Debt Dumpers 2024

[pblack]

happy new year everyone!!

found this form on an exercise website but i think it could be a fun way to track any type of daily/weekly/monthly goals-just color in each day you meet your individual goal and have a colorful way to track and celebrate your success!!!


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This is cool! Thanks for sharing!

 

[jen7233]

Working on these financial goals in 2024:
1) Card 1 payoff: 3k
2) Card 2 payoff: 4k
3) Card 3 payoff: 4k
4) Payoff Toyota: 18k

Personal and financial:
5) Work out issue with family reliance on financial assistance from us.
6) Gym two days a week.
7) Find time for own medical appointments in between work and family.

I will be getting a raise this year, so that is much appreciated. We'll be going on a final Disney trip later in the year, kind of at a point where it's a little too expensive since I have to pay off some unexpected things and with home ownership, I would like to do some things around the house new deck or patio, windows, maybe update kitchen and laundry etc. next year and the year after. And, my kids are in high school, one will be graduating next year and that one is looking at going away to college and has a good academic record so it's a possibility. My other not so much on the good academic record, will probably stay closer to home for college classes at community college. But, they also are want to do some different trips in the future when we can, and go see other places.

 

[WDW_fan_in_TX]

After thinking about this one for a few days, I think I've come up with some attainable goals. Our problem Our problem has always been setting goals that are not obtainable then we end up quitting trying to attain them. So I've really thought about these for a few days.

Also, we've decided not to do a big trip this year. We've done Disney a bunch of times over the past 10 years, but we had a very bad experience at Disney World in December. So we decided to take a break. Plus, we want to try and get our finances in line (need to pay some things off and raise our credit score). Also, our 20th anniversary is 2025, and we'd like to go on a cruise or some special trip in summer of '25. So with all that, we've decided not to do Disney or any other trips this year.

2024 goals:
Credit Cards/Loans
Got 3 CCs ($1,500 total) and 1 loan ($800)
Pay off and quit using credit cards unless an emergency. Got 3 CCs with a total of about $1,500 ($300, $500, $700 lines of credit and all are near maxed out on crap purchases). We also have a loan my wife took out at one of these cash stores. It's got a 345% APR, so we feel we need to pay that one off first. But our goal is to stick to the Dave Ramsey plan and pay the 3 CCs off first since they're all lower monthly payments. We want to continue making our payments on the loan every 2 weeks until the loan is paid off (took out $800, will pay just over $2,500 by the time the loan is done).

Eating out
Cut down our eating out to 1 meal a week, usually a Thursday, Friday or Saturday night and then Sunday after church. We've done good at cutting those down and basically just eat out at breakfast (coffee and biscuit daily, which is only about $5/day).

Activity/Other
Walking - Try to walk the neighborhood 3x per week. I like to go on 15-20 minute walks around our neighborhood, and I'd like to do that 3x per week.
Reading - Read the bible nightly and have daily couples devotionals between DW and I.

 

[imbatman]

I’m a huge fan of the emergency fund. Last year, we wiped ours out as our oldest kiddo had multiple ER visits while at college. That said, it didn’t cover everything so I’m hopping back on the train to dump the debt.

First off, it doesn’t embarrass me to admit I failed and am back in debt because I know how much I’m in this time. Some of the debt was emotional spending. Other was necessary. But before, I just put my fingers in my ears and ran amok. I know how long it’ll take for me to right the ship.

2024 goals

1. Keep my Discover set to pay in full each month. I have monthly costs set up on this card, like propane delivery, internet, utilities. It’s a small cash back but it’s useful. I treat it like a tiny coupon

2. Build back up emergency fund. I have $100/month started for now. And that’s not enough, but I’ve done this before and know that it’s a start. I need the debt gone first.

3. Pay off $3k in debt. Not a ton, but it stares back at me. I’ll knock it out by May at the latest, being super conservative with my estimates in case the kiddo has more medical expenses. I love this card because it’s allowed said kiddo flights home over the years on points.

4. Make 2 extra car payments. That’s a lofty goal for us. Back we don’t have a vacation this year (have to move kid from college so we kinda counting that). Hoping that’ll help us knock this down.

