Debt Dumpers - 2018

[imbatman]

I would be more worried about causing her serious pain as they gave her a narcotic to do the procedure. Also it was really close to her hoohah, so steered clear of home remedies as she was not even letting me lift her leg.

Yes...there are some places on a dog that I also will not go...

 

[bethwc101]

WHY has no one done a debt-free banana dance for you?! Let the dancing begin:

Thank you for the banana dance. I appreciate it.

 

[StacyStrong]

Delete

 

[imbatman]

Funny you mention the extra paycheck in August! I just had the spreadsheet out and was forecasting paying off part of the WDW trip. My entire check would pay for the hotel before the flight AND MVMCP tickets!!! I need a banana dance:

 

[StacyStrong]

Delete

 

[jackers]

All this discussion about debt calculators got me thinking, so I played around with a few. I've decided to throw the money I was planning on paying extra on the mortgage this year over to the jeep payment and I will be able to pay that off by the end of the year (which means the 73 month loan will be paid off in 21 months. Banana dance? ).

I then went through the calculator and figured out what exactly I have to do in order to pay off my mortgage by the age of 50 (in 8 years) - this has always been my goal, I just had never done the full math. Basically, I will need to make double payments beginning in January 2019. It is doable, and not even in a "eat only ramen and catch fireflies for entertainment sort of doable" - we'll still be able to meet savings goals, retirement goals, and go on vacations. But that's intimidating to think about, nonetheless.

On a non-debt dumping note, but I just want to share - my son is getting discharged from the Marines on Friday and will be moving back to our home town! I can't believe the 4 years are over. It will be a weird kind of great to have him here again and seeing him on a regular basis at family get togethers, etc. He has only been able to spend about 2 weeks total with his wife and son over the past 13 months so he will have a lot of catching up to do on family life.

 

[amalone1013]

After the conversations yesterday, I played with my spreadsheet now that we have a different vehicle to account for. I thought maybe it'd help/be interesting to lay it out for others?

I have a good idea of what extra income we will have over the rest of the year, unless some major changes in spending/earning come up, so I used that. So I have my extra payments through January (because last month's income! ) as what that income is, then it switches to an extra $600 a month, which is what we budgeted when paying off our student loans. We always paid $600 extra (it was a line in our budget) and then anything on top of that we also threw at them too, so if we continue doing that this would change for the better. I went with just the $600 to be safe, as anything above that was from OT and commissions.

Four Scenarios:

• Starting Feb 2019, extra $600 a month. Focus on my car first. Final payoff would be 4/21, 40mos earlier than making regular payments. Saves $2340 in interest. This does NOT snowball my car payment after it's paid off.
• Starting Feb 2019, extra $600 a month. Focus on DHs car first. Final payoff would be 8/20, 48mos earlier than making regular payments. Saves $3275 in interest. This does NOT snowball his car payment after it's paid off.
• Starting Feb 2019, extra $600 a month. Focus on my car first. Final payoff would be 8/20, 48mos earlier than making regular payments. Saves $2730 in interest. This DOES snowball my car payment after it's paid off
• Starting Feb 2019, extra $600 a month. Focus on DHs car first. Final payoff would be 4/20, 52mos earlier than making regular payments. Saves $3430 in interest. This DOES snowball his car payment after it's paid off.

So I'm looking at a difference of 12mos and $1090 in interest depending on what we choose.

We'll be going with the first scenario, even though it takes the longest and saves the least, for these reasons:

• Focusing on my car first has it paid off by the end of this year, freeing up that payment immediately; Focusing on DHs car first being a much higher loan amount, means that by the time it is paid off it would only be 3-4mos of focus on my car to pay if off after... so we'd have two car payments until about 4mos before the final payoffs in the above calculations
• My car payment amount will be sort of 'indirectly' added to the snowball, since it's no longer being budgeted out, it will just add to that extra income anyways that we will throw towards DHs car.
• We're okay with the possibility of paying $1k more and paying a year longer, and not locking my payment money into a snowball, for some flexibility because we could have big changes over this timeline - moving, buying a house, deciding to start a family, etc, so this is what is right for us. But we hope that we would still have some extra each month

 

[DisneyMandC]

My $1000 student loan payment finally posted this morning after coming out of my account last week. With the added interest, I'm at $3784! This loan was originally $8000 and I started paying March 2015 with a 10 year term. The website is actually showing that I don't have a payment due for July right now. I'm thinking what I may do is wait until closer to the end of July when I can sort of wrap up my expenses for the month and see how much is left, and then put that towards my July "bill."

 

[figment3258]

New here We have had pretty good year so far we paid off my husbands student loans early and save a ton of money by doing so. Unfortunately that payment money then went to a second car payment. We had no car payments for 3 years but were in need of a second car badly
we have been able to pay off all but three credit cards and have transferred them to 0 interest and are paying one off at a time and doing well with that.
we are going to Disney in September and are only paying for hotel and air since we bought passes last year.
Hoping we continue to do well and save throughout the summer as in the winter my husband does not work he is seasonal so I plan and save all year to be able to pay our bills in the winter. Big help this year is I work from home so a second income has been a huge blessing!
which brings us to our surprise blessing as I am pregnant with #4 but no one besides husband knows that right now. Hoping to save up for all the baby gear so we are prepared this time around its been a while almost 7 years and my oldest will be 16 this year.

