Debt Dumpers 2024

[AJollyHoliday]

An umbrella policy is excellent to have regardless of if you have paid off your house or not. My sister-in-law's stepmom got rear-ended by a motorcyclist one time. There was a "witness" that claimed it was her fault. It turned out it was part of a scam. They had to go to court and almost lost their house in a lawsuit before it was realized there was a scam going on. They quickly got an umbrella policy after to protect themselves. Between our house, having cars, our dogs, and a pool, it was important that we got one.

 

[huggybuff]

What a slow week! I was so tired and never seemed to get on track with anything. Blergh.

Week 12

2024 Financial Goals

1. Pay off my credit cards and car loan in 2 years by using the debt avalanche. I've got all of my bill payments scheduled for now. I'm doing it as quickly as they come in now, rather than waiting until right before I get paid.

2. Increase my monthly payments to my husband for household expenses by $800 a month beginning in May and open a joint checking account where we will each contribute monthly. We figured giving me until May to sock some extra cash into my checking would be a good idea since my personal loan is now paid off and that was sucking $1000 off the top of my paycheck once a month. Snoozed until May. I will pay my husband $300 extra in April and begin paying him the full extra amount beginning in May.

3. Set aside $285 per month from January-June to cover the cost of our hotel for our anniversary trip in July to Monterey. $285 more into my HYSA (3/6)

4. Begin paying for our 2025 spring break cruise to Mexico in March. Payments will be $450 a month from March-December. (1/10)

5. Continue using the YNAB app and website to track my money daily. I'm still tracking my money the old fashioned way with a register but I really like the budgeting aspect of YNAB and am getting more and more used to it. Ready to throw my hands up in the air WRT reconciling. (12/52)


2024 Personal Goals

1. Finish deep cleaning and organizing my kitchen. My husband is basically the Swedish Chef so he makes quite a mess when he cooks. I appreciate the fact that he does all of the cooking but it's a lot to keep on top of TBH. I need to do a better job and put in more effort. I will track this weekly. WELP my weekend will be spent cleaning. (5/52)

2. Once I feel like my kitchen is back under control I'll transition to organizing my clothes that are in boxes in our bedroom. I will tackle this at least one of the days of my weekend. Snoozed.

3. Reorganize and deep clean my bathroom. I have too much on the countertop and need to make use of the cabinets in a more organized manner. Snoozed.

4. By July I'd like to be at the point I can begin to tackle my boxes that are still unpacked in the garage. I had a storage unit for years and now they're just sitting untouched since we moved into the house 3 years ago. Snoozed.

5. In August I'd like to make my stepson's room into a workout room. He's a senior in high school this year and he'll be starting college next fall. He's only staying over 1 or 2 nights a week at most at this point since he lives with his mom so I don't feel I'll be booting him out or anything. I am at my highest weight ever and I honestly don't even know what that is since I'm scared to get on the scale. I can have all of the DVDs and online workouts in the world but they do no good if you don't use them. I think having a space set aside will really help me out. Snoozed. Suddenly not snoozed! Still waiting for my BODi bike... I just got an email from them yesterday that my bike might not arrive at the warehouse for another 2-4 weeks. And once it finally gets there it will take at least 2 weeks to get a delivery appt.

6. Get my passport at some point this year to be ready for the cruise in 2025. This probably won't happen for at least a few months.

7. I came up with a new goal. Get back to baking on a weekly basis. This will begin when my kitchen is 'done'. JK, I know a kitchen is never truly caught up on. Snoozed until I cross #1 off of my list.

Enjoy your weekends everyone!

ETA: My bike has now arrived and is being delivered next Thursday! I was bummed after they emailed me yesterday saying it had been delayed. Now I'm confuzzled, but happy.

 

[ruadisneyfan2]

Thanks for the advice. How many a week do you suggest? We cut down to 3. Maybe 2? Whenever we don't pay for meals, we just use that money to eat out later in the week since we have it budgeted for that already. As far as the last paragraph, I've never thought of that. I just assumed they throw out food that's hit its date. When I worked at food service places, we'd go through food so fast when the trucks come in, that it doesn't go bad. So I've never thought of that as being an issue. But you might be right. Thanks for the heads up.

We go out to eat on our birthdays (4 of us) and on our anniversary.

The whole point of cutting back to free up money is to put it toward the debt/emergency fund. Pick one goal and hammer down on it like you’re mad at it.

 

[Bellex917]

I just totaled up my March debt payoffs and my remaining debt. The month isn't over for a week but at most it'll be 1-2 dollars more in interest, so, close enough.