5. Expand side hustle flower business. Wish me luck in this one, as I approach a couple of businesses this week to sell my cut flowers that I grow. Last year, the flowers paid for themselves. This year, I’d like to make money. And I have trays of tulips started for Valentine’s Day.

6. I also have a book publishing in March and want to market it well for Mother’s Day sales. I need to start that this week, too.

7. Personal: Practice contentment. It’s easier as I get older but I still need to get better.

8. Personal: finish two incomplete manuscripts. Believe me, I have more, but I would like to finish these two, along with the ones I’m under contract for.

I’m sure I’ll adjust and add or modify. That’s how I roll. I have to remember to be kind to myself in regards to budgets or I’ll go backwards. And no one wants to go backwards unless you’re on Slinky Dog.

 

[piccolopat]

After thinking about this one for a few days, I think I've come up with some attainable goals. Our problem Our problem has always been setting goals that are not obtainable then we end up quitting trying to attain them. So I've really thought about these for a few days.

Also, we've decided not to do a big trip this year. We've done Disney a bunch of times over the past 10 years, but we had a very bad experience at Disney World in December. So we decided to take a break. Plus, we want to try and get our finances in line (need to pay some things off and raise our credit score). Also, our 20th anniversary is 2025, and we'd like to go on a cruise or some special trip in summer of '25. So with all that, we've decided not to do Disney or any other trips this year.

2024 goals:
Credit Cards/Loans
Got 3 CCs ($1,500 total) and 1 loan ($800)
Pay off and quit using credit cards unless an emergency. Got 3 CCs with a total of about $1,500 ($300, $500, $700 lines of credit and all are near maxed out on crap purchases). We also have a loan my wife took out at one of these cash stores. It's got a 345% APR, so we feel we need to pay that one off first. But our goal is to stick to the Dave Ramsey plan and pay the 3 CCs off first since they're all lower monthly payments. We want to continue making our payments on the loan every 2 weeks until the loan is paid off (took out $800, will pay just over $2,500 by the time the loan is done).

Eating out
Cut down our eating out to 1 meal a week, usually a Thursday, Friday or Saturday night and then Sunday after church. We've done good at cutting those down and basically just eat out at breakfast (coffee and biscuit daily, which is only about $5/day).

Activity/Other
Walking - Try to walk the neighborhood 3x per week. I like to go on 15-20 minute walks around our neighborhood, and I'd like to do that 3x per week.
Reading - Read the bible nightly and have daily couples devotionals between DW and I.

If I were you, I would pay the minimum on your CCs and plow as much as I could on that loan. That interest rate is insane! The interest you will save is enough to pay those CCs. Cut out the daily $5 breakfasts for now and put that $35 a week towards your bills. If you can add a part time job for a few months, that would greatly improve your situation. Good luck!

 

[Tygerlilly]

Credit Cards/Loans
Got 3 CCs ($1,500 total) and 1 loan ($800)
Pay off and quit using credit cards unless an emergency. Got 3 CCs with a total of about $1,500 ($300, $500, $700 lines of credit and all are near maxed out on crap purchases). We also have a loan my wife took out at one of these cash stores. It's got a 345% APR, so we feel we need to pay that one off first. But our goal is to stick to the Dave Ramsey plan and pay the 3 CCs off first since they're all lower monthly payments.

Ouch on the loan. I know you want to follow DR but this is one instance I would definitely not follow that and get rid of that asap. You lose so much in the long run doing it last. Maybe knock that out super quick and then go back and go in order of balance.

 

[amylevan]

Ouch on the loan. I know you want to follow DR but this is one instance I would definitely not follow that and get rid of that asap. You lose so much in the long run doing it last. Maybe knock that out super quick and then go back and go in order of balance.

I tend to agree. I think a 345% loan needs to be prioritized, and I think even DR would probably agree. That’s not in the usual 20-35% credit card range that is usually in play. Pay that bad boy off first!

 

[GroguAndStitch]

Love this thread!
Goals in the first half of the year:
Debts:
-Pay off 5500$ remaining on car loan (9% interest, ew)
- cc 1: 1900$ (14%)
- cc2- 1791 (24%)
- pay down Home Depot $6500

-pay off remainder of student loan (2400$)

Save:
Open a Roth IRA
Save $5000 emergency fund

 

[WDW_fan_in_TX]

Hey, I'd gladly take 9%. Right now, I'm paying 26% APR on my car. I've only had it a year, and I've paid basically nothing off the balance because of that. But it is what it is. I may try and refinance it eventually. But I have to pay it down to the blue book to be able to refinance. At least that's what I was told anyways.

