Debt Dumpers 2021

[Nettlelondon]

I would go with at least buying the flooring. There is nothing more annoying than deciding on something, doing part of it and then discovering that the item you want has been discontinued - or someone has bought all the remaining stock and there is a long delay before restock. Not speaking from experience or anything ...

 

[M:SpilotISTC12]

I got my stimulus this morning! Didn't think I'd get it until after I filed my taxes! What a way to start the weekend!

 

[PhoenixStrength]

I got my stimulus this morning! Didn't think I'd get it until after I filed my taxes! What a way to start the weekend!

Ours was deposited yesterday afternoon! Didn't think we would get ours either, but thanks to TurboTax for working on it with the IRS we were able to! We put half in savings and the other half is being used to pay for things we needed but weren't immediately needed so we were waiting to get them until we had more cushion.

 

[Eureka]

DS17 got a fantastic scholarship offer from one of his top college choices. It would just about pay for tuition each year as long as he keeps his grades up. He still is waiting to hear from a couple schools so not sure if he will go there, but it sure would be nice to only pay room and board and misc. costs. He is very pleased that they want him- he looked up this scholarship and he got almost the highest range they offer. But we are not going to make him go there if he doesn’t want to. It’s pretty much between this school and another one he’s waiting to hear from, which we know we can swing.

 

[DisneyMandC]

I submitted my paperwork for PSLF employment certification just before the new year and am excited to say that everything updated yesterday and I am now at 68 qualified payments! Over halfway to forgiveness! This included 9 monthly payments of $0 with the covid forbearance.

 

[DharmaLou]

Got our stimulus yesterday afternoon - put $1500 of it towards cc debt; planned to use the last $300 as $100 fun money for me, DD and DH... and then the garage door spring broke today. $285.

 

[PhoenixStrength]

I decided to make the debt payoff part more specific, so here is the updated version of my goals with that change. It lowers what I had my debt payoff total slightly, but I will still put more toward our other credit cards once those are paid off. I also slightly increased our vacation fund because if 2020 taught us anything it's that we have to take care of our mental health and time off helps both DH and I a lot with that.

2021 Financial Goals:

• Pay off personal loan and 2 credit cards:
  • Loan: $2079.39
  • CC #1: $2840.81
  • CC #2: $2315.83
• Save $2000 toward emergency fund. $500 down thanks to our stimulus payment
• Set up new personal Roth account for retirement
• Save $2000 for Christmas 2021 fund
• Save $6000 for vacation fund

2021 Personal Goals:

• Eat healthier
• Exercise more
• Stress less

 

[Eureka]

Got our stimulus yesterday afternoon - put $1500 of it towards cc debt; planned to use the last $300 as $100 fun money for me, DD and DH... and then the garage door spring broke today. $285.

Of course. Because there is ALWAYS something!

 

[piccolopat]

Finally, *FINALLY* got my stimulus today! Resisted the urge to go to Buy Buy Baby immediately to get the stuff we need for #3. Instead, paid all the bills that currently needed paid for the rest of the month. Basically, freed up our entire next pay checks. I have enough left over and need to make a decision: Pay off one of our small loans or get all the new flooring for the house so we can knock that out in the next couple weekends. I'm leaning towards the floors, mainly because they need done before July and I'd rather get it done before I get any bigger and it becomes harder to get up and down from the floor.

I would do the floors. You never know when the flooring might be discontinued, they run out of the stock you need or the color of the batch is different than what you have already installed. You have time to get ready for the baby (congrats!) and so I would focus on paying off that loan next. My DD had her first child this past summer and is learning that all the things she thought she needed was either barely used before he outgrew them or weren't as useful as she thought. Of course, if she had listened to me...

 

[ruadisneyfan2]

I would do the floors. You never know when the flooring might be discontinued, they run out of the stock you need or the color of the batch is different than what you have already installed. You have time to get ready for the baby (congrats!) and so I would focus on paying off that loan next. My DD had her first child this past summer and is learning that all the things she thought she needed was either barely used before he outgrew them or weren't as useful as she thought. Of course, if she had listened to me...