In March we paid off $2,447, leaving us with $4,281 remaining. This is $990 to Monera for our DVC contract, and then about $3200 for our car. We will definitely get rid of Monera in April. I'm not getting too excited about much more than that bc we go to Disney next week so our credit card bill will likely be a bit higher, but not much. I'm going down with $600 in Disney gift cards between my reward card from my credit card and actual gift cards. I have the money aside for the car service, so, in reality it should be maybeeeee 400 or so extra. We will see.

I can taste my debt free journey coming close to an end. We started with 15k left on December 1st and will enter April with a little over 4k. We have been very diligent with the budget. I have 3 full months eFund already, but 6-9 months if you count I'd still have my job (teacher) and my husband getting unemployment. We want to double it and have 6 actual full months. Then I can exhale. I thought it would take all of 2024 to pay off my debt, but I THINK we can be close to finishing up doubling the Efund this year if we stay lightning focused.

 

[Tygerlilly]

Finally home from 9 days away. Had an amazing time visiting with family, 2 zoos, 3 museums, and a trip to Ikea. We probably went over budget, but I'm not sad about it. We got some great ideas for the house while poking around Ikea that are inexpensive but will really make the house look great.

His sister said she's going to list their dad's house this week sometime. Supposedly they will be splitting the proceeds between 3 of the 4 siblings (the 4th got their dad's classic cars). We have small plans to use some money to overhaul our back yard into something we'll love all year. I'm not making real plans until we actually get the money.

Finally heard back on our van from the dealership. Should be ready to pick up in the morning, I hope. Everything was covered under our warranty, so it'll cost me $200. We're still going to go trade it in on something else in the next couple weeks. I'd been pretty set on an suv, but we've been talking about future vacations and overnight trips and how we'd really enjoy taking the family camping (there's a ton of camp grounds near us and also up near both our families). We both grew up with family camping trips and the kids have been begging to go for a couple years now. Now that the little dude is almost 3, we think we can handle it better. So, we're going to look for a truck that can pull a camper and then possibly invest in a pull behind camper in a little bit.

 

[ruadisneyfan2]

I'm late but I like how this holds me accountable.

Financial Goals
1. Payoff house - COMPLETE
2. Double monthly savings contribution - in progress
3. Save Property taxes and home insurance - in progress

Personal Goal
1. Transition to a low carb and low sugar lifestyle in order to lower 6.5 A1C. First test is the end of March. 2nd test October.
2. Walk 3 miles 3 days a week. Add a day each quarter.
1st quarter- Fail

 

[disney-inspired]

I decided to switch to gazelle intensity to pay off my credit card debt.
With my next paycheck, I'm stopping my sinking funds for my DVC 2025 dues and car insurance premium. I've put what I've saved for DVC toward one of my credit cards and knocked it out.

I will be cash flowing my car insurance premium when it's due in June/July. I'm hoping it's less than last year, which was a huge jump from 2022. I work from home and drive an older car so it shouldn't be so high! But this way I'll have all my credit card debt paid off by August. Then I can cash flow my DVC dues for 2024, my December vacation and Christmas gifts. Thankfully the main credit card is interest-free until Nov.

I'm also considering selling my SSR contract at the end of this year. I realized I don't need it as I have my BWV contract that will be freed up once we take our big family trip in Sept 2025. That would reduce my overall debt and give me back $200 a month.

 

[WDW_fan_in_TX]

What does cash flowing mean when you're talking about all this stuff? Also, isn't insurance set up to be paid once per month? Or is yours different where you only pay it once every 6 months?

I will be cash flowing my car insurance premium when it's due in June/July. I'm hoping it's less than last year, which was a huge jump from 2022. I work from home and drive an older car so it shouldn't be so high! But this way I'll have all my credit card debt paid off by August. Then I can cash flow my DVC dues for 2024, my December vacation and Christmas gifts. Thankfully the main credit card is interest-free until Nov.

I'm also considering selling my SSR contract at the end of this year. I realized I don't need it as I have my BWV contract that will be freed up once we take our big family trip in Sept 2025. That would reduce my overall debt and give me back $200 a month.

 

[disney-inspired]

What does cash flowing mean when you're talking about all this stuff? Also, isn't insurance set up to be paid once per month? Or is yours different where you only pay it once every 6 months?

I use the term to refer to paying for something with the paycheck received during that timeframe. I'll be using the majority of my discretionary income in June to pay the car insurance premium. I get paid twice a month, always the 15th and the 30/31st, so it makes budgeting and planning very easy.

I have AAA and I pay it in one lump sum because they charge interest on monthly payments. I find that ABSOLUTELY ridiculous but apparently most insurance companies do something like that but in reverse, where they give you discount if you pay in full.
I pay for the entire yearly premium so when I pay in June 2024, I will be covered from June 2024 - May 2025.