Love this thread!
Goals in the first half of the year:
Debts:
-Pay off 5500$ remaining on car loan (9% interest, ew)
- cc 1: 1900$ (14%)
- cc2- 1791 (24%)
- pay down Home Depot $6500

-pay off remainder of student loan (2400$)

Save:
Open a Roth IRA
Save $5000 emergency fund

 

[MamaBelleRN]

Hi Dis Friends and Happy New Year to all! I was once part of this thread, but haven’t posted for some time. Unfortunately, through a series of less than wise decisions, we have found ourselves back in some serious debt. Ugh BUT we are determined to make the required changes to get ourselves out of this awful hole. Our first step is accountability and that’s what brought me back this wonderful and supportive community. Secondly, we need to stop living the incredibly stressful paycheck to paycheck cycle. My first goal for 2024 is to end January with a small cushion.

2024 Financial Goals:
1) Pay off CC #1: $6,465 (28%- paying $300/month)
2) Pay off CC #2: $6,481 (28%- paying $225/month)
3) Pay off Auto Loan: $7,075 (5.1% paying $408/month)
4) Use snowball method from above payoffs to begin paying off personal loan we used and then got into additional CC debt (paying this off will likely be my 2025 goal)

2024 Personal Goal
1) Read at least 35 books
2) Eat more mindfully with an ultimate goal to lose 20lbs.
3) Drink more water

Trying to feel more determined than overwhelmed/guilty that we’re not where I wish we were financially. I am fortunate that I can pick up lots of hours at work to help meet our goals. All this while juggling a busy life with five kids
2024, we’re ready for you!!

 

[IAmAHiddenMickey]

We also have a loan my wife took out at one of these cash stores. It's got a 345% APR, so we feel we need to pay that one off first. But our goal is to stick to the Dave Ramsey plan and pay the 3 CCs off first since they're all lower monthly payments.

That's more of an emergency than the other debts in the snowball. I would take a cash advance from one of the credit cards even if it was at 30% in order to pay that off. If you feel like you can pay it off quickly without moving it to a lower interest rate you should, but I would put it first in the snowball.

 

[piccolopat]

Hey, I'd gladly take 9%. Right now, I'm paying 26% APR on my car. I've only had it a year, and I've paid basically nothing off the balance because of that. But it is what it is. I may try and refinance it eventually. But I have to pay it down to the blue book to be able to refinance. At least that's what I was told anyways.

Any chance you can sell the car and buy something cheaper and at a much lower APR? At 26%, you'll end up paying for that car several times over and it'll be worth little in the end.

 

[piccolopat]

I'm in a different situation than a lot of you but still like reading and learning. We're retired and only have two debts - a mortgage that will be paid off in 14 months and 4 years remaining on a 0% deferred interest loan for a minisplit system we installed in our downstairs apartment. We'll likely have that loan paid off more than a year early.

My financial goals for this year are to finish the apartment renovations so our DD, DSIL and DGS can move in and not finance any of the work. Work still needed is to complete drywall repair, prime and paint, replace floor and window moldings, make bathroom more accessible and replace most of the flooring and some appliances. Lots still to do for sure.

For us the challenge is keeping that work, other home projects and travel within the budget we set to manage our income for both tax brackets and Medicare IRMAA. We also are planning to replace one of our cars (either the 2011 or 2013) in 2025 once the mortgage is paid off. We want to pay cash for that unless we get a good deal leasing or financing. Today's interest rates are ridiculous.

 

[WDW_fan_in_TX]

Problem is, we don't want 2 car payments. So if we take it to the Ford place and trade it in, we'll add on another payment. And that's what we're trying to avoid. We can barely make it with 1 car payment. And by the way, it's gotten an oil leak for the 2nd time in a month. In a different place. So another $1,200 in addition to what we just paid in December.

Any chance you can sell the car and buy something cheaper and at a much lower APR? At 26%, you'll end up paying for that car several times over and it'll be worth little in the end.

