Debt Dumpers 2024

[Tygerlilly]

This was us too. It became so ingrained in me now that I still do this even though our goals are savings, instead of debt payoff.

Right now I’m saving for a surprise trip to Vegas for dh for our anniversary in Oct. I bought tickets for Garth Brooks and got really good seats. Dh is going to love it.
It’s only a 3 nt stay because we’re not so into Vegas but we’ll find something to do the other night. There are so many shows to see.
The first night we’ll be pretty jet lagged and tired so I’ll leave that open for now.

I'm jealous on many levels right now. Garth is amazing and we fully decided last night to not go back to Vegas again this year. So, unless I can find some amazing flights on SW to use points to make it dirt cheap, we won't see Vegas til next year.


In other news, I got my new seed catalogue in and have been slowly flipping thru all 532 pages debating on what to plant. I have largish goals for a few veggie raised beds, a berry patch in the beds along the house, a pollinator garden in the front beds (that we will be building) and some nice herbs throughout the various beds and on deck boxes. It's going to be a little expensive to get it all set up, but I think the savings on veggies will be worth it in the long run.

We have a side of beef due in Feb and the second payment towards our fruit/veggie csa due soon. This should get us to only needing to grocery shop once a month, with a bi-weekly trip for milk and staple things we run out of before the monthly shop. Really going to see how far I can get that grocery bill down each month.

 

[ruadisneyfan2]

I'm jealous on many levels right now. Garth is amazing and we fully decided last night to not go back to Vegas again this year. So, unless I can find some amazing flights on SW to use points to make it dirt cheap, we won't see Vegas til next year.


In other news, I got my new seed catalogue in and have been slowly flipping thru all 532 pages debating on what to plant. I have largish goals for a few veggie raised beds, a berry patch in the beds along the house, a pollinator garden in the front beds (that we will be building) and some nice herbs throughout the various beds and on deck boxes. It's going to be a little expensive to get it all set up, but I think the savings on veggies will be worth it in the long run.

We have a side of beef due in Feb and the second payment towards our fruit/veggie csa due soon. This should get us to only needing to grocery shop once a month, with a bi-weekly trip for milk and staple things we run out of before the monthly shop. Really going to see how far I can get that grocery bill down each month.

I'm sorry. I wasn't trying to make anyone feel bad.
I still think you're doing pretty good considering you have 3 children, very recently bought a house and stopped working. We couldn't afford to travel for years after buying a house. The way time flies, next year will be here very soon!

 

[Tygerlilly]

I'm sorry. I wasn't trying to make anyone feel bad.
I still think you're doing pretty good considering you have 3 children, very recently bought a house and stopped working. We couldn't afford to travel for years after buying a house. The way time flies, next year will be here very soon!

Lol you're fine. We have some different trips planned for this year which is exciting. Just hard to pass up Vegas when we could go with $0 and have a great time because of all our comps.

 

[ruadisneyfan2]

Lol you're fine. We have some different trips planned for this year which is exciting. Just hard to pass up Vegas when we could go with $0 and have a great time because of all our comps.

Maybe you can find some airline based cc that is offering bonus points for signing up. I usually suggest SWA but lately they have very few non stop flights. We are taking them to LAS and suffering with a connection, only because it’s free with points. I’m not sure about the return flight yet. SW hasn’t released those dates yet but flying east is always harder on the jet lag. I might just break down and pay oop for a non-stop on American.

 

[disney-inspired]

Okay, so, I have a big credit card balance and thankfully it's zero interest. I want to pay it off ASAP so I can move that money back to fun things.
BUT I also think I need to bulk up my emergency fund before I go ham on debt payoff. I just don't want to get surprised by anything and jeopardize my progress by the need to use the CC.

I've been working with no EF lately I know, a very bad idea. My life is just so routine and mundane that I *feel* not much could surprise me that I couldn't cash flow with the next paycheck. I'm going to do it now because I've been reading scary stories on the budget Reddit.

