Debt Dumpers 2023

[disney-inspired]

I know this is debt dumpers but I'm here to confess I'm planning on going into debt

I'm buying into DVC (resale) and plan on getting it financed but will be paying double payments each month to have it paid of in 5 years at most. I've already calculated the cost of my monthly mortgage payment and the monthly dues and they fit neatly into my monthly budget without adding any strain.

I'm so excited about this because I've wanted to own DVC and resale makes it possible. Right now DVC direct is bonkers expensive ($217/pt with 150 pt minimum - and that's on the lower end) so I wouldn't go that route. Also, I found out that I can deduct the interest of my loan, because it's considered a mortgage loan, off my taxes.

 

[barkley]

I know this is debt dumpers but I'm here to confess I'm planning on going into debt

I'm buying into DVC (resale) and plan on getting it financed but will be paying double payments each month to have it paid of in 5 years at most. I've already calculated the cost of my monthly mortgage payment and the monthly dues and they fit neatly into my monthly budget without adding any strain.

I'm so excited about this because I've wanted to own DVC and resale makes it possible. Right now DVC direct is bonkers expensive ($217/pt with 150 pt minimum - and that's on the lower end) so I wouldn't go that route. Also, I found out that I can deduct the interest of my loan, because it's considered a mortgage loan, off my taxes.

if you don't mind sharing-how much are dues these days? we owned back in the early 2000's and the dues were getting pretty high by the time we sold in '07 or '08 so i'm curious now that some of the properties are aging up and i assume need more costly upkeep. we enjoyed it when we had it, used it primarily for long trips (since we weren't in close proximity), disney cruises and a trade out on another cruise line (don't think they allow that any more).

 

[disney-inspired]

if you don't mind sharing-how much are dues these days? we owned back in the early 2000's and the dues were getting pretty high by the time we sold in '07 or '08 so i'm curious now that some of the properties are aging up and i assume need more costly upkeep. we enjoyed it when we had it, used it primarily for long trips (since we weren't in close proximity), disney cruises and a trade out on another cruise line (don't think they allow that any more).

I've been doing tons of research, so I'm happy to share what I have compiled. Dues are dependent on the resort but tfor the resorts I'm considering (GF, BLT, SS, CCV, POLY, BC, BR, BW) they range between $7.33 - $8.53 per point/year.

I've read that using points for a cruise (still allowed) is a poor use of points so I wouldn't be doing that. Also, not really into cruises haha.

Buying in, the absolute cheapest resorts are Vero & Hilton Head but their dues are highest (about $10/pp) so I'm not considering them.

 

[EilonwyWanderer]

At GFV it's about $1100 a year for 170 points. I use my Disney rewards to pay it though.

March has been better but not great. I keep forgetting the damn dance classes come with quarterly bills AND we just got the recital costume fees--$260 worth of costumes they will wear for a half an hour!

We should be able to recover a bit in April, but then in May we'll get hit with camp fees. It never ends!

At least we'll be done with birthdays/parties after this month until November. That adds up so fast.

 

[barkley]

I've read that using points for a cruise (still allowed) is a poor use of points so I wouldn't be doing that. Also, not really into cruises haha.

for us (back then) it worked out to a better deal than doing a park vacation b/c when we figured in the cost of wdw admission (which was MUCH lower back then), extra ($$$) park activities/character meals and meals in general we ended up ahead of the game on the cruise which (at least back then) included non stop character meals, all snacks, meals, entertainment and on board activities. i know things have changed tremendously with dvc since we sold (lots of the trade-outs have been eliminated which was really the draw for us) but when all was said and done after we sold we figured it out and it pretty much paid for itself w/ the return on sale price we got minus the broker fees and income taxes we paid. in hindsight it was a good thing we sold when we did b/c we were at a point where our kids were getting to the age that we couldn't pull them out of school for extended trips.

enjoy!!

 

[ruadisneyfan2]

It never ends!

Some days it seems like that but it definitely does end. Chances are, you will miss these days of having young children, when life was simple. (Definitely not easy though!)