 

[Tygerlilly]

I'm attempting a no-spend for January. I'm currently in full purge mode because there's a lot of stuff in my house and it overwhelms me most days. Mostly clothing, but also just random junk with no real purpose?
I've noticed that moving into our home we have a lot of dead space since it's over twice as big as our rental was. And while it's good, it also feels cold and empty and not warm and homey feeling. I know it sort of contradicts the whole purge, but I want to find pieces from thrift stores and yard sales to furnish it. Mainly some wall art and decor. But since I'm thrifting and not just popping down to Target, I can be far more intentional when choosing items. Sometimes I feel like I walk into Target and just get "influenced" into everything. I'm giving myself $60 a month in my envelope for my finds, with excess rolling over. Outside of that planned expense, I want to keep spending to groceries, personal care items, and any expenses relating to the new side hustle (like buying a million pounds of rice and then containers to store it once dyed).

 

[bababear_50]

I added a few weeks to my Christmas time fund this week due to unexpected left over Christmas money.
so far 20/52 weeks done.
Unexpected Electric Fireplace repair is needed but it is not a main heat source so I am waiting until I save the money first.
(Which is so unlike me to not just put it on the credit card). lol.
I have some GICs maturing in a few months and plan to just roll them over again,,, no major home renos this year like the last 3 years.
I know I need to start an emergency fund going for home appliances.

Hugs Mel

 

[barkley]

We also are planning to replace one of our cars (either the 2011 or 2013) in 2025 once the mortgage is paid off. We want to pay cash for that unless we get a good deal leasing or financing. Today's interest rates are ridiculous.

when we purchased our last car we also planned on paying cash but when we went shopping we found that we could get a significant savings if we financed at least a minimum amount. we researched the terms and found there was no prepayment penalty. we also asked the dealership how much they would permit of a new car purchase be put on a credit card. we ended up putting the maximum amount they would permit on our no fee credit card that does 2% rewards and the rest on the financing. before either the credit card billed or the first payment came due on the financing we turned around and paid both in full. ended up netting savings via the rewards and the financing discount-win/win!

p.s. if you are a costco member check out their car buying program-no haggling over prices at dealerships and the lowest prices we could find.

 

[piccolopat]

when we purchased our last car we also planned on paying cash but when we went shopping we found that we could get a significant savings if we financed at least a minimum amount. we researched the terms and found there was no prepayment penalty. we also asked the dealership how much they would permit of a new car purchase be put on a credit card. we ended up putting the maximum amount they would permit on our no fee credit card that does 2% rewards and the rest on the financing. before either the credit card billed or the first payment came due on the financing we turned around and paid both in full. ended up netting savings via the rewards and the financing discount-win/win!

p.s. if you are a costco member check out their car buying program-no haggling over prices at dealerships and the lowest prices we could find.

Thanks!

 

[jen7233]

I'm attempting a no-spend for January. I'm currently in full purge mode because there's a lot of stuff in my house and it overwhelms me most days. Mostly clothing, but also just random junk with no real purpose?
I've noticed that moving into our home we have a lot of dead space since it's over twice as big as our rental was. And while it's good, it also feels cold and empty and not warm and homey feeling. I know it sort of contradicts the whole purge, but I want to find pieces from thrift stores and yard sales to furnish it. Mainly some wall art and decor. But since I'm thrifting and not just popping down to Target, I can be far more intentional when choosing items. Sometimes I feel like I walk into Target and just get "influenced" into everything. I'm giving myself $60 a month in my envelope for my finds, with excess rolling over. Outside of that planned expense, I want to keep spending to groceries, personal care items, and any expenses relating to the new side hustle (like buying a million pounds of rice and then containers to store it once dyed).

Moving is hard, nothing fits the same from one house to another so there is for me either purging, adding to, or both. Thankfully this is our last move after years of moving required for our work. Only other move would be in our area, downsized to a small under 1,000 sq ft single level place if it's just DH and I when we're much older. I didn't expect to retire here, we had in our mind Florida, but here we are. We did actually look in 2022 in FL when the mortgage rates were better worked with a realtor, but the home rates of what we were looking at were similar to our HCOL area, and we'd lose on our pay, schools are better here and kids were doing ok, so we stayed and decided to buy here rather than keep renting. I do wish we had bought before the 2020 craze here, but we didn't know what our decisions for the future would be at the time, if we'd accept another job transfer, retire, etc.