I will probably just do a baby EF of $1,000 to start because a) I live with family, so my rent is low b) my monthly expenses are not even half of my take home pay. I just like the safety net.

 

[barkley]

Okay, so, I have a big credit card balance and thankfully it's zero interest. I want to pay it off ASAP so I can move that money back to fun things.
BUT I also think I need to bulk up my emergency fund before I go ham on debt payoff. I just don't want to get surprised by anything and jeopardize my progress by the need to use the CC.

I've been working with no EF lately I know, a very bad idea. My life is just so routine and mundane that I *feel* not much could surprise me that I couldn't cash flow with the next paycheck. I'm going to do it now because I've been reading scary stories on the budget Reddit.

I will probably just do a baby EF of $1,000 to start because a) I live with family, so my rent is low b) my monthly expenses are not even half of my take home pay. I just like the safety net.

that seems a reasonable amount given your living circumstances so long as if you own a car it's at or above your deductible (same if someone has homeowners or renters insurance). through personal experience-where deductibles come in, in a medical situation most providers offer some type of payment plan but mechanics, body shops, tow companies, trade laborers/contractors (and hotels in the event of having to vacate one's residence for repairs) do not.

 

[disney-inspired]

that seems a reasonable amount given your living circumstances so long as if you own a car it's at or above your deductible (same if someone has homeowners or renters insurance). through personal experience-where deductibles come in, in a medical situation most providers offer some type of payment plan but mechanics, body shops, tow companies, trade laborers/contractors (and hotels in the event of having to vacate one's residence for repairs) do not.

I work from home and barely use my car so not 100% worried about the deductible. I could hold off on getting it fixed if needed.

 

[DisneyHardin]

for those watching the budget-target is doing a spend $50 on select (very good selection) of household products/get a $15 giftcard. i used to use this to stock up on tp/paper towels but for the last year or more they've excluded shipped items. no more, items can be shipped to home and qualify

I used this deal to stock up on some laundry detergent last week. Luckily, I live only about 2 miles from Target, so I bought the stuff online and did curbside pick up.

 

[huggybuff]

Weekly update! Another week in the positive, not needing to borrow from savings. (Most of the time when I did that in the past it wasn't for a 'need' but for a 'want'.)

Week 2

2024 Financial Goals

1. Payoff 5/7 credit cards using the snowball method and closing 3 after they are paid off. I'm keeping the Discover and Ally credit card out of those 5. If I can get to the 6th and 7th cards, then great, but I'm trying to be realistic here. Thanks to working with the Debt Payoff Planner app I've decided to go with the Debt Avalanche vs the Snowball. This means tackling the debt from highest interest rate first to the lowest last, paying minimums on the rest of the accounts. First up is my Q Card, balance 2500. If I concentrate on this debt and pay $350 extra on it each month then it will be paid off in August.

2. Make an extra car payment of $200 going to the principal only each month. Crossing this off of my list since I'll be paying this debt last since it has the lowest interest rate. According to the plan it should be paid off in May 2026 - 3 years early.

3. Increase my monthly payments to my husband for household expenses by $800 a month beginning in May and open a joint checking account where we will each contribute monthly. We figured giving me until May to sock some extra cash into my checking would be a good idea since my personal loan is now paid off and that was sucking $1000 off the top of my paycheck once a month. Snoozed until May.

4. Set aside $285 per month from January-June to cover the cost of our hotel for our anniversary trip in July to Monterey. $285 into my HYSA (1/6)

5. Begin paying for our 2025 spring break cruise to Mexico in March. Payments will be $400 a month from March-December. Also set aside $50 per month during that time period to cover our upgrade package. Snoozed until March.

