthly payment. I'm still planning on splitting extra from the month between debt and the home improvement budget. We need new windows and a paint job and may go ahead and replace the Masonite on our house with something different.

Don't forget to continue to invest. These shouldn't be either or decisions. Do both.

 

[slightly_obsessed]

Don't forget to continue to invest. These shouldn't be either or decisions. Do both.

You are absolutely correct. We definitely invest quite a bit as well. My husband wants to retire asap and for my peace of mind, I need the debt gone asap, so we don't neglect either.

 

[slightly_obsessed]

That's great! A lot of DVC owners. On the loans some will go with the highest interest, or lowest balance, or some just the one they want to see gone first.

It's hard to choose! I opted highest interest, though I see the value in the other options. It just makes more sense in my brain to pay as little interest as possible and move towards avoiding loans if at all possible in the future.

 

[imbatman]

Full disclosure: fell off the debt train for a few weeks. So many life things happening and I lapsed into bad habits. The upshot is that I'll be able to pay it all off by the end of this month (September). Will transfer some of that money from savings to get it done. I will be picking up a small PT job (or two) to help bolster things until the end of the year. I was offered a new position and want to ring in 2022 with zero debt and some savings. Looked at our mortgage and we're scheduled to be paid off in less than 7 years---closer to 6.5.

I'm writing early 2022 goals to motivate myself: Pay off car. That's it. I'm aiming low and will be happy if anything else happens after that. I'd still love to go to WDW, but we shall see after this new position gets going.

In the meanwhile, I am listening to Disney Christmas music to help chase away some blues: Disney Christmas Music

And I am putting up fall decor this week.

 

[Nettlelondon]

Full disclosure: fell off the debt train for a few weeks. So many life things happening and I lapsed into bad habits.

Sometimes life dumps on us and we forget our best intentions, whether it be with food, booze or spending. The good thing is you spotted it, stopped and have a plan to remedy things. Well done.

And enjoy decorating.

 

[Tygerlilly]

Okay. Spring trip is booked. Again. I finally stopped the back and forth and just went with Pop Century. I'm going to start acquiring disney gift cards each check to put towards food if the dining plan doesn't come back. If it does, I'll add it to the package and we'll use the cards for souvenirs. We're also going to get tickets to Universal, just debating between 2 or 3 days. Might try and snag a couple gift cards to Universal area restaurants from Sam's if I come across them so that's taken care of.

Progress: $200/$6500 (tickets) $0/$1500 (gift cards)

 

[piglet1979]

Over the past year or so we have been working to increase my 401K. I started late with it as I worked at a daycare and we didn't have the option and then we couldn't spare the extra money when the kids were really little. So now I am playing catch up. When I started it I put in 5% because my company match it up to that amount. We have upped the percentage a few time since. I just got a 3.3% raise and then in return added 2% to my 401K. I am now up to 11%. DH does the same when he gets raises as well. Though he started his several years before me. Our hope is to be able to retire early. We have about 20 years to go.

 

[crazycatstacy]

Starting to think ahead to Christmas. We have a Christmas account so money is budgeted but I am getting lists ready. I really wish shipping from my house wasn't so expensive because I would love to wrap my daughter and SIL's gifts and send them to them but it is just so much cheaper to have them sent there. Going to try to actually send out Christmas cards this year! I haven't done it in several years and really want to so need to get addresses, cards, stamps, etc, and just start getting them ready.

Still waiting to get the appraisal to buy our house. Hopefully this month!

 

[CaleCakes]

Woke up at 4am having buyers remorse over renting a condo at the beach for next weekend. Went ahead and cancelled that after a few more hours of sleep. I lost $35 in a cancelation fee but I'm ok with that. I just couldn't justify the expense right now. I feel good about the decision and the kids will forget I even told them we were supposed to go.

 

[huggybuff]

Holy cow it's September. I hope everyone had a fabulous Labor Day weekend!

2021 Financial Goals:

• Continue to settle accounts through my debt settlement program. I would love to get all accounts settled (though not fully paid off) by the end of next year. I have 5 accounts left to settle. I settled 3 more accounts on my own outside of the debt program because the terms were so favorable that I didn't see the point of sending the offer to the program and having them charge a fee on top of the settlement amount. 2 of these accounts will be paid over the course of the next 11 months so more money per paycheck is going to debt than before but I feel it's worth it. Update: I got screwed by the credit card company. After accepting their terms they decided to revoke the 2 offers and sold my accounts to a collection agency. One of them is being settled again with the new company but the one with the larger balance is back on the list of accounts to be settled. Sigh. So I'm still at 5 accounts left to settle.
• Save $10,000 towards my summer or fall wedding. We set a date...July 15th, 2022!!! I get a third paycheck in October and most of that is going to pay down my fiancee's credit card that he's been using to charge wedding expenses.
• Start saving towards a family party (reception by another name) by the end of the year. Still on hold.
• Give my boyfriend more money towards the household expenses if needed. We're going to rebudget once we get a feel for the utility bills in the new house. All caught up with monthly payments to my fiancee for household expenses. Still haven't received the $600 from the CA stimulus.
• Refinance my car loan if my credit score improves. Will try again early next year.

2021 Personal Goals:

• Lose weight so I can feel confident in my wedding dress. Still a disaster but now I have workout clothes in my size. Setting the date has made me realize that time is ticking!
• Start using my workout DVDs now that they're out of storage. I still haven't found the DVDs I really want to use. They're in the garage somewhere. I have access to online workouts as well so there's no excuse.
• Learn to let go of material possessions that I no longer need/use. Letting go is really hard for a person with OCD! I had a week off in August and used some of the time to go through boxes from the garage, mostly clothes. I threw away some unwearable items and have a big trash bag's worth to donate. I also have about 4 different wardrobes based on size so I'm organizing items in that manner. The smaller sizes are either going into the attic or being donated. I have nothing to do this weekend so getting things in order in the bedroom will be my focus.

