12/25/18 Debt reduction/money planning thread - Page 3
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  1. #31
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    almost half way through the year. How is everyone doing on their goals. I find I stick more to them if I can see them in writing rather than just verbally saying what I want to accomplish.

    I was able to add another chunk to DH's Roth, ( since I finally figured out how to do it which had changed from last year) Now that I know, this will get done a lot faster.

  2. #32
    Registered User MsMarieH's Avatar
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    Time for an update, since the year is almost half over.

    I've paid off about 1/3 of my windows debt, so spring 2019 is looking more likely than Dec. 2018, but that's ok.

    I had quit my day job in October to work on my side gig full time. It's been going great. I am already well over halfway to my goal for my annual income amount, and that's with barely working January/February as I worked at my mother-in-law's house after she had surgery AND a weeklong trip to London (work related) and a weeklong trip to Hawaii (vacation; put on credit card at various points and paid off each time before interest kicked in).

    The only real debt I have at this time is the windows ($21K left of original $30K), a small credit card expenditure for a new tablet for hubby this weekend ($1K, will pay before interest kicks in on Aug. 13), and my mortgage. However, I have several trips coming up (Austin, Asheville, Orlando) and hubby has decided to go back to school for his Masters, so will need money for tuition (which will eventually be reimbursed 75% by his company).

    I continue working on my plan of doubling my income while cutting my hours in half. So far, I have pretty much cut my hours in half and increased my annual income by about 30%, so I am well on my way to my goal. I haven't even started some of the new revenue projects I have in mind. So many ideas, so little time and focus to implement them all. LOL

    I am really working to craft a particular lifestyle for myself... One where I can work when I want to, take time off when I want to, work on house projects if I wish, and generally just relax and enjoy life. I have been enjoying summer so much already.

    However, that doesn't mean I am not still also focused on debt reduction, since one of the key elements of a peaceful life, in my opinion, is relieving yourself of debt so that your primary concern in life doesn't have to be financial and "staying above water".

    Hope everyone is doing well!
    2020 Pay Off Debt Challenge: $25,675.45/$25,676.45 (Goal COMPLETED: Pay Off By 12/30/2020)

  3. #33
    Registered User AllyG47's Avatar
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    I think it's time for me to post an update. Wow, are finances difficult and stressful. I've done extremely well at not spending any extra money these last two months. The only big thing I purchased was flea/tick medicine for my dog which ended up being almost $400. There are so many things I wanted to buy but didn't. I'm proud of myself but, at the same time, a little depressed that I don't have any extra spending money. I need new clothes but can't afford to buy them, plus I don't want to buy anything until I get my 12/25/18 goals accomplished. Speaking of goals, here are how my 12/25/18 goals are going:

    Goal #1: Pay Off My Line of Credit - This is nearly complete. I started at $1700 and I've paid down $1300. The last $500 will be paid off after one of my clients pays me for work I completed for him. He said to expect the check within 4-6 weeks and that was last week. I just hope it gets here before August 1, otherwise, I'll have to dip into my tax fund to pay off the line of credit and then replenish the tax fund once I get the check - no big deal but annoying.

    Goal #2: Save $1,000 Emergency Fund - This is not going well. I just have so much stuff I need to buy or spend money on that I don't have any extra $$ to put into the emergency fund. Buying a fixer upper drains every single extra penny. I know that an Emergency Fund is extremely important though so I need to make this a priority. After I get Goal #1 and part of Goal #6 complete (down payment to reserve a pet sitter for January), I'll focus all my money on getting this done.

    Goal #3: Fence Fund - Done! I got the fence built in May and it is holding up great. I love having privacy from the neighbors and my dog loves being able to run free in the yard.

