Debt Dumpers - 2018
- Thread starter Dentam
- Start date
Eureka
DIS Veteran
- Joined
- Jan 25, 2013
Nice! DH is working on ours and said he thinks we're getting less than $100 back. While I really would rather it be that way and not have to owe, it was kind of nice getting a refund to use for things. However, I am now up to only three times this month using EZ pass so much of the money we were spending there can be diverted to other expenses as needed.
MerissaAndMomLoveDis
Mouseketeer
- Joined
- Sep 16, 2008
I did my taxes on Sunday. Getting $2950 back. Every other year I file standard deduction and get very little back, every other year I pay my property taxes in January for the prior year and in december for the current year and itemize, usually resulting in a nice little refund. I know I could change my withholding every year, but just never do. I am just so happy to have my taxes done and accepted!!! All of that refund is going to pay a credit card I am working on snowballing.
Dentam
Dreaming of Disney
- Joined
- Feb 6, 2015
Just had another cc notify me that they increased my limit - this one by 2k. I think it is because I keep my income updated with them and they increase limits as income increases? Anyway, this helps to lower my credit utilization ratio to 32%. My goal is to have it at 25% or less by year's end through debt dumping!
ETA: Also, I bought boarding packages for my pup to stay at her doggy daycare during my various trips this year. They are raising their prices in a couple of days, and had a sale on their old rates over the past couple of days. So, I saved about $75 (or more depending on what the increase ends up being) by purchasing them in advance of the increase.
ETA: Also, I bought boarding packages for my pup to stay at her doggy daycare during my various trips this year. They are raising their prices in a couple of days, and had a sale on their old rates over the past couple of days. So, I saved about $75 (or more depending on what the increase ends up being) by purchasing them in advance of the increase.
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dayvewc
DIS Veteran
- Joined
- Mar 20, 2013
YAY!! I love getting refunds. Especially when they are more than expected.
I just don't feel confident that I can save through the year, so use extra with-holdings to make sure I have a large refund for my Spring Break trips.
I have been working in my taxes since last week. Looks like I'll get back between $4k and $6k. Depending on if I can find receipts for some of my itemization. There is a whole chunk of receipts missing. Trying to decide if I want to file with the numbers (that I have entered in my Quicken checkbook) or with the numbers I can provide evidence for. I don't think I'd wind up audited, but I'd also rather not have to pay a penalty if I get audited and can't support everything I claim.
On one side, the best case scenario where I file for the maximum and don't get audited, I'll be able to take mom to WDW in March AND I'd be able to cut 25% off one of my debts.
On the other side, worst case scenario and I only file for what I can prove, I'll still get enough to take mom on the trip in March AND throw a little bit toward my debt, but only about 5%.
Decisions decisions. But I can't file before Feb 8, so time to make the call. Currently have turbotax set for the larger amount, but it's less than 2 minutes to delete the information.
jen7233
DIS Veteran
- Joined
- May 1, 2005
Looks like tax time. Taxes are the one item of household finances DH does. In other news, I'm debating on if we are still taking a Spring Break trip to see family. Well, my job is not new, but my job responsibilities will be added on exponentially (unfortunately no raise goes with it) as I have more things added on as someone is retiring at the first of March and their clients, so to speak, their companies, will be transferred to me to maintain. I was debating on taking the kids to see family over Spring Break in mid March, but not sure now that's a wise idea anymore with the increased job load in March. I feel like doing so will come back to bite me to the point of it wasn't worth going. I'll see, just one day at a time that's all.
Alexle2007
DIS Veteran
- Joined
- Apr 15, 2013
Wow, lucky ducks who are getting refund. I started working on ours and we are currently $2k+ in the hole. Plus we hit AMT (which ridiculous since we are just federal employees and nowhere close to millionaires). And we owe additional Medicare tax which makes even less sense they take it out of our paychecks.) I am really hoping this new tax code works to our advantage, the way they say it is supposed to.
OhMari
WDW PreTrip and Trip Moderator
- Joined
- Apr 23, 2000
Go back and check your numbers you entered, I inverted 2 numbers and I got this message. I also put the wrong numbers in for health insurance and got a warning message.
DisneyMandC
DIS Veteran
- Joined
- Feb 18, 2015
Y'all. I'm so excited right now. I finally got my W2 tonight and I put a lot more into retirement than I previously estimated. Right now it looks like I'm getting $1800 back!! Ahh!!