6. Continue using the YNAB app and website to track my money daily. I'm still tracking my money the old fashioned way with a register but I really like the budgeting aspect of YNAB and am getting more and more used to it. I sent my husband an invitation to use this app with me on my account. Hopefully he can figure out the credit card features (2/52)


2024 Personal Goals

1. Finish deep cleaning and organizing my kitchen. My husband is basically the Swedish Chef so he makes quite a mess when he cooks. I appreciate the fact that he does all of the cooking but it's a lot to keep on top of TBH. I need to do a better job and put in more effort. I will track this weekly. This week was basically a fail because of the dishwasher situation. We just had it installed yesterday afternoon so I know what I'll be doing a lot of the weekend. (1/52)

2. Once I feel like my kitchen is back under control I'll transition to organizing my clothes that are in boxes in our bedroom. I will tackle this at least one of the days of my weekend. Snoozed.

3. Reorganize and deep clean my bathroom. I have too much on the countertop and need to make use of the cabinets in a more organized manner. Snoozed.

4. By July I'd like to be at the point I can begin to tackle my boxes that are still unpacked in the garage. I had a storage unit for years and now they're just sitting untouched since we moved into the house 3 years ago. Snoozed.

5. In August I'd like to make my stepson's room into a workout room. He's a senior in high school this year and he'll be starting college next fall. He's only staying over 1 or 2 nights a week at most at this point since he lives with his mom so I don't feel I'll be booting him out or anything. I am at my highest weight ever and I honestly don't even know what that is since I'm scared to get on the scale. I can have all of the DVDs and online workouts in the world but they do no good if you don't use them. I think having a space set aside will really help me out. Snoozed.

6. Get my passport at some point this year to be ready for the cruise in 2025. This probably won't happen for at least a few months.

7. I came up with a new goal. Get back to baking on a weekly basis. This will begin when my kitchen is 'done'. JK, I know a kitchen is never truly caught up on. Snoozed until I cross #1 off of my list.

Have a great weekend everyone!

 

[ruadisneyfan2]

Weekly update! Another week in the positive, not needing to borrow from savings. (Most of the time when I did that in the past it wasn't for a 'need' but for a 'want'.)

Week 2

2024 Financial Goals

1. Payoff 5/7 credit cards using the snowball method and closing 3 after they are paid off. I'm keeping the Discover and Ally credit card out of those 5. If I can get to the 6th and 7th cards, then great, but I'm trying to be realistic here. Thanks to working with the Debt Payoff Planner app I've decided to go with the Debt Avalanche vs the Snowball. This means tackling the debt from highest interest rate first to the lowest last, paying minimums on the rest of the accounts. First up is my Q Card, balance 2500. If I concentrate on this debt and pay $350 extra on it each month then it will be paid off in August.

2. Make an extra car payment of $200 going to the principal only each month. Crossing this off of my list since I'll be paying this debt last since it has the lowest interest rate. According to the plan it should be paid off in May 2026 - 3 years early.

3. Increase my monthly payments to my husband for household expenses by $800 a month beginning in May and open a joint checking account where we will each contribute monthly. We figured giving me until May to sock some extra cash into my checking would be a good idea since my personal loan is now paid off and that was sucking $1000 off the top of my paycheck once a month. Snoozed until May.

4. Set aside $285 per month from January-June to cover the cost of our hotel for our anniversary trip in July to Monterey. $285 into my HYSA (1/6)

5. Begin paying for our 2025 spring break cruise to Mexico in March. Payments will be $400 a month from March-December. Also set aside $50 per month during that time period to cover our upgrade package. Snoozed until March.

6. Continue using the YNAB app and website to track my money daily. I'm still tracking my money the old fashioned way with a register but I really like the budgeting aspect of YNAB and am getting more and more used to it. I sent my husband an invitation to use this app with me on my account. Hopefully he can figure out the credit card features (2/52)


2024 Personal Goals

1. Finish deep cleaning and organizing my kitchen. My husband is basically the Swedish Chef so he makes quite a mess when he cooks. I appreciate the fact that he does all of the cooking but it's a lot to keep on top of TBH. I need to do a better job and put in more effort. I will track this weekly. This week was basically a fail because of the dishwasher situation. We just had it installed yesterday afternoon so I know what I'll be doing a lot of the weekend. (1/52)

2. Once I feel like my kitchen is back under control I'll transition to organizing my clothes that are in boxes in our bedroom. I will tackle this at least one of the days of my weekend. Snoozed.