    Goal #4: Remodel Bathroom $4,000 - I won a $100 gift card to Overstock a few weeks ago so I used it to buy one of the two faucets I need for my bathroom remodel. I got the plaster walls torn down to the studs, the old cast-iron tub removed and the old underlayment torn up. In the next few days, I'm going to take out the rotten plywood subfloor that was under the old toilet and I'm going to replace it with new plywood. I'm thinking it will cost between $50-100. I also found that the bathroom slopes down over an inch towards the south side of the house. I'll need to use self-leveling cement to level it out which is going to be expensive but at least I won't have to buy cement board for the floor (which is also expensive). I'm thinking that will cost a few hundred dollars. My dad wants my bathroom floor done by October. Well, at least get the leveling done and the plumbing installed. My dad also wants me to get my master bathroom remodeled and at least have the shower done by October (the bathroom is over the garage and he's worried about pipes freezing) but there's no way I can afford to remodel two bathrooms at the same time. It's not happening. I'd like to at least get $400-500 saved by August so I can get the new plywood installed, get the floor leveled and get my tub installed (if you remember, I purchased a new tub in may and it's been sitting in the middle of the dining room ever since).

    Goal #5: Pay Off $5000 in Student Loans - Haha, not happening. I'm making the minimum monthly payments right now and that's it. If I get all my other goals complete, then I'll work on this but for now, it's on the back burner.

    Goal #6: Save $3,087 for a cruise in January - This is a newer goal but I desperately need a vacation. My parents paid off the cruise so I need to pay them back - $1400. I'll need $500 to reserve the pet sitter for two weeks and then the rest of the money is for souvenirs, drinks, admission fee for tours, hotel room, etc. My main objective right now is to get the pet sitter reserved. After I do that, I can breathe a little bit easier since my parents don't need to be paid back right away and the other stuff is just extra money that I would like to have for vacation but don't absolutely need (except for the drinking money - I need the expensive foofoo drinks! )

    Game Plan: I've gotten extremely lazy the last few weeks. Instead of working towards making extra money by doing things like surveys or selling stuff on eBay (or even working on my business), I've been finding other things to do like working on my bathroom, tearing down the old deck in the backyard or helping my parents remodel their apartment. I need to come up with some clear goals to work towards for this month to help motivate me to make that extra money. I may also need a fun little goal like $50 for new jeans or $25 for that cute polka dot umbrella I saw at the store or even something fun for my new bathroom (if I ever get it done). I think for the rest of July and August, I'm going to focus on getting $500 to reserve the pet sitter, getting $150 for the dentist appointment I have at the end of August, $300 for the bathroom floor, $500 for the emergency fund and $50 for new clothes. That's a total of $1500 extra I'll need to come up with which I think is totally possible if I hustle.
    2018 Financial Goals:

    Emergency Fund: $0.87/$1,000
    Line of Credit: $1700/$1700 - Done!
    Fence Fund: $1,900/$1,900 - Done!
    Bathroom Fund: $100/$4,000
    Student Loans: $430.76/$15,000
    Cruise: $0/$3,087

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  5. #34
    Registered User MsMarieH's Avatar
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    I have a LOT of money going out the door in the next six weeks. I need to really stay focused. Yikes, it sure feels like everything hits at once sometimes!

    But I am still focused on paying down my windows even as I come up with other money for the rest of the expenses.

    I'm sure it will all work out somehow. Worse case scenario, I will have to pay some money in interest for a few months.
    2020 Pay Off Debt Challenge: $25,675.45/$25,676.45 (Goal COMPLETED: Pay Off By 12/30/2020)

  6. #35
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    Down to only needing to put $1000 into DH's Roth account. have added 1 new piano student with the possibility of another one. have built up the saving acct by $1000. Slowly but surely getting there. How is every one else doing?

  7. #36
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    We had a bit of a set back around Easter, when DH decided to buy a car. It has been an on and off discussion for 2-3 years, but we have made do with our one electric car for a long time. But this spring, he was so tired of charging every 100 km, that it turned from a want to a need. We paid for it in cash, and wiped out a lot of our savings. And seeing all that money go made me loose motivation for a few months. In addition, we had a long and nice summer holiday, that lowered the savings in June-August, and we recently got a $3000 tax bill. On the plus side, we have signed a contract for the house renovations, estimating a total cost of $32 000. DH will also be doing some work in the basement and indoors, so we are setting aside $35 000.

