12/16/16 Debt reduction -savings thread - Page 3
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  1. #31
    Registered User KimB's Avatar
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    Paid $140 towards loan principal after regular payment made. Used overtime pay and money saved past 15 days on no junk food or soda or eating at work. Also a while back our respite client parents gave us Badger football tickets for Christmas gift. I had to work so mine was sold to dh's friend for $80. I decided to add this as well. Added a little extra so the balance came out an even number

  2. #32
    Registered User AllyG47's Avatar
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    I have a 7-night Caribbean cruise coming up in March that I need to save every penny for so I probably won't start any savings goals until then but here are my 6 goals for 12/16/16:

    -Increase my income to at least $2,500 a month. I work from home and publish reviews and informational articles on a few websites that I own. I get paid from the advertising and the affiliate links. I plan on increasing my income by publishing more posts on my websites. I will write some of the posts myself and then pay others to write some of the posts for me. I hate the idea of spending money on writers but I don't have the time or energy to write all the posts myself. I would like to have at least 100 articles, 800 words each, posted on each of my websites by the end of June, I own 15 websites so that would be 1,500 articles. Unfortunately, I may have to use my line of credit to get these articles written. I should be able to pay off the line of credit within a few months after the articles are published online. As the saying goes, "you have to spend money to make money".

    -File and pay my taxes by April 15 and then figure out how to pay quarterly estimated taxes. Take the estimated taxes out of every paycheck (I get paid once a month) and put the money into a savings account dedicated just for taxes. Then use that account to pay my taxes quarterly.

    -Invest 25% of every paycheck back into my business. This is so I won't have to use a line of credit in the future when I need articles written or if I decide to start a new website/business model (I would love to try selling private label products on Amazon but the initial investment is very high).

    -Save up at least $2,000 and buy a new-to-me car. I might need more than $2k for a decent car, especially since I would like a small SUV, but $2k should be a good starting point. I currently don't have a car and, although I don't leave the house very often, it sucks trying to find a ride when I need to go somewhere.

    -Save up at least $1k for an emergency fund.

    -Figure out my expenses for the next year (taxes, insurance on new car, vet bills for my beagle, flea and tick medicine for my beagle, Christmas gifts, birthday gifts, etc) and start a sinking fund.

    -Pay off one of my student loans. I have approximately $35,000 in student loan debt - broken up into 7 different loans. The loan with the lowest balance is around $1,500. I should be able to get that loan paid off by 12/16/16.

  3. #33
    Registered User qsaver704's Avatar
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    Got my first Christmas present...and unexpected $10. It isn't much, but it is the beginning of a Disney payment! Also, it looks like two utility bills are about $60 lower that I budgeted! If I get Disney gift cards from Sam's Club I can get $300 worth of gift cards for $285, saving an additional $15, so that is my first goal: $285!

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  5. #34
    Registered User KimB's Avatar
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    Payday yesterday-$100 of overtime pay to loan principal-also continue to spend less not buying soda and drinking tap water. When we are on the road and dh fills with gas, I stay in the car, if I go into the station/store I get tempted with snacks. I bring my own water bottle and something to snack on from home, lately it has been gifted treats from friends. Saving $2 most work days by bringing my own food from home. Keeping house slightly cooler and dressing warmer at home, it makes for better sleep as well. Letting dh do most of the grocery shopping, he works part time in one and he sees the good deals when stocking the shelves. (His only downfall is potato chips). He looks at the competitor sale flyers and knows the best deals. If they are at the store in the town I work he has me pick the item up. Little changes and planning can make a big difference in saving.

  6. #35
    Registered User AspiringToBeFrugal's Avatar
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    My goal is to pay off my car. Only about $5,600 to go after I make my first-of-the-month payment! My second goal is to build up my baby emergency fund.

  7. #36
    TDN
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    I have decided not to be in this challenge. I wish you all the best though!

  8. #37
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    I'm in!

    Right now are finances are pretty extreme - we're struggling to pay all of the bills. So the first goal, while not very concrete, is to up our income. My husband is on the hunt for a better job with more hours, he's partway through the registration process with Uber, and I'm hunting for something part time to fit in around kids and school.

    This last year we improved significantly on controlling where and how our money goes out, so I'm looking forward to an even better year!

  9. #38
    Registered User Ayanka's Avatar
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    Welcome in Batsheva, we will be delighted to see your progress.

    It is ok TDN, thanks for wishing us the best.

  10. #39
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    I think I will be focusing on our vehicle loan. If it goes as planned will have it wiped out by the end of the year. Here is to focusing on that!!!

  11. #40
    Registered User EmilyD's Avatar
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    I have 2 bills, will begin the small one and then snow ball.
    EmilyD

    Change/Piggy Bank Jar Challenge (I use it for my clothes allowance)
    All silver change into piggy for 1 year (Oct 2019) (Will turn in today 1/3)
    Household savings account $200.00 monthly, current bal. $900.00
    My savings: current bal. 10.00
    Pay extra on mortgage/loan/auto $50.00 @ monthly


    Projects for 2020:
    # 1 New front porch
    Major declutter house
    Major declutter garage

    2020 Stash Management
    2020 Frugal Challenge
    2020 House Purge / Declutter Challenge
    2020 Meal Planning Challenge
    2020 Grocery Budget Challenge $250.00 monthly

  12. #41
    Registered User KimB's Avatar
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    added extra $60 to regular monthly payment. Took some from dh referee check and part from respite client staying extra day this next week.

  13. #42
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    2015 was a good year in that we had enough in our EF to cover a few large unexpected expenses. We did however incur a bit of debt when we had to buy a new fridge to replace our 5 year old fridge that completely died and could not be fixed! I'm also trying to save save save because dh's truck needs a new engine and he wants it fixed. I want it fixed with cash so it's a big priority on his to do list!

  14. #43
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    Two days later and I'm not sure if this counts as progress but I still want to post.

    I'm visiting family out on the middle of nowhere with barely any internet so I haven't made any moves towards the resume updating and job searching for myself or my husband. My husband is at home and was supposed to submit more Uber paperwork but I don't know if he's done it or not. :-/

    On a good note though, because it's the end of the year and his work is super busy right now he has 45 hours this week. Normally he's lucky to get 35. That will help a ton! Also, the kids and I are going home tonight which means tomorrow I can start sorting through gifts. We get a ton and normally I donate about 2/3rds of it, but this year I have decided to put the extra on Craigslist. Not to be rude about receiving gifts, but we are more minimalist and they always give us lots of things we don't need (or want). We shall see how that turns out...

    I mostly wanted to post that I'm glad I posted. It made those to-dos I listed not just something on my list but something I'm even more anxious to get done. A little extra accountability I suppose.

    Hope everyone has a happy and safe New Year's Eve!!

  15. #44
    Registered User Ayanka's Avatar
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    Batsheva, if it is a yearly occuring event, would it be possible to ask for gift cards next year, at least from the people closest to you?

  16. #45
    Registered User MsMarieH's Avatar
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    I'm in!!! My goal is to pay down at least $25K of debt in 2016 and to be debt free by December 2017 (excluding mortgage related).
    2020 Pay Off Debt Challenge: $25,675.45/$25,676.45 (Goal COMPLETED: Pay Off By 12/30/2020)

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