3. Reorganize and deep clean my bathroom. I have too much on the countertop and need to make use of the cabinets in a more organized manner. Snoozed.

4. By July I'd like to be at the point I can begin to tackle my boxes that are still unpacked in the garage. I had a storage unit for years and now they're just sitting untouched since we moved into the house 3 years ago. Snoozed.

5. In August I'd like to make my stepson's room into a workout room. He's a senior in high school this year and he'll be starting college next fall. He's only staying over 1 or 2 nights a week at most at this point since he lives with his mom so I don't feel I'll be booting him out or anything. I am at my highest weight ever and I honestly don't even know what that is since I'm scared to get on the scale. I can have all of the DVDs and online workouts in the world but they do no good if you don't use them. I think having a space set aside will really help me out. Snoozed.

6. Get my passport at some point this year to be ready for the cruise in 2025. This probably won't happen for at least a few months.

7. I came up with a new goal. Get back to baking on a weekly basis. This will begin when my kitchen is 'done'. JK, I know a kitchen is never truly caught up on. Snoozed until I cross #1 off of my list.

Have a great weekend everyone!

I’m just curious about the avalanche vs. snowball. How much sooner do make the last payment on your debt by using the avalanche method?

 

[huggybuff]

I’m just curious about the avalanche vs. snowball. How much sooner do make the last payment on your debt by using the avalanche method?

It looks like the payoff time is equal. Does that sound right? You'd think the avalanche would be quicker, but these estimates are very similar. I think I erred when saying the avalanche would save a ton over the snowball in my case. My credit cards have interest rates that are all within 5 percentage points so I doubt paying a particular one over another is going to make much difference tbh. I think I got out over my skis with excitement. The important thing is rolling over one minimum after another into the snowball/avalanche so it will pick up speed at the end and pay off my car 3 years early and save 3.5K in the process.

 

[ruadisneyfan2]

It looks like the payoff time is equal. Does that sound right? You'd think the avalanche would be quicker, but these estimates are very similar. I think I erred when saying the avalanche would save a ton over the snowball in my case. My credit cards have interest rates that are all within 5 percentage points so I doubt paying a particular one over another is going to make much difference tbh. I think I got out over my skis with excitement. The important thing is rolling over one minimum after another into the snowball/avalanche so it will pick up speed at the end and pay off my car 3 years early and save 3.5K in the process.

It picks up in size too! Our first debt on our list had a min payment of $25 and I think we scraped up an extra $50/month to throw at it. By the time we got to our last debt, (non-mortgage), our snowball was around $800/month.

 

[slightly_obsessed]

Hopping back in for 2024! I am still percolating on what my 2024 goals will be financially. Our monthly salary varies based on how busy my husband is at work and how many hours I am able to pick up subbing, but I should have a good idea what his base pay is by the end of the month. Here's what I have come up with so far though:

Financial:

• Put extra towards our mortgage.
• Cash flow vacations. Travel is extremely important to us.
  • RV trip to Arizona over spring break, so my son can visit his best friend one more time before the friend moves back to Japan. No idea what to put aside. We inherited the RV and this will be the first time we take it on a trip.
  • Hawaii. Money was set aside as a last gift from my father in law to my son. My FIL travelled extensively while he was alive and we liked to vacation with him when we could. My son picked Hawaii because volcanoes and surfing. It's never been a place my husband or I particularly wanted to go to but researching it has me excited! Holy moly it's expensive though.
  • Alaskan cruise in September? We have a discount code and I think we might do this but I haven't booked anything yet.
  • Japan in 2025? Our son has already been invited to go visit his friend in Japan, so I am starting to look into this. Not a clue when we'd go or how much it would cost.
• Max out 401K/403B/IRAs for my husband and myself. Continue additional contributions we are making to our non retirement investment account.

