Debt Dumpers 2025

[barkley]

In the UK we have a "savings" vehicle called Premium Bonds - basically you loan money to the goverment and rather than receive interest on this the total interest is gathered together and then there is a monthly prize draw with a few people winning £1,000,000 and then numerous other smaller prizes. Some people never win, others win frequently.

When I was diagnosed with breast cancer I received a payout on a critical illness policy (pays out a lump sum on being diagnosed with one of a number of serious illnesses). We used some of this to buy Premium Bonds - one of the main attractions is that the money is instantly accessible should you need it - as we didn't want to lock it up but wanted to put it slightly out of sight to avoid it being chipped away without noticing. The prize money each month is paid in to a depost account that earns interest.

I have been using mine to cover various trips and other joint travel costs.

Yesterday I discovered how much DH has won - and he hasn't spent any of his. I now know where the money to pay the balance of our trip to Whistler next March is coming from! I was about to start sliding money away into a mental pot to cover it but now I don't need to bother. Hooray.

This was during a call with our financial advisor, who once again told us to retire! But all the time DH's clients are complete chaos he will keep taking their cash.

Though I may make him call time if I have to listen to many more conference calls like some of the mad ones there have been over the last two weeks. So much jargon, no actual actions. No wonder the project is running 200% over target time!

curious-

do you earn no/zero interest on these unless you win?
is the money secured/no risk? if not I can't imagine saving in something I'm not guaranteed even some minimal return on investment with.

gotta be honest-government bonds are not appealing to me, maybe in part b/c I lived/worked near 2 municipalities that declared bankruptcy -i don't know what the ultimate fallout was but at one point the best estimates were that investors were going to lose 50% of their investments

 

[Nettlelondon]

curious-

do you earn no/zero interest on these unless you win?
is the money secured/no risk? if not I can't imagine saving in something I'm not guaranteed even some minimal return on investment with.

gotta be honest-government bonds are not appealing to me, maybe in part b/c I lived/worked near 2 municipalities that declared bankruptcy -i don't know what the ultimate fallout was but at one point the best estimates were that investors were going to lose 50% of their investments

No interest other than the winnings, but any winnings are tax free and the money is secure - or at least if the UK government is declared bankrupt there is a lot more financial rubbish going on!

The return varies - as I say there is no guarantee - but we have done pretty well, about an 8% return each in both of the two years we have had them. I think the least we have won between us is £25 in one month, but most other months have been much more lucrative.

And as I say it is tax free income (but all gambling winnings are tax free here regardless of the source - casino, horse racing, poker playing. I think it is more complex in the US).

 

[Tygerlilly]

Just spent 3 nights at Great Wolf Lodge. The trip was originally going to be 2 nights but we got an email just before check out to extend one more night for $120, so we did. It was expensive, since we didn't know what to expect and splurged. Next time (and we're already planning the next one) we have a better idea what to expect and what is worth spending money on (yes to pizza and wings, absolutely not to the sit down restaurant).

 

[Tygerlilly]

Working on finishing setting up August's budget and looking at little further in the future and we're discussing me going back to work (more than the 2 days I currently work) after Christmas. It's not what we really *want* to do, but with my oldest joining a competitive softball team and middle kiddo doing competition gymnastics, the fees are getting to be a lot more than previous. I want to focus on getting the mortgage paid down and bulk up some savings as well.
We're also wanting to be able to just *do* more things, which we've had to limit due to funds. I'm fully on board with working so we can afford more vacations and weekend trips.

Now I just have to find something that will work with hubby's schedule so we won't need child care.

 

[barkley]

Working on finishing setting up August's budget and looking at little further in the future and we're discussing me going back to work (more than the 2 days I currently work) after Christmas. It's not what we really *want* to do, but with my oldest joining a competitive softball team and middle kiddo doing competition gymnastics, the fees are getting to be a lot more than previous. I want to focus on getting the mortgage paid down and bulk up some savings as well.
We're also wanting to be able to just *do* more things, which we've had to limit due to funds. I'm fully on board with working so we can afford more vacations and weekend trips.

Now I just have to find something that will work with hubby's schedule so we won't need child care.

kids are expensive. this time of year I always think back to how much the pretty basic week at sleep away summer camp cost us for the two of ours. it was nice not having to budget for that anymore.

 

[EilonwyWanderer]

I JUST looked at a sleep away camp the other day and while I'm sure there are cheaper options it was like $10,000 for 3.5 weeks. FOR ONE OF THEM!