I sooo miss my kids being little, when I’d walk in and they’d yell, “Mommy’s home!” And hug my legs so hard I’d almost fall over.

I miss baby teeth!

 

[disney-inspired]

for us (back then) it worked out to a better deal than doing a park vacation b/c when we figured in the cost of wdw admission (which was MUCH lower back then), extra ($$$) park activities/character meals and meals in general we ended up ahead of the game on the cruise which (at least back then) included non stop character meals, all snacks, meals, entertainment and on board activities. i know things have changed tremendously with dvc since we sold (lots of the trade-outs have been eliminated which was really the draw for us) but when all was said and done after we sold we figured it out and it pretty much paid for itself w/ the return on sale price we got minus the broker fees and income taxes we paid. in hindsight it was a good thing we sold when we did b/c we were at a point where our kids were getting to the age that we couldn't pull them out of school for extended trips.

enjoy!!

I'm a single person with no kids so the extra purchases aren't too much for me.

 

[disney-inspired]

At GFV it's about $1100 a year for 170 points. I use my Disney rewards to pay it though.

March has been better but not great. I keep forgetting the damn dance classes come with quarterly bills AND we just got the recital costume fees--$260 worth of costumes they will wear for a half an hour!

We should be able to recover a bit in April, but then in May we'll get hit with camp fees. It never ends!

At least we'll be done with birthdays/parties after this month until November. That adds up so fast.

GFV is in my top 3 of options!

 

[goofytinkerbell]

i've found that the auto deposit into a designated account method works best for this too. every month i've got an amount that gets transferred to cover property taxes, insurances (home/auto/umbrella), pest and lawn service, sirius, propane tank fill...all the non monthly stuff). ideally at the end of each year i have a bit i can rollover that helps with increasing costs the following year but in the event i don't i up the transfer amount at bit in hopes of predicting the costs (we don't get our yearly property tax dollar amounts until a month prior to the first one being due ).

Unfortunately my income isn't quite high enough to be able to do this in a way where I can save enough, so although I've started the auto-deposit there's not enough there to actually make a dent in anything. I'm trying to get it started, then increase the amounts very slowly as I find a way to either cut more and more out of the budget or make more money. Usually in the winter I don't even make enough to cover my monthly bills... and I don't have much in the way of 'extras'.

I had 2 jobs (one full time, one almost full time), but I lost one of them (thankfully the one that made me less money) during covid when the place shut down. I was saving a bit when I could work from home full time, but once we started being forced back into the office that went away.

Honestly, I don't know how people who work for minimum wage survive!

 

[goofytinkerbell]

Thanks for all the well wishes. Unfortunately we lost our family member. I'm thankful that she didn't suffer too much, that it didn't drag on too long. Her immediate family (husband and adult kids) made the difficult decision to let her go, rather than try to drag it out and let her stay in pain. It was the right call, but it was still sad.

In typical "me" fashion, I threw myself into my work and pretended everything was fine, because that's how I cope. So I was productive at work, and at home.

Financially:
1. Keep the credit cards empty - DONE! Still using them and paying them off before they start earning interest.
2. Figure out a way to put some sort of extra on the mortgage, even if it's the $100 minimum - DONE!
3. Get some things I NEED to have (rims/tires for the car, items that need replacing at home, etc)
-I can't buy anything until I pay my property tax. My appeal for that still hasn't been addressed.
4. Get a savings plan going for the big stuff that comes due in one lump sum payment (insurance, property tax)
-I have a tiny auto-deposit going to an account that I'll clear out to pay my property taxes closer to the due date.

