Debt Dumpers 2025

[Nettlelondon]

*If* I get all the cards paid off early enough in the year, a bonus goal I have is to put an extra $2500 on the mortgage.

I'm also needing to speak to a financial advisor on what to do with the money from the sale of mom's house and how/where to invest that money. We'll be keeping some in a HYSA so she can access it when needed, but I'd like to be strategic with the rest. And while I'm there I'd like to ask about starting my own investment strategies and get *something* going.

I am not the sure if it is the same in the US as in the UK but people here often think seeing a financial advisor is an expensive indulgence but I have no issue seeking guidance from an expert when it could either save me money or earn me money. And financial advice has the potential to do both by saving tax and making more on investments. A lot of it comes down to finding someone you can trust and can connect with as it will hopefully be a long term relationship with strategies developing as time, finances & needs change.

 

[barkley]

*If* I get all the cards paid off early enough in the year, a bonus goal I have is to put an extra $2500 on the mortgage.

I'm also needing to speak to a financial advisor on what to do with the money from the sale of mom's house and how/where to invest that money. We'll be keeping some in a HYSA so she can access it when needed, but I'd like to be strategic with the rest. And while I'm there I'd like to ask about starting my own investment strategies and get *something* going.

an elder law attorney consultation is only a few hundred dollars and can provide tremendous guidance on how to structure the money from the home sale and any other assets she has such that if at some point she needs care or specialized housing that exceed her income she could qualify for assistance in securing and paying for it. financial advisors are good at what they do but are not knowledgable or skilled at pre-planning for potential assistance needs (and some of these plans need to be implemented at a minimum of 5 years before the need occurs b/c of 'lookback provisions').

 

[Tygerlilly]

an elder law attorney consultation is only a few hundred dollars and can provide tremendous guidance on how to structure the money from the home sale and any other assets she has such that if at some point she needs care or specialized housing that exceed her income she could qualify for assistance in securing and paying for it. financial advisors are good at what they do but are not knowledgable or skilled at pre-planning for potential assistance needs (and some of these plans need to be implemented at a minimum of 5 years before the need occurs b/c of 'lookback provisions').

I just found out about an awesome resource here called Elder Care. Not sure if it's a National thing or not, but I will be stopping by after the new year to get more info on their services.

 

[barkley]

I just found out about an awesome resource here called Elder Care. Not sure if it's a National thing or not, but I will be stopping by after the new year to get more info on their services.

Ombudsman are an awsome resource as well.

 

[jackers]

Are you sure it will be covered since it is pre-existing? A lot of the pet insurance policies will not cover conditions diagnosed before the policy was put in place.

The way I read it, it will, but I guess I’ll find out if I’m wrong.

 

[ruadisneyfan2]

I am not the sure if it is the same in the US as in the UK but people here often think seeing a financial advisor is an expensive indulgence but I have no issue seeking guidance from an expert when it could either save me money or earn me money. And financial advice has the potential to do both by saving tax and making more on investments. A lot of it comes down to finding someone you can trust and can connect with as it will hopefully be a long term relationship with strategies developing as time, finances & needs change.

We saw a financial advisor after we had our first child. We knew we needed life insurance and wanted to see what else we could do to improve our financial health. IIRC, I found him through a flyer in our Amex bill. It was advertised as free for being an Amex cardholder.
He asked us several questions about goals and some what if questions and then tried to get us to invest in some mutual funds that have a 5% load, which means the broker takes 5% immediately of whatever you put into the account. I was young but not dumb. I already had been investing pretax with Vanguard through my employer. So I asked how does that make us better off by losing 5% of our money right off the bat? How are his investment offers better than what Vanguard offers? They weren’t earning higher returns than my Vanguard accounts.
He didn’t have an answer of course. By that point I felt like he didn’t have concern for what was best for us; it was mostly a big fat sales pitch. I couldn’t trust his recommendations for life ins either by then. Once trust is lost, it is nearly impossible to gain back, and that goes for anyone in your life.

Later I learned that paid financial advisors are there with your interests in mind to do what’s best for you. Those who claim to be “free” are heavily dependent on commissions.

We weren't scammed but mostly he wasted our time. Be sure to look for one who truly has your interests in mind.

