12/17/17 Debt Reduction and/or Savings Challenge! - Page 3
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  1. #31
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    Quote Originally Posted by AllyG47 View Post
    I made a ton of goals for 2016 and didn't accomplish any of them. I made progress on some of them but didn't follow through. In August, my parents invited me to come with them on a cruise to the Panama Canal in December. They said I would have to pay for my own cruise fare and we would split the other costs. The Panama Canal is on my bucket list so I said YES! We just got back last week. It was an expensive trip, especially considering I had to pay a sitter to watch my dog during the 3 weeks I was gone, but it was a good experience and I'm glad I went. Now that it's over, I need to buckle down, pay down some debt and save for a new house and/or car. My parents are already talking about a cruise for 2018 to Alaska and they want me, my brother, sis-in-law and nephew to come along. I'd like to start saving for that but it isn't going to be a big priority. Here are my 7 goals for 2017:

    Save $1,000 in an Emergency Fund
    Pay off 2 of my 8 student loans
    Save $25,000 for a house (around here, I can purchase a decent fixer upper for around $20-30,000)
    Increase income by $1,000 a month - I own a business and am working on increasing the profits.
    Start saving for a used car
    Start saving for Alaska cruise
    Research and open a retirement account

    Bonus Goal: Start donating to charity each month ($30-50 a month)
    I am curious if you have read Dave Ramsey's book The Total Money Makeover or Dr. Henry Cloud's book Boundaries?

  2. #32
    Registered User larabelle's Avatar
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    Goal was to spend $0 on Christmas...GOAL MET!!
    I decided against mailing out cards and instead to send via email.
    I made Christmas goodies from food on hand.
    For gifts I went around the house and garage and gave to persons according to their interest. Yes people loved their gifts! No it was not junk...but stuff they can use.
    Blessed and Highly Favored!!!!
    From $78K in debt to debt free and purchased a house and used car with 100% cash...God is sooo Good!!!

    Goals:
    New to me vehicle

  3. #33
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    We spent quite a bit again-cash. I payed deploying Ds's CC bill and bought DD warm clothes as she is searching like mad for a job and needs rent money. We replaced household items like silverware,spoons for soup,all new cookie sheets. I got Dh stuff to help him work-head phones for travel and noise canceling for working at home,a new wheely suitcase that is regulation for overhead,and warm sweaters cuz the heats going down. I got myself new jeans,2 flannel jackets and new gloves because I gave DD mine.
    BUT no decorating,no cookies,no Christmas meal,no cards sent and stamps wasted. Dh wanted to wrap so we did? I did go shopping after Christmas,or buy any alcohol,visit relatives,exchange gifts w/ friends. No pictures,Christmas outfits,special hair cuts,Mcdonalds and a Big Boy classic were the indulges. Didnt miss any of it.

    Dh's bday is coming fast. All the meals/cake are going to be home made. I want to put away $40,000 this year for retirement. We are behind,way behind.

    This years savings plan-redefining need.

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  5. #34
    Registered User Cricketlegs's Avatar
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    Another $25 came in from my business so I shot it at that little cc. New balance is around $215.

    It ALL counts.

    I really would like it gone this January. Other debts are calling and savings is yelling!

  6. #35
    Registered User jettsmom's Avatar
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    I don't have all my numbers together yet. We have a lot of debt to pay off. Most of it is old stuff, where the accounts have been closed for several years. We're making progress, but very slowly. We are in the process of refinancing our home. No we didn't listen to Dave, and went with a 30 year. That will give us $200/month extra. We really don't have anything extra to throw at debt otherwise. This will help us a lot. Dh works a lot of overtime and we've decided that we are living on a normal paycheck and using the overtime pay to pay down the debt. This is the year we get really, really serious about debt. We did pretty good last year. I did pay off 3 small bills and will pay the dentist today. Last time I looked at it, we should be able to pay off at least 4 of our bills this year. It's slow, but we'll get there. We are working on a 5-6 year plan. We hope to be completely debt free and ready to move.

  7. #36
    Registered User MsMarieH's Avatar
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    I am in year three of a three year paydown of my debt. I started with about $80K in debt and I have paid down roughly 2/3 of that, so I fully expect 2017 to be the year I finish this off.