 

[Tygerlilly]

What does cash flowing mean when you're talking about all this stuff? Also, isn't insurance set up to be paid once per month? Or is yours different where you only pay it once every 6 months?

When you cash flow something, it basically means you pay for it in cash (no credit cards, payment plans, etc) and it doesn't affect your normal budget. At least that's how I think of it.

And most insurance companies you can pay your premium in advance or do monthly payments. I even had one where I could do 3 payments for the 6 months. I get a pretty decent discount if I pay the 6 months in advance, but that requires having the money at the ready.

 

[barkley]

isn't insurance set up to be paid once per month? Or is yours different where you only pay it once every 6 months?

we pay our car insurance in full every 6 months. in our case we receive a discount on the premium AND avoid around a $7-$10 monthly payment fee.

 

[ruadisneyfan2]

I decided to switch to gazelle intensity to pay off my credit card debt.
With my next paycheck, I'm stopping my sinking funds for my DVC 2025 dues and car insurance premium. I've put what I've saved for DVC toward one of my credit cards and knocked it out.

I will be cash flowing my car insurance premium when it's due in June/July. I'm hoping it's less than last year, which was a huge jump from 2022. I work from home and drive an older car so it shouldn't be so high! But this way I'll have all my credit card debt paid off by August. Then I can cash flow my DVC dues for 2024, my December vacation and Christmas gifts. Thankfully the main credit card is interest-free until Nov.

I'm also considering selling my SSR contract at the end of this year. I realized I don't need it as I have my BWV contract that will be freed up once we take our big family trip in Sept 2025. That would reduce my overall debt and give me back $200 a month.

I know I'm a dork, but I just LOVE gazelle intensity.

Like this is your debt.

 

[DisneyHardin]

What does cash flowing mean when you're talking about all this stuff? Also, isn't insurance set up to be paid once per month? Or is yours different where you only pay it once every 6 months?

I was thinking of you this morning. How did your week go budget wise? You have been making such great progress getting things set up - I am invested in your story now and need an update

 

[goofytinkerbell]

This is all since the last time I posted., and the totals are with my updates included.

Financials:
1. Put an extra $2000 on my mortgage. $950/$2000
+$300

2. Put $2000 in savings to help pay for yearly bills (comes out in November). $780/$2000
+$115
Still socking it away for the immediate bills that are just about to hit me.

I also earned an extra $10 since the last update, which immediately went to the above.

Other:
1. Clean out 500 items of junk. 136/500
+13
2. Make an "in case of death" folder (containing will, important info). 1/1 DONE
3. Get 60 minutes of exercise per week. 13/52
+4. Keeping up, but it's been painful
4. Read at least 1 non fiction book related to professional development. 0/1
No progress
5. Do 12 hours of skills development (example, take a course). 13.5/12 DONE
Working on an online course. +7hrs. Technically done the goal, but not done the course
6. Find a new job! (carryover from previous year). 0/1
-Checked job sites, applied for 5 jobs. I'm getting disheartened, as I just keep applying but there's no bites.
7. Finish some of the partially done craft projects I have (carryover from previous year). 1/2
-Nothing since last update
8. Organize my "stuff". 3/10
-Nothing since last update
9. Do at least 1 home improvement project. 1/1 DONE

Where I'm located, EVERYTHING is going up in a few days. The federal government is raising the carbon tax, which is scheduled to raise prices on everything from gas to groceries (we've already been warned the increases ARE coming, so it's not a perception thing), and our power bills are also taking a rather large hike. Everything's going up but my pay, and I'm not sure what the plan is to survive it.

 

[AJollyHoliday]

Great work everyone on your Debt-free goals! Every step is the step in the right direction!

We cash flow somethings and have a bunch of sinking fund accounts. We have our DVC account, insurance (car/life), vacation, pets, cell phone (pay yearly to my BIL whose plan we are on), financial planning/tax work, etc. We pay our car insurance every 6 mths so having that money pre-saved for when the payment hits our bank account makes it easier in those months. We are in the process of cash flowing our daughter's private high school tuition which is a lot and it blows my mind when I think of what we have paid over the last 3 years. However, she is thriving and it is money well spent for the experiences she is having. We have one child and this is our gift to her.

We met with our financial planner yesterday and have some tasks to complete in the coming months. All good things, mostly just moving money around and making sure we are making the most of our investments. We have to meet with an estate attorney to update our documents which we have been wanting to do for awhile. As a 2x cancer survivor, I am very aware of my mortality and want to have everything in ship shape order even though I am only 46 and plan to live into my 90s god willing.