    Until now, we have been using the snowball method, focusing on one goal at a time. But to get back into the game, I've set up automatic transfers of $200/month to the student loan, and $300/month to an index fund for long term savings/pension. We don't really have a savings goal for this money yet.

    (The numbers are not entirely comparable to earlier in the thread, since I've changed the currency conversion rate to something that is easier to calculate on the fly).

    Status mid August:
    Slush fund: $2 500 (done)
    Student loan #1: $9 000 (done)
    House renovation: $35 000 (done)
    Full size EF: $ 4 300 ($8 200 left)
    Student loan #2: $5 900 ($21 100 left)
    Mortgage main part: 0 ($115 000 left)
    Mortgage rest: 0 ($50 000 left)
    Index fund: $3200
    Total paid/saved: $214 900
    Total goal: $304 900
    To do: $90 000

  8. #37
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    down to needing to put in only $500 for DH's Roth. That will be completed before the end of this month. picked up a few mending jobs so this week will focus on getting those things done, and canning pears. My pear tree has exploded. so doing things with pears is on the horizon too. How is everyone else doing? Sending Good Luck to everyone!

  9. #38
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    WAhoo! Got DH's Roth fully funded for the year. yes yes yes!!!. Now on to still refill the savings account more than what it is. How is everyone else doing on their goals for the year! Down to the last quarter of the year.

  10. #39
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    Moving the right direction, but rather slowly. Paid half the tax bill this month, which took a fair bit of our cash flow. Also, there were some semi annual bills, like milk and fruit for school, and swimming lessons for kid#2.I'm not sure how October will be, but I'm guessing around the same results. I'm planning to take a few days off next week with kid#1, and drive around southern Sweden. She needs some new clothes, and we should be able to get those cheaper across the border. But the main objective will be for us two to spend some time together.

    We haven't heard from the carpenters in a while. They were talking about October/November as a time estimate for when they were going to get the renovations done, but I suspect it might stretch a while longer. DH will start calling them next week to get some traction. We did buy three windows for the basement this month. DH has been thinking about putting them in himself, but we will probably have to hire people to cut the holes in the concrete foundation. If everything goes to plan, we can get the municipality to approve two more bedrooms, or about 50 m2 (~500 square feet) more "livable space". That could add as much as $0k to the house value. The main renovation will not add value per se, except that very few people will want to buy it in the present shape with rotten windows and the siding falling apart.
    Total paid/saved: $214 900
    Total goal: $304 900
    To do: $90 000

  11. #40
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    I have had my student loans on auto pay for several years and decided to check on them today. When I did I saw 2 things that have motivated me to get back on the paying off debt wagon. 1 - They raised my interest rates 2% and 2 - I don't have much further to go!! So instead of paying extra on the house I paid it on the Student loans today and the normal payment will still come out on the 15th of the month.

    Final result:
    -Paid off 1 Student loan of $771.xx
    -Paid $79.36 on my second (and final) student loan. Remaining balance is $2121.xx I told DH I'm paying it off next month even if it means taking $ out of savings. I want this done!!!
    - We bought a washer/dryer last month and it was supposed to be 18 months same as cash. When I checked the CC today it was only 6 months same as cash. I'm going to pay the minimum payment of $27 for the next 5 months and then pay it off.
    - I made a plan to have the Ohio house paid off by December of 2019.

    I really need to keep motivated on this one!

  12. #41
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    down to 2 months left in the year! How is everyone doing with their goals? Feeling fantastic here. My goals were to get my Ira's fully funded for the year and also get extra paid on the mortgage to get it gone in 5 years. Started out the year with 9 years left on the mortgage. We are now down to 7 yrs 5 months left. I added getting our savings account up since we had to use some of the money in there and we are well on the way to having that back up to where I feel more comfortable. So I am thinking on my goals for next year. What!!!!! Already!!!!! Yes because I want to start the new year with a bang. We are currently awaiting to hear on DH's job. ( he works for a contract at a location quite near our home. And the gov't awarded the contract to a new company, so going through the job interview stuff right now so he can maintain where he works. he really doesn't want to add a commute to his day) Wishing all positive thoughts and good luck for the last 2 months of the year. go forward, and look back to see how far you have come!!!!!