 

[pblack]

New here We have had pretty good year so far we paid off my husbands student loans early and save a ton of money by doing so. Unfortunately that payment money then went to a second car payment. We had no car payments for 3 years but were in need of a second car badly
we have been able to pay off all but three credit cards and have transferred them to 0 interest and are paying one off at a time and doing well with that.
we are going to Disney in September and are only paying for hotel and air since we bought passes last year.
Hoping we continue to do well and save throughout the summer as in the winter my husband does not work he is seasonal so I plan and save all year to be able to pay our bills in the winter. Big help this year is I work from home so a second income has been a huge blessing!
which brings us to our surprise blessing as I am pregnant with #4 but no one besides husband knows that right now. Hoping to save up for all the baby gear so we are prepared this time around its been a while almost 7 years and my oldest will be 16 this year.

and many congratulations!

 

[imbatman]

All this discussion about debt calculators got me thinking, so I played around with a few. I've decided to throw the money I was planning on paying extra on the mortgage this year over to the jeep payment and I will be able to pay that off by the end of the year (which means the 73 month loan will be paid off in 21 months. Banana dance? ).

Always!

New here We have had pretty good year so far we paid off my husbands student loans early and save a ton of money by doing so. Unfortunately that payment money then went to a second car payment. We had no car payments for 3 years but were in need of a second car badly
we have been able to pay off all but three credit cards and have transferred them to 0 interest and are paying one off at a time and doing well with that.
we are going to Disney in September and are only paying for hotel and air since we bought passes last year.
Hoping we continue to do well and save throughout the summer as in the winter my husband does not work he is seasonal so I plan and save all year to be able to pay our bills in the winter. Big help this year is I work from home so a second income has been a huge blessing!
which brings us to our surprise blessing as I am pregnant with #4 but no one besides husband knows that right now. Hoping to save up for all the baby gear so we are prepared this time around its been a while almost 7 years and my oldest will be 16 this year.

 

[Tygerlilly]

All this discussion about debt calculators got me thinking, so I played around with a few. I've decided to throw the money I was planning on paying extra on the mortgage this year over to the jeep payment and I will be able to pay that off by the end of the year (which means the 73 month loan will be paid off in 21 months. Banana dance? ).

I then went through the calculator and figured out what exactly I have to do in order to pay off my mortgage by the age of 50 (in 8 years) - this has always been my goal, I just had never done the full math. Basically, I will need to make double payments beginning in January 2019. It is doable, and not even in a "eat only ramen and catch fireflies for entertainment sort of doable" - we'll still be able to meet savings goals, retirement goals, and go on vacations. But that's intimidating to think about, nonetheless.

On a non-debt dumping note, but I just want to share - my son is getting discharged from the Marines on Friday and will be moving back to our home town!

Definitely banana dance worthy! And that seems like an amazing goal to have the house paid off by 50. Which is even better because it's attainable for you!
Also. Thank you to your son (and his family) for his service! That's going to be awesome to have him home.

New here We have had pretty good year so far we paid off my husbands student loans early and save a ton of money by doing so. Unfortunately that payment money then went to a second car payment. We had no car payments for 3 years but were in need of a second car badly
we have been able to pay off all but three credit cards and have transferred them to 0 interest and are paying one off at a time and doing well with that.
we are going to Disney in September and are only paying for hotel and air since we bought passes last year.
Hoping we continue to do well and save throughout the summer as in the winter my husband does not work he is seasonal so I plan and save all year to be able to pay our bills in the winter. Big help this year is I work from home so a second income has been a huge blessing!
which brings us to our surprise blessing as I am pregnant with #4 but no one besides husband knows that right now. Hoping to save up for all the baby gear so we are prepared this time around its been a while almost 7 years and my oldest will be 16 this year.

Welcome! Congrats on all your debt dumping and your special surprise!

 

[imbatman]

I know this thread is for debt dumping, but the CC thread has an interesting link to Fidelity: open 2 accounts (Cash management and a brokerage account), deposit $200 and get $200 for free.

The catch? The original $200 must stay in for 9 months. Here's the link they shared (and there are LOTS of comments of people who have already applied): https://www.doctorofcredit.com/fide...ng-spending-accounts-get-200-bonus/#The_Offer

 

[fifthdimensiondweller]

So now begins the slow process of settling in to our new place! The next two months will be spent paying off moving expenses and the hotels from the wedding I was in, so we'll be spending a *lot* of time in here!

Good news though, I was able to furnish our new bathroom (went from 1 bathroom to two bathrooms, so we needed another bathroom set) for free with cc rewards! Got a trash can, shower curtain, bathroom rug, splat mat for under DS's high chair (it'll be on carpet now so not as easy to clean) and dustpan for free!

Additionally, DH and I have seriously downsized our books and movies. We have so many we'll never watch or read again, so we'll be selling them this weekend and using the profits to buy some room organizing things for DS.