MamaBelleRN
Mouseketeer
- Joined
- Jan 9, 2017
We also (finally!!) got our W2s. I laughed/cried when I saw mine. Between not working for three months, taking several unpaid LC (low census) days, and returning from leave at less than part time, I made less this year than I have since my freshman year of college (I’m nearly 35). Granted, I had an AMAZING nanny gig that started my freshman year and lasted 10 years, but 
My DH was up quite a bit thanks to their conversion from salaries to hourly. Even though my DH’s salary is a decent bump above the salary minimum Obama was attempting to set, there is quite a bit of variance in his department. At the end of 2016, they decided to convert his entire department to hourly to make it easier for Pay roll. They don’t limit overtime, but I think it’s just a matter of time before they convert back to salaries. My DH thinks they plan to stick with the hourly from here on out, but we shall see!
It looks like we will be getting a very decent tax return. I wasn’t expecting much, so this is a pleasant surprise!
My DH was up quite a bit thanks to their conversion from salaries to hourly. Even though my DH’s salary is a decent bump above the salary minimum Obama was attempting to set, there is quite a bit of variance in his department. At the end of 2016, they decided to convert his entire department to hourly to make it easier for Pay roll. They don’t limit overtime, but I think it’s just a matter of time before they convert back to salaries. My DH thinks they plan to stick with the hourly from here on out, but we shall see!
It looks like we will be getting a very decent tax return. I wasn’t expecting much, so this is a pleasant surprise!
ruadisneyfan2
DIS Veteran
- Joined
- May 20, 2006
We still haven't received dh's w-2. Grrr. It's the only thing I still need to get it done.
Tygerlilly
DIS Veteran
- Joined
- Jun 30, 2009
Today has been a weird day. My fiance text me earlier from work with some sad news. My ex-boyfriend I was with before him (we all worked in the same building and they have been working associates for nearly 8 years) passed away in his sleep over the weekend. He was supposed to pick his kids up from soccer and when he didn't, his ex wife picked them up and took them to his house only to find him. He had just turned 38 and didn't have any medical issues that I knew of. We didn't really end on great terms, but we had been more friendly towards each other over the last 6 months, so it kind of has me conflicted on things.
That situation has me thinking: my fiance is going to be 47 in a few weeks and I'll be 33 this year. We aren't really "old" yet, but we definitely aren't young anymore. What is a good amount for a life insurance policy? Should I take out separate ones in addition to what we have thru work? I know things can happen in the blink of an eye and I think we need to be better prepared for anything that may happen.
That situation has me thinking: my fiance is going to be 47 in a few weeks and I'll be 33 this year. We aren't really "old" yet, but we definitely aren't young anymore. What is a good amount for a life insurance policy? Should I take out separate ones in addition to what we have thru work? I know things can happen in the blink of an eye and I think we need to be better prepared for anything that may happen.
no idea how they are going to come out, with me being off the first half of the year on the rest of my maternity ...here’s hoping we don’t pay!
DisneyMandC
DIS Veteran
- Joined
- Feb 18, 2015
I'm so sorry. What a terrible loss, and so young- especially considering he has children.
There are a lot of different theories on the amount of life insurance you should take out on a person. Since you have kids, I think you should definitely factor in the amount you might need to help you cover childcare and expenses for your children since you wouldn't have a second income to help support them anymore. Since DH and I do not have kids, I just made sure our policies were big enough that should either one of us die, the other person could pay off the house and not have to worry about that expense by not having a second income anymore. My work also offers a life insurance policy that is something like my salary + 20% (can't remember exactly off the top of my head).
I'm sure there are many other factors other people might chime in with, especially those who have children, but I think it's wise to try to have enough coverage that the surviving spouse won't have to concern themselves over the major bills in your lives.
dayvewc
DIS Veteran
- Joined
- Mar 20, 2013
I'm going to have to agree with @DisneyMandC. The amount of insurance you need will be specific to you, but the "rule of thumb" I've always heard is to insure for _at least_ how much it would cost to "replace" the person who died. (That doesn't sound nice, but I hope you know what I mean). If it is the primary earner, get a policy that is enough to compensate for what they would have earned over the next XX years until retirement. If it is a "stay at home caregiver", make the policy large enough to cover extra expenses that weren't having to be paid for previously, like child-care after school, or a cleaning service, etc.
It's also better to get a policy now instead of later. I have one that my mom got on me when I was 21. Not a big policy, just about $15k, but I got one this year for $25k that is more than 6 times as much. All due to age. The older you get, the more likely the policy will have to pay out, the more they charge to have one. Get a policy as young as you can and keep it forever.