Anyway, curtains softened up the space in two upstairs rooms in my house adding over the blinds already in place. I had some space in ours I took a year to slowly fill, one of the purchases I need to pay off above is a full mattress and bedroom furniture.

 

[ruadisneyfan2]

After thinking about this one for a few days, I think I've come up with some attainable goals. Our problem Our problem has always been setting goals that are not obtainable then we end up quitting trying to attain them. So I've really thought about these for a few days.

Also, we've decided not to do a big trip this year. We've done Disney a bunch of times over the past 10 years, but we had a very bad experience at Disney World in December. So we decided to take a break. Plus, we want to try and get our finances in line (need to pay some things off and raise our credit score). Also, our 20th anniversary is 2025, and we'd like to go on a cruise or some special trip in summer of '25. So with all that, we've decided not to do Disney or any other trips this year.

2024 goals:
Credit Cards/Loans
Got 3 CCs ($1,500 total) and 1 loan ($800)
Pay off and quit using credit cards unless an emergency. Got 3 CCs with a total of about $1,500 ($300, $500, $700 lines of credit and all are near maxed out on crap purchases). We also have a loan my wife took out at one of these cash stores. It's got a 345% APR, so we feel we need to pay that one off first. But our goal is to stick to the Dave Ramsey plan and pay the 3 CCs off first since they're all lower monthly payments. We want to continue making our payments on the loan every 2 weeks until the loan is paid off (took out $800, will pay just over $2,500 by the time the loan is done).

Eating out
Cut down our eating out to 1 meal a week, usually a Thursday, Friday or Saturday night and then Sunday after church. We've done good at cutting those down and basically just eat out at breakfast (coffee and biscuit daily, which is only about $5/day).

Activity/Other
Walking - Try to walk the neighborhood 3x per week. I like to go on 15-20 minute walks around our neighborhood, and I'd like to do that 3x per week.
Reading - Read the bible nightly and have daily couples devotionals between DW and I.

345%!!

Ok, I'm always preaching about following DR's Baby Steps/Debt Snowball but this is very unusual circumstances. I think I'd have to attack this crazy high interest rate loan first. You say the loan is $800? That is doable in one year if you cut out the $5 breakfast. $5 doesn't sound like much but $5 x 365 (1 year) = $1825. Bam! There goes the loan! It requires more work and planning to have coffee and breakfast at home but very doable!

I pack breakfast and lunch every day for work. Lunch is usually leftovers from dinner and some fruit. Breakfast lately has been 2 packets of plain Quaker oatmeal. This has been huge in keeping my cholesterol down and I feel full until lunch time. I pack a week's worth of disposible paper cups and spoons in my work bag so it's not a daily chore to stock my bag and I can just add hot water once I get to work and eat on the go.

As for eating out, I don't know what your old routine was so maybe this is an amazing cut back from where you were. Also, I am very fortunate to have a husband who likes to cook and doesn't mind it and doesn't feel like he needs a break very often, so we are probably atypical. We go out to eat maybe once every 2-3 months and always on our birthdays and anniversary. We weren't always this way though. When our kids were little and very busy each night with activities and homework, we'd order pizza every Friday night to have a break (cuz "we deserve it.") So take Baby Steps for sure. If you cut back extremely/suddenly and start feeling deprived, you might be tempted to splurge elsewhere or feel defeated and give up. Just know the more you spend on other wants, the less you have to apply toward debt and the longer it will take to get out of it.

If you need some inspiration along the way, DO THE MATH. It always sounds like small bits here and there but when you multiply a weekly thing x 52, and see how much it's costing per year, you get a good sense of what kind of progress you could be making.

The other thing about feeling deprived, remember this is temporary until your debt is paid off. Usually as part of the pay off process, a budget is created so you see where each $ goes. Once you have $0 debt, you can adjust your budget to include some of things you enjoyed before. Part of that budget planning is funding for future issues like car repairs so when these things happen, yes is sucks, but you no longer have that financial panic over how to pay for things.

Good luck!! You got this!!