Debt Dumpers - 2017

[DnA2010]

Baby went down this morning right away so I had a chance to update my spreadsheet and check out our actuals as to the forecasts I had done- I am currently on maternity leave from work (got to start figuring when I am going back) so we have cut a lot of things back as my income was significantly reduced (here in Canada you do get a few bucks from the gov't when you are off on maternity leave) and so far so good..OH and I worked hard in our early years to pay off the debt we had (him credit card, me student loans) and we drive older cars bought with cash/savings so our only debt is a big mortgage (cost of living really high here) which we are working hard at.
We met with our financial adviser 2 weeks ago to discuss things and open up education savings plan for baby. We've done well though through me being off- we didn't do any trips last year, and this year have only done a couple of couple day trips within Canada. We are in the planning stages for finishing the basement which hopefully DH and his dad can do the framing and some of the finishing of. We have the cash for that in savings, and due to being really strict on extras, food, no trips etc, we will still have a good amount in savings, emergency fund. Being the primary earner it was scary to be going off work but we have weathered well. @Jen and Ashwin it is scary but great of course.

 

[Jen and Ashwin]

Baby went down this morning right away so I had a chance to update my spreadsheet and check out our actuals as to the forecasts I had done- I am currently on maternity leave from work (got to start figuring when I am going back) so we have cut a lot of things back as my income was significantly reduced (here in Canada you do get a few bucks from the gov't when you are off on maternity leave) and so far so good..OH and I worked hard in our early years to pay off the debt we had (him credit card, me student loans) and we drive older cars bought with cash/savings so our only debt is a big mortgage (cost of living really high here) which we are working hard at.
We met with our financial adviser 2 weeks ago to discuss things and open up education savings plan for baby. We've done well though through me being off- we didn't do any trips last year, and this year have only done a couple of couple day trips within Canada. We are in the planning stages for finishing the basement which hopefully DH and his dad can do the framing and some of the finishing of. We have the cash for that in savings, and due to being really strict on extras, food, no trips etc, we will still have a good amount in savings, emergency fund. Being the primary earner it was scary to be going off work but we have weathered well. @Jen and Ashwin it is scary but great of course.

I understand the pressures of being the primary earner. I am lucky that my maternity leave will be at 100% pay for the duration, through a combination of extended medical leave and vacation. But I have been saving up those vacation days since our honeymoon, knowing that we were looking to start a family soon afterwards. It took a little longer than we had hoped, but in some ways that has been good because it forced us to get a lot more serious about eliminating all credit card debt and saving for IVF costs. This has put us in a very good financial position now and so I am confident that we will weather through alright.

I told my boss and co-workers this week. My boss is 62 and never had children. I could see it in her eyes that she was dreading once I will be on maternity leave. I let her know that I planned for 3 months and I assured her that it wouldn't be that bad. November - January is our slowest time of the year with the least amount of travel and fewest outside technical assistance requests. But we have all been pretty busy and stressed around the office lately with lots of outside contracts to finish and our major grant period coming to an end. And my co-worker gets married at the end of the month as well. We are both gone the same week in May, her on her honeymoon and me on my Norway Cruise. I know once we get past June, things will seem better.

 

[Ngwira]

Wow, $11k is awesome!! That would make a HUGE difference in my life!

Yes, we are thrilled because it will help us dump debt much faster!!!

 

[Ngwira]

We are going to NYC in July and when I searched, every single Hamilton show for the week we're there and the week after was sold out. Good luck!

I did see availability through the AMEX concierge by virtue of having the AMEX Platinum card. However, the cheapest tickets are $400 plus dollars. We would also have the kids and I'm not sure Hamilton is appropriate for a 7 and 10 year old. But, they love the soundtrack and sing it frequently.

We're sticking to Times Square, Intrepid Space Museum and MOMA, possibly central park also.

 

[Eureka]

I did see availability through the AMEX concierge by virtue of having the AMEX Platinum card. However, the cheapest tickets are $400 plus dollars. We would also have the kids and I'm not sure Hamilton is appropriate for a 7 and 10 year old. But, they love the soundtrack and sing it frequently.

We're sticking to Times Square, Intrepid Space Museum and MOMA, possibly central park also.

That's a lot for tickets! If they know the soundtrack, I would think it probably wouldn't be inappropriate. My kids (14 and 16) wanted to see it too. I said "nice try" and they were pretty happy about the Lion King tickets I got. Our next challenge is to see if we can find some stand up at a non-bar where you can get in under 21. We did Second City in Toronto and they loved it.

 

[DLgal]

So I went into my Mint account and categorized all our spending in mid February to mid March (our cc cycle). We spent $1400 JUST on groceries! Geez. I thought my kids were expensive when they were on formula as babies... To be fair though, I categorized Target and Costco as "grocery" because I buy a lot of groceries there, but that also includes household stuff like cleaning supplies, some clothing, etc. Restaurant spending was $700 total. Total March spending was around $4000 but some of that was DHs weekend ski trip with friends and we had to purchase a carpet cleaner ($200).