  13. #42
    Registered User AllyG47's Avatar
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    My 12/25/2018 goals are not going well. My dog needed to go to the vet 4 times this month for an ear infection which cost $100 each time for a total of $400. I also decided that too old to rely on my parents so I told my parents that I'll be paying for my own groceries from now on. I didn't realize how expensive food is. I'd like to lose some weight and eat healthier so I'm trying to stick to a grocery budget of $50 per week or $200 per month (less would be better). An extra $200 a month in groceries has pretty much wiped out any extra money I have at the end of the month. Plus, my business isn't doing very good as far as sales go so my income has been pretty much cut in half the last few months.

    All of that to say that I've been in the red the last 3 months. Whatever I had in my emergency fund is gone and I'm starting to take money out of my tax savings account (which I use to pay taxes in April). I'm going to hope that I can find some good tax deductions. Anyways, I have some business expenses coming up at the end of November (renewing my LLC, renewing mail forwarding service, renewing domain names, etc) that equal $500 which I might have to use my PayPal Credit to pay since I don't have any extra money this month. Ugh! This sucks!!

    Regarding the vacation I have planned for January. I really wish I could cancel it but my mom already paid for it. My parents will have to pay for my drinks, food, excursions & hotel and then I'll just pay them back whenever my business starts picking up steam again (I seriously think the US economy is heading for a recession though so I doubt my business will pick back up any time soon). I hate owing my parents money but I don't know how I would come up with the money in the next 2 months.

    I also forgot about Christmas. I hope my family and friends won't mind getting stuff I find around the house as gifts.

    I think I'm going to spend the next day or two trying to finding whatever I can to sell on eBay. I have some DVDs that are still in their packaging that could make me $30 or so and my mom gave me a bunch of Christmas collectibles that she didn't want anymore. If I could make $500 from selling stuff and doing surveys, at least I won't have to go into debt to pay for my business expenses.

    Sorry for the rambling, negative post. I just wanted to provide an update, even if it wasn't so great.
    2018 Financial Goals:

    Emergency Fund: $0.87/$1,000
    Line of Credit: $1700/$1700 - Done!
    Fence Fund: $1,900/$1,900 - Done!
    Bathroom Fund: $100/$4,000
    Student Loans: $430.76/$15,000
    Cruise: $0/$3,087

  14. #43
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    I'm sorry you are having problems, Ally. Hope the business starts going better again. Do you have a good marketing strategy?

    We are moving in the right direction, but slowly. Hopefully November will be better; I got a nice pay raise, and we are done paying the tax bill. We decided to hire people to cut holes for the windows in the basement, since the concrete is really thick. That bill will be due this month. Now we only need to update the smoke alarms, and then we can get the municipality to approve two more bedrooms for the house. That should bring in $10-20 000 increased value when we sell.

    We are having a lot of discussions about the future right now. I don't see myself living in this town for the rest of my life, but we need to stay here until the kids are done with junior high. After that, we might move to a larger city with better high schools and job opportunities (and where I can see the sea). I would like to take a year off to live and work in some other part of the world, like New Zealand or Canada, while DH is a bit reluctant to "move around the world for no reason". We have four more years to discuss this, so we will probably reach an agreement in the end

    In total, I think we'll end the year quite close to where we started, but with a slightly improved house, and a new-to-us car paid for in cash. Not quite what I was aiming for, but not horrible either.
    Total paid/saved: $214 900
    Total goal: $304 900
    To do: $90 000

  15. #44
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    Ally - I hope thing turn around for you real soon!

    Student loans are paid off!!!!

    I paid $1,452 off on the Ohio House. $18,641.94 to go......

  16. #45
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    near the end of November. How is every one doing on their goals? my DH ended up having to find a new job. long story that I won't go into details here. Results are in, he has a new job and only off from last one for about a week. This is the first time we had a quick turn around for another job. I will finish off this year with a bang, adding some extra to the savings and to our mortgage. And planning for my next year's goals too. I know we will be adding a new to him commuter vehicle so that will be in the plans for next year too. Onward we go!!!!

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