Debt Dumpers 2025

[bababear_50]

Thank you everyone for all your help.
I appreciate it.
I'll try to update when I can.
Mel

 

[disney-inspired]

While looking at the terms of my DVC loan, I realized how little I have paid to the principal. Not super surprising as I knew the DVC loan rates were high as it's a luxury item.
I decided to see if I could get a lower interest personal loan solely to save money on interest. Logix bank approved my request and I'll be shaving off 3% AND I'll have it paid off in half the time! I was so excited to see that, I had to come share with my debt dumper pals. Even better, the monthly payment is only $80 more than I'm paying now.
The new loan has 48-month term but I'm planning to throw additional $ at it to pay it off in 3 years, maybe even sooner if I throw my bonus at it this year.

I finished paying off one of my medical debts - so I'll be getting $100 back each month. The other medical debt will be PIF in December, which will then free up another $185. Getting nearly $300 back a month will be awesome.

I've pretty much decided what apartment complex I want to move to later this year in Texas. I emailed them with my slew of questions, and they responded pretty quickly.

I'm trying to decide if I should contribute to my companies 401k since they don't do a traditional match or continue putting into my Roth IRA. I know the whole point of a 401k is to reduce your taxable income but it's not like I'm making six figures or anything. I already have my W4 adjusted to get me as close as possible to zero $ tax return - the small amount I do get back is normally due to them overtaxing my bonus and then having student loan interest deductions.

 

[firefly_ris]

I'm trying to decide if I should contribute to my companies 401k since they don't do a traditional match or continue putting into my Roth IRA. I know the whole point of a 401k is to reduce your taxable income but it's not like I'm making six figures or anything. I already have my W4 adjusted to get me as close as possible to zero $ tax return - the small amount I do get back is normally due to them overtaxing my bonus and then having student loan interest deductions.

You can open a Traditional IRA which does reduce your taxable income. The annual contribution limit is lower than the 401k but if you're not maxing it out now and not getting a match maybe a Traditional IRA is a good alternative. I'm self employed so that is what I have, while my husband focuses on 401k.

 

[Matty B13]

Also, if you leave your company with the 401k, you will have to either transfer it to your new company 401k or to a personal Traditional IRA. Probably your easiest thing to do, since you don't have a contribution match, is to open a traditional IRA of your own though Fidelity, Vanguard, or any of the online trading websites. We have one through ETrade and it was easy to setup.

 

[ruadisneyfan2]

I'm not sure if I ever mentioned it, but I have a younger cousin that has NF1(basically cancerous brain tumors). He's 11. Last week he was admitted to the hospital with a virus. That virus quickly spread to pneumonia to the point he needed intubated and very very strong medicine. Unfortunately, his body couldn't handle it and he passed this afternoon. We have an unplanned trip to ND now for his funeral next weekend. We're going to leave a couple days early and try to do a few fun things with the kids before we go to the serious things since we will have to cancel our family vacation next month.

I'm doing a big vendor event and I told them I was going to stay half of tomorrow, but I'd be breaking down early and missing the 3rd day completely. I also decided to donate all funds I make from the event to a charity that was very active with him and his family called Brave the Shave. It just feels right.

I'm so sorry for your loss. That is heartbreaking.

 

[ruadisneyfan2]

Here are some of May's results for the things I noted at the beginning at the month.

Personal
- Eating healthier: Trying to add more fruits/veggies, less fried and less red meat;
(Haven't eaten anything fried in over 3 weeks. Been buying fruits on every Walmart trip.)
- More Exercise: Goal is to walk 2 to 2-1/2 miles at least 4 days per week.
Currently walking 1-1/2 to 2-1/2 miles 3-4 days per week.
- Weight loss: Goal of 250 by July 27. Started at 278 on April 1.
Currently sitting at 264.6

Financial
- Keep paying on/not using CC1: Currently down to $429. Still haven't used it this year.
Missed a payment last month for the first time ever because my dad fell and broke his arms, I was out of town to see them, and I didn't have my computer. I paid the payment as well as a late fee.
- Eat Out Less: Trying to cut eat out spending to under $800 for the month.
Have spent $669 eating out this month (with 1 day left).
- Sell, sell, sell: I sold $475 worth of baseball cards, while DW sold $100 worth of her old scrubs to a lady on Facebook.
- Save for Chicago ($1700/$2300): We put $575 toward our Chicago trip thanks to what we sold. And we also bought our tickets to the Cubs game. So all we lack is our tickets to the show and spending money.

Home/Projects
- Create an office space upstairs: Went through 3 boxes of stuff, and I got stuff to toss. But no real progress here.
- Growing veggies: No news here. Going to visit with mom and walk through how to redo them in the next weeks.

I'm going to be honest, this was all really good until I saw this. Then I nearly

"- Eat Out Less: Trying to cut eat out spending to under $800 for the month.
Have spent $669 eating out this month (with 1 day left)."

Most months we don't even spend $200 and that is without trying to pay off any debt.
Be strong. You can improve on this.

How long would your debt last if you brought this number down to $200 and applied the other $600 to your debt/EF?
Do the math.