 

[pblack]

2025 Goals (subject to change):

Financial -
[ ] Get home equity loan down to $20k
[ ] Pay off new ipad purchase ($860)
[ ] Add $4k to emergency savings to get us to our 6 months saving goal


Personal -
[ ] Exercise - get my body moving. Stay focused on eating healthier. Stay focused on getting more protein in my day.
[ ] Replace our patio cover
[ ] 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).

I technically have the money to pay off our ipad purchase, but it's o% for 24 months so I'm not in a rush to pay it.

Happy new years eve everyone!

 

[CinderEmma94]

Goals for 2025 (obviously we all know these can and likely will change as the year goes on but this is what I'm starting with!)

Financial:
1. Save $18,000 toward potential cross-country move in October - Current: $600
2. Pay off half of our last credit card balance (starting: 12,200)
3. Save $3,500 in travel sinking fund to go toward 2026 travel (this is on top of the funds we already have planned to use in 2024) - Current: $0


Personal:
1. 30 minute workout at least 5 days/week
2. Complete two 10k (Jan/April) and one 5k (Feb) races (already registered)
3. Complete runDisney Valentines and Summer virtual challenges
4. Lose at least 40lbs
5. Get official ADHD diagnosis (This is a long time coming, fingers crossed this actually happens sooner rather than later.)
5. Read 350 books

 

[Tygerlilly]

Happy New Year everyone! May you all reach your goals and have a healthy and happy year ahead!

 

[imbatman]

Life changes have significantly altered my goals. I’m now a widow with no debt but with very little savings. I’d rather be in debt with a plan and have my hubby back, but I’m living with intention for my kiddos.

Financial:
1. Get savings to $10k minimum.
2. Sit with financial planner for retirement info spread between 2 pensions and a handful on 401k’s. I need simple.
3. Separate account for medical expenses. This will help me track.

Physical:
1. Room by room clean, organize, and update. In case we decide to move or I rent out the house. 0 of 6
2. Travel with my mom. My dad passed 3.5 years ago. We need some new memories, even if they are short weekend jaunts. 0 of 6
3. Finish writing three books that are in progress. 0 of 3

Happy New Year, anonymous friends! Let’s make our goals happen!

 

[ruadisneyfan2]

Life changes have significantly altered my goals. I’m now a widow with no debt but with very little savings. I’d rather be in debt with a plan and have my hubby back, but I’m living with intention for my kiddos.

Financial:
1. Get savings to $10k minimum.
2. Sit with financial planner for retirement info spread between 2 pensions and a handful on 401k’s. I need simple.
3. Separate account for medical expenses. This will help me track.

Physical:
1. Room by room clean, organize, and update. In case we decide to move or I rent out the house. 0 of 6
2. Travel with my mom. My dad passed 3.5 years ago. We need some new memories, even if they are short weekend jaunts. 0 of 6
3. Finish writing three books that are in progress. 0 of 3

Happy New Year, anonymous friends! Let’s make our goals happen!

Oh my, I am so sorry for your loss. Hugs to you and your family.

 

[amalone1013]

Life changes have significantly altered my goals. I’m now a widow with no debt but with very little savings. I’d rather be in debt with a plan and have my hubby back, but I’m living with intention for my kiddos.

Financial:
1. Get savings to $10k minimum.
2. Sit with financial planner for retirement info spread between 2 pensions and a handful on 401k’s. I need simple.
3. Separate account for medical expenses. This will help me track.

Physical:
1. Room by room clean, organize, and update. In case we decide to move or I rent out the house. 0 of 6
2. Travel with my mom. My dad passed 3.5 years ago. We need some new memories, even if they are short weekend jaunts. 0 of 6
3. Finish writing three books that are in progress. 0 of 3

Happy New Year, anonymous friends! Let’s make our goals happen!

I'm so sorry

 

[WDW_fan_in_TX]

Popping in to say I'm excited about getting going with stuff for 2025. Just finished my January budget (only doing month by month at this point). Also trying to figure out some obtainable goals for this year. The one thing I don't want to do is make a bunch of goals that I can't/won't be able to obtain. Thus I get frustrated, and I quit.