 

[ruadisneyfan2]

September check in-

° AMEX balance $8125 in January- Current Balance $925.75 almost there!

° Start a Roth IRA for myself. I've check a few times and the account is growing slightly. I made a $50 contribution.

°Keep money in savings! Haven't touched since last month but I feel like I am about to.

Hang in there! Try to be strong and keep in mind the reasons why you set these goals to begin with. Is the savings an emergency fund? Try to envision the peace of mind you'll have when something in life goes wrong or breaks down and you need $ quickly. Dh and I always joke that you never know when you'll need to pull $10k out of your ****. I never really worried about these things when my kids were little but as time passed and as I approached 50, I don't know, it was something within me really craved peace of mind. It wasn't anything about 'doing the right thing' or feeling obligated. It just brought a feeling of calmness to my life.

Try to look at the IRA not as a savings account but more like a bill that gets paid every payday. Setting up automatic transfers will help squash the urge to spend on less important things. If your Amex is the last of your debt, maybe once it's paid off you can send some of what was once that monthly payment to your IRA. What helped to drive me to start a retirement fund early, besides my grandmother pleading to me, was all the talk in those days about Social Security running out. So I asked our HR dept at work what does a typical pension look like for someone in my pay scale. They couldn't tell me anything. Not even slightly remote numbers. I finally sarcastically asked them, would be enough to pay my cable bill? I felt like I really couldn't rely on anyone but me. I don't need to be wealthy in retirement but I always knew if I ever have grandchildren, I'd like to be able to take them to WDW. That has always kept me motivated. I don't want to live in poverty when I'm old and barely afford the medicines I need. That is scary.

Keeping the big picture in mind keeps me on track.

 

[CaleCakes]

Hang in there! Try to be strong and keep in mind the reasons why you set these goals to begin with. Is the savings an emergency fund? Try to envision the peace of mind you'll have when something in life goes wrong or breaks down and you need $ quickly. Dh and I always joke that you never know when you'll need to pull $10k out of your ****. I never really worried about these things when my kids were little but as time passed and as I approached 50, I don't know, it was something within me really craved peace of mind. It wasn't anything about 'doing the right thing' or feeling obligated. It just brought a feeling of calmness to my life.

Try to look at the IRA not as a savings account but more like a bill that gets paid every payday. Setting up automatic transfers will help squash the urge to spend on less important things. If your Amex is the last of your debt, maybe once it's paid off you can send some of what was once that monthly payment to your IRA. What helped to drive me to start a retirement fund early, besides my grandmother pleading to me, was all the talk in those days about Social Security running out. So I asked our HR dept at work what does a typical pension look like for someone in my pay scale. They couldn't tell me anything. Not even slightly remote numbers. I finally sarcastically asked them, would be enough to pay my cable bill? I felt like I really couldn't rely on anyone but me. I don't need to be wealthy in retirement but I always knew if I ever have grandchildren, I'd like to be able to take them to WDW. That has always kept me motivated. I don't want to live in poverty when I'm old and barely afford the medicines I need. That is scary.

Keeping the big picture in mind keeps me on track.

Thank you for your insight. For me, the savings is sort of an emergency fund but more of just that we never had any significant savings until recently, so it's really just an account we try not to touch but do so for projects and purchases instead of putting things on credit. We do try to put back whatever we take out, but that isn't always the case.

As for the Amex, it isn't the only debt. DH and I also have car notes, his is a 2019 with approximately $6500, and mine is a 2016 with just under $15k left. I'm not too happy with my vehicle situation but at this point I'm keeping it until it keels over. It was a lease that I was sort of forced to finance it because I put too many miles on it. I'm pretty sure I'd be upside down if I tried to trade it in. I make extra on the payment for both each month.

For the most part I think we are doing ok, certainly we could be doing better. I like to explore and take the kids on adventures. If I could just stay put for a bit I could pay down things a little faster.

 

[CaleCakes]

Thank you for your insight. For me, the savings is sort of an emergency fund but more of just that we never had any significant savings until recently, so it's really just an account we try not to touch but do so for projects and purchases instead of putting things on credit. We do try to put back whatever we take out, but that isn't always the case.

As for the Amex, it isn't the only debt. DH and I also have car notes, his is a 2019 with approximately $6500, and mine is a 2016 with just under $15k left. I'm not too happy with my vehicle situation but at this point I'm keeping it until it keels over. It was a lease that I was sort of forced to finance it because I put too many miles on it. I'm pretty sure I'd be upside down if I tried to trade it in. I make extra on the payment for both each month.

For the most part I think we are doing ok, certainly we could be doing better. I like to explore and take the kids on adventures. If I could just stay put for a bit I could pay down things a little faster.

Quoting myself because my response made me laugh... I guess I was dreaming and forgot about the mortgage and student loan

 

[Tygerlilly]

Paid off hubby's loan today!

Now onto mine. My balance is $801.50, should be able to get that gone by end of the year, if not sooner and then I start tackling the car payment. Still owe $20,107 on it. If I start making a payment and a half every month, I can knock it out about a year early.

We also decided we want to continue the tradition of going to Vegas for our anniversary in November 2022. Baby boy will be about 1.5 when we go next year and the girls will be 7 and 5.5, so I'm more comfortable with leaving them for a little longer. Planning on a full week out there with hopefully a few out of Vegas trips to the Grand Canyon, Hoover Dam, and Valley of Fire. Budgeting $7000 for that trip since hotels are usually really cheap (comped room, only pay resort fees). Figuring $2000 each gambling money, $2000 food, $1000 misc money. Figures out to be about $200/check into that sinking fund.