12/25/18 Debt reduction/money planning thread
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  1. #1
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    Default 12/25/18 Debt reduction/money planning thread

    Thanks for the encouragement to start the new thread for the next year. I have no idea how to sticky it to the top however. My goals for this next year are quite lofty.
    while continuing to add to our IRA and Roth IRA to fully fund them, and continue adding to our savings the one lofty part I am adding is to pay off our mortgage in 5 years. We are down to less than 83000 on the house and we want it gone. ( DH wants me to stop adding to our retirement funds and focus all that money to the loan to have it gone, I do not feel comfortable doing that though but will add more to pay it off) We do have medical bills that will be paid off this next year too thrown in the mix as well. they are just starting to come in from DH's surgery.
    Lets go 2018 and may you have great and wonderful results for your own financial goals for this next year!

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    I love these threads, they really keep the motivation up. We set goals totaling almost $350 000 in 2016. During the first year we reached 30k, the second we went from 30k to 90k. I doubt we will be able to double our savings rate every year, but we should be able to keep it up, and be completely debt free within 3-4 years!

    Right now, this is our status:
    Slush fund: $3 300 (done)
    Student loan #1: $12 000 (done)
    House renovation: $70 000 (done)
    Full size EF: 0 ($13 300)
    Student loan #2: $6 000 ($30 000 left)
    Mortgage main part: 0 ($130 000)
    Mortgage rest: 0 ($90 000)

    Total paid/saved: $91 300
    Total goal: $354 600
    To do: $263 300

    The goal for 2018 is to get the renovations done, get rid of the last student loan, reach the full size emergency fund, and start chipping away on the mortgage. Until the renovations are done, we will be piling up cash in the HELOC account. That saves us a loan interest of 2.4%, compared to 1.45% if we store it in a regular savings account. It doesn't sound like much, but storing the house renovation savings in the HELOC is already saving us over $100/month.
    Total paid/saved: $214 900
    Total goal: $304 900
    To do: $90 000

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    Moderator ladytoysdream's Avatar
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    I just did a stcky for you. My first
    I hope I did it right.

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    Thank you for sticking this to the top. Too cold for me to even want to venture out. So haven't hit any of the after Christmas sales. That is a big plus in my books.

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    Registered User MsMarieH's Avatar
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    I'm in for the year!

    I have $29,000 worth of debt to pay off (all new windows/doors) and I have set a goal for myself to pay it off by December 31, 2018. That may prove challenging due to some upcoming travel, but I'm planning to go for it.
    2020 Pay Off Debt Challenge: $25,675.45/$25,676.45 (Goal COMPLETED: Pay Off By 12/30/2020)

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    I found a mortgage calculator on line that I played around with for a bit. Just doing what we are already doing and not adding any more to the mortgage than what I already am will have it paid off in about 6 years. That was quite an eye opener. It gives me more motivation. I want that sucker gone. So hopefully I can get my act together and get it gone in the 5 years ( or sooner) that I plan. that said, just waiting for the first bills of January to hit so I can get them paid and know what I can throw at the medical and the mortgage and the IRA'a.

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    2018 money goals........

    Save for a house $35k. I'm starting 2018 with $3,843.63.
    Save $5k for my daughters wedding. I'll be the only parent helping them and they are keeping it small. I just bought her dress over Christmas.
    Complete 2017 Roth Contributions - $4,000
    2018 Roth - $12,000 (Automatic withdraw)
    401k - $18,000 (Automatic from paycheck)
    HSA - $6,900 (Automatic from paycheck)

    Stretch goals:
    Pay off Ohio Mortgage $22,069.97 (5% interest)
    Pay off Student loans $3,637.08 (2.2% interest)
    Pay off medical Bill $1500 (0% interest)

    I always dream big but that's better than no dream at all

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    Registered User MrsOcean's Avatar
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    Default Don't wait till you are 60 to 'wake up'!!