General stuff:
1. Make a will
-I went through most of the process. I still have to do the 'living will' part before i can do the steps to make it legal, but the main part of the will itself is done.
2. Continue to clear out the crap. I need to go through my clothes and that sort of thing. I got a pile done in 2022, but it really wasn't enough.
-580 items gone this week. A personal best.
3. Look for a new job. The reason nothing has been getting done is because I'm burned out from my existing job and I'm being severely underpaid for the work I do.
-Went through more job postings. Most places want a second language here. even though it's not required for the job duties. There was nothing for me, so I did 1hr on my online course. Mostly setting up software and things to be able to run the things, but it's all part of it.
4. Get my passport.-DONE!
5. Knock some half-finished projects off the list. Everything from making a scarf to some jewelry. Lots of stuff has been started, but not finished. Enough already!
-Worked on 1 project, nothing completed
6. Get into better shape. I'd like to say 'lose weight', but I'd be happy to be able to run up my own steps without getting winded. The weight loss may or may not come, but it's not as important.
-Did 5 workouts
7. Spend more time with loved ones. I don't see friends/family much. I guess I really need to do #3 in order to facilitate this one.
-Nothing this week. There were a lot of phone calls surrounding a family member, and we were making plans for a funeral of sorts in a couple months.
8. Organize my stuff!
-I went through a box of craft supplies this week. Most of that box is now gone.

 

[EilonwyWanderer]

OH as far as personal goals: I've been swimming 1-2 times a week for around 25-30 minutes. I know it's not much but it's a start! Weight hasn't budged but that's not surprising, it's only been a month. I'm hoping now that the weather is getting better to add a 5 mile walk 4 times a week as well.

 

[Anthony1971]

I've read that using points for a cruise (still allowed) is a poor use of points so I wouldn't be doing that. Also, not really into cruises haha.

This is Semi true - However there cruise prices are set prior so in a good number of cases the DVC $ price is cheaper. You only need to book one person with points and you can pay the rest cash. this works very well if you have younger kids as the points are low. I know this does not work in your case but if it ever does it is something worth looking into.

 

[barkley]

I'm trying to get it started, then increase the amounts very slowly as I find a way to either cut more and more out of the budget or make more money

this is exactly how we did it. just dibs and dabs to start-if we were a bit under spent on our grocery budget one month that went into the account, if our utility bill was a bit lower/if i got a rebate check, if a non monthly bill decreased...just let it keep building up over time

2. Figure out a way to put some sort of extra on the mortgage, even if it's the $100 minimum - DONE!

i'm ALL for this-this is exactly how we paid our 30 year off in less than 10 years (and allot of months it was way less than $100 i threw at it) but you might want to consider taking a look at how much at least on insurance products you could SAVE by taking a break from throwing that amount at your mortgage and using it to build up that account so you could start paying homeowner's yearly/auto twice a year. the savings could result in being able to stretch your budget or ultimately throwing even more at the mortgage. just as an example of the difference it can make-i save over 20% in premiums on each of my policies by doing the minimum number of payments i'm allowed for each (i can do all yearly except auto b/c they re-write them every 6 months). this is on top of the monthly 'convenience fee' (i think it used to be at least $10) they would hit me with if i opted for paper billing. i was sold on it and made it a savings goal after i had my insurance company give me an estimate on what the discount would look like.

Thanks for all the well wishes. Unfortunately we lost our family member. I'm thankful that she didn't suffer too much, that it didn't drag on too long. Her immediate family (husband and adult kids) made the difficult decision to let her go, rather than try to drag it out and let her stay in pain. It was the right call, but it was still sad.

i'm so sorry for your loss. i agree it was the right thing to do.

 

[imbatman]

**trips back into the forum**

Hello! I should’ve come back sooner since I ended up with debt last year and yeeted myself into the pit more with a WDW trip in December for my mom. Did I know it was not a good idea? Yup. But she needed new memories after Dad’s passing and I can earn more money.

Along that line, I start a new job in 2 weeks with a significant pay bump. I already started my snowball back in January, so that’s in place.

I’m trying to decide about asking for a severance package. They had me categorized incorrectly and never paid me overtime I worked. Part of me wants to shake my fist and give it to the man (I seriously was screwed by this employer). Another part of me wants to part amicably. The money would pay off CC debt, leaving car, house and student loan. I’m torn. I have a letter written and am sitting on it for the weekend. If they say no, then I’ll have to take it to court. Ugh.