We have been back to really focusing on tracking our budget this past month since this year we will have to cash flow the tuition. In the past we have been able to cash out stock that my husband had as bonuses from his company. Unfortunately, that stock is very low right now so we are sitting on it and paying out of pocket. We are really good in each of our categories having done this since 2017 when we were gazelles at that time. Now because we are in baby step 6, we have been less gazelle-like with our budget. One category that has gone up for us is groceries. Next month I am really going to focus on clearing out our pantry and freezer and see if our monthly budget is appropriate. We also eat gluten-free and organic for our meats/eggs so that makes it a little pricier. But as I have posted before, Aldi is a godsend in that category!

Love all this budget talk. It keeps me motivated.

Tomorrow will be a big budget saving moment because I am planning to repair our coffee maker. We have a moderately pricey espresso machine that we LOVE and we got as a Christmas gift from my MIL in 2018. We use it every morning, but it has been leaking water. I looked up a video that shows how to replace the o-rings in the water lines which should stop the leaking. I much prefer to repair than replace. I will let you know how it goes.

 

[barkley]

Great work everyone on your Debt-free goals! Every step is the step in the right direction!

We cash flow somethings and have a bunch of sinking fund accounts. We have our DVC account, insurance (car/life), vacation, pets, cell phone (pay yearly to my BIL whose plan we are on), financial planning/tax work, etc. We pay our car insurance every 6 mths so having that money pre-saved for when the payment hits our bank account makes it easier in those months. We are in the process of cash flowing our daughter's private high school tuition which is a lot and it blows my mind when I think of what we have paid over the last 3 years. However, she is thriving and it is money well spent for the experiences she is having. We have one child and this is our gift to her.

We met with our financial planner yesterday and have some tasks to complete in the coming months. All good things, mostly just moving money around and making sure we are making the most of our investments. We have to meet with an estate attorney to update our documents which we have been wanting to do for awhile. As a 2x cancer survivor, I am very aware of my mortality and want to have everything in ship shape order even though I am only 46 and plan to live into my 90s god willing.

We have been back to really focusing on tracking our budget this past month since this year we will have to cash flow the tuition. In the past we have been able to cash out stock that my husband had as bonuses from his company. Unfortunately, that stock is very low right now so we are sitting on it and paying out of pocket. We are really good in each of our categories having done this since 2017 when we were gazelles at that time. Now because we are in baby step 6, we have been less gazelle-like with our budget. One category that has gone up for us is groceries. Next month I am really going to focus on clearing out our pantry and freezer and see if our monthly budget is appropriate. We also eat gluten-free and organic for our meats/eggs so that makes it a little pricier. But as I have posted before, Aldi is a godsend in that category!

Love all this budget talk. It keeps me motivated.

Tomorrow will be a big budget saving moment because I am planning to repair our coffee maker. We have a moderately pricey espresso machine that we LOVE and we got as a Christmas gift from my MIL in 2018. We use it every morning, but it has been leaking water. I looked up a video that shows how to replace the o-rings in the water lines which should stop the leaking. I much prefer to repair than replace. I will let you know how it goes.

april, october and december are the worst cash bleeding months for us-

property taxes-april/october
homeowners/auto/atv/umbrella-all due in december.

thankfully we prorate it by 12 months and set that aside each month so it's not as jarring.

i don't even want to think about what private school tuition runs these days-ours went to one that was very inexpensive as compared to most but DANG it added up what with the tuition and the fees and the uniforms and the mandatory donations....(we settled an estate for a family member whose adult kids were i think rather surprised at how much less was there than what they anticipated-i was surpised there was anything given their parents had funded private school for 5 kids k-12).

 

[WDW_fan_in_TX]

Every bill we pay is used with our current paycheck. We're one of the few that lives paycheck to paycheck.

I use the term to refer to paying for something with the paycheck received during that timeframe.

 

[WDW_fan_in_TX]

I appreciate you thinking about me/us. Things didn't go as planned.

I was thinking of you this morning. How did your week go budget wise? You have been making such great progress getting things set up - I am invested in your story now and need an update

 

[dpswift]

I appreciate you thinking about me/us. Things didn't go as planned.

Very sorry to hear. Hope you are well.

As far as living paycheck to paycheck, there are many others that do. Many people posting here have spent years concentrating on their budgets and saving. It takes time. Do what you can.

 

[ruadisneyfan2]

Every bill we pay is used with our current paycheck. We're one of the few that lives paycheck to paycheck.

That should improve once your debt is gone and you learn to live below your means. Those of us who are no longer living check to check are doing it because we changed our old ways that were causing that. Eventually savings start to build up and you have some room to breathe a little.