Personal:

• Trying something new this year. In my WW meeting they introduced having a word of the year. I picked complete - because I want to focus on finishing things and knowing when what I have done is enough. I have so many unfinished projects or things I want to do but never seem to get to. And getting things done perfectly gets in the way of just getting some things done.
• Focus on my mental health. Finishing things around the house will help - if my outside is in better order, my inside is too.
• Continue working towards getting healthier. I lost 15 lbs last year and I just turned 40, so I am playing with the idea of trying to lose 40 while I am 40. But really, any progress towards being healthier and happier is the goal.

It's stinkin' cold here in the Midwest. Hoping everyone is safe and warm, have a great weekend!

 

[Tygerlilly]

Took 13 sensory kits down to the artesian market this morning. She got them all tagged and set up and I'm fairly sure a few have already sold. I had a couple people say they were on their way up there to get them.
I signed up for my first 2 in person events. One had no vendor fee and is next weekend, the other was $30 and is in April. Next weekend I'm hoping to have my hide and seek tubes ready to go and have 20 kits on hand. I'm going to attempt to pour some resin pieces tonight, but it's so dang cold I'm not sure if they'll set right.

I'm very excited to see how this little side hustle of mine works out. I have winter and Valentine's day sets out currently and started to get a few things for St Patrick's and Easter/spring as I find them on sale. All the money I profit from this will be going towards vacations.

 

[huggybuff]

Trying something new this year. In my WW meeting they introduced having a word of the year. I picked complete - because I want to focus on finishing things and knowing when what I have done is enough. I have so many unfinished projects or things I want to do but never seem to get to. And getting things done perfectly gets in the way of just getting some things done.

This speaks to me so deeply. Getting things done perfectly is always my issue. It stops me from tackling things I need to do because the thought of completing a task perfectly freezes me in my tracks and overwhelms me into not starting anything. Then nothing gets done and I shame spiral.

So yes, I hear you!

 

[WDW_fan_in_TX]

I did that this year for the first team ever. My word for the year is simplicity. Make things simple. Quit stressing by making things so difficult. At work, simplify things. But I love your word. So many things are incomplete, whether projects, goals, relationships. Such an awesome word you came up with. Good luck with it.

Trying something new this year. In my WW meeting they introduced having a word of the year. I picked complete - because I want to focus on finishing things and knowing when what I have done is enough. I have so many unfinished projects or things I want to do but never seem to get to. And getting things done perfectly gets in the way of just getting some things done.

 

[goofytinkerbell]

1

 

[Tygerlilly]

A fun realization for our first winter in our new house: the cold prevention on this house is non-existent. 2 out of 3 bathrooms have frozen pipes. The windows and patio door in the addition were horribly drafty and the central heat doesn't work great in there. We're looking into a mini-split heat/air system, but it's not going to happen til later this year. We got some of those shrink wrap kits for the windows and patio doors (we aren't using that door for a while) and at least stopped most of the drafts. Not much can be done about the pipes for now. It's still holding steady at 2° so they aren't going to magically thaw overnight. Just got to wait it out til it warms up in a couple days.

I'm planning out my spring projects: gardens, landscaping, building a small deck on our back steps. We'll probably add the insulation to that list now too and just get it done.

 

[afan]

A fun realization for our first winter in our new house: the cold prevention on this house is non-existent. 2 out of 3 bathrooms have frozen pipes. The windows and patio door in the addition were horribly drafty and the central heat doesn't work great in there. We're looking into a mini-split heat/air system, but it's not going to happen til later this year. We got some of those shrink wrap kits for the windows and patio doors (we aren't using that door for a while) and at least stopped most of the drafts. Not much can be done about the pipes for now. It's still holding steady at 2° so they aren't going to magically thaw overnight. Just got to wait it out til it warms up in a couple days.

I'm planning out my spring projects: gardens, landscaping, building a small deck on our back steps. We'll probably add the insulation to that list now too and just get it done.