    Along the way of paying down the debt in the last two years, we have also acquired (and totally paid for) a new furnace, air conditioner, shed roof, patio set, vet bills, etc. as well as an amazing Alaskan cruise. In addition circumstances required that we unexpectedly replace both our vehicles last year. That debt is included in what I am paying off, although I have scheduled the payoff of my car for this Friday.

    This year I expect to do more of the same: pay down debt, do house projects, and have experiences. I am seeking balance in my life, so I'm not doing it strictly by the Dave Ramsey method, but I'm definitely making a lot of progress.

    I have $31,725.47 to pay off and it will be 100% gone by December 31! Hoo-yah!
    2020 Pay Off Debt Challenge: $25,675.45/$25,676.45 (Goal COMPLETED: Pay Off By 12/30/2020)

  8. #37
    Registered User larabelle's Avatar
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    End of month summary...I am continue to chug along...happy with progress this month but want to do better next month ...
    Happy New Years everyone!!! Lets make it a frugal/pay down debt/bring up savings year!
    Blessed and Highly Favored!!!!
    From $78K in debt to debt free and purchased a house and used car with 100% cash...God is sooo Good!!!

    Goals:
    New to me vehicle

  9. #38
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    I am in, also. My husband and I are working on our budget and plan right now. We currently have about 45,000 in debt and are renting. Our goal is to be able to be out of debt and able to purchase a house in 3-4 years. It sounds lofty right now, but I am hoping once we truly look at the numbers it will seem a little more possible. I'll post more after we get the details ironed out.

  10. #39
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    December was a 3 paycheck month. The January $3,000 has been transferred to the savings account. 1 down 11 to go......

    Set aside $3,800 to go towards latest IRS audit. Won't know the amount until February.

    January payments were posted - $591.36 paid on principal.
    2020 Goals:
    Pay off Ohio House - PAID OFF!! March 2020
    Save for whole house generator - $0/$15,000 (Guess amount, no quote)
    Fully Fund all Retirement Accounts & HSA - $12,500/$43,000
    Save for fruit trees - $0/$2,000 (by December)
    Survive Outage - 6-12s for 3-6 months.....love the pay, hate the hours
    Save for pond....now a 2022 goal

  11. #40
    Registered User Raiquee's Avatar
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    We put another $100 to furnace. I also put $301 towards CC..#5 I believe. I forget which one is the one in my debt signature. All this is catching up, not snow balling just yet.
    Step 2
    Will update this when I have time

    Food grown for my family so far: 37lbs 1 oz!

  12. #41
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    got the last pay of the year yesterday. paid the CC,put $200 in groc.,paid the registration on the car,DH bought gas and I put $1300. in the bank. We wont get paid next fri. so it will be tight. Most likely have to get i nto the $1300. but better than any debt.

  13. #42
    Registered User MsMarieH's Avatar
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    December was a three/five paycheck month for us too. I put the extra towards debt and got my car paid off on Friday, as well as paid down $500 on the credit card (already reflected in the numbers of my earlier post). Woo hoo!!!

    I've got my payment on my personal loan going through on the 4th (not reflected on numbers before).

    I paid my mortgage out of last Friday's check too, which means we are currently running a paycheck ahead with monthly bills. Let's see if we can't get that to stick!

    I am super focused on knocking off every last one of these debts!!!
    2020 Pay Off Debt Challenge: $25,675.45/$25,676.45 (Goal COMPLETED: Pay Off By 12/30/2020)

  14. #43
    Registered User Cricketlegs's Avatar
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    Made another $25 on that small card but did not have any extra for savings....I need to figure that out.

    Less than $200 on that card! Hope to get rid of it in February and snowball on.

  15. #44
    Registered User MsMarieH's Avatar
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    I went ahead and scheduled a second payment on my personal loan for 1/9 plus I moved up the payment on the car to this Friday.

    I am taking ACTION on paying off this debt in 2017!
    2020 Pay Off Debt Challenge: $25,675.45/$25,676.45 (Goal COMPLETED: Pay Off By 12/30/2020)

  16. #45
    Registered User Cricketlegs's Avatar
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    I made a miscalculation. CC at just over $200. Blah! Ill add a small payment next week. Chipping away, chipping away.

    $40 added to savings

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