 

[piglet1979]

I understand this and finally at the end. DD just graduated and we told her last August that when she turned 18 (end of August) that we were not going to be paying for riding lessons any longer. So she knows that I will will pay one more month and then it is on her. Starting in September that money is going straight into savings to help build a new house. We are expecting to do this in the winter or spring next year.

DS is also moving out. He is renting a house with 5 other guys in his fraternity. It was a last minute decision last week. I am excited and sad all at the same time but this will change some spending as well.

DH and I finally but a budget together. We were so good at not spending money when the kids were little because we didn't have any to spend. But as we both moved up in our companies we didn't stick with it and spend way more then we should. We are trying to cut down going out to eat. This is the start and then we will work on others. We are still staying within our means but not saving as much as we should.

 

[barkley]

I JUST looked at a sleep away camp the other day and while I'm sure there are cheaper options it was like $10,000 for 3.5 weeks. FOR ONE OF THEM!

they can be crazy expensive. in comparison the one my kids went to was very reasonable (I just checked their current prices and it runs these days just shy of $1000 per week). the only reason the place can manage to charge so much less despite offering specialty camps like equestrian and extreme is b/c the gazillion dollar 500+ acre property has been owned by a large church for 100 years and they make a tidy chunk of change off renting it for retreats. I give them credit-the bare property alone is worth hundreds of millions but they've never caved to the obscene offers on the part of developers.

I understand this and finally at the end. DD just graduated and we told her last August that when she turned 18 (end of August) that we were not going to be paying for riding lessons any longer. So she knows that I will will pay one more month and then it is on her. Starting in September that money is going straight into savings to help build a new house. We are expecting to do this in the winter or spring next year.

that's got to be a nice savings! anything horse related is so costly. I look at what my child-free but horse-dad brother has spent over the years and despite daycare, summer camps, k-8th private schools and all the other assorted kid raising costs I think dh and I have still ended up spending less.

 

[Sheree]

I JUST looked at a sleep away camp the other day and while I'm sure there are cheaper options it was like $10,000 for 3.5 weeks. FOR ONE OF THEM!

whoa. My son went to a ymca sleep away camp in NH that was less than many of our day camps!

 

[piglet1979]

that's got to be a nice savings! anything horse related is so costly. I look at what my child-free but horse-dad brother has spent over the years and despite daycare, summer camps, k-8th private schools and all the other assorted kid raising costs I think dh and I have still ended up spending less.

Yes. It is a small car payment on its own for lessons then all the clothes and such you need to get. She was showing too the last few summers (decided not to this year) and that is a small car payment for each show (once a month from May-September), though I only paid for two and the rest she needed too. DS was more sports related and only did club soccer 1 year. So not too bad. His fees came from all of his AP classes. It is about $100 or more per class and he took several each year. It also saved him in college costs though as he didn't have to take as many classes then. He ended up having about a semester done before he graduated.

 

[disney-inspired]

Alright, my spending has been out of control and I've racked up some new CC debt. I seems I overspend as a response to high stress levels and anxiety.

I'm moving in September and will still be aiming to pay down the debt aggressively, savings be damned for the time being. I want to get a 2nd job but it's tough finding one part time that is WFH. I won't have a car when I first move and my parents have offered to drive it to me in late October. I'll be doing grocery delivery or figuring out a bus system during my first month. My sister does live 10 min away so that is helpful.
In this past week I have symbolically tied up the purse strings and thrown my purse in the closet to avoid spending any money.
Also this pay period has been SO LONG - I get paid 15th and last of the month so the way it fell this month is terrible.

I DID pay off one medical debt, freeing up $185 a month - YAY.

 

[huggybuff]

Alright, my spending has been out of control and I've racked up some new CC debt. I seems I overspend as a response to high stress levels and anxiety.

I'm moving in September and will still be aiming to pay down the debt aggressively, savings be damned for the time being. I want to get a 2nd job but it's tough finding one part time that is WFH. I won't have a car when I first move and my parents have offered to drive it to me in late October. I'll be doing grocery delivery or figuring out a bus system during my first month. My sister does live 10 min away so that is helpful.
In this past week I have symbolically tied up the purse strings and thrown my purse in the closet to avoid spending any money.
Also this pay period has been SO LONG - I get paid 15th and last of the month so the way it fell this month is terrible.

I DID pay off one medical debt, freeing up $185 a month - YAY.