We are on track this billing period to spend only $3000. We had some unexpected expenses (DH needed 2 new pairs of shoes and I got a medical cost share bill for my son that was $100) but I have been good about only buying needs. I have $250 left to spend by April 12 when our credit card billing cycle ends. We have spent $2750 so far. I am hoping to come in under $3000 for the month. Trying to get down to $2750 as our new "normal." We did our weekly Target run yesterday so I think we can do it. I've already decided if we eat out this weekend, it will be In n Out Burger (under $20 feeds us all).

 

[Jen and Ashwin]

So I went into my Mint account and categorized all our spending in mid February to mid March (our cc cycle). We spent $1400 JUST on groceries! Geez. I thought my kids were expensive when they were on formula as babies... To be fair though, I categorized Target and Costco as "grocery" because I buy a lot of groceries there, but that also includes household stuff like cleaning supplies, some clothing, etc. Restaurant spending was $700 total. Total March spending was around $4000 but some of that was DHs weekend ski trip with friends and we had to purchase a carpet cleaner ($200).

We are on track this billing period to spend only $3000. We had some unexpected expenses (DH needed 2 new pairs of shoes and I got a medical cost share bill for my son that was $100) but I have been good about only buying needs. I have $250 left to spend by April 12 when our credit card billing cycle ends. We have spent $2750 so far. I am hoping to come in under $3000 for the month. Trying to get down to $2750 as our new "normal." We did our weekly Target run yesterday so I think we can do it. I've already decided if we eat out this weekend, it will be In n Out Burger (under $20 feeds us all).

It is possible to split transactions in Mint. That is what I used to do (and do now in YNAB) when there are different types of spending on the same receipt. I find that being really accurate with my expenses better helps us understand where changes need to be made. I do include cleaning supplies in our grocery budget, but not general household items or clothing. Everyone does it differently, so it is really about figuring out what works for you.

I think it is interesting that your cycle is based on your credit card billing period. We just use each month for our cycle. I think I would get too confused using credit cards, since we use several different cards with different billing periods based on which card gives us the best return in rewards.

 

[Tygerlilly]

Well, I went about 8k in debt today. But the reward is so worth it.

We welcomed our second daughter into the world this morning. We're both doing great! I Can't wait for big sister to meet her.

 

[MrsTurnerLovesDisney]

Well 2 good things from tax return

Waiting on DH credit card statement to come to get it paid off (I never setup the online account so don't feel like fooling with it now when it should be here in a day or two) then I'll just transfer money from savings and pay that sucker off.

About to make a $600 payment on my credit card which will drop by balance to $700. It's 0% interest until January.

Then on with other debt news we have someone interested in our camper and he's already talked to his bank about it. We are asking $22k which is what it's valued at without all the extras we're including like hoses, sway bar etc. So hoping to get close to that amount but we agreed we will not take less than $19500 for it since it is in excellent condition (still smells new inside)

Once we get it sold we will take the money to pay of DH truck we bought last year we owe about $17k on. We will then try to sell his truck out right or trade it on one a nice used truck with better gas mileage so going from a Ford F250 to maybe a Toyota Tacoma or something a bit smaller. We would prefer to sell outright since the truck is valued around $26k if we sell to a person. But we will see!

After getting all of that paid off I will owe the balance on my credit card and my car which is $26k (0% interest for life of loan) and our student loans. We plan to start really snowballing on the car note come fall once we get our savings back bulked up.

 

[Gr8t Fan]

Well, I went about 8k in debt today. But the reward is so worth it.

We welcomed our second daughter into the world this morning. We're both doing great! I Can't wait for big sister to meet her.

Congrats!

 

[amalone1013]

2017 starting balances:
Student Loans - $12560 + $2075+ $12685 = $27,320
Car Loans - $22034 + $18100 = $40,134

Balances as of 2/8/17:
Student Loans - $10280 + $1052+ $9875 = $21,207 - $6113 change
Car Loans - $21584 + $17389 = $38,973 - $1161 change

Balances as of 3/15/17:
Student Loans - $9036 + $0 + $7685 = $16,721 - $10,599 change from the beginning of the year
Car Loans - $20685 + $17061 = $37,746 - $2388 change from the beginning of the year

Balances as of 4/5/17:
Student Loans - $6009 + $0 + $7702 = $13,694 - $13,626 change from the beginning of the year
Car Loans - $20685 + $17061 = $37,746 - $2388 change from the beginning of the year (this is the same due to timing of my posts, we haven't made the payments yet this month)


Thanks to DF's unexpected commission, we were able to pay off my next student loan in it's entirety. Our monthly payments are now $198.01 With 4 left, we'll going to go after one loan at a time. We're alternating, but starting with DF's because his interest rates are higher. I was playing with my spreadsheet yesterday, and I think that if we put about every spare cent into student loans, they'll be paid off by the end of the year! And as a review, one of our goals was to pay off 4 loans before getting married, but at that rate we would pay off 8!