MamaBelleRN
Mouseketeer
- Joined
- Jan 9, 2017
What a sad and heartbreaking situation. My DH and I both have modest policies from work, but we need to get some additional life insurance. We’ve talked about it many times, but we have never purchased additional coverage. We know we want term vs whole life insurance as there are better investment options than whole life insurance. However, we need to actually buy a policy. This is a very somber reminder as to why this is so important.
I am sure you are feeling quite a mix of emotions. I am so sorry for your loss @Tygerlilly.
ruadisneyfan2
DIS Veteran
- Joined
- May 20, 2006
I'm so sorry to hear this. It certainly does make you stop and think of the what ifs in life. Absolutely get life insurance asap! Let the employer-provided insurance be "icing on the cake". Here is why. (Keep in mind I'm sort of playing devil's advocate here; I'm really not a pessimist but let's face it; life ins is not for normal, happy occasions.)
God forbid you come down with a terrible disease that has a prolonged illness before death, your employer will only hold your job for so long. At my work, that's 12 weeks. Yep, that's it. People with cancer or something debilitating are screwed after that and no one will insure you by then because they ask several health questions, even the most basic things like have you been under a doctor's care for anything? Even if you remain perfectly healthy, let's say you leave that job in 10 years and switch to a job that has many other "pros" but one of the "cons" is they don't offer life insurance. You are then starting to look for a policy. Perhaps by then you have you have some high blood pressure, you've gained a few pounds, maybe you have since some family history of cancers or heart disease. ALL of those things raise your rates from day 1. Some conditions just flat out make you ineligible to get life ins. It's far easier to do it when you can truthfully say, "I'm young, healthy and thin."
There is whole vs. term. Whole is more like an investment account that you can cash out down the road but it is a LOT more expensive. With term ins you are paying to be insured for a specific amount of $ for set of years, such as $500,000 x 25 years. Some things to keep in mind when deciding amounts and how long of a term:
1. Inflation. Right now $500,000 or 1 million sounds like wow! we're set for life! but really, in 20 years it won't cover as many costs as it will now.
2. Your mortgage/rent may be $x right now but what if you buy a larger home in 10 years? You might have to go through all the health questions again if you want to increase your coverage down the road.
3. Before having children, or when they're little, people tend to think that raising children is up to the age of 18. This is a complete misperception. What % of 21 year olds are 100% independent? Very few I believe. Apparently, the _holes at the IRS are clueless on this.
4. Rising college costs. All you can do is estimate here. Maybe you don't need to have it 100% covered for BOTH of you but you want enough to have it help significantly.
We made more than 1 of the above mistakes.
When ds21 was a baby, we chose $250,000 x 20 yrs. Dh was around 39, very healthy and non smoker. This seemed like a huge amount of coverage at the time. It was only $25.16/month if taken out of our checking account. It is about to come to a close and I kick myself for not making it a longer term.
He will be 60 in March so you can imagine to get another policy now will probably be 8x that much. Luckily he is still healthy but I'm a tad thicker than I was 20 yrs ago, enough to make the rates much higher than what I pay through my work plan. We stupidly only bought for dh back then because I felt fine about being covered by employer. There was no internet in those days to discuss with anyone, just salespeople who earn commission, who I felt were not giving me objective advice.
I have recently shopped around for some, maybe 1-2 years ago after losing a coworker to gallbladder cancer in her early 50s. Her kids were grown but of course they didn't hold her job so unless she was covered on her own, her family would get nothing.
Good luck in your search!
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DisneyMandC
DIS Veteran
- Joined
- Feb 18, 2015
This is a very important consideration I forgot to mention, I'm glad you brought it up! I've always been told that the work life insurance policy should be your (not to be cruel) "hit by a bus" policy. If you die suddenly without warning, it is a good benefit for your family- but is not great if you die from a prolonged illness. Another good thing about an independent life insurance policy is that some may pay out in advance of your death if you have a terminal illness. My policy will allow me to draw from it if I have terminal illness in order to help cover expenses. While your family might not receive much after you die that way, at least you can pay some of the bills prior to your passing.