If your central heat has floor vents, I'd look at improving it vs a ductless. We have them in Seattle and most of the time it's fine, but they will cycle through a frost cycle whenever they need to. Also had, to us, record cold of 15 low and only 22 high for a couple of days. You'd have to blast them to get them to heat enough.

I'm not a fan of heat that starts at/near the ceiling since heat already rises. You also have to consider where on the wall they are going, what's under and near them. You may not be able to angle them like you'd want, we can't angle them down as much as some would due to this issue.

They are great when it's in the 40s during the day and 30s/above freezing at night. But I wouldn't want them in a colder temp.

I'd ask around if people in your area have them and like them. Also look into insulation as improving that in the attic, walls and under the house along with fixing any drafts may solve things a lot more so the heats not escaping.

Now they are great for ac, but that's to be expected imo.

 

[MamaBelleRN]

I

It looks like the payoff time is equal. Does that sound right? You'd think the avalanche would be quicker, but these estimates are very similar. I think I erred when saying the avalanche would save a ton over the snowball in my case. My credit cards have interest rates that are all within 5 percentage points so I doubt paying a particular one over another is going to make much difference tbh. I think I got out over my skis with excitement. The important thing is rolling over one minimum after another into the snowball/avalanche so it will pick up speed at the end and pay off my car 3 years early and save 3.5K in the process.

I was noticing the same thing with the payoff time frames. While the projections don’t change much as far as *when* the debt is paid, there can be a huge variability in interest paid. I’d rather that money in my pocket vs the creditors any day!

Took 13 sensory kits down to the artesian market this morning. She got them all tagged and set up and I'm fairly sure a few have already sold. I had a couple people say they were on their way up there to get them.
I signed up for my first 2 in person events. One had no vendor fee and is next weekend, the other was $30 and is in April. Next weekend I'm hoping to have my hide and seek tubes ready to go and have 20 kits on hand. I'm going to attempt to pour some resin pieces tonight, but it's so dang cold I'm not sure if they'll set right.

I'm very excited to see how this little side hustle of mine works out. I have winter and Valentine's day sets out currently and started to get a few things for St Patrick's and Easter/spring as I find them on sale. All the money I profit from this will be going towards vacations.

This such an AWESOME side hustle! Totally wish there was something like this at our farmer’s market when my kids were younger.

A fun realization for our first winter in our new house: the cold prevention on this house is non-existent. 2 out of 3 bathrooms have frozen pipes. The windows and patio door in the addition were horribly drafty and the central heat doesn't work great in there. We're looking into a mini-split heat/air system, but it's not going to happen til later this year. We got some of those shrink wrap kits for the windows and patio doors (we aren't using that door for a while) and at least stopped most of the drafts. Not much can be done about the pipes for now. It's still holding steady at 2° so they aren't going to magically thaw overnight. Just got to wait it out til it warms up in a couple days.

I'm planning out my spring projects: gardens, landscaping, building a small deck on our back steps. We'll probably add the insulation to that list now too and just get it done.

Ugh- the joys and sorrows of home ownership. We have dealt with our fair share of home issues and it can be so frustrating. Sounds like you have a good plan to address the issues in the near future.

My Weekly Roundup:

I started January off strong with an extra 39.6 hours worked this pay period. (29 hours call pay and 10.6 base when I worked for someone). We still have LOTS of holes in our schedule being offered at call pay, so I picked up tons through the first two weeks of February. Once we build ourselves a buffer and EF we’ll be able to start attacking this debt full force. I CANNOT wait to get there.

Tomorrow is day 8 of 12 in a row and I’m mustering all the energy I can to get through to the weekend. Before we did our end of year budget review and made an aggressive debt pay off plan, we had planned a weekend out of town to see Disney on Ice. While we can enjoy the weekend without adding to debt, I have mixed feelings about having a ‘fun’ weekend when I **really** want to start building a solid buffer and pay down debt. But, the kids are SOO excited (this was a Christmas present) and since we can do it without adding to debt, I’m going to do my best to focus on the quality time we’ll have and enjoy ourselves. Off to slumber land now since 4am will be here before I know it