I heard that my job will be working this weekend and the third weekend of the month, but only running about a third of normal production... which makes for easy OT (and double time on Sundays) but really long, boring days... but I take those weekends, throw in a couple monthly meetings, and it'll be like earning an extra paycheck for the month. Can't complain too much.

 

[Jen and Ashwin]

I just did the annual call to Comcast since our TV/Internet package was set to expire this week. I mark the date on my calendar in big, bold, red letters every year so I never forget. We currently pay $66 a month. The TV is a basic package and we never actually watch it because it's not HD and looks terrible. But strangely, it is cheaper to get the "Double Play" package than to just get internet alone.

So once I called they said that they still have the same package available, but there is a $5 price increase. It would have been nice to just get the exact same cost, but that is wishful thinking. So $60 more a year isn't the worst thing, but I begrudge any price increase because I know that Comcast is price gouging no matter what. I wish there were greater consumer protections for these kinds of practices. I know most people just let their package expire and eat the increased cost, but I have found luck in calling every year to keep the costs down to a minimum.

 

[DLgal]

It is possible to split transactions in Mint. That is what I used to do (and do now in YNAB) when there are different types of spending on the same receipt. I find that being really accurate with my expenses better helps us understand where changes need to be made. I do include cleaning supplies in our grocery budget, but not general household items or clothing. Everyone does it differently, so it is really about figuring out what works for you.

I think it is interesting that your cycle is based on your credit card billing period. We just use each month for our cycle. I think I would get too confused using credit cards, since we use several different cards with different billing periods based on which card gives us the best return in rewards.

You can choose when your credit cards close each cycle. We just set them all up to be the same. It really doesn't matter as my husband only gets paid the 1st and 15th of each month and there is no other income. I have our bills divided by due dates and pay everything that is due from the 1st-14th with the first payday, then everything else on the second payday. Our bills are almost evenly distributed between the first and second half of the month. And we only use two credit cards: Chase Sapphire Reserve for dining and travel expenses and Disney Visa for everything else.

I don't feel the need to split the Target and Costco transactions. I hardly buy clothes. Our yearly clothing spending for all of us is well under $1000. We only buy stuff we need. And there are three boys and me, and I don't work so don't need nice clothes or anything. My husband wears a uniform to work I wouldn't really be able to cut from the clothing budget. What I bought last month were things like underwear, socks, and swimsuits for the kids.

 

[Eureka]

Well, I went about 8k in debt today. But the reward is so worth it.

We welcomed our second daughter into the world this morning. We're both doing great! I Can't wait for big sister to meet her.

Congrats! Well worth the $8k and then some

 

[Eureka]

I just did the annual call to Comcast since our TV/Internet package was set to expire this week. I mark the date on my calendar in big, bold, red letters every year so I never forget. We currently pay $66 a month. The TV is a basic package and we never actually watch it because it's not HD and looks terrible. But strangely, it is cheaper to get the "Double Play" package than to just get internet alone.

So once I called they said that they still have the same package available, but there is a $5 price increase. It would have been nice to just get the exact same cost, but that is wishful thinking. So $60 more a year isn't the worst thing, but I begrudge any price increase because I know that Comcast is price gouging no matter what. I wish there were greater consumer protections for these kinds of practices. I know most people just let their package expire and eat the increased cost, but I have found luck in calling every year to keep the costs down to a minimum.

I do the same thing. Usually get a similar deal and then halfway through the year the price goes up $5-10 anyway.

 

[Dentam]

I pay a little under $64/month for internet. I haven't called to try to get a lower rate since it hasn't been raised on me for over a year. Maybe I should though.

 

[hmack]

Well, I went about 8k in debt today. But the reward is so worth it.

We welcomed our second daughter into the world this morning. We're both doing great! I Can't wait for big sister to meet her.

That's wonderful! Glad to hear that everyone is doing great!

 

[DisneyMandC]

Finally home from my horse show and work conference. Finished out our budget for last month and had a nice chunk of change to put towards our horse show fund, so it's looking healthy right now. We also filled out our travel fund more in anticipation of our NYC trip next week. I'm planning to buy the Costco Explorer tickets so we can hit up a couple stops. We are trying to figure out our best option for travel. Looks like we need to buy subway passes, but no idea where to start on that or how it works! Looks like we will be Ubering from the airport (LaGuardia).

In other news, DH has a cold and I'm currently listening to my secretary hack up a lung... hopefully I will either catch this and it will be gone before we leave for NYC, or I'll miss both of them all together!

 

[Imagineer5]

Well, I went about 8k in debt today. But the reward is so worth it.

We welcomed our second daughter into the world this morning. We're both doing great! I Can't wait for big sister to meet her.

I was just going to message you and see how you were doing!! CONGRATULATIONS!! Would love to see pics if you want to post on my TR <3 Name?

8K in debt? That's ridiculous btw!

Were you about 38.5 weeks? I'm sitting here at 37w sooooo ready to be done.

 

[DnA2010]

Well, I went about 8k in debt today. But the reward is so worth it.

We welcomed our second daughter into the world this morning. We're both doing great! I Can't wait for big sister to meet her.

Major congratulations! I still can't believe you have to pay to give birth there!