This is how baby stores market to new moms. They make them feel guilty, without saying a word, if they dont spend a fortune on every baby thing ever made, they’re already off to a bad start. . I had a coworker way back, pregnant when my kids were little tots, who registered for 3 different sized infant bathtubs. One was a huge inflatable thing to go inside a tub. I told her she wont need all of that. She argued how important it was to have all 3 for different stages of the first year. Like I was some bad mom for putting my 4 month old in the tub. I wonder what she thinks of that idea now. Lol
Tygerlilly is going on #3. I’m guessing she knows exactly what she needs

 

[jen7233]

We didn't have any issue with getting the stimulus check, DD did with that H&R block issue but it got sorted out.

We're going on two years on the probate of my father, with the state of PA. We don't get along with the executor, but my sibling and I would like this to be done and over with. After seeing how long probate can take, avoiding probate so my kids don't have to go through that is something I'm most definitely going to look into in retirement.

 

[PhoenixStrength]

Well my laptop's wifi card died. It's almost 6 years old and was the cheapest we could afford at the time, so not too surprised. Its been having issues running for about a year now, with graphics going in and out and randomly shutting down at least once a week, so it's not worth trying to replace the wifi card. It is the only computer we have though so it needs to be replaced. We had set aside money to get my DH a PS5, but that isn't a necessity and isn't even available to order now anyway so we used that with our other funds to order a new laptop. Should be here Saturday. Glad I don't have to take on new debt for it, but still hate the timing. We were planning on replacing it this summer, but guess it couldn't wait 6 months to die.

 

[imbatman]

We're going on two years on the probate of my father, with the state of PA.

Thank you for the reminder! I have the use of free legal services every two years and we were wanting to switch from a simple will to a living trust.

 

[jen7233]

Well my laptop's wifi card died. It's almost 6 years old and was the cheapest we could afford at the time, so not too surprised. Its been having issues running for about a year now, with graphics going in and out and randomly shutting down at least once a week, so it's not worth trying to replace the wifi card. It is the only computer we have though so it needs to be replaced. We had set aside money to get my DH a PS5, but that isn't a necessity and isn't even available to order now anyway so we used that with our other funds to order a new laptop. Should be here Saturday. Glad I don't have to take on new debt for it, but still hate the timing. We were planning on replacing it this summer, but guess it couldn't wait 6 months to die.

Electronics seem to have that great timing when they want to die.

Thank you for the reminder! I have the use of free legal services every two years and we were wanting to switch from a simple will to a living trust.

That's exactly it, my dad had a will and it went to probate. I'm wrong, I was just looking at the lawyer's letter of notification, it's actually been 2 years and 3 months. I've asked a few times just to ask if it is indeed still in probate, and it is, plus I can see online in the county. I can't say anymore than that on the matter as the whole scenario was painful emotionally as it had roots years back that just stabbed again after his passing I had to reconcile with. Anyway, point of the matter is a will is a nice thing to have in place, but doesn't completely cover all scenarios and some things pass outside of wills, i.e. life insurance policies.

 

[imbatman]

That's exactly it, my dad had a will and it went to probate. I'm wrong, I was just looking at the lawyer's letter of notification, it's actually been 2 years and 3 months. I've asked a few times just to ask if it is indeed still in probate, and it is, plus I can see online in the county. I can't say anymore than that on the matter as the whole scenario was painful emotionally as it had roots years back that just stabbed again after his passing I had to reconcile with. Anyway, point of the matter is a will is a nice thing to have in place, but doesn't completely cover all scenarios and some things pass outside of wills, i.e. life insurance policies.

Revocable living trusts (in CA) mean that the assets go to the living trust, so there is no probate. So, our house would be owned by the trust. I'd rename the pensions and life insurance policies to go to the trust. It doesn't negate the need for the a will and estate plan, but it means that the property and money won't be tied up in probate and can be used for any immediate, necessary expenses. I'd have to have a will for guardianship of the kids anyways, but we have a simple will that covers that.