 

[Nettlelondon]

Popping in to say I'm excited about getting going with stuff for 2025. Just finished my January budget (only doing month by month at this point). Also trying to figure out some obtainable goals for this year. The one thing I don't want to do is make a bunch of goals that I can't/won't be able to obtain. Thus I get frustrated, and I quit.

For me goals always need to be a mix of the relatively easily attainable to keep me motivated (or small stages toward a bigger goal - the main aim is lose 10lb, but the stage is walk on the spot while watching tv for 1 hour a day for a week), things that involve a bit of a stretch and a fantasy goal that I know I am never going to achieve but it feels good to think one day I might.

And I really like breaking big goals down to small steps so I get to cross things off the list as DONE! Sometimes the small steps are very small - if I think I am at risk of getting de-motivated and giving up I will come up with something I can do quickly or that I am really, really close to completing just so that I can see some progress and it will keep me going until motivation returns properly.

Over the last two years, where my life has been dominated by cancer treatment, I have become very sloth like in just about every other area of my life - fitness, housework, hobbies - everything has just become bare minimum only. As I should now be moving beyond treatment I am starting the year with a new diary to record my daily plan of attack to get things back under control and get back to being me. Daily target setting is the best way to keep me on track - and DH bought me a large, sparkly diary to keep me motivated (he knows I can't resist a bit of glitter).

 

[DisneyMandC]

2025 is already getting hit by Murphy. Our youngest (2.5 years) cat has been in the animal hospital since Christmas Eve with a urinary blockage. So that will be a hefty vet bill. So, I have now invested in pet insurance for all 3 cats - won't help us this time around, but as this is a condition that can crop up again, it will help with future potential issues as well as medication or special food he may need going forward.

Tis the season for this, apparently. Our elderly female cat had a HUGE bladder stone in November. The vet was certain she would need surgery to remove it, but said we needed to treat with antibiotics and wait a month to get the inflammation down. We switched to the prescription food and by some miracle, it dissolved the stone and she recovered without surgery!

Of note, she absolutely hates the prescription food, so if anyone has tips on that I'd love to hear them...

 

[ruadisneyfan2]

Tis the season for this, apparently. Our elderly female cat had a HUGE bladder stone in November. The vet was certain she would need surgery to remove it, but said we needed to treat with antibiotics and wait a month to get the inflammation down. We switched to the prescription food and by some miracle, it dissolved the stone and she recovered without surgery!

Of note, she absolutely hates the prescription food, so if anyone has tips on that I'd love to hear them...

They make meal toppers that you put on like gravy. Can't hurt to try a few.

 

[DisneyMandC]

They make meal toppers that you put on like gravy. Can't hurt to try a few.

Yeah, I'm going to ask my vet about them when I go back in a couple weeks. Or even just doing some canned tuna. I was told for now she can't have anything else, even treats, if they're not the prescription variety.

Of course, the two other cats who don't need the prescription food are DESPERATE to eat it...

 

[barkley]

And I really like breaking big goals down to small steps so I get to cross things off the list as DONE!

I love lining out items on my to-do list as becomes my 'ta-done'

Or even just doing some canned tuna.

be careful with this. we thought we were doing our former older cat a favor supplementing with tuna (she had gotten so thin) but then our vet warned us off due to the high mercury content.

 

[WDW_fan_in_TX]

Some good news to begin 2025. And just 2 days in. Many know I've had difficulty getting DW on board with saving and budgeting. Today she texted me saying she wanted to do a weekly envelope system to save some money (the type where you do $2 the first week, $4 the next week, etc up to 52 weeks). I am completely shocked that I got that text from her. So we're going to start that, even though I didn't have envelopes as part of my monthly budget I prepped for January.

 

[Nettlelondon]

Some good news to begin 2025. And just 2 days in. Many know I've had difficulty getting DW on board with saving and budgeting. Today she texted me saying she wanted to do a weekly envelope system to save some money (the type where you do $2 the first week, $4 the next week, etc up to 52 weeks). I am completely shocked that I got that text from her. So we're going to start that, even though I didn't have envelopes as part of my monthly budget I prepped for January.

That is such a great step. It might not have been part of your plan but it opens the door to more steps to getting straight. Fab news.