Bleak stuff, but it is important. In addition, I would encourage everyone to invest in a long-term disability policy if you have one available through work. My FIL nearly died of a heart attack a year and a half ago and had no warning signs or high-risk indicators. He is now permanently disabled. Unfortunately, he was self-employed and did not invest in a disability policy for himself.
pblack
DIS Veteran
- Joined
- Mar 30, 2017
I'm sorry to hear about your loss @Tygerlilly <3
We had the inspection down on the house we're trying to purchase yesterday. Everything came back relatively ok except for the roof and fireplace. The roof is in need of some repairs, preferably replaced. The fireplace is also in need of some repairs. We have an licensed roof inspector coming out tomorrow, so we should know how much damage there actually is. Right now we're thinking we may ask the sellers to replace the roof, but i'm thinking they won't agree to it.
I've filed our taxes and we're getting back about $1900 between feds and state. My job actually sent out our w2's a little early this year which is very unlike them. But i'm glad since I was able to get our taxes submitted and accepted already!
We had the inspection down on the house we're trying to purchase yesterday. Everything came back relatively ok except for the roof and fireplace. The roof is in need of some repairs, preferably replaced. The fireplace is also in need of some repairs. We have an licensed roof inspector coming out tomorrow, so we should know how much damage there actually is. Right now we're thinking we may ask the sellers to replace the roof, but i'm thinking they won't agree to it.
I've filed our taxes and we're getting back about $1900 between feds and state. My job actually sent out our w2's a little early this year which is very unlike them. But i'm glad since I was able to get our taxes submitted and accepted already!
debtdumper2018
Earning My Ears
- Joined
- Jan 3, 2018
So, here's my January end of month update 
We didn't make too much progress this month - had an unexpected expense come up mid-month, but at least the balance went down. I'm expecting a HUGE decrease next month when we finally receive DH's college reimbursement AND our tax refund money.
Jan 1, 2018 Jan 31, 2018 Change
Total debt - $92,326.38 .$90,717.60 ($1,608.78)
Credit Cards - $27,843.74 .$27,274.21 ($569.53)
My old car - $3,297.89 .$3,094.44 ($203.45)
DH car - $13,648.63 .$13,397.32 ($251.31)
My car - $22,064.95 .$21,805.44 ($259.51)
Loan #1 - $1,714.38 .$1,687.14 ($27.24)
Loan #2 - $9,796.79 .$9,590.37 ($206.42)
DVC Loan - $13,960.00 .$13,868.68 ($91.32)
** Just a note if you saw my first post, I have removed our student loans from this list. These debts are my priority and I'm not even looking at the student loans until these are done. It's so depressing how much of our $500/month payment goes to interest and it makes me really frustrated to look at them every month to see virtually no change. So, I'm taking them off the list and will check in with them at year end
Goal Tracking - In Progress:
- Pay off $30K in debt - Currently 5.34% Complete
- Pay off old car $3,297.89 - Currently 6.17% Complete
- Pay off Loan #1 - 1,714.38 - Currently 1.59% Complete
- Pay $10K towards current cars, loan #2 & DVC - Currently 8% Complete
- Pay $15K towards credit cards - Currently 3.80% Complete
Goal Tracking - Complete:
None yet
We didn't make too much progress this month - had an unexpected expense come up mid-month, but at least the balance went down. I'm expecting a HUGE decrease next month when we finally receive DH's college reimbursement AND our tax refund money.Jan 1, 2018 Jan 31, 2018 Change
Total debt - $92,326.38 .$90,717.60 ($1,608.78)
Credit Cards - $27,843.74 .$27,274.21 ($569.53)
My old car - $3,297.89 .$3,094.44 ($203.45)
DH car - $13,648.63 .$13,397.32 ($251.31)
My car - $22,064.95 .$21,805.44 ($259.51)
Loan #1 - $1,714.38 .$1,687.14 ($27.24)
Loan #2 - $9,796.79 .$9,590.37 ($206.42)
DVC Loan - $13,960.00 .$13,868.68 ($91.32)
** Just a note if you saw my first post, I have removed our student loans from this list. These debts are my priority and I'm not even looking at the student loans until these are done. It's so depressing how much of our $500/month payment goes to interest and it makes me really frustrated to look at them every month to see virtually no change. So, I'm taking them off the list and will check in with them at year end
Goal Tracking - In Progress:
- Pay off $30K in debt - Currently 5.34% Complete
- Pay off old car $3,297.89 - Currently 6.17% Complete
- Pay off Loan #1 - 1,714.38 - Currently 1.59% Complete
- Pay $10K towards current cars, loan #2 & DVC - Currently 8% Complete
- Pay $15K towards credit cards - Currently 3.80% Complete
Goal Tracking - Complete:
None yet
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