 

[ruadisneyfan2]

Electronics seem to have that great timing when they want to die.

That's exactly it, my dad had a will and it went to probate. I'm wrong, I was just looking at the lawyer's letter of notification, it's actually been 2 years and 3 months. I've asked a few times just to ask if it is indeed still in probate, and it is, plus I can see online in the county. I can't say anymore than that on the matter as the whole scenario was painful emotionally as it had roots years back that just stabbed again after his passing I had to reconcile with. Anyway, point of the matter is a will is a nice thing to have in place, but doesn't completely cover all scenarios and some things pass outside of wills, i.e. life insurance policies.

Without discussing painful parts or sacrificing your privacy, can you explain? I thought probate is when someone dies without a will. I also thought that any account that lists its own beneficiaries is somewhat separate from the rest of the estate, at least in terms of who gets what %.
For example, our Ally & Vanguard accounts and my retirement accounts all list dh as beneficiary with our kids as secondary bens, split 50/50.
Let's say I change my bens to my sister, she would get that money regardless of my will saying everything I own goes to dh.
Am I wrong?

 

[afan]

Without discussing painful parts or sacrificing your privacy, can you explain? I thought probate is when someone dies without a will. I also thought that any account that lists its own beneficiaries is somewhat separate from the rest of the estate, at least in terms of who gets what %.
For example, our Ally & Vanguard accounts and my retirement accounts all list dh as beneficiary with our kids as secondary bens, split 50/50.
Let's say I change my bens to my sister, she would get that money regardless of my will saying everything I own goes to dh.
Am I wrong?

Probate is going to vary by state and even with a will, again depending on the state, once an estate gets to a certain $ amount it will go through probate. Wills, trusts etc are really one of those things that you need to speak with an expert for your state to get specific advice on because they'll know the laws and the best way for you to do it. Putting things into a trust or adding someone on to a house deed in hopes of avoiding issues later isn't always the way to do it because one the will could do it and two it could give the person inheriting the house a higher tax burden than if they'd just gotten it when the person died. But again this wouldn't be an issue everywhere and laws are changing all the time.

 

[ruadisneyfan2]

Probate is going to vary by state and even with a will, again depending on the state, once an estate gets to a certain $ amount it will go through probate. Wills, trusts etc are really one of those things that you need to speak with an expert for your state to get specific advice on because they'll know the laws and the best way for you to do it. Putting things into a trust or adding someone on to a house deed in hopes of avoiding issues later isn't always the way to do it because one the will could do it and two it could give the person inheriting the house a higher tax burden than if they'd just gotten it when the person died. But again this wouldn't be an issue everywhere and laws are changing all the time.

You're right. We probably have 50 different answers in our country depending on which state you live. We keep putting it off and shouldn't.
I'm not really trying to make my sister my beneficiary, just using that as an example of someone who wouldn't likely be on the will.

 

[afan]

You're right. We probably have 50 different answers in our country depending on which state you live. We keep putting it off and shouldn't.
I'm not really trying to make my sister my beneficiary, just using that as an example of someone who wouldn't likely be on the will.

I've put it off as well due to the cost, and I understand it can be done on your own but I'm not an estate attorney and don't want to be one. There's stuff my mom had thought about doing but she changed her mind once she found out about the laws. Our Edward Jones had an estate attorney come talk at the monthly coffee hour and it was very educational.

 

[jen7233]

Without discussing painful parts or sacrificing your privacy, can you explain? I thought probate is when someone dies without a will. I also thought that any account that lists its own beneficiaries is somewhat separate from the rest of the estate, at least in terms of who gets what %.
For example, our Ally & Vanguard accounts and my retirement accounts all list dh as beneficiary with our kids as secondary bens, split 50/50.
Let's say I change my bens to my sister, she would get that money regardless of my will saying everything I own goes to dh.
Am I wrong?

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.