Other than that on the budget homefront, we are officially empty nesters! Talking about moving in with my mom (she has a 2600 s.f. house and lives 2 acres away) and renting ours for passive income. But we are all hung up on the fact that we would have 6 cats with combined households Moving with my mom wouldn’t be bad. She’s independent and the way the house is set up, we’d have 2 bedrooms and then the office into an office/den.

And I started a side business selling cut flower bouquets at the local farmers market. It’s supposed to start April 8, but the weather has been so cold that I don’t have many flowers.

 

[jen7233]

**trips back into the forum**

Hello! I should’ve come back sooner since I ended up with debt last year and yeeted myself into the pit more with a WDW trip in December for my mom. Did I know it was not a good idea? Yup. But she needed new memories after Dad’s passing and I can earn more money.

Along that line, I start a new job in 2 weeks with a significant pay bump. I already started my snowball back in January, so that’s in place.

I’m trying to decide about asking for a severance package. They had me categorized incorrectly and never paid me overtime I worked. Part of me wants to shake my fist and give it to the man (I seriously was screwed by this employer). Another part of me wants to part amicably. The money would pay off CC debt, leaving car, house and student loan. I’m torn. I have a letter written and am sitting on it for the weekend. If they say no, then I’ll have to take it to court. Ugh.

Other than that on the budget homefront, we are officially empty nesters! Talking about moving in with my mom (she has a 2600 s.f. house and lives 2 acres away) and renting ours for passive income. But we are all hung up on the fact that we would have 6 cats with combined households Moving with my mom wouldn’t be bad. She’s independent and the way the house is set up, we’d have 2 bedrooms and then the office into an office/den.

And I started a side business selling cut flower bouquets at the local farmers market. It’s supposed to start April 8, but the weather has been so cold that I don’t have many flowers.

Welcome back! That's terrible on the overtime unpaid. I've been working so much overtime lately 40 hours work week plus about 15-20 hours overtime each week, I'm sick of it and taking a toll on my carpal tunnel, but I need the money. At least the employer is paying, though! Six cats, wow!

 

[goofytinkerbell]

this is exactly how we did it. just dibs and dabs to start-if we were a bit under spent on our grocery budget one month that went into the account, if our utility bill was a bit lower/if i got a rebate check, if a non monthly bill decreased...just let it keep building up over time


i'm ALL for this-this is exactly how we paid our 30 year off in less than 10 years (and allot of months it was way less than $100 i threw at it) but you might want to consider taking a look at how much at least on insurance products you could SAVE by taking a break from throwing that amount at your mortgage and using it to build up that account so you could start paying homeowner's yearly/auto twice a year. the savings could result in being able to stretch your budget or ultimately throwing even more at the mortgage. just as an example of the difference it can make-i save over 20% in premiums on each of my policies by doing the minimum number of payments i'm allowed for each (i can do all yearly except auto b/c they re-write them every 6 months). this is on top of the monthly 'convenience fee' (i think it used to be at least $10) they would hit me with if i opted for paper billing. i was sold on it and made it a savings goal after i had my insurance company give me an estimate on what the discount would look like.



i'm so sorry for your loss. i agree it was the right thing to do.

That's basically what I'm doing, just throwing money into the account when I can. Unfortunately, winter is much more difficult finance-wise. Any kind of 'fresh' groceries cost more, and electricity bills are brutal. But it's starting to warm up, which will help.

I've actually cancelled my mortgage insurance (not a great idea, but I couldn't afford it) and pay my home and auto insurance yearly. Last year I switched companies to save some money as well. I do have separate life insurance outside of my job, but once I figure out what's happening with my career and get my finances stabilized, I intend to get my final affairs in order myself and just cancel that. If something happens to me right now it would leave my family in a bad spot, and I refuse to do that.