I've also starting looking around for a weekend job. I'm so excited to have a job again and, of course most of all, to have extra income from said job.

And finally, we need a lot of new furniture. Our bedroom set was 20 years old and had seen better days, so we gave two pieces to a neighbor, unfortunately the bedframe itself was huge and he couldn't fit it, nor could anyplace take it (except Salvation Army, but they couldn't come until after our lease was already up) so we had to pay $150 to have junk haulers come get it. There probably was a better option out there, but we were so hurried with moving (I didn't realize Salvation Army needed so much notice so i waited until the last minute) that I just picked the first place that agreed to get it the heck out of our hair, but that was money we didn't plan on spending. Ugh!

Oh well, we're moved in and have the cash to pay for it all within 2.5 months, so i am counting my blessings. 2 years ago this move would have put us deep underwater.

 

[Dentam]

And finally, we need a lot of new furniture. Our bedroom set was 20 years old and had seen better days, so we gave two pieces to a neighbor, unfortunately the bedframe itself was huge and he couldn't fit it, nor could anyplace take it (except Salvation Army, but they couldn't come until after our lease was already up) so we had to pay $150 to have junk haulers come get it. There probably was a better option out there, but we were so hurried with moving (I didn't realize Salvation Army needed so much notice so i waited until the last minute) that I just picked the first place that agreed to get it the heck out of our hair, but that was money we didn't plan on spending. Ugh!

Glad you are all moved and settling in! I had the same situation with some items when I moved, but we're lucky here in Denver that the city does large item pickup once a month in the alleys. Up to five large items per household! I also gave aways some things on my neighborhood nextdoor site.

 

[piccolopat]

My $1000 student loan payment finally posted this morning after coming out of my account last week. With the added interest, I'm at $3784! This loan was originally $8000 and I started paying March 2015 with a 10 year term. The website is actually showing that I don't have a payment due for July right now. I'm thinking what I may do is wait until closer to the end of July when I can sort of wrap up my expenses for the month and see how much is left, and then put that towards my July "bill."

You might want to check how they are handling the extra payments. We could have made extra payments to skip some months or apply it to the principle. We opted for the latter and saved a bunch of interest and paid off the loans early.

 

[Tygerlilly]

As y'all know, we've been in a crazy bind lately with money, which is why I'm working crazy overtime and scrambling to get things paid off. I already cancelled all tentative plans for a spring Disney vacation, but I feel like we still deserve some kind of small fall trip, especially since we have cut out pretty much everything lately that involves going, doing, or buying.

With that said, one car loan and both personal loans should be paid off in full by October. I'm thinking a trip somewhere where we can just get away from work and stress and routine, but I have no idea where. We have toddlers, so theme parks are out, as are too many fancy museums. We would be driving from Oklahoma since it's cheaper and easier than trying to fly.

Any suggestions on some low key, relatively low cost, fun places y'all enjoy? Probably like to keep it to the $1250 price range everything included.

 

[pblack]

As y'all know, we've been in a crazy bind lately with money, which is why I'm working crazy overtime and scrambling to get things paid off. I already cancelled all tentative plans for a spring Disney vacation, but I feel like we still deserve some kind of small fall trip, especially since we have cut out pretty much everything lately that involves going, doing, or buying.

With that said, one car loan and both personal loans should be paid off in full by October. I'm thinking a trip somewhere where we can just get away from work and stress and routine, but I have no idea where. We have toddlers, so theme parks are out, as are too many fancy museums. We would be driving from Oklahoma since it's cheaper and easier than trying to fly.

Any suggestions on some low key, relatively low cost, fun places y'all enjoy? Probably like to keep it to the $1250 price range everything included.

I've never been, but it's on my list of places i'd like to go. Not sure if you're a fan of Food Network, but The Pioneer Woman a.k.a. Ree Drummond is from Pawhuska, OK and she films her show there. She has a store called the Mercantile that looks amazing, the food from the restaurant looks super good. They also do tours of "The Lodge" which is where she films her show. https://www.themercantile.com/

 

[Tygerlilly]

I've never been, but it's on my list of places i'd like to go. Not sure if you're a fan of Food Network, but The Pioneer Woman a.k.a. Ree Drummond is from Pawhuska, OK and she films her show there. She has a store called the Mercantile that looks amazing, the food from the restaurant looks super good. They also do tours of "The Lodge" which is where she films her show. https://www.themercantile.com/

Lol.I actually live in the next town over from there. Her Wal-Mart commercials are filmed in the one in our town. She grocery shops in our store fairly often. Ree is SUPER SUPER sweet! You definitely need to visit. It's awesome and the food is actually pretty good.

 

[pblack]

Lol.I actually live in the next town over from there. Her Wal-Mart commercials are filmed in the one in our town. She grocery shops in our store fairly often. Ree is SUPER SUPER sweet! You definitely need to visit. It's awesome and the food is actually pretty good.

Omg that's so funny. Well then, you've probably already done my suggestion haha. It's definitely on my bucket list. She seems super down to earth.