Hang in there! You've got this $185 a month adds up quicker than you'd think. I feel your pain on the spending side. We've starting to pay off next year's cruise now and the monthly payment has started to bog down our community credit card. I might've gone a little too fancy for next year's big trip. Gonna have to cut back on some other spending in the meantime so I can continue to pay off other debt too.

 

[disney-inspired]

Hang in there! You've got this $185 a month adds up quicker than you'd think. I feel your pain on the spending side. We've starting to pay off next year's cruise now and the monthly payment has started to bog down our community credit card. I might've gone a little too fancy for next year's big trip. Gonna have to cut back on some other spending in the meantime so I can continue to pay off other debt too.

Yes, I'm very happy that it is now freed up. I'll be even more happy when I have my DVC loan paid off - aiming to pay it off in 3 years, sooner if I can find a side gig.

My big wdw/universal trip this year was originally booked on my CC but was then paid off after each expense(flight, transportation, tickets, etc) so cashflowing that was wonderful and glad I won't have to save for another big trip anytime soon. I'm gonna stay in my apt and soak up in all that rent I'm paying haha.

 

[pblack]

2025 Goals (subject to change):

End of July update.

Financial -
[ ] Get home equity loan down to $20k - Currently sitting at ~$22000.
[ ] Pay off new ipad purchase ($860) - Paid off as of 3/29!
[ ] Add $4k to emergency savings to get us to our 6 months saving goal - I've honestly lost track of what this number should be. I've had to change up my auto contributions some with my husbands new job and being paid less. So I'm going to say we're probably at about half ($2k) with for sure another $900 going in between now and the end of the year.


Personal -
[ ] Exercise - get my body moving. Stay focused on eating healthier. Stay focused on getting more protein in my day. - July was a lot better for me than June. I'd say I managed to exercise 3 weeks out of this month. Fingers crossed I can keep the momentum going!
[ ] Replace our patio cover - No forward progress on this yet. May need to be put on hold due to hubby's job change.
[ ] Build new fence in our side yard, level out the dirt, get a storage shed. (May or may not utilize 0% balance transfers depending on costs). - More progress has been made. We've finally laid out the turf. In a few weeks we have a friend coming over to help us with the fence posts. Once the posts are set we can then finish the fence, add the rock we want to add, and cut down our old fence to turn it into a bar top. So far i've been able to pay off the money we've spent since I had some saved. Unfortunately, we've definitely spent more money than we've planned. But i'm hopeful it'll pay off in the end. It's already looking soooo much better than before. I'll definitely post pics once we're finished!

I'm still trying to be mindful of "extra" spending while adjusting to my hubby's new pay. I was able to set aside money from the end of month pay checks to help us cover costs in September. We have a cruise planned for the end of the month and he won't be paid for the week he is off. We should be ok money/bill wise, but just want to make sure we are. Because of the pay cut he took i'm still not wanting to throw much extra at my financial goals - or at least not towards our home equity loan. I'd rather sock away that extra money for now.

Even though he did just switch jobs, a job he has been waiting for where I work has finally opened up, and he has thrown his hat in the ring. I unfortunately have no pull on if he'll even get interviewed, and it's a huge process to get hired here, but it would seriously be the dream job for him. It would also be a pay bump and we'd finally have all the same time off which would be amazing. Plus he/we would be pretty much set for life as far as retirement goes. We're not trying to get our hopes up because anything can happen, but I know how much he really wants this job. (He interviewed for it like 8-9 years ago, but they chose an in-house candidate instead.) Any good vibes you can send our way would be appreciated!

 

[barkley]

Because of the pay cut he took i'm still not wanting to throw much extra at my financial goals - or at least not towards our home equity loan. I'd rather sock away that extra money for now.

I'm right there with you. we only have one debt-a new car loan that technically we could have paid for in full at purchase BUT (1) it would have almost drained our liquid 'emergency' fund AND (2) the interest rate they were offering at the time is lower than what our cd's are earning (which would have to have served as our 'emergency fund' until we rebuilt it). we've had some extra expenses that I anticipate will continue for at least the next few months so I much prefer knowing that if we need extra funds they are easily and readily available and that one debt is at a very low and managable interest rate. that 'emergency fund' is tremendous peace of mind.

fingers crossed for you dh and the potential new job.

 

[Tygerlilly]

Any good vibes you can send our way would be appreciated

Sending alllll the good vibes!!!