 

[barkley]

I’m trying to decide about asking for a severance package. They had me categorized incorrectly and never paid me overtime I worked. Part of me wants to shake my fist and give it to the man (I seriously was screwed by this employer). Another part of me wants to part amicably. The money would pay off CC debt, leaving car, house and student loan. I’m torn. I have a letter written and am sitting on it for the weekend. If they say no, then I’ll have to take it to court. Ugh.

taking them to court wouldn't have to be the first step though-would it? you would have your state as well as the fed's wage and hour divisions through their individual departments of labor. if you pursue it through these avenues they can collect your overtime, liquidated damages and may assess civil money penalties. it's not severance pay-it's money that's owed to you so it might be worth it to you to give those agencies a call.

 

[barkley]

I've actually cancelled my mortgage insurance (not a great idea, but I couldn't afford it)

your mortgage holder is letting you do that? i ask b/c we had done the traditional property taxes and homeowner's insurance payment bundled in to our mortgage for years but when we moved into our current home decided to independently pay our property taxes and insurance. our lender made us provide annual proof that our insurance was in force at some minimum levels they had established and the one time the proof got delayed we were issued a swift reminder in writing that failing to carry it constituted a breach of our loan which they could pursue under foreclosure.

 

[CinderEmma94]

End of March Check in/Update!

1. Pay off the birth **done
2. Pay off two of our 3 credit cards (approx $13,000). **Combined balance of the two cards is now $8,579.
3. Start husband’s 403B (he works for a non-profit) and contribute to match (5% of our income). **Not yet, starting in June
4. Grow emergency savings to $13,000 by the end of 2023. **5,600/13,000 -- we are pausing this goal for a couple of months to be able to better tackle the debt. Yes, my savings account is earning over 3% interest, but when you have credit card debt that is at 18% it makes more sense to us to throw everything we can at the debt ASAP. So, suspending this goal for now but not giving up on it

Personal goals:
1. Continue making moving my body a priority (4/7 days a week) **March was great in terms of being more active. I was able to average 4 days a week. Hopefully I can keep it up as it gets warmer here in FL. Summer is difficult as far as motivation goes even though we have a treadmill.
2. Read 12 books this year **3/12 done

Baby is 3 months now and sleeping better alone so I feel much more like myself again and I have more time to read which is one of my favorite things to do. I'm excited that our two smaller cards will be paid off in the next few months, but then we have to tackle the last one -- it has such a high balance that I'm a little embarrassed to even talk about it until we add that goal when the other two are done.

I hope everyone else is doing well I really appreciate you all for being here for me and my family, even though we don't really know each other. The accountability of posting here has really helped with sticking to our goals.

 

[barkley]

End of March Check in/Update!

1. Pay off the birth **done
2. Pay off two of our 3 credit cards (approx $13,000). **Combined balance of the two cards is now $8,579.
3. Start husband’s 403B (he works for a non-profit) and contribute to match (5% of our income). **Not yet, starting in June
4. Grow emergency savings to $13,000 by the end of 2023. **5,600/13,000 -- we are pausing this goal for a couple of months to be able to better tackle the debt. Yes, my savings account is earning over 3% interest, but when you have credit card debt that is at 18% it makes more sense to us to throw everything we can at the debt ASAP. So, suspending this goal for now but not giving up on it

Personal goals:
1. Continue making moving my body a priority (4/7 days a week) **March was great in terms of being more active. I was able to average 4 days a week. Hopefully I can keep it up as it gets warmer here in FL. Summer is difficult as far as motivation goes even though we have a treadmill.
2. Read 12 books this year **3/12 done

Baby is 3 months now and sleeping better alone so I feel much more like myself again and I have more time to read which is one of my favorite things to do. I'm excited that our two smaller cards will be paid off in the next few months, but then we have to tackle the last one -- it has such a high balance that I'm a little embarrassed to even talk about it until we add that goal when the other two are done.

I hope everyone else is doing well I really appreciate you all for being here for me and my family, even though we don't really know each other. The accountability of posting here has really helped with sticking to our goals.