    I am a (very) late bloomer to the Dave Ramsey way of life. Hubby & I turned 60 in 2017 and the light bulb went off..... WHAT?!?! We're SIXTY?? ((HOW did THAT happen?!?!?!) SO I have been watching Dave Ramsey videos on YouTube for the past few months and am on the band wagon FULL FORCE! Nothing gets you going like a few Debt Free Screams!! HA. We're not in tons of debt, but we are in about $4,000 deep. Both of our vehicles are paid for (both are 10 yrs old and still going strong. Plan on keeping them till they die.) Eight years ago, we moved in with my elderly mom to help take care of her and her house, so we don't have a house payment nor rent (and that helps a LOT). She is still in relatively good health at 83 (her family all lived well into their 90's), but was afraid of falling or something happening and no one here to help her. Then one day we just woke up & realizing that we have turned a major page in our life when we turned 60 a few months ago... Realizing that we have no savings and nothing in retirement. We were just happy cruising along living life one day at a time....
    We're not going 'gazelle' intent, but we are cutting out a LOT of excess spending and trying to get our starter emergency fund up and going and then jump into the baby steps. I'm giving all of you a truthful warning... DON'T WAIT TILL YOU ARE 60!! I kick myself in the butt DAILY for not doing anything about retirement loooong ago!! But I know I'm not the only one in this boat.
    Last edited by MrsOcean; 01-06-2018 at 11:57 AM.

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    looks like I have picked up a couple more piano students. They will start in February. This will help a lot. will be working on our budget and bills this week and hopefully some of my lofty goals will have pennies or more toward them.

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    1 week ago I added $1500 to the house/property fund.

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    I have managed to pay off one of Dh's medical bills. Put a little on 2 others too. Slow going, but the saying goes, slow and steady wins the race. This is a race I am going to win.

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    Just paid off another of DH's surgery bills. 2 down and w to go.

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    I'm down for making some goals for 12/25/18. My life is sort of in limbo right now so these goals might change but for now, this is what I want to accomplish:

    Goal #1: Pay off $15,000 in student loan debt
    Goal #2: Buy a new-to-me car - pay with cash

    The following goals will depend on where I move in the next couple of months. My parents sold the house and are closing in March and, yesterday, they put in an offer on a fixer-upper duplex. They are going to rent the main floor apartment to me and they are going to live in the lower apartment. I will be paying them rent plus splitting the utility bills. They said I can fix up my floor of the duplex however I want and when they sell the house in the future, they will split the profit with me. I think it's a good deal. I feel my parents put in a strong offer and, if no other offers come in, they should get it. The seller may counter but I think both sides could come to an agreement. We are all anxiously awaiting the seller's response. I really want my parents to get it - it's in the perfect location, has a big backyard for my dog to run around and I would love to be able to customize it and decorate it to reflect my personal taste. If my parents get this house, these are my goals:

    Goal #3: Save $5k to renovate the Master Bath
    Goal #4: Install a fence in the backyard so my dog doesn't run away (probably will cost around $800)
    Goal #5: Replace living room windows (not sure how much this will cost - they are huge windows so it will probably be expensive)

    If my parents don't get this house, there is another duplex they are considering. It's a 30 minute drive from town and it's more expensive, however, it doesn't need as much work. I really don't think they could get that house because the seller refuses to put in a new septic tank and the bank won't approve a mortgage without that. There aren't any other houses on the market that fit what my parents are looking for (they aren't even looking for a duplex, the 2 houses they like the most just happen to be duplexes - they want 3 bed, 2 bath, 4 stall garage on 1/2 acre or more under $200,000). Hopefully, they get the house they just submitted an offer on and they won't have to worry about finding another one. I'm crossing my fingers!

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    Feb 1. How is every one doing? We finally got to see some extra in our paycheque with yesterday's deposit. the extra will go towards his medical bills and then on to the IRA's When those are filled, then on to the mortgage. Hopefully in a couple of months we will be done with his medical bills. ( that is the plan anyway)

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    We tried our best, but didn't manage to get above 50 % savings rate in January. Because of a lot of semi annual bills, and some mindless hobby related spending on DH's part, we ended at 45 %.

    On the good side, we got a substantially better offer for the renovations, and the money we have saved should be more than enough to cover the most pressing needs. But we will keep the money set aside until everything is done. Hopefully we are left with ~$25.000 to put towards the mortgage at the end of the year. I was really tempted to get rid of the student loan right away, but DH needs the security of money in the bank until the renovations are done. If we keep on track, the snowball should be moving towards the student loan in March.
    Total paid/saved: $214 900
    Total goal: $304 900
    To do: $90 000

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